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|
JANUARY 31, 2022 |
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2022 Semi-Annual Report (Unaudited)
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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 |
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,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
|
Total Returns as of January 31, 2022
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|
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.
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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 |
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| 10 | ||
| 10 | ||
| 11 | ||
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Financial Statements: |
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| 50 | ||
| 52 | ||
| 55 | ||
| 61 | ||
| 72 | ||
| 73 | ||
| 74 | ||
| 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 |
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 |
| 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 | |||
| 6 |
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 |
| 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. |
| 8 |
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 |
| 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 |
|
|
Beginning Account Value (08/01/21) |
|
|
Ending Account Value (01/31/22) |
|
|
Expenses Paid During |
|
|
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.
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 | ||||||||
|
S C H E D U L E O F I 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% |
|
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% |
|
919,037 | ||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.4% |
|
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% |
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% |
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% |
2,052,903 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 99.8% |
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 | ||||||
|
SG Fleet Group Ltd. |
32,378 | 54,501 | ||||||
|
Sigma Healthcare Ltd. |
270,500 | 86,066 | ||||||
|
SmartGroup Corp. Ltd. |
37,604 | 191,129 | ||||||
|
Super Retail Group Ltd. |
46,574 | 385,196 | ||||||
|
Technology One Ltd. |
78,068 | 584,027 | ||||||
|
Waypoint REIT |
216,340 | 415,552 | ||||||
|
Western Areas Ltd.(a) |
90,074 | 221,682 | ||||||
|
Westgold Resources Ltd. |
115,156 | 149,237 | ||||||
|
Whitehaven Coal Ltd.(a) |
273,876 | 524,383 | ||||||
|
|
|
|||||||
| 18,259,282 | ||||||||
| Austria — 0.1% | ||||||||
|
Semperit AG Holding |
3,110 | 94,336 | ||||||
| Security | Shares | Value | ||||||
| Austria (continued) | ||||||||
|
Zumtobel Group AG |
9,106 | $ | 82,455 | |||||
|
|
|
|||||||
| 176,791 | ||||||||
| Belgium — 1.3% | ||||||||
|
AGFA-Gevaert NV(a) |
42,170 | 178,928 | ||||||
|
Befimmo SA |
6,786 | 254,425 | ||||||
|
Bekaert SA |
10,904 | 507,655 | ||||||
|
Econocom Group SA/NV |
39,406 | 157,587 | ||||||
|
Gimv NV |
5,858 | 357,096 | ||||||
|
Intervest Offices & Warehouses NV |
6,148 | 188,560 | ||||||
|
Ion Beam Applications |
6,006 | 102,614 | ||||||
|
Orange Belgium SA |
4,144 | 90,225 | ||||||
|
Recticel SA |
12,180 | 232,020 | ||||||
|
Tessenderlo Group SA(a) |
4,988 | 194,298 | ||||||
|
Van de Velde NV |
1,802 | 66,798 | ||||||
|
X-Fab Silicon Foundries SE(a)(c) |
17,780 | 173,447 | ||||||
|
|
|
|||||||
| 2,503,653 | ||||||||
| Canada — 15.2% | ||||||||
|
Advantage Energy Ltd.(a) |
57,420 | 310,781 | ||||||
|
Aecon Group Inc. |
18,200 | 248,556 | ||||||
|
AirBoss of America Corp.(b) |
3,664 | 115,297 | ||||||
|
Altus Group Ltd. |
12,296 | 590,158 | ||||||
|
Andlauer Healthcare Group Inc. |
5,106 | 192,165 | ||||||
|
ARC Resources Ltd. |
204,276 | 2,392,849 | ||||||
|
Argonaut Gold Inc.(a) |
92,510 | 165,931 | ||||||
|
Artis REIT |
21,054 | 201,240 | ||||||
|
AutoCanada Inc.(a) |
7,448 | 221,304 | ||||||
|
Badger Infrastructure Solutions Ltd. |
10,332 | 250,263 | ||||||
|
Baytex Energy Corp.(a) |
166,692 | 618,956 | ||||||
|
Birchcliff Energy Ltd. |
78,880 | 389,079 | ||||||
|
BSR Real Estate Investment Trust |
7,328 | 129,046 | ||||||
|
Canaccord Genuity Group Inc. |
28,304 | 338,005 | ||||||
|
Canacol Energy Ltd. |
44,080 | 116,169 | ||||||
|
Canfor Corp.(a) |
18,328 | 416,405 | ||||||
|
Capstone Mining Corp.(a) |
90,944 | 387,057 | ||||||
|
Cascades Inc. |
25,346 | 253,629 | ||||||
|
Celestica Inc.(a) |
32,596 | 405,927 | ||||||
|
Centerra Gold Inc. |
65,656 | 529,938 | ||||||
|
CI Financial Corp. |
10,382 | 192,669 | ||||||
|
Cogeco Communications Inc. |
3,596 | 295,171 | ||||||
|
Cogeco Inc. |
1,440 | 92,824 | ||||||
|
Converge Technology Solutions Corp.(a) |
44,486 | 348,917 | ||||||
|
Corby Spirit and Wine Ltd. |
3,664 | 49,001 | ||||||
|
Corus Entertainment Inc., Class B, NVS |
61,812 | 244,593 | ||||||
|
Crescent Point Energy Corp. |
171,970 | 1,108,000 | ||||||
|
Dream Office REIT |
7,508 | 145,181 | ||||||
|
DREAM Unlimited Corp., Class A(b) |
7,308 | 230,137 | ||||||
|
Dundee Precious Metals Inc. |
57,826 | 339,818 | ||||||
|
ECN Capital Corp. |
61,016 | 256,323 | ||||||
|
Enerflex Ltd. |
27,032 | 153,114 | ||||||
|
Enerplus Corp. |
77,024 | 891,943 | ||||||
|
Enghouse Systems Ltd. |
12,238 | 431,120 | ||||||
|
Evertz Technologies Ltd. |
8,048 | 81,927 | ||||||
|
Extendicare Inc. |
23,126 | 132,081 | ||||||
|
Finning International Inc. |
48,256 | 1,345,390 | ||||||
|
Freehold Royalties Ltd. |
37,792 | 390,957 | ||||||
|
GDI Integrated Facility Services Inc.(a) |
3,784 | 165,214 | ||||||
|
goeasy Ltd. |
3,654 | 423,653 | ||||||
|
Granite REIT |
8,294 | 629,513 | ||||||
|
Home Capital Group Inc.(a) |
15,094 | 427,712 | ||||||
| 22 |
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 Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Canada (continued) |
||||||||
|
Interfor Corp. |
19,198 | $ | 572,096 | |||||
|
InterRent REIT |
19,836 | 248,740 | ||||||
|
Intertape Polymer Group Inc. |
17,342 | 349,937 | ||||||
|
Kelt Exploration Ltd.(a) |
48,356 | 210,748 | ||||||
|
Labrador Iron Ore Royalty Corp. |
16,994 | 523,396 | ||||||
|
Lassonde Industries Inc., Class A |
900 | 108,327 | ||||||
|
Linamar Corp. |
13,630 | 755,405 | ||||||
|
Magnet Forensics Inc.(a) |
2,402 | 46,957 | ||||||
|
Martinrea International Inc. |
23,896 | 197,011 | ||||||
|
MEG Energy Corp.(a) |
81,664 | 972,657 | ||||||
|
Minto Apartment Real Estate Investment Trust(c) |
5,346 | 92,608 | ||||||
|
Morguard North American Residential REIT |
5,766 | 79,472 | ||||||
|
Mullen Group Ltd. |
27,272 | 251,877 | ||||||
|
North West Co. Inc. (The) |
14,268 | 393,418 | ||||||
|
NuVista Energy Ltd.(a) |
54,636 | 386,404 | ||||||
|
Paramount Resources Ltd., Class A |
21,750 | 427,591 | ||||||
|
Parex Resources Inc. |
37,642 | 800,724 | ||||||
|
Peyto Exploration & Development Corp. |
50,112 | 392,649 | ||||||
|
Real Matters Inc.(a) |
23,006 | 106,420 | ||||||
|
Richelieu Hardware Ltd. |
15,602 | 613,451 | ||||||
|
Russel Metals Inc. |
18,560 | 463,142 | ||||||
|
Sleep Country Canada Holdings Inc.(c) |
10,788 | 304,252 | ||||||
|
Sprott Inc. |
7,250 | 254,604 | ||||||
|
Stelco Holdings Inc. |
9,338 | 270,263 | ||||||
|
Summit Industrial Income REIT |
24,882 | 422,807 | ||||||
|
Tamarack Valley Energy Ltd. |
122,264 | 474,186 | ||||||
|
Topaz Energy Corp. |
21,384 | 304,825 | ||||||
|
Torex Gold Resources Inc.(a) |
24,882 | 243,897 | ||||||
|
Transcontinental Inc., Class A |
21,402 | 355,255 | ||||||
|
Trican Well Service Ltd.(a) |
67,580 | 189,265 | ||||||
|
Turquoise Hill Resources Ltd.(a) |
29,638 | 519,012 | ||||||
|
Vermilion Energy Inc.(a) |
47,792 | 743,678 | ||||||
|
Westshore Terminals Investment Corp. |
12,412 | 263,541 | ||||||
|
Whitecap Resources Inc. |
178,814 | 1,261,819 | ||||||
|
Winpak Ltd. |
9,454 | 280,388 | ||||||
|
|
|
|||||||
| 30,528,835 | ||||||||
| Denmark — 0.9% | ||||||||
|
cBrain A/S |
2,702 | 84,609 | ||||||
|
Chemometec A/S |
4,698 | 487,087 | ||||||
|
D/S Norden A/S |
7,688 | 174,992 | ||||||
|
Matas A/S |
11,532 | 192,816 | ||||||
|
NNIT A/S(c) |
3,364 | 49,269 | ||||||
|
Per Aarsleff Holding A/S |
5,452 | 245,658 | ||||||
|
Scandinavian Tobacco Group A/S, Class A(c) |
18,560 | 400,101 | ||||||
|
Solar A/S, Class B |
1,566 | 167,913 | ||||||
|
|
|
|||||||
| 1,802,445 | ||||||||
| Finland — 0.8% | ||||||||
|
F-Secure OYJ |
28,714 | 141,293 | ||||||
|
Harvia OYJ |
4,204 | 222,201 | ||||||
|
Marimekko OYJ |
1,740 | 143,311 | ||||||
|
Musti Group OYJ |
9,338 | 279,080 | ||||||
|
Oriola OYJ, Class B |
32,654 | 80,289 | ||||||
|
Rovio Entertainment OYJ(c) |
11,426 | 90,048 | ||||||
|
Talenom OYJ |
8,288 | 94,161 | ||||||
|
Tokmanni Group Corp. |
13,746 | 287,625 | ||||||
|
Uponor OYJ |
16,124 | 357,776 | ||||||
|
|
|
|||||||
| 1,695,784 | ||||||||
| France — 4.3% | ||||||||
|
ABC arbitrage |
10,752 | 85,763 | ||||||
| Security | Shares | Value | ||||||
|
France (continued) |
||||||||
|
AKWEL |
2,508 | $ | 61,988 | |||||
|
Aperam SA |
14,152 | 797,459 | ||||||
|
Aubay |
2,030 | 120,712 | ||||||
|
Boiron SA |
1,320 | 60,015 | ||||||
|
Bonduelle SCA |
4,204 | 98,887 | ||||||
|
Derichebourg SA(a) |
27,898 | 350,840 | ||||||
|
Eramet SA(a) |
2,726 | 282,548 | ||||||
|
Esker SA |
1,566 | 423,486 | ||||||
|
Eutelsat Communications SA |
50,982 | 632,166 | ||||||
|
Fnac Darty SA |
5,226 | 310,175 | ||||||
|
Groupe Guillin |
2,222 | 59,038 | ||||||
|
Guerbet |
1,560 | 58,361 | ||||||
|
IPSOS |
11,774 | 537,991 | ||||||
|
LNA Sante SA |
1,320 | 61,081 | ||||||
|
Maisons du Monde SA(c) |
9,550 | 218,050 | ||||||
|
Manitou BF SA |
2,882 | 107,171 | ||||||
|
Mercialys SA |
21,228 | 235,323 | ||||||
|
Mersen SA |
5,104 | 212,868 | ||||||
|
Metropole Television SA |
7,628 | 148,818 | ||||||
|
Nexans SA |
7,192 | 649,900 | ||||||
|
Pharmagest Interactive |
1,080 | 97,581 | ||||||
|
Quadient SA |
10,452 | 213,591 | ||||||
|
SMCP SA(a)(c) |
10,152 | 83,505 | ||||||
|
Societe BIC SA |
7,308 | 416,110 | ||||||
|
Sopra Steria Group SACA |
4,524 | 795,378 | ||||||
|
Television Francaise 1 |
11,894 | 113,689 | ||||||
|
Trigano SA |
2,552 | 483,509 | ||||||
|
Vicat SA |
6,264 | 259,582 | ||||||
|
Vilmorin & Cie SA |
1,742 | 98,244 | ||||||
|
Virbac SA |
1,276 | 513,326 | ||||||
|
|
|
|||||||
| 8,587,155 | ||||||||
| Germany — 3.3% | ||||||||
|
Adesso SE |
898 | 185,416 | ||||||
|
ADVA Optical Networking SE(a) |
12,674 | 212,492 | ||||||
|
Basler AG |
1,138 | 152,883 | ||||||
|
Bertrandt AG |
1,682 | 98,436 | ||||||
|
Cewe Stiftung & Co. KGaA |
1,624 | 199,568 | ||||||
|
CropEnergies AG |
7,808 | 107,542 | ||||||
|
Deutsche Beteiligungs AG |
3,544 | 147,072 | ||||||
|
Draegerwerk AG & Co. KGaA |
870 | 48,046 | ||||||
|
Eckert & Ziegler Strahlen- und Medizintechnik AG |
4,466 | 389,314 | ||||||
|
Elmos Semiconductor SE |
2,702 | 168,037 | ||||||
|
ElringKlinger AG(a) |
8,590 | 102,200 | ||||||
|
Freenet AG |
37,990 | 1,034,678 | ||||||
|
GFT Technologies SE |
5,220 | 258,718 | ||||||
|
Hornbach Baumarkt AG |
2,162 | 115,494 | ||||||
|
Hornbach Holding AG & Co. KGaA |
2,784 | 426,506 | ||||||
|
JOST Werke AG(c) |
4,292 | 214,813 | ||||||
|
Kloeckner & Co. SE(a) |
22,586 | 255,091 | ||||||
|
MBB SE |
540 | 79,605 | ||||||
|
SAF-Holland SE(a) |
13,696 | 172,706 | ||||||
|
Salzgitter AG(a) |
10,556 | 361,146 | ||||||
|
Software AG |
15,486 | 596,296 | ||||||
|
Steico SE |
1,682 | 186,970 | ||||||
|
Stratec SE |
2,320 | 314,038 | ||||||
|
Takkt AG |
9,910 | 167,776 | ||||||
|
VERBIO Vereinigte BioEnergie AG |
6,670 | 425,152 | ||||||
|
Wuestenrot & Wuerttembergische AG |
6,728 | 142,018 | ||||||
|
|
|
|||||||
| 6,562,013 | ||||||||
|
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 (unaudited) (continued) January 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Hong Kong — 3.1% | ||||||||
|
BOCOM International Holdings Co. Ltd. |
232,000 | $ | 38,086 | |||||
|
Cafe de Coral Holdings Ltd. |
116,000 | 196,959 | ||||||
|
Chow Sang Sang Holdings International Ltd. |
116,000 | 153,685 | ||||||
|
CITIC Telecom International Holdings Ltd. |
480,000 | 174,769 | ||||||
|
Cowell e Holdings Inc.(a) |
99,000 | 112,788 | ||||||
|
Crystal International Group Ltd.(c) |
150,000 | 44,247 | ||||||
|
Dah Sing Banking Group Ltd. |
120,000 | 113,771 | ||||||
|
Dah Sing Financial Holdings Ltd. |
48,000 | 155,632 | ||||||
|
EC Healthcare |
58,000 | 66,698 | ||||||
|
Far East Consortium International Ltd. |
348,000 | 125,863 | ||||||
|
First Pacific Co. Ltd. |
696,000 | 267,794 | ||||||
|
Haitong International Securities Group Ltd. |
720,000 | 164,825 | ||||||
|
Hutchison Telecommunications Hong Kong Holdings Ltd. |
430,000 | 70,229 | ||||||
|
Hysan Development Co. Ltd. |
174,000 | 533,356 | ||||||
|
IGG Inc. |
240,000 | 150,169 | ||||||
|
K Wah International Holdings Ltd. |
348,000 | 136,248 | ||||||
|
Kerry Properties Ltd. |
174,000 | 491,526 | ||||||
|
LK Technology Holdings Ltd. |
145,000 | 221,898 | ||||||
|
Luk Fook Holdings International Ltd. |
116,000 | 305,748 | ||||||
|
MECOM Power and Construction Ltd. |
232,000 | 104,716 | ||||||
|
Pacific Basin Shipping Ltd. |
1,450,000 | 618,941 | ||||||
|
Pacific Textiles Holdings Ltd. |
290,000 | 147,354 | ||||||
|
PAX Global Technology Ltd. |
232,000 | 168,042 | ||||||
|
Perfect Medical Health Management Ltd. |
116,000 | 72,716 | ||||||
|
Prosperity REIT |
386,000 | 150,057 | ||||||
|
SmarTone Telecommunications Holdings Ltd. |
87,000 | 48,529 | ||||||
|
Stella International Holdings Ltd. |
120,000 | 133,127 | ||||||
|
Sun Hung Kai & Co. Ltd. |
120,000 | 64,386 | ||||||
|
Sunlight REIT |
300,000 | 163,139 | ||||||
|
Texhong Textile Group Ltd. |
87,000 | 112,250 | ||||||
|
United Laboratories International Holdings Ltd. (The) |
302,000 | 171,757 | ||||||
|
Viva China Holdings Ltd.(b) |
928,000 | 155,392 | ||||||
|
VSTECS Holdings Ltd. |
194,000 | 192,180 | ||||||
|
VTech Holdings Ltd. |
48,000 | 378,912 | ||||||
|
|
|
|||||||
| 6,205,789 | ||||||||
| Ireland — 0.4% | ||||||||
|
Hibernia REIT PLC |
199,616 | 285,120 | ||||||
|
Origin Enterprises PLC |
35,922 | 137,212 | ||||||
|
Uniphar PLC(a) |
69,982 | 308,196 | ||||||
|
|
|
|||||||
| 730,528 | ||||||||
| Israel — 1.6% | ||||||||
|
Danel Adir Yeoshua Ltd. |
1,566 | 373,554 | ||||||
|
Delek Automotive Systems Ltd. |
15,470 | 237,192 | ||||||
|
Delek Group Ltd.(a) |
2,702 | 305,142 | ||||||
|
Delta-Galil Industries Ltd. |
2,702 | 169,014 | ||||||
|
Electra Consumer Products 1970 Ltd. |
3,242 | 204,128 | ||||||
|
Electra Real Estate Ltd. |
6,848 | 149,959 | ||||||
|
Equital Ltd.(a) |
1 | 33 | ||||||
|
IDI Insurance Co. Ltd.(b) |
2,320 | 84,755 | ||||||
|
Ituran Location and Control Ltd. |
5,646 | 135,843 | ||||||
|
Magic Software Enterprises Ltd. |
7,946 | 151,595 | ||||||
|
Malam - Team Ltd. |
2,204 | 74,253 | ||||||
|
Mehadrin Ltd.(a) |
— | 20 | ||||||
|
Menora Mivtachim Holdings Ltd. |
7,540 | 185,334 | ||||||
|
Naphtha Israel Petroleum Corp. Ltd.(a)(b) |
9,976 | 79,808 | ||||||
|
One Software Technologies Ltd. |
11,834 | 206,950 | ||||||
|
Plus500 Ltd. |
26,854 | 533,215 | ||||||
|
Summit Real Estate Holdings Ltd.(a)(b) |
10,614 | 263,060 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Israel (continued) | ||||||||
|
Tadiran Group Ltd. |
840 | $ | 125,492 | |||||
|
|
|
|||||||
| 3,279,347 | ||||||||
| Italy — 1.9% | ||||||||
|
Banca IFIS SpA |
7,482 | 150,159 | ||||||
|
Biesse SpA(a) |
4,144 | 107,516 | ||||||
|
Danieli & C Officine Meccaniche SpA |
2,726 | 74,148 | ||||||
|
Digital Bros. SpA |
1,500 | 47,684 | ||||||
|
El.En. SpA |
13,282 | 214,390 | ||||||
|
Esprinet SpA |
9,190 | 125,991 | ||||||
|
Gruppo MutuiOnline SpA |
7,656 | 364,410 | ||||||
|
Iren SpA |
193,314 | 581,567 | ||||||
|
Italmobiliare SpA |
3,784 | 135,374 | ||||||
|
La Doria SpA |
3,424 | 63,317 | ||||||
|
OVS SpA(a)(c) |
65,838 | 182,927 | ||||||
|
Pharmanutra SpA |
1,140 | 84,528 | ||||||
|
RAI Way SpA(c) |
28,714 | 163,156 | ||||||
|
Salcef SpA |
5,106 | 138,323 | ||||||
|
Sesa SpA |
2,320 | 419,610 | ||||||
|
SOL SpA |
10,498 | 224,557 | ||||||
|
Unipol Gruppo SpA |
116,638 | 656,175 | ||||||
|
|
|
|||||||
| 3,733,832 | ||||||||
| Japan — 23.7% | ||||||||
|
Adastria Co. Ltd. |
6,000 | 89,898 | ||||||
|
Aichi Corp. |
6,000 | 42,516 | ||||||
|
Aichi Steel Corp. |
2,900 | 65,247 | ||||||
|
Aida Engineering Ltd. |
12,000 | 109,785 | ||||||
|
Alpen Co. Ltd. |
5,800 | 100,877 | ||||||
|
Alpha Systems Inc. |
1,900 | 59,972 | ||||||
|
Altech Corp. |
5,800 | 91,135 | ||||||
|
Arata Corp. |
4,200 | 146,715 | ||||||
|
Arcland Sakamoto Co. Ltd. |
11,600 | 158,431 | ||||||
|
Arcs Co. Ltd. |
12,000 | 225,567 | ||||||
|
Argo Graphics Inc. |
4,600 | 125,603 | ||||||
|
Avex Inc. |
11,600 | 130,028 | ||||||
|
Axial Retailing Inc. |
4,800 | 136,612 | ||||||
|
Belc Co. Ltd. |
3,000 | 140,864 | ||||||
|
Belluna Co. Ltd. |
17,400 | 110,104 | ||||||
|
BML Inc. |
6,000 | 182,361 | ||||||
|
Broadleaf Co. Ltd. |
29,800 | 90,959 | ||||||
|
Bunka Shutter Co. Ltd. |
15,100 | 138,104 | ||||||
|
C.I. Takiron Corp. |
12,000 | 57,580 | ||||||
|
Canon Electronics Inc. |
5,800 | 82,025 | ||||||
|
Canon Marketing Japan Inc. |
13,800 | 281,852 | ||||||
|
Cawachi Ltd. |
5,800 | 116,649 | ||||||
|
Central Glass Co. Ltd. |
9,600 | 178,111 | ||||||
|
CONEXIO Corp. |
4,600 | 55,525 | ||||||
|
Cosmo Energy Holdings Co. Ltd. |
16,500 | 331,713 | ||||||
|
Dai-Dan Co. Ltd. |
3,100 | 60,991 | ||||||
|
Daihen Corp. |
5,800 | 207,276 | ||||||
|
Daiho Corp. |
1,200 | 38,279 | ||||||
|
Daiichi Jitsugyo Co. Ltd. |
2,100 | 76,593 | ||||||
|
Daiken Corp. |
2,800 | 51,639 | ||||||
|
Daiki Aluminium Industry Co. Ltd. |
11,600 | 159,157 | ||||||
|
Daikokutenbussan Co. Ltd. |
1,500 | 58,907 | ||||||
|
Daiwa Industries Ltd. |
6,000 | 59,080 | ||||||
|
Daiwabo Holdings Co. Ltd. |
23,200 | 331,704 | ||||||
|
DCM Holdings Co. Ltd. |
36,000 | 341,676 | ||||||
|
Descente Ltd.(a) |
9,200 | 286,672 | ||||||
|
Dexerials Corp. |
16,000 | 439,963 | ||||||
| 24 |
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 Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Japan (continued) | ||||||||
|
Direct Marketing MiX Inc. |
5,400 | $ | 66,533 | |||||
|
Doshisha Co. Ltd. |
6,000 | 79,455 | ||||||
|
DTS Corp. |
11,200 | 238,998 | ||||||
|
Duskin Co. Ltd. |
11,600 | 278,767 | ||||||
|
DyDo Group Holdings Inc. |
2,700 | 111,552 | ||||||
|
Eagle Industry Co. Ltd. |
6,000 | 57,527 | ||||||
|
EDION Corp. |
24,000 | 223,963 | ||||||
|
Eiken Chemical Co. Ltd. |
11,600 | 173,884 | ||||||
|
Eizo Corp. |
5,800 | 199,489 | ||||||
|
Electric Power Development Co. Ltd. |
42,000 | 551,139 | ||||||
|
ESPEC Corp. |
5,800 | 103,035 | ||||||
|
Exedy Corp. |
8,700 | 127,708 | ||||||
|
FCC Co. Ltd. |
10,200 | 131,164 | ||||||
|
Ferrotec Holdings Corp. |
10,300 | 257,033 | ||||||
|
Fuji Co. Ltd./Ehime |
5,800 | 95,773 | ||||||
|
Fujicco Co. Ltd. |
6,000 | 101,046 | ||||||
|
Fujikura Ltd.(a) |
69,600 | 376,339 | ||||||
|
Fujimori Kogyo Co. Ltd. |
4,400 | 156,401 | ||||||
|
Fukui Computer Holdings Inc. |
2,600 | 67,798 | ||||||
|
Furukawa Co. Ltd. |
11,800 | 132,089 | ||||||
|
G-7 Holdings Inc. |
6,000 | 72,471 | ||||||
|
Geo Holdings Corp. |
6,000 | 59,267 | ||||||
|
GLOBERIDE Inc. |
4,500 | 108,313 | ||||||
|
Glory Ltd. |
14,300 | 268,907 | ||||||
|
Goldcrest Co. Ltd. |
5,800 | 90,931 | ||||||
|
G-Tekt Corp. |
6,000 | 72,154 | ||||||
|
Gunze Ltd. |
4,600 | 159,918 | ||||||
|
H.U. Group Holdings Inc. |
15,300 | 388,588 | ||||||
|
Halows Co. Ltd. |
2,600 | 62,476 | ||||||
|
Hamakyorex Co. Ltd. |
4,400 | 109,324 | ||||||
|
Hanwa Co. Ltd. |
10,200 | 280,116 | ||||||
|
Heiwado Co. Ltd. |
8,700 | 146,580 | ||||||
|
Hioki E.E. Corp. |
2,700 | 156,861 | ||||||
|
Hitachi Zosen Corp. |
48,000 | 319,575 | ||||||
|
Hogy Medical Co. Ltd. |
6,000 | 161,366 | ||||||
|
Hokkaido Electric Power Co. Inc. |
52,200 | 227,718 | ||||||
|
Hokuetsu Corp. |
36,000 | 238,794 | ||||||
|
Hosiden Corp. |
12,000 | 119,750 | ||||||
|
Hosokawa Micron Corp. |
4,100 | 104,197 | ||||||
|
Ichikoh Industries Ltd. |
9,000 | 39,612 | ||||||
|
Iino Kaiun Kaisha Ltd. |
23,800 | 111,704 | ||||||
|
Inaba Denki Sangyo Co. Ltd. |
14,200 | 329,073 | ||||||
|
Inabata & Co. Ltd. |
12,000 | 180,819 | ||||||
|
Internet Initiative Japan Inc. |
15,100 | 500,083 | ||||||
|
Itochu Enex Co. Ltd. |
17,400 | 152,003 | ||||||
|
Itochu-Shokuhin Co. Ltd. |
1,500 | 63,552 | ||||||
|
Itoham Yonekyu Holdings Inc. |
47,800 | 280,447 | ||||||
|
JAC Recruitment Co. Ltd. |
5,800 | 100,841 | ||||||
|
Jaccs Co. Ltd. |
6,000 | 162,351 | ||||||
|
JAFCO Group Co. Ltd. |
22,500 | 359,275 | ||||||
|
Japan Aviation Electronics Industry Ltd. |
12,000 | 191,785 | ||||||
|
Japan Medical Dynamic Marketing Inc. |
4,200 | 54,888 | ||||||
|
Japan Pulp & Paper Co. Ltd. |
3,100 | 107,967 | ||||||
|
Japan Wool Textile Co. Ltd. (The) |
17,400 | 133,172 | ||||||
|
JDC Corp. |
12,000 | 55,491 | ||||||
|
JM Holdings Co. Ltd. |
5,800 | 82,088 | ||||||
|
J-Oil Mills Inc. |
5,800 | 85,761 | ||||||
|
Joshin Denki Co. Ltd. |
5,800 | 105,701 | ||||||
|
Joyful Honda Co. Ltd. |
17,400 | 231,666 | ||||||
|
JSP Corp. |
3,700 | 51,934 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Japan (continued) | ||||||||
|
Kaga Electronics Co. Ltd. |
4,600 | $ | 119,180 | |||||
|
Kaken Pharmaceutical Co. Ltd. |
8,800 | 314,674 | ||||||
|
Kanamoto Co. Ltd. |
11,600 | 225,556 | ||||||
|
Kandenko Co. Ltd. |
30,000 | 223,218 | ||||||
|
Kaneka Corp. |
14,000 | 456,049 | ||||||
|
Kanematsu Corp. |
23,200 | 252,378 | ||||||
|
Kanematsu Electronics Ltd. |
3,300 | 108,866 | ||||||
|
Kanto Denka Kogyo Co. Ltd. |
12,000 | 114,909 | ||||||
|
Katakura Industries Co. Ltd. |
6,000 | 119,188 | ||||||
|
Kawasaki Kisen Kaisha Ltd.(a) |
13,800 | 860,138 | ||||||
|
KeePer Technical Laboratory Co. Ltd. |
4,100 | 67,646 | ||||||
|
Keiyo Bank Ltd. (The) |
30,000 | 125,092 | ||||||
|
Keiyo Co. Ltd. |
11,600 | 87,008 | ||||||
|
KFC Holdings Japan Ltd. |
4,200 | 105,193 | ||||||
|
Kissei Pharmaceutical Co. Ltd. |
5,800 | 117,112 | ||||||
|
Kitz Corp. |
18,000 | 104,646 | ||||||
|
Koa Corp. |
9,000 | 114,550 | ||||||
|
Kohnan Shoji Co. Ltd. |
5,800 | 171,997 | ||||||
|
Komeri Co. Ltd. |
9,300 | 216,834 | ||||||
|
Konica Minolta Inc. |
133,400 | 562,336 | ||||||
|
Konishi Co. Ltd. |
8,500 | 121,202 | ||||||
|
K’s Holdings Corp. |
48,000 | 472,353 | ||||||
|
Kura Sushi Inc. |
6,000 | 180,502 | ||||||
|
Kureha Corp. |
4,500 | 335,951 | ||||||
|
KYB Corp. |
5,300 | 137,975 | ||||||
|
Kyoei Steel Ltd. |
6,000 | 81,543 | ||||||
|
Kyokuto Kaihatsu Kogyo Co. Ltd. |
11,600 | 147,768 | ||||||
|
KYORIN Holdings Inc. |
12,000 | 190,623 | ||||||
|
Life Corp. |
4,300 | 115,546 | ||||||
|
Macnica Fuji Electronics Holdings Inc. |
14,200 | 314,175 | ||||||
|
Maruzen Showa Unyu Co. Ltd. |
3,600 | 99,930 | ||||||
|
Matsuda Sangyo Co. Ltd. |
3,000 | 61,537 | ||||||
|
Max Co. Ltd. |
5,800 | 92,487 | ||||||
|
Maxvalu Tokai Co. Ltd. |
2,700 | 64,527 | ||||||
|
MCJ Co. Ltd. |
18,000 | 154,533 | ||||||
|
Megachips Corp. |
4,700 | 171,337 | ||||||
|
Megmilk Snow Brand Co. Ltd. |
14,000 | 249,378 | ||||||
|
Meidensha Corp. |
10,100 | 214,058 | ||||||
|
Melco Holdings Inc. |
1,600 | 50,757 | ||||||
|
Micronics Japan Co. Ltd. |
8,400 | 115,884 | ||||||
|
Mimasu Semiconductor Industry Co. Ltd. |
4,700 | 100,994 | ||||||
|
Mitsubishi Research Institute Inc. |
2,300 | 74,804 | ||||||
|
Mitsuboshi Belting Ltd. |
6,000 | 110,637 | ||||||
|
Mitsui DM Sugar Holdings Co. Ltd. |
4,800 | 82,591 | ||||||
|
Mitsui OSK Lines Ltd. |
31,900 | 2,470,414 | ||||||
|
Mitsui-Soko Holdings Co. Ltd. |
5,800 | 120,817 | ||||||
|
Mitsuuroko Group Holdings Co. Ltd. |
6,000 | 54,082 | ||||||
|
Mixi Inc. |
12,000 | 222,147 | ||||||
|
Mizuno Corp. |
5,800 | 111,667 | ||||||
|
Mochida Pharmaceutical Co. Ltd. |
7,400 | 230,173 | ||||||
|
Monogatari Corp. (The) |
2,800 | 152,164 | ||||||
|
Morita Holdings Corp. |
11,600 | 128,559 | ||||||
|
Musashino Bank Ltd. (The) |
6,000 | 96,474 | ||||||
|
Nafco Co. Ltd. |
3,900 | 56,955 | ||||||
|
Nagaileben Co. Ltd. |
6,000 | 109,616 | ||||||
|
Nagase & Co. Ltd. |
30,000 | 479,181 | ||||||
|
Nichiden Corp. |
4,200 | 80,401 | ||||||
|
Nichiha Corp. |
5,800 | 143,385 | ||||||
|
Nippn Corp., New |
12,000 | 176,034 | ||||||
|
Nippon Electric Glass Co. Ltd. |
23,200 | 579,543 | ||||||
|
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 (unaudited) (continued) January 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Japan (continued) | ||||||||
|
Nippon Gas Co. Ltd. |
30,000 | $ | 419,825 | |||||
|
Nippon Koei Co. Ltd. |
3,100 | 80,498 | ||||||
|
Nippon Light Metal Holdings Co. Ltd. |
16,500 | 252,841 | ||||||
|
Nippon Road Co. Ltd. (The) |
1,800 | 131,138 | ||||||
|
Nippon Seiki Co. Ltd. |
12,000 | 107,190 | ||||||
|
Nippon Signal Company Ltd. |
12,000 | 93,493 | ||||||
|
Nippon Soda Co. Ltd. |
6,000 | 171,693 | ||||||
|
Nippon Steel Trading Corp. |
4,200 | 189,575 | ||||||
|
Nippon Television Holdings Inc. |
17,400 | 181,715 | ||||||
|
Nishimatsuya Chain Co. Ltd. |
11,600 | 147,940 | ||||||
|
Nishio Rent All Co. Ltd. |
5,800 | 142,094 | ||||||
|
Nissha Co. Ltd. |
11,600 | 147,684 | ||||||
|
Nisshin Oillio Group Ltd. (The) |
6,000 | 157,104 | ||||||
|
Nisshinbo Holdings Inc. |
42,000 | 349,875 | ||||||
|
Nissin Electric Co. Ltd. |
14,500 | 182,915 | ||||||
|
Nitta Corp. |
6,000 | 147,027 | ||||||
|
Nittetsu Mining Co. Ltd. |
1,500 | 83,921 | ||||||
|
Nitto Kogyo Corp. |
6,000 | 80,716 | ||||||
|
Nojima Corp. |
9,200 | 185,532 | ||||||
|
Noritake Co. Ltd./Nagoya Japan |
2,500 | 100,043 | ||||||
|
Noritz Corp. |
6,000 | 88,236 | ||||||
|
NS United Kaiun Kaisha Ltd. |
2,800 | 74,499 | ||||||
|
Obara Group Inc. |
3,000 | 86,946 | ||||||
|
Oiles Corp. |
6,000 | 84,013 | ||||||
|
Okamura Corp. |
16,300 | 172,325 | ||||||
|
Okasan Securities Group Inc. |
47,800 | 159,526 | ||||||
|
Oki Electric Industry Co. Ltd. |
24,000 | 183,586 | ||||||
|
Okinawa Cellular Telephone Co. |
3,500 | 152,485 | ||||||
|
Okinawa Electric Power Co. Inc. (The) |
12,036 | 147,016 | ||||||
|
Organo Corp. |
1,900 | 138,944 | ||||||
|
Osaka Soda Co. Ltd. |
3,600 | 95,555 | ||||||
|
Pacific Industrial Co. Ltd. |
12,000 | 114,548 | ||||||
|
Pack Corp. (The) |
5,800 | 135,791 | ||||||
|
Paramount Bed Holdings Co. Ltd. |
11,600 | 193,033 | ||||||
|
Plenus Co. Ltd. |
6,000 | 102,492 | ||||||
|
Pressance Corp. |
6,000 | 109,641 | ||||||
|
Prima Meat Packers Ltd. |
7,800 | 171,310 | ||||||
|
Proto Corp. |
6,000 | 69,655 | ||||||
|
Raito Kogyo Co. Ltd. |
12,000 | 195,887 | ||||||
|
Raiznext Corp. |
6,000 | 60,311 | ||||||
|
Relia Inc. |
11,600 | 98,045 | ||||||
|
Riken Keiki Co. Ltd. |
3,500 | 167,453 | ||||||
|
Riken Vitamin Co. Ltd. |
6,000 | 88,741 | ||||||
|
Riso Kagaku Corp. |
6,000 | 107,615 | ||||||
|
Ryosan Co. Ltd. |
5,800 | 114,925 | ||||||
|
Sakata INX Corp. |
12,000 | 101,056 | ||||||
|
San-Ai Oil Co. Ltd. |
17,400 | 141,806 | ||||||
|
Sanyo Chemical Industries Ltd. |
3,500 | 159,489 | ||||||
|
Sawai Group Holdings Co. Ltd. |
11,600 | 439,080 | ||||||
|
Seikagaku Corp. |
12,000 | 98,232 | ||||||
|
Seiren Co. Ltd. |
12,000 | 226,880 | ||||||
|
Sekisui Jushi Corp. |
5,800 | 102,468 | ||||||
|
Shikoku Chemicals Corp. |
9,800 | 121,980 | ||||||
|
Shimamura Co. Ltd. |
6,500 | 594,725 | ||||||
|
Shin Nippon Air Technologies Co. Ltd. |
2,800 | 49,902 | ||||||
|
Shin-Etsu Polymer Co. Ltd. |
12,000 | 114,991 | ||||||
|
Shinmaywa Industries Ltd. |
18,000 | 138,277 | ||||||
|
Shinnihon Corp. |
6,000 | 39,229 | ||||||
|
Shizuoka Gas Co. Ltd. |
12,000 | 104,759 | ||||||
|
Shoei Co. Ltd. |
5,800 | 223,326 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Japan (continued) | ||||||||
|
Sinko Industries Ltd. |
5,800 | $ | 92,268 | |||||
|
SKY Perfect JSAT Holdings Inc. |
42,000 | 158,075 | ||||||
|
Snow Peak Inc. |
7,200 | 146,972 | ||||||
|
Starts Corp. Inc. |
8,800 | 191,598 | ||||||
|
Sumitomo Densetsu Co. Ltd. |
5,800 | 105,723 | ||||||
|
Sumitomo Mitsui Construction Co. Ltd. |
46,440 | 175,479 | ||||||
|
Sumitomo Osaka Cement Co. Ltd. |
9,900 | 303,588 | ||||||
|
Sumitomo Riko Co. Ltd. |
12,000 | 61,382 | ||||||
|
Sumitomo Rubber Industries Ltd. |
52,200 | 543,183 | ||||||
|
Sun Frontier Fudousan Co. Ltd. |
11,800 | 107,106 | ||||||
|
Suruga Bank Ltd. |
48,000 | 207,042 | ||||||
|
Taihei Dengyo Kaisha Ltd. |
3,300 | 78,107 | ||||||
|
Takamatsu Construction Group Co. Ltd. |
5,800 | 100,499 | ||||||
|
Takara Standard Co. Ltd. |
8,800 | 104,768 | ||||||
|
Takasago International Corp. |
3,100 | 76,011 | ||||||
|
Tama Home Co. Ltd. |
4,300 | 87,615 | ||||||
|
Tamron Co. Ltd. |
4,400 | 95,913 | ||||||
|
Tenma Corp. |
4,300 | 93,879 | ||||||
|
T-Gaia Corp. |
6,000 | 87,049 | ||||||
|
TKC Corp. |
8,800 | 231,247 | ||||||
|
Toa Corp./Tokyo |
3,900 | 82,498 | ||||||
|
TOC Co. Ltd. |
12,000 | 74,709 | ||||||
|
Tocalo Co. Ltd. |
17,400 | 211,446 | ||||||
|
Toenec Corp. |
2,300 | 63,755 | ||||||
|
Toho Holdings Co. Ltd. |
16,400 | 256,431 | ||||||
|
Tokai Corp./Gifu |
6,000 | 94,273 | ||||||
|
Tokai Rika Co. Ltd. |
15,500 | 201,926 | ||||||
|
Token Corp. |
2,000 | 162,004 | ||||||
|
Tokushu Tokai Paper Co. Ltd. |
2,400 | 86,501 | ||||||
|
Tokuyama Corp. |
18,000 | 286,511 | ||||||
|
Topre Corp. |
9,600 | 100,244 | ||||||
|
Tosei Corp. |
11,600 | 106,205 | ||||||
|
Towa Pharmaceutical Co. Ltd. |
7,800 | 191,315 | ||||||
|
Toyo Construction Co. Ltd. |
23,800 | 118,640 | ||||||
|
Toyo Tanso Co. Ltd. |
3,800 | 97,708 | ||||||
|
TPR Co. Ltd. |
6,000 | 76,026 | ||||||
|
TRE Holdings Corp. |
12,000 | 151,445 | ||||||
|
TS Tech Co. Ltd. |
24,000 | 316,235 | ||||||
|
Tsubakimoto Chain Co. |
7,500 | 210,037 | ||||||
|
TV Asahi Holdings Corp. |
6,000 | 78,036 | ||||||
|
Ube Industries Ltd. |
30,000 | 539,387 | ||||||
|
Uchida Yoko Co. Ltd. |
2,100 | 83,149 | ||||||
|
Union Tool Co. |
2,600 | 84,265 | ||||||
|
United Super Markets Holdings Inc. |
15,700 | 143,149 | ||||||
|
Valor Holdings Co. Ltd. |
10,400 | 199,911 | ||||||
|
ValueCommerce Co. Ltd. |
4,500 | 138,745 | ||||||
|
VT Holdings Co. Ltd. |
23,200 | 90,075 | ||||||
|
Wacom Co. Ltd. |
46,400 | 337,038 | ||||||
|
Wakita & Co. Ltd. |
10,000 | 88,235 | ||||||
|
Weathernews Inc. |
1,600 | 109,082 | ||||||
|
World Holdings Co. Ltd. |
2,500 | 50,500 | ||||||
|
Xebio Holdings Co. Ltd. |
6,000 | 47,029 | ||||||
|
YAMABIKO Corp. |
9,800 | 89,376 | ||||||
|
Yamazen Corp. |
18,000 | 156,596 | ||||||
|
Yellow Hat Ltd. |
9,700 | 134,490 | ||||||
|
Yodogawa Steel Works Ltd. |
5,800 | 123,567 | ||||||
|
Yokohama Rubber Co. Ltd. (The) |
34,800 | 507,335 | ||||||
|
Yokowo Co. Ltd. |
4,700 | 107,967 | ||||||
|
Yonex Co. Ltd. |
17,400 | 108,570 | ||||||
|
Yuasa Trading Co. Ltd. |
4,700 | 118,942 | ||||||
| 26 |
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 Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Japan (continued) | ||||||||
|
Yurtec Corp. |
11,600 | $ | 69,159 | |||||
|
ZERIA Pharmaceutical Co. Ltd. |
6,000 | 100,336 | ||||||
|
Zuken Inc. |
4,100 | 106,058 | ||||||
|
|
|
|||||||
| 47,504,663 | ||||||||
| Netherlands — 6.1% | ||||||||
|
Aalberts NV |
14,094 | 861,568 | ||||||
|
Accell Group NV(a) |
7,424 | 483,160 | ||||||
|
Arcadis NV |
21,460 | 939,413 | ||||||
|
ASR Nederland NV |
40,948 | 1,903,902 | ||||||
|
B&S Group Sarl(c) |
8,890 | 71,846 | ||||||
|
BE Semiconductor Industries NV |
19,836 | 1,663,216 | ||||||
|
Brunel International NV |
5,346 | 65,691 | ||||||
|
Cementir Holding NV |
13,394 | 118,091 | ||||||
|
Eurocommercial Properties NV |
12,238 | 295,944 | ||||||
|
Flow Traders(c) |
9,570 | 371,175 | ||||||
|
ForFarmers NV |
10,030 | 45,625 | ||||||
|
Fugro NV(a) |
31,116 | 248,817 | ||||||
|
Koninklijke BAM Groep NV(a) |
80,098 | 267,444 | ||||||
|
MFE-MediaForEurope NV(a) |
89,084 | 73,860 | ||||||
|
MFE-MediaForEurope NV |
89,084 | 113,674 | ||||||
|
NSI NV |
5,946 | 246,563 | ||||||
|
PostNL NV |
141,926 | 607,971 | ||||||
|
SIF Holding NV |
3,424 | 41,145 | ||||||
|
Signify NV(c) |
38,106 | 2,018,433 | ||||||
|
Technip Energies NV(a) |
31,784 | 486,343 | ||||||
|
TKH Group NV |
12,122 | 699,488 | ||||||
|
Van Lanschot Kempen NV |
9,370 | 236,041 | ||||||
|
Vastned Retail NV |
3,712 | 103,907 | ||||||
|
Wereldhave NV |
10,034 | 154,165 | ||||||
|
|
|
|||||||
| 12,117,482 | ||||||||
| Norway — 1.4% | ||||||||
|
Borregaard ASA |
28,536 | 671,172 | ||||||
|
BW LPG Ltd.(c) |
23,780 | 128,278 | ||||||
|
Entra ASA(c) |
16,878 | 370,997 | ||||||
|
Europris ASA(c) |
47,908 | 357,832 | ||||||
|
Fjordkraft Holding ASA(c) |
29,306 | 124,958 | ||||||
|
Golden Ocean Group Ltd. |
39,150 | 356,690 | ||||||
|
MPC Container Ships AS, NVS(a) |
80,374 | 272,888 | ||||||
|
Protector Forsikring ASA |
17,420 | 232,036 | ||||||
|
Selvaag Bolig ASA |
14,616 | 86,024 | ||||||
|
Stolt-Nielsen Ltd. |
7,738 | 140,117 | ||||||
|
Volue ASA(a) |
14,896 | 88,766 | ||||||
|
|
|
|||||||
| 2,829,758 | ||||||||
| Singapore — 2.8% | ||||||||
|
AEM Holdings Ltd. |
75,400 | 253,492 | ||||||
|
AIMS APAC REIT(b) |
162,000 | 166,995 | ||||||
|
ARA LOGOS Logistics Trust |
400,200 | 244,835 | ||||||
|
Ascendas India Trust |
258,200 | 249,186 | ||||||
|
ComfortDelGro Corp. Ltd. |
638,000 | 644,208 | ||||||
|
First Resources Ltd. |
168,200 | 206,318 | ||||||
|
Frencken Group Ltd. |
90,000 | 110,228 | ||||||
|
Golden Agri-Resources Ltd. |
1,879,200 | 343,374 | ||||||
|
Haw Par Corp. Ltd. |
34,800 | 299,872 | ||||||
|
Hutchison Port Holdings Trust, Class U |
1,531,200 | 361,680 | ||||||
|
iFAST Corp. Ltd. |
40,600 | 188,530 | ||||||
|
Japfa Ltd. |
139,200 | 63,617 | ||||||
|
Kenon Holdings Ltd./Singapore |
7,134 | 401,065 | ||||||
|
Keppel Pacific Oak US REIT |
252,200 | 186,628 | ||||||
|
Lendlease Global Commercial REIT |
264,200 | 160,941 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Singapore (continued) | ||||||||
|
Raffles Medical Group Ltd. |
272,600 | $ | 258,283 | |||||
|
Riverstone Holdings Ltd./Singapore(b) |
156,000 | 81,409 | ||||||
|
Sasseur Real Estate Investment Trust |
168,200 | 99,187 | ||||||
|
Sheng Siong Group Ltd.(b) |
198,200 | 219,027 | ||||||
|
Silverlake Axis Ltd.(b) |
246,200 | 43,075 | ||||||
|
Starhill Global REIT |
432,400 | 199,100 | ||||||
|
Yangzijiang Shipbuilding Holdings Ltd.(b) |
719,200 | 690,038 | ||||||
|
Yanlord Land Group Ltd. |
179,800 | 153,716 | ||||||
|
|
|
|||||||
| 5,624,804 | ||||||||
| Spain — 0.9% | ||||||||
|
Atresmedia Corp. de Medios de Comunicacion SA |
26,738 | 103,979 | ||||||
|
Faes Farma SA |
94,266 | 362,824 | ||||||
|
Global Dominion Access SA(c) |
28,112 | 138,862 | ||||||
|
Laboratorios Farmaceuticos Rovi SA |
5,742 | 421,886 | ||||||
|
Lar Espana Real Estate Socimi SA |
17,342 | 104,840 | ||||||
|
Mediaset Espana Comunicacion SA(a) |
47,216 | 221,088 | ||||||
|
Miquel y Costas & Miquel SA |
5,766 | 81,102 | ||||||
|
Neinor Homes SA(c) |
13,274 | 161,653 | ||||||
|
Pharma Mar SA |
4,292 | 270,132 | ||||||
|
|
|
|||||||
| 1,866,366 | ||||||||
| Sweden — 3.3% | ||||||||
|
AcadeMedia AB(c) |
25,346 | 147,144 | ||||||
|
Arjo AB, Class B |
63,568 | 635,294 | ||||||
|
Betsson AB, Class B |
32,378 | 181,163 | ||||||
|
Bilia AB, Class A |
21,024 | 315,529 | ||||||
|
Biotage AB |
19,198 | 392,000 | ||||||
|
Bure Equity AB |
16,356 | 564,352 | ||||||
|
Clas Ohlson AB, Class B |
11,542 | 139,883 | ||||||
|
Creades AB, Class A |
15,438 | 201,266 | ||||||
|
GARO AB |
8,168 | 152,551 | ||||||
|
Hexatronic Group AB |
8,526 | 345,716 | ||||||
|
HMS Networks AB |
7,830 | 408,934 | ||||||
|
Inwido AB |
15,196 | 265,918 | ||||||
|
Kambi Group PLC, Class B(a) |
7,448 | 193,095 | ||||||
|
Kindred Group PLC |
67,744 | 787,012 | ||||||
|
KNOW IT AB |
5,916 | 216,087 | ||||||
|
LeoVegas AB(c) |
22,886 | 83,515 | ||||||
|
Lime Technologies AB |
3,002 | 94,264 | ||||||
|
Mekonomen AB(a) |
11,774 | 173,794 | ||||||
|
New Wave Group AB, Class B |
12,006 | 182,700 | ||||||
|
Nobia AB |
36,366 | 198,712 | ||||||
|
Ratos AB, Class B |
63,336 | 332,465 | ||||||
|
Svolder AB, NVS |
25,056 | 192,389 | ||||||
|
SwedenCare AB |
18,908 | 215,670 | ||||||
|
VNV Global AB(a) |
24,824 | 214,664 | ||||||
|
|
|
|||||||
| 6,634,117 | ||||||||
| Switzerland — 7.5% | ||||||||
|
APG SGA SA(a) |
420 | 86,117 | ||||||
|
Ascom Holding AG, Registered(a) |
9,790 | 128,205 | ||||||
|
Autoneum Holding AG(a) |
812 | 147,503 | ||||||
|
Belimo Holding AG, Registered |
2,668 | 1,473,324 | ||||||
|
BKW AG |
6,206 | 740,351 | ||||||
|
Bobst Group SA, Registered(a) |
2,462 | 209,079 | ||||||
|
Bossard Holding AG, Class A, Registered |
1,682 | 527,347 | ||||||
|
Bucher Industries AG, Registered |
1,972 | 907,978 | ||||||
|
Burckhardt Compression Holding AG |
870 | 411,486 | ||||||
|
Burkhalter Holding AG |
1,260 | 87,295 | ||||||
|
Coltene Holding AG, Registered |
840 | 99,895 | ||||||
|
Comet Holding AG, Registered |
2,088 | 666,106 | ||||||
|
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 (unaudited) (continued) January 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Switzerland (continued) | ||||||||
|
Galenica AG(c) |
14,732 | $ | 1,040,432 | |||||
|
Huber + Suhner AG, Registered |
4,640 | 422,436 | ||||||
|
Inficon Holding AG, Registered |
522 | 637,603 | ||||||
|
Interroll Holding AG, Registered |
188 | 795,731 | ||||||
|
Intershop Holding AG |
348 | 229,834 | ||||||
|
Kardex Holding AG, Registered |
1,856 | 515,177 | ||||||
|
LEM Holding SA, Registered |
120 | 300,254 | ||||||
|
Medacta Group SA(a)(c) |
2,030 | 259,377 | ||||||
|
Medartis Holding AG(a)(c) |
1,260 | 173,163 | ||||||
|
Metall Zug AG, Class B, Registered |
58 | 119,236 | ||||||
|
Mobilezone Holding AG, Registered |
12,134 | 189,622 | ||||||
|
Sensirion Holding AG(a)(c) |
2,842 | 348,450 | ||||||
|
SFS Group AG |
4,930 | 719,277 | ||||||
|
Siegfried Holding AG, Registered |
1,160 | 939,162 | ||||||
|
Swissquote Group Holding SA, Registered |
2,784 | 473,604 | ||||||
|
Tecan Group AG, Registered |
3,596 | 1,748,419 | ||||||
|
TX Group AG(a) |
754 | 118,635 | ||||||
|
Vetropack Holding AG, Registered |
3,364 | 195,188 | ||||||
|
V-ZUG Holding AG(a) |
600 | 74,022 | ||||||
|
Zehnder Group AG, Registered |
2,958 | 270,752 | ||||||
|
|
|
|||||||
| 15,055,060 | ||||||||
| United Kingdom — 11.5% | ||||||||
|
888 Holdings PLC |
109,562 | 378,188 | ||||||
|
Advanced Medical Solutions Group PLC |
58,568 | 233,416 | ||||||
|
AG Barr PLC |
26,490 | 176,351 | ||||||
|
Alliance Pharma PLC |
137,322 | 200,198 | ||||||
|
Atalaya Mining PLC |
22,946 | 127,143 | ||||||
|
Bakkavor Group PLC(c) |
40,368 | 66,561 | ||||||
|
Bank of Georgia Group PLC |
11,426 | 225,585 | ||||||
|
Bodycote PLC |
56,376 | 606,282 | ||||||
|
Brewin Dolphin Holdings PLC |
89,378 | 396,846 | ||||||
|
Centamin PLC |
340,054 | 409,809 | ||||||
|
Central Asia Metals PLC |
53,102 | 158,545 | ||||||
|
Civitas Social Housing PLC |
179,800 | 233,349 | ||||||
|
Clipper Logistics PLC |
23,066 | 209,705 | ||||||
|
CMC Markets PLC(c) |
39,418 | 121,930 | ||||||
|
Craneware PLC |
8,294 | 211,937 | ||||||
|
Currys PLC. |
327,700 | 472,629 | ||||||
|
CVS Group PLC |
19,836 | 526,079 | ||||||
|
dotdigital group PLC |
80,916 | 160,943 | ||||||
|
EMIS Group PLC |
16,530 | 291,673 | ||||||
|
Ergomed PLC(a) |
11,052 | 168,881 | ||||||
|
Ferrexpo PLC |
86,188 | 283,057 | ||||||
|
Halfords Group PLC |
57,942 | 254,819 | ||||||
|
Helical PLC |
31,958 | 184,815 | ||||||
|
IG Group Holdings PLC |
113,564 | 1,250,205 | ||||||
|
Impax Asset Management Group PLC |
25,404 | 375,813 | ||||||
|
Indivior PLC(a) |
217,790 | 663,041 | ||||||
|
Investec PLC |
207,060 | 1,182,126 | ||||||
|
IP Group PLC |
297,946 | 391,591 | ||||||
|
Judges Scientific PLC |
1,500 | 153,722 | ||||||
|
Jupiter Fund Management PLC |
130,210 | 403,958 | ||||||
|
Just Group PLC(a) |
303,688 | 353,395 | ||||||
|
Keller Group PLC |
21,504 | 246,746 | ||||||
|
Luceco PLC(c) |
23,426 | 94,707 | ||||||
|
Man Group PLC/Jersey |
423,226 | 1,105,604 | ||||||
|
Morgan Sindall Group PLC |
11,600 | 335,163 | ||||||
|
Naked Wines PLC(a)(b) |
17,720 | 124,996 | ||||||
|
Numis Corp. PLC |
23,426 | 101,465 | ||||||
|
Pagegroup PLC |
96,686 | 762,918 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| United Kingdom (continued) | ||||||||
|
Patisserie Holdings PLC(d) |
3,062 | $ | — | |||||
|
Pets at Home Group PLC |
147,262 | 845,685 | ||||||
|
Picton Property Income Ltd. (The) |
161,892 | 224,696 | ||||||
|
Polar Capital Holdings PLC |
22,646 | 192,648 | ||||||
|
Premier Foods PLC |
173,420 | 275,214 | ||||||
|
Reach PLC |
86,942 | 305,183 | ||||||
|
Redde Northgate PLC |
68,730 | 358,199 | ||||||
|
Renewi PLC(a) |
24,148 | 217,570 | ||||||
|
Royal Mail PLC |
236,988 | 1,416,159 | ||||||
|
S4 Capital PLC(a) |
81,316 | 568,607 | ||||||
|
Sabre Insurance Group PLC(c) |
75,388 | 230,154 | ||||||
|
Safestore Holdings PLC |
58,058 | 995,426 | ||||||
|
Savills PLC |
42,108 | 767,323 | ||||||
|
Serica Energy PLC |
48,536 | 168,701 | ||||||
|
Spirent Communications PLC |
180,206 | 601,806 | ||||||
|
SThree PLC |
36,830 | 233,858 | ||||||
|
Strix Group PLC |
62,112 | 204,659 | ||||||
|
Telecom Plus PLC |
18,502 | 373,748 | ||||||
|
TORM PLC, Class A(a) |
7,018 | 50,192 | ||||||
|
Tyman PLC |
57,304 | 289,665 | ||||||
|
Victorian Plumbing Group PLC(a) |
34,300 | 47,237 | ||||||
|
Volution Group PLC |
58,290 | 394,954 | ||||||
|
Warehouse REIT PLC |
117,276 | 262,769 | ||||||
|
Wickes Group PLC |
78,332 | 216,175 | ||||||
|
Yellow Cake PLC(a)(c) |
44,032 | 190,815 | ||||||
|
|
|
|||||||
| 23,075,634 | ||||||||
|
Total
Common Stocks — 99.2% |
198,773,338 | |||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Germany — 0.3% | ||||||||
|
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
2,462 | 143,027 | ||||||
|
Einhell Germany AG, Preference Shares, NVS |
538 | 124,510 | ||||||
|
STO SE & Co. KGaA, Preference Shares, NVS |
754 | 189,231 | ||||||
|
|
|
|||||||
| 456,768 | ||||||||
| Italy — 0.1% | ||||||||
|
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS |
11,600 | 207,789 | ||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 0.4% |
664,557 | |||||||
|
|
|
|||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 0.9% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g) |
1,821,825 | 1,822,371 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f) |
60,000 | 60,000 | ||||||
|
|
|
|||||||
| 1,882,371 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 0.9% |
1,882,371 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.5% |
201,320,266 | |||||||
|
Other Assets, Less Liabilities — (0.5)% |
(980,128 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 200,340,138 | ||||||
|
|
|
|||||||
| 28 |
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 Small-Cap Multifactor ETF |
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
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. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 |
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$2,331,769 | $ — | $(508,987)(a) | $ (259) | $(152) | $1,822,371 | 1,821,825 | $25,081(b) | $ — | |||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares. |
80,000 | — | (20,000)(a) | — | — | 60,000 | 60,000 | 4 | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| $ (259) | $(152) | $1,882,371 | $25,085 | $ — | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
Euro STOXX 50 Index |
12 | 03/18/22 | $ | 564 | $ | (7,997 | ) | |||||||||
|
FTSE 100 Index |
3 | 03/18/22 | 301 | 4,599 | ||||||||||||
|
|
|
|||||||||||||||
| $ | (3,398 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | 4,599 | ||
|
|
|
|||
|
Liabilities — Derivative Financial Instruments |
||||
|
Futures contracts |
||||
|
Unrealized depreciation on futures contracts(a) |
$ | 7,997 | ||
|
|
|
|||
| (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). |
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI Intl Small-Cap Multifactor ETF |
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 |
$ | 45,061 | ||
|
|
|
|||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
|
Futures contracts |
$ | (2,771 | ) | |
|
|
|
|||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 858,828 |
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 |
$ | 45,706,644 | $ | 153,066,694 | $ | — | $ | 198,773,338 | ||||||||
|
Preferred Stocks |
124,510 | 540,047 | — | 664,557 | ||||||||||||
|
Money Market Funds |
1,882,371 | — | — | 1,882,371 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 47,713,525 | $ | 153,606,741 | $ | — | $ | 201,320,266 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative financial instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Futures Contracts |
$ | — | $ | 4,599 | $ | — | $ | 4,599 | ||||||||
|
Liabilities |
||||||||||||||||
|
Futures Contracts |
— | (7,997 | ) | — | (7,997 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (3,398 | ) | $ | — | $ | (3,398 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 30 |
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 USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 1.9% | ||||||||
|
Huntington Ingalls Industries Inc. |
267 | $ | 49,982 | |||||
|
Textron Inc. |
1,366 | 92,970 | ||||||
|
|
|
|||||||
| 142,952 | ||||||||
| Air Freight & Logistics — 1.3% | ||||||||
|
Expeditors International of Washington Inc. |
856 | 97,995 | ||||||
|
|
|
|||||||
| Auto Components — 1.8% | ||||||||
|
BorgWarner Inc. |
1,596 | 69,985 | ||||||
|
Lear Corp. |
397 | 66,426 | ||||||
|
|
|
|||||||
| 136,411 | ||||||||
| Building Products — 1.7% | ||||||||
|
A O Smith Corp. |
885 | 67,632 | ||||||
|
Owens Corning |
686 | 60,848 | ||||||
|
|
|
|||||||
| 128,480 | ||||||||
| Capital Markets — 2.1% | ||||||||
|
Franklin Resources Inc. |
2,005 | 64,100 | ||||||
|
Invesco Ltd. |
2,304 | 52,209 | ||||||
|
SEI Investments Co |
797 | 46,712 | ||||||
|
|
|
|||||||
| 163,021 | ||||||||
| Chemicals — 5.0% | ||||||||
|
Celanese Corp. |
628 | 97,786 | ||||||
|
CF Industries Holdings Inc. |
1,431 | 98,553 | ||||||
|
Eastman Chemical Co. |
782 | 93,003 | ||||||
|
Mosaic Co. (The) |
2,465 | 98,477 | ||||||
|
|
|
|||||||
| 387,819 | ||||||||
| Communications Equipment — 2.1% | ||||||||
|
F5 Inc.(a) |
401 | 83,256 | ||||||
|
Juniper Networks Inc. |
2,162 | 75,281 | ||||||
|
|
|
|||||||
| 158,537 | ||||||||
| Consumer Finance — 1.9% | ||||||||
|
Ally Financial Inc. |
2,137 | 101,978 | ||||||
|
Synchrony Financial |
1,060 | 45,145 | ||||||
|
|
|
|||||||
| 147,123 | ||||||||
| Containers & Packaging — 2.6% | ||||||||
|
International Paper Co. |
2,149 | 103,689 | ||||||
|
Packaging Corp. of America |
632 | 95,198 | ||||||
|
|
|
|||||||
| 198,887 | ||||||||
| Distributors — 2.4% | ||||||||
|
LKQ Corp. |
1,732 | 95,070 | ||||||
|
Pool Corp. |
193 | 91,916 | ||||||
|
|
|
|||||||
| 186,986 | ||||||||
| Diversified Telecommunication Services — 1.2% | ||||||||
|
Liberty Global PLC, Class A(a) |
1,058 | 28,693 | ||||||
|
Liberty Global PLC, Class C, NVS(a) |
2,314 | 62,571 | ||||||
|
|
|
|||||||
| 91,264 | ||||||||
| Electric Utilities — 0.8% | ||||||||
|
NRG Energy Inc. |
1,628 | 65,006 | ||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components — 3.6% | ||||||||
|
Arrow Electronics Inc.(a) |
477 | 59,148 | ||||||
|
Cognex Corp. |
1,148 | 76,296 | ||||||
|
Keysight Technologies Inc.(a) |
337 | 56,893 | ||||||
|
Zebra Technologies Corp., Class A(a) |
168 | 85,532 | ||||||
|
|
|
|||||||
| 277,869 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
|
Camden Property Trust |
5 | 800 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Regency Centers Corp. |
1,017 | $ | 72,970 | |||||
|
|
|
|||||||
| 73,770 | ||||||||
| Food Products — 1.7% | ||||||||
|
Bunge Ltd. |
302 | 29,856 | ||||||
|
JM Smucker Co. (The) |
721 | 101,358 | ||||||
|
|
|
|||||||
| 131,214 | ||||||||
| Gas Utilities — 0.8% | ||||||||
|
UGI Corp |
1,391 | 63,082 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
|
Cooper Companies Inc. (The) |
264 | 105,151 | ||||||
|
|
|
|||||||
| Health Care Providers & Services — 6.4% | ||||||||
|
DaVita Inc.(a) |
453 | 49,091 | ||||||
|
Henry Schein Inc.(a) |
929 | 69,954 | ||||||
|
Laboratory Corp. of America Holdings(a) |
408 | 110,715 | ||||||
|
Molina Healthcare Inc.(a) |
339 | 98,473 | ||||||
|
Quest Diagnostics Inc. |
706 | 95,324 | ||||||
|
Universal Health Services Inc., Class B |
505 | 65,680 | ||||||
|
|
|
|||||||
| 489,237 | ||||||||
| Health Care Technology — 1.8% | ||||||||
|
Cerner Corp. |
1,486 | 135,523 | ||||||
|
|
|
|||||||
| Household Durables — 7.0% | ||||||||
|
DR Horton Inc. |
538 | 48,000 | ||||||
|
Garmin Ltd. |
676 | 84,108 | ||||||
|
Lennar Corp., Class A |
1,089 | 104,664 | ||||||
|
Mohawk Industries Inc.(a) |
390 | 61,569 | ||||||
|
Newell Brands Inc. |
2,548 | 59,139 | ||||||
|
PulteGroup Inc. |
1,727 | 90,996 | ||||||
|
Whirlpool Corp. |
417 | 87,649 | ||||||
|
|
|
|||||||
| 536,125 | ||||||||
| Insurance — 4.6% | ||||||||
|
American Financial Group Inc./OH |
479 | 62,404 | ||||||
|
Fidelity National Financial Inc. |
1,804 | 90,832 | ||||||
|
Hartford Financial Services Group Inc. (The) |
1,602 | 115,136 | ||||||
|
Lincoln National Corp. |
1,188 | 83,136 | ||||||
|
|
|
|||||||
| 351,508 | ||||||||
| IT Services — 4.2% | ||||||||
|
Akamai Technologies Inc.(a) |
861 | 98,626 | ||||||
|
EPAM Systems Inc.(a) |
197 | 93,800 | ||||||
|
Jack Henry & Associates Inc. |
492 | 82,562 | ||||||
|
Western Union Co. (The) |
2,704 | 51,133 | ||||||
|
|
|
|||||||
| 326,121 | ||||||||
| Life Sciences Tools & Services — 3.8% | ||||||||
|
Bio-Rad Laboratories Inc., Class A(a) |
134 | 80,364 | ||||||
|
Waters Corp.(a) |
317 | 101,478 | ||||||
|
West Pharmaceutical Services Inc. |
277 | 108,922 | ||||||
|
|
|
|||||||
| 290,764 | ||||||||
| Machinery — 1.9% | ||||||||
|
Pentair PLC |
1,102 | 70,197 | ||||||
|
Snap-on Inc. |
359 | 74,762 | ||||||
|
|
|
|||||||
| 144,959 | ||||||||
| Media — 3.5% | ||||||||
|
Discovery Inc., Class A(a)(b) |
1,125 | 31,399 | ||||||
|
Discovery Inc., Class C, NVS(a)(b) |
2,088 | 57,107 | ||||||
|
Fox Corp., Class A, NVS |
2,152 | 87,392 | ||||||
|
Fox Corp., Class B |
1,005 | 37,366 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
News Corp., Class A, NVS |
2,600 | $ | 57,824 | |||||
|
|
|
|||||||
| 271,088 | ||||||||
| Metals & Mining — 2.4% | ||||||||
|
Nucor Corp. |
1,111 | 112,655 | ||||||
|
Steel Dynamics Inc. |
1,357 | 75,341 | ||||||
|
|
|
|||||||
| 187,996 | ||||||||
| Oil, Gas & Consumable Fuels — 6.8% | ||||||||
|
Coterra Energy Inc. |
4,898 | 107,266 | ||||||
|
Devon Energy Corp. |
2,712 | 137,146 | ||||||
|
Diamondback Energy Inc. |
885 | 111,652 | ||||||
|
Pioneer Natural Resources Co. |
756 | 165,481 | ||||||
|
|
|
|||||||
| 521,545 | ||||||||
| Pharmaceuticals — 0.7% | ||||||||
|
Jazz Pharmaceuticals PLC(a) |
407 | 56,536 | ||||||
|
|
|
|||||||
| Professional Services — 1.1% | ||||||||
|
Robert Half International Inc. |
744 | 84,265 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 1.7% | ||||||||
|
CBRE Group Inc., Class A(a) |
1,254 | 127,080 | ||||||
|
|
|
|||||||
| Road & Rail — 2.7% | ||||||||
|
AMERCO |
66 | 40,190 | ||||||
|
Knight-Swift Transportation Holdings Inc. |
1,048 | 59,296 | ||||||
|
Old Dominion Freight Line Inc. |
359 | 108,393 | ||||||
|
|
|
|||||||
| 207,879 | ||||||||
| Semiconductors & Semiconductor Equipment — 5.0% | ||||||||
|
Monolithic Power Systems Inc. |
202 | 81,392 | ||||||
|
ON Semiconductor Corp.(a) |
1,840 | 108,560 | ||||||
|
Qorvo Inc.(a) |
662 | 90,880 | ||||||
|
Skyworks Solutions Inc. |
712 | 104,322 | ||||||
|
|
|
|||||||
| 385,154 | ||||||||
| Software — 2.5% | ||||||||
|
Cadence Design Systems Inc.(a) |
800 | 121,712 | ||||||
|
Citrix Systems Inc. |
700 | 71,358 | ||||||
|
|
|
|||||||
| 193,070 | ||||||||
| Security | Shares | Value | ||||||
| Specialty Retail — 3.6% | ||||||||
|
Bath & Body Works Inc. |
1,378 | $ | 77,264 | |||||
|
Best Buy Co. Inc. |
892 | 88,558 | ||||||
|
Tractor Supply Co. |
503 | 109,810 | ||||||
|
|
|
|||||||
| 275,632 | ||||||||
| Technology Hardware, Storage & Peripherals — 5.6% | ||||||||
|
Hewlett Packard Enterprise Co. |
7,233 | 118,115 | ||||||
|
NetApp Inc. |
1,219 | 105,456 | ||||||
|
Seagate Technology Holdings PLC |
1,067 | 114,329 | ||||||
|
Western Digital Corp.(a) |
1,853 | 95,874 | ||||||
|
|
|
|||||||
| 433,774 | ||||||||
| Trading Companies & Distributors — 1.3% | ||||||||
|
United Rentals Inc.(a) |
310 | 99,237 | ||||||
|
|
|
|||||||
| Total Common Stocks — 99.9%
(Cost: $7,414,792) |
7,673,060 | |||||||
|
|
|
|||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 0.8% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e) |
65,818 | 65,838 | ||||||
|
|
|
|||||||
| Total Short-Term Investments — 0.8%
(Cost: $65,838) |
65,838 | |||||||
|
|
|
|||||||
| Total Investments in Securities — 100.7%
(Cost: $7,480,630) |
7,738,898 | |||||||
| Other Assets, Less Liabilities — (0.7)% | (54,898) | |||||||
|
|
|
|||||||
| Net Assets — 100.0% | $ 7,684,000 | |||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 65,842 | (a) | $ | — | $ | (4 | ) | $ | — | $ | 65,838 | 65,818 | $ | 74 | (b) | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
| 32 |
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 USA Mid-Cap Multifactor ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Common Stocks |
$ | 7,673,060 | $ | — | $ | — | $ | 7,673,060 | ||||||||
|
Money Market Funds |
65,838 | — | — | 65,838 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 7,738,898 | $ | — | $ | — | $ | 7,738,898 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 |
33 |
|
Schedule of Investments (unaudited) January 31, 2022 |
iShares® MSCI USA Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.5% | ||||||||
|
Huntington Ingalls Industries Inc. |
11,463 | $ | 2,145,874 | |||||
|
Textron Inc. |
63,889 | 4,348,285 | ||||||
|
|
|
|||||||
| 6,494,159 | ||||||||
| Air Freight & Logistics — 0.8% | ||||||||
|
CH Robinson Worldwide Inc. |
37,450 | 3,919,143 | ||||||
|
Expeditors International of Washington Inc |
48,392 | 5,539,916 | ||||||
|
|
|
|||||||
| 9,459,059 | ||||||||
| Auto Components — 0.5% | ||||||||
|
BorgWarner Inc. |
68,176 | 2,989,517 | ||||||
|
Lear Corp. |
16,990 | 2,842,767 | ||||||
|
|
|
|||||||
| 5,832,284 | ||||||||
| Automobiles — 1.8% | ||||||||
|
General Motors Co.(a) |
372,006 | 19,615,877 | ||||||
|
Tesla Inc.(a) |
1,703 | 1,595,234 | ||||||
|
|
|
|||||||
| 21,211,111 | ||||||||
| Beverages — 0.2% | ||||||||
|
Molson Coors Beverage Co., Class B |
54,111 | 2,578,930 | ||||||
|
|
|
|||||||
| Biotechnology — 3.7% | ||||||||
|
Biogen Inc.(a) |
42,430 | 9,589,180 | ||||||
|
Gilead Sciences Inc. |
356,991 | 24,518,142 | ||||||
|
Horizon Therapeutics PLC(a) |
61,130 | 5,705,263 | ||||||
|
Regeneron Pharmaceuticals Inc.(a) |
7,138 | 4,344,115 | ||||||
|
|
|
|||||||
| 44,156,700 | ||||||||
| Building Products — 1.7% | ||||||||
|
A O Smith Corp. |
37,870 | 2,894,025 | ||||||
|
Johnson Controls International PLC |
202,776 | 14,735,732 | ||||||
|
Owens Corning |
29,308 | 2,599,620 | ||||||
|
|
|
|||||||
| 20,229,377 | ||||||||
| Capital Markets — 3.1% | ||||||||
|
FactSet Research Systems Inc. |
10,767 | 4,542,490 | ||||||
|
Franklin Resources Inc. |
85,749 | 2,741,396 | ||||||
|
Invesco Ltd. |
98,788 | 2,238,536 | ||||||
|
Raymond James Financial Inc. |
52,648 | 5,573,844 | ||||||
|
SEI Investments Co. |
34,231 | 2,006,279 | ||||||
|
State Street Corp. |
104,101 | 9,837,544 | ||||||
|
T Rowe Price Group Inc. |
64,612 | 9,978,031 | ||||||
|
|
|
|||||||
| 36,918,120 | ||||||||
| Chemicals — 2.4% | ||||||||
|
Celanese Corp. |
31,593 | 4,919,346 | ||||||
|
CF Industries Holdings Inc. |
61,326 | 4,223,522 | ||||||
|
Corteva Inc. |
209,041 | 10,050,691 | ||||||
|
Eastman Chemical Co. |
38,707 | 4,603,423 | ||||||
|
Mosaic Co. (The) |
105,309 | 4,207,095 | ||||||
|
|
|
|||||||
| 28,004,077 | ||||||||
| Commercial Services & Supplies — 0.2% | ||||||||
|
Rollins Inc. |
63,203 | 1,949,813 | ||||||
|
|
|
|||||||
| Communications Equipment — 3.3% | ||||||||
|
Cisco Systems Inc. |
575,122 | 32,017,042 | ||||||
|
F5 Inc.(a) |
17,144 | 3,559,437 | ||||||
|
Juniper Networks Inc. |
92,436 | 3,218,622 | ||||||
|
|
|
|||||||
| 38,795,101 | ||||||||
| Consumer Finance — 0.4% | ||||||||
|
Ally Financial Inc. |
102,770 | 4,904,184 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Containers & Packaging — 1.0% | ||||||||
|
International Paper Co. |
105,831 | $ | 5,106,346 | |||||
|
Packaging Corp. of America |
27,007 | 4,068,064 | ||||||
|
Sealed Air Corp. |
34,392 | 2,335,905 | ||||||
|
|
|
|||||||
| 11,510,315 | ||||||||
| Distributors — 1.3% | ||||||||
|
Genuine Parts Co. |
40,720 | 5,425,126 | ||||||
|
LKQ Corp. |
79,588 | 4,368,585 | ||||||
|
Pool Corp. |
11,425 | 5,441,156 | ||||||
|
|
|
|||||||
| 15,234,867 | ||||||||
| Diversified Telecommunication Services — 0.3% | ||||||||
|
Liberty Global PLC, Class A(a) |
45,358 | 1,230,109 | ||||||
|
Liberty Global PLC, Class C, NVS(a) |
98,808 | 2,671,768 | ||||||
|
|
|
|||||||
| 3,901,877 | ||||||||
| Electric Utilities — 1.6% | ||||||||
|
Exelon Corp. |
278,409 | 16,133,801 | ||||||
|
NRG Energy Inc. |
69,847 | 2,788,991 | ||||||
|
|
|
|||||||
| 18,922,792 | ||||||||
| Electronic Equipment, Instruments & Components — 2.0% | ||||||||
|
Arrow Electronics Inc.(a) |
20,495 | 2,541,380 | ||||||
|
Cognex Corp. |
50,239 | 3,338,884 | ||||||
|
IPG Photonics Corp.(a) |
10,686 | 1,650,666 | ||||||
|
Keysight Technologies Inc.(a) |
52,389 | 8,844,311 | ||||||
|
Zebra Technologies Corp., Class A(a) |
15,207 | 7,742,188 | ||||||
|
|
|
|||||||
| 24,117,429 | ||||||||
| Entertainment — 1.4% | ||||||||
|
Electronic Arts Inc. |
81,028 | 10,749,175 | ||||||
|
Take-Two Interactive Software Inc.(a) |
33,201 | 5,423,051 | ||||||
|
|
|
|||||||
| 16,172,226 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 5.3% | ||||||||
|
AvalonBay Communities Inc. |
39,748 | 9,707,654 | ||||||
|
Camden Property Trust |
28,665 | 4,588,980 | ||||||
|
Duke Realty Corp. |
107,753 | 6,225,968 | ||||||
|
Extra Space Storage Inc. |
38,095 | 7,550,048 | ||||||
|
Mid-America Apartment Communities Inc. |
33,042 | 6,829,121 | ||||||
|
Public Storage |
44,904 | 16,099,431 | ||||||
|
Regency Centers Corp. |
43,468 | 3,118,829 | ||||||
|
Weyerhaeuser Co. |
213,484 | 8,631,158 | ||||||
|
|
|
|||||||
| 62,751,189 | ||||||||
| Food & Staples Retailing — 1.6% | ||||||||
|
Kroger Co. (The) |
202,121 | 8,810,455 | ||||||
|
Walgreens Boots Alliance Inc. |
209,337 | 10,416,609 | ||||||
|
|
|
|||||||
| 19,227,064 | ||||||||
| Food Products — 2.4% | ||||||||
|
Archer-Daniels-Midland Co. |
159,264 | 11,944,800 | ||||||
|
Bunge Ltd. |
40,286 | 3,982,674 | ||||||
|
JM Smucker Co. (The) |
30,902 | 4,344,203 | ||||||
|
Tyson Foods Inc., Class A |
83,968 | 7,631,852 | ||||||
|
|
|
|||||||
| 27,903,529 | ||||||||
| Gas Utilities — 0.6% | ||||||||
|
Atmos Energy Corp. |
37,183 | 3,986,761 | ||||||
|
UGI Corp. |
59,408 | 2,694,153 | ||||||
|
|
|
|||||||
| 6,680,914 | ||||||||
| Health Care Equipment & Supplies — 2.0% | ||||||||
|
ABIOMED Inc.(a) |
12,937 | 3,827,670 | ||||||
|
Cooper Companies Inc. (The) |
14,032 | 5,588,946 | ||||||
|
Hologic Inc.(a) |
72,072 | 5,062,337 | ||||||
| 34 |
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 USA Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
ResMed Inc. |
41,477 | $ | 9,481,642 | |||||
|
|
|
|||||||
| 23,960,595 | ||||||||
| Health Care Providers & Services — 4.6% | ||||||||
|
Anthem Inc. |
59,058 | 26,043,987 | ||||||
|
DaVita Inc.(a) |
19,443 | 2,107,038 | ||||||
|
HCA Healthcare Inc. |
13,106 | 3,146,095 | ||||||
|
Henry Schein Inc.(a) |
39,706 | 2,989,862 | ||||||
|
Laboratory Corp. of America Holdings(a) |
27,446 | 7,447,747 | ||||||
|
Molina Healthcare Inc.(a) |
16,601 | 4,822,258 | ||||||
|
Quest Diagnostics Inc. |
34,815 | 4,700,721 | ||||||
|
Universal Health Services Inc., Class B |
21,562 | 2,804,354 | ||||||
|
|
|
|||||||
| 54,062,062 | ||||||||
| Health Care Technology — 0.6% | ||||||||
|
Cerner Corp. |
84,170 | 7,676,304 | ||||||
|
|
|
|||||||
| Household Durables — 2.3% | ||||||||
|
DR Horton Inc. |
96,891 | 8,644,615 | ||||||
|
Garmin Ltd. |
43,836 | 5,454,075 | ||||||
|
Mohawk Industries Inc.(a) |
16,677 | 2,632,798 | ||||||
|
Newell Brands Inc. |
108,749 | 2,524,065 | ||||||
|
PulteGroup Inc. |
73,780 | 3,887,468 | ||||||
|
Whirlpool Corp. |
17,827 | 3,747,057 | ||||||
|
|
|
|||||||
| 26,890,078 | ||||||||
| Insurance — 2.1% | ||||||||
|
Allstate Corp. (The) |
84,186 | 10,158,725 | ||||||
|
American Financial Group Inc./OH |
581 | 75,693 | ||||||
|
Everest Re Group Ltd. |
11,336 | 3,212,622 | ||||||
|
Fidelity National Financial Inc. |
77,056 | 3,879,770 | ||||||
|
Hartford Financial Services Group Inc. (The) |
98,890 | 7,107,224 | ||||||
|
|
|
|||||||
| 24,434,034 | ||||||||
| Interactive Media & Services — 2.4% | ||||||||
|
Alphabet Inc., Class A(a) |
423 | 1,144,667 | ||||||
|
Alphabet Inc., Class C, NVS(a) |
8,911 | 24,184,187 | ||||||
|
IAC/InterActiveCorp.(a)(b) |
22,530 | 3,076,246 | ||||||
|
|
|
|||||||
| 28,405,100 | ||||||||
| Internet & Direct Marketing Retail — 2.5% | ||||||||
|
Amazon.com Inc.(a) |
6,372 | 19,061,647 | ||||||
|
eBay Inc. |
185,085 | 11,118,056 | ||||||
|
|
|
|||||||
| 30,179,703 | ||||||||
| IT Services — 2.8% | ||||||||
|
Akamai Technologies Inc.(a) |
46,290 | 5,302,520 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
149,651 | 12,783,188 | ||||||
|
EPAM Systems Inc.(a) |
16,123 | 7,676,805 | ||||||
|
Jack Henry & Associates Inc |
21,042 | 3,531,058 | ||||||
|
Paychex Inc. |
10,129 | 1,192,791 | ||||||
|
Western Union Co. (The) |
116,004 | 2,193,636 | ||||||
|
|
|
|||||||
| 32,679,998 | ||||||||
| Life Sciences Tools & Services — 1.8% | ||||||||
|
Bio-Rad Laboratories Inc., Class A(a) |
6,335 | 3,799,290 | ||||||
|
Bio-Techne Corp. |
11,106 | 4,180,409 | ||||||
|
Waters Corp.(a) |
17,484 | 5,596,978 | ||||||
|
West Pharmaceutical Services Inc. |
21,064 | 8,282,786 | ||||||
|
|
|
|||||||
| 21,859,463 | ||||||||
| Machinery — 1.3% | ||||||||
|
Cummins Inc. |
40,885 | 9,030,679 | ||||||
|
Pentair PLC |
47,159 | 3,004,028 | ||||||
|
Snap-on Inc. |
15,349 | 3,196,429 | ||||||
|
|
|
|||||||
| 15,231,136 | ||||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Media — 1.3% | ||||||||
|
Discovery Inc., Class A(a)(b) |
48,266 | $ | 1,347,104 | |||||
|
Discovery Inc., Class C, NVS(a)(b) |
89,514 | 2,448,208 | ||||||
|
Fox Corp., Class A, NVS |
91,948 | 3,734,008 | ||||||
|
Fox Corp., Class B |
43,047 | 1,600,488 | ||||||
|
Interpublic Group of Companies Inc. (The) |
111,910 | 3,977,281 | ||||||
|
News Corp., Class A, NVS |
111,661 | 2,483,341 | ||||||
|
|
|
|||||||
| 15,590,430 | ||||||||
| Metals & Mining — 1.0% | ||||||||
|
Nucor Corp. |
83,620 | 8,479,068 | ||||||
|
Steel Dynamics Inc. |
58,035 | 3,222,103 | ||||||
|
|
|
|||||||
| 11,701,171 | ||||||||
| Multi-Utilities — 2.1% | ||||||||
|
Ameren Corp. |
73,247 | 6,499,939 | ||||||
|
Consolidated Edison Inc. |
100,619 | 8,698,513 | ||||||
|
Public Service Enterprise Group Inc. |
143,946 | 9,576,727 | ||||||
|
|
|
|||||||
| 24,775,179 | ||||||||
| Multiline Retail — 2.1% | ||||||||
|
Target Corp. |
110,737 | 24,409,757 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 4.0% | ||||||||
|
Coterra Energy Inc. |
219,441 | 4,805,758 | ||||||
|
Devon Energy Corp |
183,139 | 9,261,339 | ||||||
|
EOG Resources Inc. |
166,238 | 18,532,212 | ||||||
|
Pioneer Natural Resources Co. |
65,990 | 14,444,551 | ||||||
|
|
|
|||||||
| 47,043,860 | ||||||||
| Pharmaceuticals — 0.2% | ||||||||
|
Jazz Pharmaceuticals PLC(a) |
17,458 | 2,425,091 | ||||||
|
|
|
|||||||
| Professional Services — 0.5% | ||||||||
|
Booz Allen Hamilton Holding Corp. |
38,436 | 2,949,194 | ||||||
|
Robert Half International Inc. |
31,833 | 3,605,406 | ||||||
|
|
|
|||||||
| 6,554,600 | ||||||||
| Real Estate Management & Development — 0.8% | ||||||||
|
CBRE Group Inc., Class A(a) |
95,592 | 9,687,293 | ||||||
|
|
|
|||||||
| Road & Rail — 1.5% | ||||||||
|
AMERCO |
2,800 | 1,705,060 | ||||||
|
JB Hunt Transport Services Inc. |
23,992 | 4,619,420 | ||||||
|
Knight-Swift Transportation Holdings Inc. |
44,802 | 2,534,897 | ||||||
|
Old Dominion Freight Line Inc. |
28,027 | 8,462,192 | ||||||
|
|
|
|||||||
| 17,321,569 | ||||||||
| Semiconductors & Semiconductor Equipment — 6.8% | ||||||||
|
Intel Corp. |
606,830 | 29,625,440 | ||||||
|
Micron Technology Inc. |
320,525 | 26,369,592 | ||||||
|
Qorvo Inc.(a) |
31,676 | 4,348,481 | ||||||
|
Skyworks Solutions Inc. |
47,034 | 6,891,422 | ||||||
|
Texas Instruments Inc. |
74,040 | 13,289,440 | ||||||
|
|
|
|||||||
| 80,524,375 | ||||||||
| Software — 8.4% | ||||||||
|
Bentley Systems Inc., Class B |
50,106 | 2,012,758 | ||||||
|
Cadence Design Systems Inc.(a) |
78,805 | 11,989,393 | ||||||
|
Citrix Systems Inc. |
35,314 | 3,599,909 | ||||||
|
Fortinet Inc.(a) |
39,528 | 11,749,303 | ||||||
|
Microsoft Corp. |
131,745 | 40,970,060 | ||||||
|
NortonLifeLock Inc. |
165,855 | 4,313,889 | ||||||
|
Oracle Corp. |
305,553 | 24,798,681 | ||||||
|
|
|
|||||||
| 99,433,993 | ||||||||
| Specialty Retail — 3.3% | ||||||||
|
Advance Auto Parts Inc. |
17,967 | 4,159,540 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Specialty Retail (continued) | ||||||||
|
AutoZone Inc.(a) |
6,138 | $ | 12,192,216 | |||||
|
Bath & Body Works Inc. |
75,448 | 4,230,369 | ||||||
|
Best Buy Co. Inc. |
64,213 | 6,375,067 | ||||||
|
Tractor Supply Co. |
32,564 | 7,109,047 | ||||||
|
Ulta Beauty Inc.(a) |
14,715 | 5,352,434 | ||||||
|
|
|
|||||||
| 39,418,673 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.4% | ||||||||
|
Apple Inc. |
316,043 | 55,237,996 | ||||||
|
Hewlett Packard Enterprise Co. |
372,071 | 6,075,919 | ||||||
|
HP Inc. |
342,030 | 12,562,762 | ||||||
|
NetApp Inc. |
63,687 | 5,509,562 | ||||||
|
Seagate Technology Holdings PLC |
58,349 | 6,252,095 | ||||||
|
Western Digital Corp.(a) |
28,855 | 1,492,958 | ||||||
|
|
|
|||||||
| 87,131,292 | ||||||||
| Trading Companies & Distributors — 1.9% | ||||||||
|
Fastenal Co. |
163,642 | 9,275,229 | ||||||
|
United Rentals Inc.(a) |
20,621 | 6,601,194 | ||||||
|
WW Grainger Inc. |
12,613 | 6,244,822 | ||||||
|
|
|
|||||||
| 22,121,245 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.8% |
1,180,472,118 | |||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 0.4% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e) |
3,137,592 | $ | 3,138,533 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) |
2,318,000 | 2,318,000 | ||||||
|
|
|
|||||||
| 5,456,533 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 0.4% |
5,456,533 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.2% |
1,185,928,651 | |||||||
|
Other Assets, Less Liabilities — (0.2)% |
(2,937,430 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 1,182,991,221 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 124,150 | $ | 3,016,271 | (a) | $ | — | $ | (1,888 | ) | $ | — | $ | 3,138,533 | 3,137,592 | $ | 8,228 | (b) | $ | — | ||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,488,000 | — | (170,000 | )(a) | — | — | 2,318,000 | 2,318,000 | 60 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| $ | (1,888 | ) | $ | — | $ | 5,456,533 | $ | 8,288 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
S&P 500 E-Mini Index |
8 | 03/18/22 | $ | 1,802 | $ | (64,582 | ) | |||||||||
|
S&P Mid 400 E-Mini Index |
2 | 03/18/22 | 526 | (33,954 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (98,536 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| 36 |
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 USA 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 |
||||
|
|
||||
|
Liabilities — Derivative Financial Instruments |
||||
|
Futures contracts |
||||
|
Unrealized depreciation on futures contracts(a) |
$ | 98,536 | ||
|
|
|
|||
| (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 |
$ | 189,825 | ||
|
|
|
|||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
|
Futures contracts |
$ | (155,822 | ) | |
|
|
|
|||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 2,596,048 | ||
|
|
||||
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 |
$ | 1,180,472,118 | $ | — | $ | — | $ | 1,180,472,118 | ||||||||
|
Money Market Funds |
5,456,533 | — | — | 5,456,533 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,185,928,651 | $ | — | $ | — | $ | 1,185,928,651 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative financial instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Futures Contracts |
$ | (98,536 | ) | $ | — | $ | — | $ | (98,536 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
37 |
|
Schedule of Investments (unaudited) January 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.1% | ||||||||
|
National Presto Industries Inc. |
5,377 | $ | 442,258 | |||||
|
Vectrus Inc.(a) |
11,943 | 549,498 | ||||||
|
|
|
|||||||
| 991,756 | ||||||||
| Air Freight & Logistics — 0.3% | ||||||||
|
Atlas Air Worldwide Holdings Inc.(a) |
7,401 | 594,522 | ||||||
|
Hub Group Inc., Class A(a) |
34,333 | 2,599,695 | ||||||
|
|
|
|||||||
| 3,194,217 | ||||||||
| Auto Components — 0.5% | ||||||||
|
Gentherm Inc.(a)(b) |
33,875 | 2,960,336 | ||||||
|
Standard Motor Products Inc. |
20,436 | 978,272 | ||||||
|
XPEL Inc.(a) |
16,942 | 1,056,503 | ||||||
|
|
|
|||||||
| 4,995,111 | ||||||||
| Automobiles — 0.2% | ||||||||
|
Winnebago Industries Inc. |
32,630 | 2,105,288 | ||||||
|
|
|
|||||||
|
Banks — 1.9% |
||||||||
| Amalgamated Financial Corp. | 14,277 | 242,852 | ||||||
|
Arrow Financial Corp. |
16,359 | 578,781 | ||||||
|
Bancorp. Inc. (The)(a) |
28,212 | 841,282 | ||||||
|
Bar Harbor Bankshares |
15,279 | 466,621 | ||||||
|
Camden National Corp. |
15,231 | 756,371 | ||||||
|
Capital City Bank Group Inc. |
12,412 | 343,316 | ||||||
|
Community Trust Bancorp. Inc. |
16,357 | 722,816 | ||||||
|
Customers Bancorp. Inc.(a) |
30,840 | 1,797,972 | ||||||
|
First Community Bankshares Inc. |
15,860 | 494,991 | ||||||
|
First Financial Corp./IN |
11,302 | 507,347 | ||||||
|
First Foundation Inc. |
38,950 | 1,018,543 | ||||||
|
First of Long Island Corp. (The) |
24,164 | 529,433 | ||||||
|
Great Southern Bancorp. Inc. |
11,095 | 658,377 | ||||||
|
Hilltop Holdings Inc. |
66,367 | 2,192,102 | ||||||
|
HomeStreet Inc. |
22,224 | 1,083,420 | ||||||
|
Independent Bank Corp./MI |
20,836 | 510,065 | ||||||
|
Lakeland Bancorp. Inc. |
51,729 | 979,230 | ||||||
|
Mercantile Bank Corp. |
15,391 | 592,092 | ||||||
|
OFG Bancorp. |
54,180 | 1,499,161 | ||||||
|
Republic Bancorp. Inc./KY, Class A |
10,220 | 500,984 | ||||||
|
Univest Financial Corp. |
29,978 | 903,237 | ||||||
|
Washington Trust Bancorp. Inc. |
17,714 | 1,011,115 | ||||||
|
|
|
|||||||
| 18,230,108 | ||||||||
| Beverages — 0.2% | ||||||||
|
MGP Ingredients Inc. |
13,462 | 1,018,535 | ||||||
|
National Beverage Corp. |
23,848 | 1,065,290 | ||||||
|
|
|
|||||||
| 2,083,825 | ||||||||
| Biotechnology — 3.5% | ||||||||
|
2seventy bio Inc.(a)(b) |
22,928 | 428,066 | ||||||
|
Alkermes PLC(a) |
164,882 | 4,204,491 | ||||||
|
Anika Therapeutics Inc.(a) |
14,721 | 468,128 | ||||||
|
Avid Bioservices Inc.(a)(b) |
62,706 | 1,183,262 | ||||||
|
Catalyst Pharmaceuticals Inc.(a) |
99,728 | 574,433 | ||||||
|
Celldex Therapeutics Inc.(a) |
38,002 | 1,178,442 | ||||||
|
Eagle Pharmaceuticals Inc./DE(a) |
11,347 | 521,281 | ||||||
|
Emergent BioSolutions Inc.(a) |
49,102 | 2,297,974 | ||||||
|
Ideaya Biosciences Inc.(a) |
27,424 | 454,416 | ||||||
|
Intellia Therapeutics Inc.(a)(b) |
62,401 | 5,901,262 | ||||||
|
Ironwood Pharmaceuticals Inc.(a)(b) |
158,174 | 1,763,640 | ||||||
|
Myriad Genetics Inc.(a) |
76,989 | 2,024,041 | ||||||
|
Organogenesis Holdings Inc., Class A(a) |
32,698 | 251,448 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Biotechnology (continued) | ||||||||
|
Prothena Corp. PLC(a) |
32,232 | $ | 1,098,466 | |||||
|
United Therapeutics Corp.(a) |
45,894 | 9,264,622 | ||||||
|
Vanda Pharmaceuticals Inc.(a) |
56,711 | 859,739 | ||||||
|
Vericel Corp.(a)(b) |
39,987 | 1,422,737 | ||||||
|
|
|
|||||||
| 33,896,448 | ||||||||
| Building Products — 0.8% | ||||||||
|
Apogee Enterprises Inc. |
26,099 | 1,165,320 | ||||||
|
Insteel Industries Inc. |
19,729 | 746,348 | ||||||
|
Quanex Building Products Corp. |
34,234 | 745,959 | ||||||
|
Simpson Manufacturing Co. Inc |
41,435 | 4,673,454 | ||||||
|
|
|
|||||||
| 7,331,081 | ||||||||
| Capital Markets — 5.2% | ||||||||
|
Affiliated Managers Group Inc. |
42,118 | 6,158,073 | ||||||
|
Artisan Partners Asset Management Inc., Class A |
66,274 | 2,863,700 | ||||||
|
B. Riley Financial Inc. |
15,515 | 955,259 | ||||||
|
BGC Partners Inc., Class A |
297,551 | 1,255,665 | ||||||
|
BrightSphere Investment Group Inc. |
60,867 | 1,313,510 | ||||||
|
Cowen Inc., Class A |
26,612 | 843,068 | ||||||
|
Diamond Hill Investment Group Inc. |
3,119 | 582,473 | ||||||
|
Donnelley Financial Solutions Inc.(a) |
30,928 | 1,151,140 | ||||||
|
Evercore Inc., Class A |
40,525 | 5,058,331 | ||||||
|
Federated Hermes Inc. |
94,720 | 3,136,179 | ||||||
|
Houlihan Lokey Inc. |
51,802 | 5,505,517 | ||||||
|
Janus Henderson Group PLC |
158,547 | 5,850,384 | ||||||
|
Jefferies Financial Group Inc. |
214,633 | 7,864,153 | ||||||
|
Moelis & Co., Class A |
62,367 | 3,521,864 | ||||||
|
Piper Sandler Cos. |
18,453 | 2,845,822 | ||||||
|
PJT Partners Inc., Class A |
23,726 | 1,644,686 | ||||||
|
Victory Capital Holdings Inc., Class A(b) |
16,330 | 533,501 | ||||||
|
|
|
|||||||
| 51,083,325 | ||||||||
| Chemicals — 1.8% | ||||||||
|
AdvanSix Inc. |
28,726 | 1,209,077 | ||||||
|
American Vanguard Corp. |
28,336 | 429,857 | ||||||
|
Chase Corp. |
7,706 | 731,145 | ||||||
|
FutureFuel Corp. |
26,795 | 209,001 | ||||||
|
Hawkins Inc. |
19,463 | 726,359 | ||||||
|
Koppers Holdings Inc.(a) |
21,532 | 643,376 | ||||||
|
Olin Corp. |
130,731 | 6,624,140 | ||||||
|
Stepan Co. |
21,370 | 2,354,119 | ||||||
|
Trinseo PLC |
31,741 | 1,699,413 | ||||||
|
Tronox Holdings PLC, Class A |
117,772 | 2,673,425 | ||||||
|
|
|
|||||||
| 17,299,912 | ||||||||
| Commercial Services & Supplies — 1.2% | ||||||||
|
ACCO Brands Corp. |
97,443 | 793,186 | ||||||
|
Brady Corp., Class A, NVS |
49,582 | 2,574,298 | ||||||
|
Deluxe Corp. |
43,479 | 1,308,718 | ||||||
|
Ennis Inc. |
26,620 | 503,917 | ||||||
|
GEO Group Inc. (The) |
123,688 | 832,420 | ||||||
|
Healthcare Services Group Inc. |
76,322 | 1,388,297 | ||||||
|
Heritage-Crystal Clean Inc.(a) |
16,038 | 458,847 | ||||||
|
HNI Corp. |
44,830 | 1,880,170 | ||||||
|
Interface Inc. |
60,357 | 800,334 | ||||||
|
Kimball International Inc., Class B |
37,407 | 367,337 | ||||||
|
Matthews International Corp., Class A |
32,320 | 1,135,078 | ||||||
|
|
|
|||||||
| 12,042,602 | ||||||||
| Communications Equipment — 2.0% | ||||||||
|
ADTRAN Inc. |
49,623 | 953,258 | ||||||
|
Calix Inc.(a) |
58,397 | 2,936,201 | ||||||
|
Cambium Networks Corp.(a)(b) |
9,462 | 228,791 | ||||||
| 38 |
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 USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Communications Equipment (continued) |
||||||||
|
Ciena Corp.(a) |
158,192 | $ | 10,489,712 | |||||
|
Clearfield Inc.(a) |
11,896 | 766,935 | ||||||
|
Digi International Inc.(a) |
34,769 | 776,739 | ||||||
|
NETGEAR Inc.(a) |
31,134 | 861,478 | ||||||
|
NetScout Systems Inc.(a) |
75,719 | 2,388,934 | ||||||
|
Ribbon Communications Inc.(a) |
98,135 | 441,608 | ||||||
|
|
|
|||||||
| 19,843,656 | ||||||||
| Construction & Engineering — 0.6% | ||||||||
|
Argan Inc. |
16,072 | 597,075 | ||||||
|
Construction Partners Inc., Class A(a) |
29,521 | 774,631 | ||||||
|
IES Holdings Inc.(a) |
9,570 | 471,801 | ||||||
|
MYR Group Inc.(a) |
17,243 | 1,621,359 | ||||||
|
Primoris Services Corp. |
54,920 | 1,412,542 | ||||||
|
Sterling Construction Co. Inc.(a) |
28,692 | 729,064 | ||||||
|
Tutor Perini Corp.(a) |
46,899 | 558,098 | ||||||
|
|
|
|||||||
| 6,164,570 | ||||||||
| Construction Materials — 0.0% | ||||||||
|
United State Lime & Minerals Inc. |
2,318 | 293,204 | ||||||
|
|
|
|||||||
| Consumer Finance — 1.5% | ||||||||
|
Atlanticus Holdings Corp.(a)(b) |
7,582 | 487,598 | ||||||
|
Curo Group Holdings Corp. |
19,020 | 272,557 | ||||||
|
Encore Capital Group Inc.(a) |
30,925 | 1,994,662 | ||||||
|
Enova International Inc.(a)(b) |
37,688 | 1,518,073 | ||||||
|
Navient Corp. |
171,540 | 2,989,942 | ||||||
|
OneMain Holdings Inc. |
80,986 | 4,183,737 | ||||||
|
PROG Holdings Inc.(a) |
67,960 | 2,705,487 | ||||||
|
World Acceptance Corp.(a) |
4,111 | 776,897 | ||||||
|
|
|
|||||||
| 14,928,953 | ||||||||
| Containers & Packaging — 0.1% | ||||||||
|
Myers Industries Inc. |
31,111 | 562,176 | ||||||
|
|
|
|||||||
| Distributors — 0.0% | ||||||||
|
Funko Inc., Class A(a)(b) |
22,114 | 382,130 | ||||||
|
|
|
|||||||
| Diversified Consumer Services — 0.5% | ||||||||
|
American Public Education Inc.(a) |
19,057 | 407,629 | ||||||
|
Graham Holdings Co., Class B |
4,136 | 2,461,416 | ||||||
|
Perdoceo Education Corp.(a) |
71,439 | 787,258 | ||||||
|
Stride Inc.(a) |
42,515 | 1,491,001 | ||||||
|
|
|
|||||||
| 5,147,304 | ||||||||
| Diversified Financial Services — 0.1% | ||||||||
|
A-Mark Precious Metals Inc. |
8,622 | 533,702 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 0.1% | ||||||||
|
ATN International Inc. |
11,317 | 449,059 | ||||||
|
IDT Corp., Class B(a) |
22,180 | 832,415 | ||||||
|
|
|
|||||||
| 1,281,474 | ||||||||
| Electrical Equipment — 1.7% | ||||||||
|
Acuity Brands Inc.(b) |
36,489 | 6,988,738 | ||||||
|
Atkore Inc.(a) |
47,114 | 5,077,947 | ||||||
|
AZZ Inc. |
25,626 | 1,219,285 | ||||||
|
Encore Wire Corp.(b) |
21,096 | 2,377,308 | ||||||
|
GrafTech International Ltd. |
84,870 | 889,438 | ||||||
|
|
|
|||||||
| 16,552,716 | ||||||||
| Electronic Equipment, Instruments & Components — 4.9% | ||||||||
|
Avnet Inc. |
101,698 | 4,104,531 | ||||||
|
Badger Meter Inc. |
29,834 | 3,018,306 | ||||||
|
Benchmark Electronics Inc. |
36,379 | 878,189 | ||||||
|
CTS Corp. |
29,814 | 1,000,260 | ||||||
| Security | Shares | Value | ||||||
|
Electronic Equipment, Instruments & Components (continued) |
||||||||
|
ePlus Inc.(a)(b) |
27,620 | $ | 1,269,691 | |||||
|
Fabrinet(a) |
37,606 | 4,255,495 | ||||||
|
Insight Enterprises Inc.(a) |
35,636 | 3,355,129 | ||||||
|
Jabil Inc. |
141,595 | 8,706,677 | ||||||
|
Kimball Electronics Inc.(a)(b) |
25,427 | 503,200 | ||||||
|
Knowles Corp.(a) |
94,015 | 1,994,058 | ||||||
|
Methode Electronics Inc. |
39,028 | 1,718,403 | ||||||
|
Napco Security Technologies Inc.(a)(b) |
29,924 | 622,120 | ||||||
|
OSI Systems Inc.(a) |
17,386 | 1,441,995 | ||||||
|
PC Connection Inc. |
12,010 | 520,634 | ||||||
|
Plexus Corp.(a) |
28,871 | 2,238,080 | ||||||
|
Sanmina Corp.(a) |
66,527 | 2,516,051 | ||||||
|
ScanSource Inc.(a)(b) |
25,991 | 810,399 | ||||||
|
TTM Technologies Inc.(a) |
104,666 | 1,408,804 | ||||||
|
Vishay Intertechnology Inc. |
135,631 | 2,808,918 | ||||||
|
Vishay Precision Group Inc.(a) |
12,848 | 411,522 | ||||||
|
Vontier Corp. |
133,783 | 3,760,640 | ||||||
|
|
|
|||||||
| 47,343,102 | ||||||||
| Energy Equipment & Services — 0.4% | ||||||||
|
Aspen Aerogels Inc.(a)(b) |
27,018 | 802,435 | ||||||
|
Cactus Inc., Class A |
59,323 | 2,874,793 | ||||||
|
RPC Inc.(a) |
66,040 | 390,296 | ||||||
|
|
|
|||||||
| 4,067,524 | ||||||||
| Entertainment — 0.5% | ||||||||
|
Lions Gate Entertainment Corp., Class A(a) |
59,483 | 932,694 | ||||||
|
Lions Gate Entertainment Corp., Class B, NVS(a) |
122,974 | 1,792,961 | ||||||
|
World Wrestling Entertainment Inc., Class A |
46,144 | 2,304,431 | ||||||
|
|
|
|||||||
| 5,030,086 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 2.4% | ||||||||
|
American Finance Trust Inc. |
120,424 | 994,702 | ||||||
|
Brandywine Realty Trust |
174,683 | 2,246,423 | ||||||
|
CorePoint Lodging Inc.(a) |
41,714 | 655,327 | ||||||
|
Equity Commonwealth(a) |
124,511 | 3,242,266 | ||||||
|
Franklin Street Properties Corp., Class C |
104,103 | 577,772 | ||||||
|
Getty Realty Corp. |
39,353 | 1,167,604 | ||||||
|
Industrial Logistics Properties Trust |
66,769 | 1,531,013 | ||||||
|
LTC Properties Inc. |
40,158 | 1,448,499 | ||||||
|
LXP Industrial Trust |
283,819 | 4,226,065 | ||||||
|
One Liberty Properties Inc. |
17,020 | 519,110 | ||||||
|
Piedmont Office Realty Trust Inc., Class A |
126,868 | 2,253,176 | ||||||
|
Retail Opportunity Investments Corp. |
124,115 | 2,299,851 | ||||||
|
RPT Realty |
82,957 | 1,046,917 | ||||||
|
Saul Centers Inc. |
14,443 | 713,195 | ||||||
|
Urstadt Biddle Properties Inc., Class A |
30,707 | 604,621 | ||||||
|
|
|
|||||||
| 23,526,541 | ||||||||
| Food & Staples Retailing — 1.0% | ||||||||
|
Andersons Inc. (The) |
32,326 | 1,231,621 | ||||||
|
Ingles Markets Inc., Class A |
14,572 | 1,121,024 | ||||||
|
SpartanNash Co. |
36,634 | 900,097 | ||||||
|
Sprouts Farmers Market Inc.(a)(b) |
116,711 | 3,167,536 | ||||||
|
United Natural Foods Inc.(a) |
57,606 | 2,233,961 | ||||||
|
Weis Markets Inc. |
17,865 | 1,076,188 | ||||||
|
|
|
|||||||
| 9,730,427 | ||||||||
| Food Products — 0.3% | ||||||||
|
Fresh Del Monte Produce Inc. |
36,417 | 1,013,485 | ||||||
|
John B Sanfilippo & Son Inc. |
9,035 | 714,669 | ||||||
|
Seaboard Corp. |
291 | 1,111,617 | ||||||
|
|
|
|||||||
| 2,839,771 | ||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Gas Utilities — 0.0% |
||||||||
|
Star Group LP |
36,378 | $ | 379,786 | |||||
|
|
|
|||||||
| Health Care Equipment & Supplies — 4.2% | ||||||||
|
AngioDynamics Inc.(a) |
39,304 | 850,146 | ||||||
|
Atrion Corp. |
1,469 | 889,347 | ||||||
|
CONMED Corp. |
29,621 | 4,075,257 | ||||||
|
Cutera Inc.(a) |
15,545 | 565,993 | ||||||
|
Envista Holdings Corp.(a)(b) |
164,830 | 7,127,249 | ||||||
|
Establishment Labs Holdings Inc.(a)(b) |
19,412 | 1,016,024 | ||||||
|
Globus Medical Inc., Class A(a)(b) |
80,024 | 5,340,001 | ||||||
|
Heska Corp.(a) |
10,344 | 1,423,128 | ||||||
|
Inogen Inc.(a) |
19,596 | 582,589 | ||||||
|
Integer Holdings Corp.(a)(b) |
33,734 | 2,645,083 | ||||||
|
Lantheus Holdings Inc.(a) |
67,196 | 1,707,450 | ||||||
|
LeMaitre Vascular Inc. |
19,939 | 843,619 | ||||||
|
Meridian Bioscience Inc.(a) |
41,974 | 875,158 | ||||||
|
Merit Medical Systems Inc.(a) |
51,775 | 2,870,924 | ||||||
|
Natus Medical Inc.(a) |
34,791 | 801,585 | ||||||
|
Neogen Corp.(a) |
33,572 | 1,224,371 | ||||||
|
NuVasive Inc.(a)(b) |
52,578 | 2,734,582 | ||||||
|
OraSure Technologies Inc.(a)(b) |
73,388 | 649,484 | ||||||
|
Orthofix Medical Inc.(a) |
20,091 | 610,766 | ||||||
|
STAAR Surgical Co.(a) |
24,105 | 1,752,916 | ||||||
|
Surmodics Inc.(a) |
14,143 | 646,052 | ||||||
|
Tactile Systems Technology Inc.(a) |
20,187 | 318,349 | ||||||
|
Varex Imaging Corp.(a) |
40,271 | 1,051,073 | ||||||
|
|
|
|||||||
| 40,601,146 | ||||||||
| Health Care Providers & Services — 5.5% | ||||||||
|
AMN Healthcare Services Inc.(a)(b) |
48,306 | 4,895,330 | ||||||
|
Apollo Medical Holdings Inc.(a)(b) |
31,109 | 1,601,491 | ||||||
|
Apria Inc.(a) |
17,971 | 672,295 | ||||||
|
Chemed Corp. |
16,077 | 7,538,666 | ||||||
|
Community Health Systems Inc.(a) |
114,732 | 1,455,949 | ||||||
|
CorVel Corp.(a) |
10,025 | 1,765,603 | ||||||
|
Cross Country Healthcare Inc.(a)(b) |
36,896 | 793,633 | ||||||
|
Encompass Health Corp. |
101,698 | 6,309,344 | ||||||
|
Fulgent Genetics Inc.(a)(b) |
14,898 | 951,535 | ||||||
|
Hanger Inc.(a) |
39,431 | 714,884 | ||||||
|
Joint Corp. (The)(a) |
14,698 | 794,280 | ||||||
|
ModivCare Inc.(a) |
12,877 | 1,492,831 | ||||||
|
National HealthCare Corp. |
13,351 | 873,155 | ||||||
|
National Research Corp. |
14,275 | 593,840 | ||||||
|
Owens & Minor Inc. |
73,279 | 3,084,313 | ||||||
|
Patterson Companies Inc. |
89,451 | 2,566,349 | ||||||
|
Premier Inc., Class A |
125,489 | 4,796,190 | ||||||
|
Select Medical Holdings Corp. |
110,029 | 2,555,974 | ||||||
|
Tenet Healthcare Corp.(a) |
92,402 | 6,848,836 | ||||||
|
Tivity Health Inc.(a) |
40,588 | 1,032,559 | ||||||
|
Triple-S Management Corp.(a) |
24,261 | 873,153 | ||||||
|
U.S. Physical Therapy Inc. |
13,193 | 1,276,687 | ||||||
|
|
|
|||||||
| 53,486,897 | ||||||||
| Health Care Technology — 1.8% | ||||||||
|
Allscripts Healthcare Solutions Inc.(a) |
127,775 | 2,583,610 | ||||||
|
Computer Programs & Systems Inc.(a) |
14,192 | 401,917 | ||||||
|
Evolent Health Inc., Class A(a) |
89,187 | 2,114,624 | ||||||
|
HealthStream Inc.(a) |
25,765 | 627,378 | ||||||
|
NextGen Healthcare Inc.(a) |
58,429 | 1,128,264 | ||||||
|
Omnicell Inc.(a) |
44,447 | 6,673,273 | ||||||
|
OptimizeRx Corp.(a)(b) |
16,216 | 728,585 | ||||||
| Security | Shares | Value | ||||||
|
Health Care Technology (continued) |
||||||||
|
Vocera Communications Inc.(a) |
35,480 | $ | 2,803,275 | |||||
|
|
|
|||||||
| 17,060,926 | ||||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||
|
Chuy’s Holdings Inc.(a) |
20,146 | 507,881 | ||||||
|
|
|
|||||||
| Household Durables — 1.7% | ||||||||
|
Century Communities Inc. |
31,052 | 2,044,774 | ||||||
|
Ethan Allen Interiors Inc. |
21,860 | 551,091 | ||||||
|
GoPro Inc., Class A(a) |
119,236 | 1,056,431 | ||||||
|
Green Brick Partners Inc.(a) |
33,609 | 795,861 | ||||||
|
Hovnanian Enterprises Inc., Class A(a) |
5,102 | 494,282 | ||||||
|
La-Z-Boy Inc. |
45,296 | 1,662,816 | ||||||
|
M/I Homes Inc.(a) |
29,962 | 1,587,686 | ||||||
|
Meritage Homes Corp.(a) |
38,391 | 3,917,034 | ||||||
|
Tri Pointe Homes Inc.(a) |
116,296 | 2,769,008 | ||||||
|
Tupperware Brands Corp.(a) |
50,197 | 774,038 | ||||||
|
Universal Electronics Inc.(a) |
13,733 | 487,384 | ||||||
|
|
|
|||||||
| 16,140,405 | ||||||||
| Household Products — 0.2% | ||||||||
|
Central Garden & Pet Co.(a) |
9,818 | 455,457 | ||||||
|
Central Garden & Pet Co., Class A, NVS(a) |
41,056 | 1,778,956 | ||||||
|
|
|
|||||||
| 2,234,413 | ||||||||
| Insurance — 3.4% | ||||||||
|
American Equity Investment Life Holding Co. |
85,135 | 3,502,454 | ||||||
|
American National Group Inc. |
8,230 | 1,553,742 | ||||||
|
Assured Guaranty Ltd. |
74,615 | 3,976,233 | ||||||
|
Donegal Group Inc., Class A |
14,414 | 206,841 | ||||||
|
Employers Holdings Inc. |
27,289 | 1,067,000 | ||||||
|
First American Financial Corp. |
112,347 | 8,370,975 | ||||||
|
Genworth Financial Inc., Class A(a) |
480,416 | 1,873,622 | ||||||
|
HCI Group Inc. |
6,514 | 442,105 | ||||||
|
Independence Holding Co. |
5,238 | 298,304 | ||||||
|
Mercury General Corp. |
28,306 | 1,547,206 | ||||||
|
National Western Life Group Inc., Class A |
2,445 | 522,912 | ||||||
|
Safety Insurance Group Inc. |
15,320 | 1,261,296 | ||||||
|
SiriusPoint Ltd.(a) |
90,895 | 769,881 | ||||||
|
Stewart Information Services Corp. |
27,489 | 1,963,539 | ||||||
|
Universal Insurance Holdings Inc. |
31,065 | 535,561 | ||||||
|
Unum Group |
208,903 | 5,301,958 | ||||||
|
|
|
|||||||
| 33,193,629 | ||||||||
| Interactive Media & Services — 0.8% | ||||||||
|
TrueCar Inc.(a) |
87,891 | 302,345 | ||||||
|
Yelp Inc.(a)(b) |
75,203 | 2,597,512 | ||||||
|
Ziff Davis Inc.(a)(b) |
46,802 | 4,917,018 | ||||||
|
|
|
|||||||
| 7,816,875 | ||||||||
| Internet & Direct Marketing Retail — 0.9% | ||||||||
|
1-800-Flowers.com Inc., Class A(a)(b) |
28,084 | 478,271 | ||||||
|
Duluth Holdings Inc., Class B(a)(b) |
21,204 | 319,756 | ||||||
|
PetMed Express Inc. |
20,734 | 535,559 | ||||||
|
Qurate Retail Inc., Series A |
407,913 | 2,867,628 | ||||||
|
Revolve Group Inc.(a) |
38,874 | 1,917,266 | ||||||
|
Shutterstock Inc. |
24,345 | 2,360,735 | ||||||
|
|
|
|||||||
| 8,479,215 | ||||||||
| IT Services — 2.8% | ||||||||
|
Alliance Data Systems Corp. |
48,312 | 3,335,460 | ||||||
|
Brightcove Inc.(a) |
31,239 | 294,584 | ||||||
|
Concentrix Corp. |
45,363 | 9,117,509 | ||||||
|
Conduent Inc.(a) |
173,882 | 822,462 | ||||||
|
CSG Systems International Inc. |
33,479 | 1,900,603 | ||||||
| 40 |
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 USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
IT Services (continued) |
||||||||
|
EVERTEC Inc. |
62,521 | $ | 2,728,416 | |||||
|
ExlService Holdings Inc.(a) |
34,210 | 4,122,989 | ||||||
|
Grid Dynamics Holdings Inc.(a)(b) |
41,257 | 1,099,499 | ||||||
|
Hackett Group Inc. (The) |
25,820 | 494,195 | ||||||
|
Perficient Inc.(a) |
33,658 | 3,528,032 | ||||||
|
|
|
|||||||
| 27,443,749 | ||||||||
| Leisure Products — 1.9% | ||||||||
|
Brunswick Corp./DE |
79,224 | 7,192,747 | ||||||
|
Clarus Corp. |
22,422 | 505,168 | ||||||
|
Johnson Outdoors Inc., Class A |
5,917 | 533,832 | ||||||
|
Smith & Wesson Brands Inc. |
48,969 | 836,390 | ||||||
|
Sturm Ruger & Co. Inc. |
17,990 | 1,209,468 | ||||||
|
Vista Outdoor Inc.(a) |
58,650 | 2,262,717 | ||||||
|
YETI Holdings Inc.(a)(b) |
84,732 | 5,556,724 | ||||||
|
|
|
|||||||
| 18,097,046 | ||||||||
| Life Sciences Tools & Services — 0.5% | ||||||||
|
Medpace Holdings Inc.(a)(b) |
29,289 | 5,197,626 | ||||||
|
|
|
|||||||
| Machinery — 1.1% | ||||||||
|
Astec Industries Inc. |
21,986 | 1,391,494 | ||||||
|
Energy Recovery Inc.(a)(b) |
37,214 | 728,650 | ||||||
|
Gorman-Rupp Co. (The) |
18,348 | 735,938 | ||||||
|
Greenbrier Companies Inc. (The) |
33,105 | 1,336,118 | ||||||
|
Hyster-Yale Materials Handling Inc. |
4,929 | 221,263 | ||||||
|
Luxfer Holdings PLC |
28,290 | 483,193 | ||||||
|
Mueller Industries Inc. |
52,564 | 2,715,456 | ||||||
|
Omega Flex Inc. |
3,103 | 440,502 | ||||||
|
REV Group Inc. |
30,110 | 404,377 | ||||||
|
Shyft Group Inc. (The)(b) |
32,514 | 1,363,637 | ||||||
|
Standex International Corp. |
12,485 | 1,240,385 | ||||||
|
|
|
|||||||
| 11,061,013 | ||||||||
| Marine — 0.2% | ||||||||
|
Genco Shipping & Trading Ltd. |
27,796 | 432,506 | ||||||
|
Matson Inc. |
11,115 | 1,085,491 | ||||||
|
|
|
|||||||
| 1,517,997 | ||||||||
| Media — 1.3% | ||||||||
|
AMC Networks Inc., Class A(a) |
28,276 | 1,205,406 | ||||||
|
John Wiley & Sons Inc., Class A |
45,469 | 2,307,552 | ||||||
|
Scholastic Corp. |
26,775 | 1,098,310 | ||||||
|
TechTarget Inc.(a) |
25,875 | 2,146,072 | ||||||
|
TEGNA Inc. |
214,657 | 4,155,760 | ||||||
|
Thryv Holdings Inc.(a) |
20,702 | 671,366 | ||||||
|
WideOpenWest Inc.(a) |
53,415 | 994,053 | ||||||
|
|
|
|||||||
| 12,578,519 | ||||||||
| Metals & Mining — 2.9% | ||||||||
|
Alcoa Corp. |
190,990 | 10,831,043 | ||||||
|
Commercial Metals Co. |
122,884 | 4,109,241 | ||||||
|
Reliance Steel & Aluminum Co. |
64,894 | 9,920,995 | ||||||
|
Ryerson Holding Corp. |
17,672 | 362,276 | ||||||
|
Schnitzer Steel Industries Inc., Class A |
26,546 | 1,039,010 | ||||||
|
SunCoke Energy Inc. |
84,644 | 579,811 | ||||||
|
Warrior Met Coal Inc. |
52,533 | 1,376,365 | ||||||
|
|
|
|||||||
| 28,218,741 | ||||||||
| Mortgage Real Estate Investment — 0.2% | ||||||||
|
Ares Commercial Real Estate Corp. |
45,521 | 668,704 | ||||||
|
Dynex Capital Inc. |
30,975 | 498,078 | ||||||
|
Franklin BSP Realty Trust Inc. |
32,460 | 437,236 | ||||||
|
|
|
|||||||
| 1,604,018 | ||||||||
| Security | Shares | Value | ||||||
|
Multiline Retail — 0.3% |
||||||||
|
Big Lots Inc. |
33,631 | $ | 1,409,475 | |||||
|
Dillard’s Inc., Class A(b) |
6,126 | 1,554,289 | ||||||
|
|
|
|||||||
| 2,963,764 | ||||||||
| Oil, Gas & Consumable Fuels — 9.6% | ||||||||
|
Alto Ingredients Inc.(a) |
70,186 | 363,563 | ||||||
|
Antero Resources Corp.(a) |
288,715 | 5,638,604 | ||||||
|
Arch Resources Inc. |
15,623 | 1,478,561 | ||||||
|
Berry Corp. |
57,414 | 498,928 | ||||||
|
Brigham Minerals Inc., Class A |
46,252 | 1,000,893 | ||||||
|
California Resources Corp. |
41,854 | 1,783,817 | ||||||
|
Centennial Resource Development Inc./DE, Class A(a)(b) |
185,621 | 1,449,700 | ||||||
|
Centrus Energy Corp., Class A(a) |
11,704 | 508,539 | ||||||
|
Chesapeake Energy Corp. |
78,014 | 5,318,214 | ||||||
|
Civitas Resources Inc. |
51,632 | 2,813,944 | ||||||
|
CNX Resources Corp.(a)(b) |
222,723 | 3,302,982 | ||||||
|
CONSOL Energy Inc.(a) |
33,393 | 725,964 | ||||||
|
Denbury Inc.(a) |
51,215 | 3,848,295 | ||||||
|
Dorian LPG Ltd. |
32,742 | 389,302 | ||||||
|
Green Plains Inc.(a) |
38,199 | 1,166,597 | ||||||
|
Gulfport Energy Corp.(a) |
12,639 | 827,223 | ||||||
|
Hess Midstream LP |
34,307 | 1,007,254 | ||||||
|
International Seaways Inc. |
24,314 | 354,741 | ||||||
|
Marathon Oil Corp. |
805,807 | 15,689,062 | ||||||
|
Matador Resources Co.(b) |
119,558 | 5,352,612 | ||||||
|
Murphy Oil Corp. |
157,855 | 4,988,218 | ||||||
|
Oasis Petroleum Inc. |
19,121 | 2,589,557 | ||||||
|
Ovintiv Inc. |
266,856 | 10,354,013 | ||||||
|
PDC Energy Inc. |
100,825 | 5,975,898 | ||||||
|
Range Resources Corp.(a) |
252,247 | 4,855,755 | ||||||
|
Renewable Energy Group Inc.(a) |
44,999 | 1,811,660 | ||||||
|
REX American Resources Corp.(a)(b) |
5,477 | 528,147 | ||||||
|
SM Energy Co. |
117,692 | 3,861,475 | ||||||
|
Whiting Petroleum Corp.(a) |
39,989 | 2,969,183 | ||||||
|
World Fuel Services Corp. |
64,915 | 1,831,252 | ||||||
|
|
|
|||||||
| 93,283,953 | ||||||||
| Paper & Forest Products — 0.9% | ||||||||
|
Clearwater Paper Corp.(a)(b) |
17,020 | 538,172 | ||||||
|
Louisiana-Pacific Corp. |
97,328 | 6,466,472 | ||||||
|
Schweitzer-Mauduit International Inc. |
32,048 | 970,093 | ||||||
|
Sylvamo Corp.(a) |
36,163 | 1,077,296 | ||||||
|
|
|
|||||||
| 9,052,033 | ||||||||
| Personal Products — 0.6% | ||||||||
|
Medifast Inc. |
11,393 | 2,263,903 | ||||||
|
Nu Skin Enterprises Inc., Class A |
51,243 | 2,469,400 | ||||||
|
USANA Health Sciences Inc.(a)(b) |
12,259 | 1,171,715 | ||||||
|
|
|
|||||||
| 5,905,018 | ||||||||
| Pharmaceuticals — 2.0% | ||||||||
|
Amphastar Pharmaceuticals Inc.(a) |
39,167 | 904,366 | ||||||
|
ANI Pharmaceuticals Inc.(a) |
11,616 | 469,519 | ||||||
|
Antares Pharma Inc.(a) |
164,578 | 554,628 | ||||||
|
Atea Pharmaceuticals Inc.(a)(b) |
16,895 | 120,630 | ||||||
|
BioDelivery Sciences International Inc.(a) |
85,493 | 312,904 | ||||||
|
Collegium Pharmaceutical Inc.(a) |
32,663 | 583,035 | ||||||
|
Corcept Therapeutics Inc.(a)(b) |
112,550 | 2,112,563 | ||||||
|
Innoviva Inc.(a) |
63,917 | 1,024,590 | ||||||
|
Oramed Pharmaceuticals Inc.(a) |
29,842 | 267,384 | ||||||
|
Organon & Co. |
259,148 | 8,269,413 | ||||||
|
Phibro Animal Health Corp., Class A |
20,740 | 400,282 | ||||||
|
Prestige Consumer Healthcare Inc.(a) |
51,160 | 2,887,982 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
41 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Pharmaceuticals (continued) |
||||||||
|
SIGA Technologies Inc.(a)(b) |
45,945 | $ | 299,102 | |||||
|
Supernus Pharmaceuticals Inc.(a) |
54,332 | 1,676,142 | ||||||
|
|
|
|||||||
| 19,882,540 | ||||||||
| Professional Services — 1.1% | ||||||||
|
Barrett Business Services Inc. |
7,705 | 493,120 | ||||||
|
CRA International Inc. |
7,514 | 639,141 | ||||||
|
Heidrick & Struggles International Inc. |
19,915 | 871,679 | ||||||
|
ICF International Inc. |
19,266 | 1,818,518 | ||||||
|
Kelly Services Inc., Class A, NVS |
34,932 | 596,639 | ||||||
|
Kforce Inc. |
19,907 | 1,367,014 | ||||||
|
Korn Ferry |
56,889 | 3,776,292 | ||||||
|
Resources Connection Inc. |
31,847 | 555,093 | ||||||
|
TrueBlue Inc.(a) |
36,292 | 965,367 | ||||||
|
|
|
|||||||
| 11,082,863 | ||||||||
| Real Estate Management & Development — 2.3% | ||||||||
|
FRP Holdings Inc.(a) |
6,243 | 352,605 | ||||||
|
Jones Lang LaSalle Inc.(a) |
51,810 | 12,993,430 | ||||||
|
Marcus & Millichap Inc.(a) |
24,282 | 1,136,640 | ||||||
|
Newmark Group Inc., Class A |
178,159 | 2,727,614 | ||||||
|
RE/MAX Holdings Inc., Class A |
20,852 | 620,556 | ||||||
|
Realogy Holdings Corp.(a)(b) |
119,147 | 1,965,925 | ||||||
|
RMR Group Inc. (The), Class A |
15,703 | 502,653 | ||||||
|
St Joe Co. (The) |
33,114 | 1,606,360 | ||||||
|
Tejon Ranch Co.(a)(b) |
21,502 | 374,350 | ||||||
|
|
|
|||||||
| 22,280,133 | ||||||||
| Road & Rail — 2.1% | ||||||||
|
ArcBest Corp. |
26,133 | 2,311,202 | ||||||
|
Heartland Express Inc. |
52,663 | 787,838 | ||||||
|
Marten Transport Ltd. |
63,522 | 1,060,182 | ||||||
|
Ryder System Inc. |
54,967 | 4,023,035 | ||||||
|
Saia Inc.(a) |
26,903 | 7,647,985 | ||||||
|
Schneider National Inc., Class B |
58,016 | 1,485,210 | ||||||
|
Werner Enterprises Inc. |
62,481 | 2,786,028 | ||||||
|
|
|
|||||||
| 20,101,480 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.7% | ||||||||
|
Alpha & Omega Semiconductor Ltd.(a) |
21,542 | 970,036 | ||||||
|
Amkor Technology Inc. |
112,386 | 2,474,740 | ||||||
|
Axcelis Technologies Inc.(a) |
34,309 | 2,148,086 | ||||||
|
Cirrus Logic Inc.(a) |
58,866 | 5,264,975 | ||||||
|
Diodes Inc.(a) |
45,320 | 4,205,243 | ||||||
|
FormFactor Inc.(a) |
79,388 | 3,393,043 | ||||||
|
Kulicke & Soffa Industries Inc. |
63,339 | 3,464,010 | ||||||
|
Magnachip Semiconductor Corp.(a) |
42,373 | 753,816 | ||||||
|
NeoPhotonics Corp.(a) |
51,825 | 796,032 | ||||||
|
Photronics Inc.(a) |
63,351 | 1,132,716 | ||||||
|
SiTime Corp.(a)(b) |
12,651 | 2,948,821 | ||||||
|
SMART Global Holdings Inc.(a) |
17,763 | 1,018,886 | ||||||
|
Synaptics Inc.(a) |
35,740 | 7,517,909 | ||||||
|
|
|
|||||||
| 36,088,313 | ||||||||
| Software — 2.1% | ||||||||
|
A10 Networks Inc. |
58,876 | 871,365 | ||||||
|
Agilysys Inc.(a) |
23,871 | 908,530 | ||||||
|
American Software Inc./GA, Class A |
32,016 | 736,048 | ||||||
|
ChannelAdvisor Corp.(a) |
30,411 | 642,889 | ||||||
|
CommVault Systems Inc.(a) |
42,205 | 2,847,149 | ||||||
|
Consensus Cloud Solutions Inc.(a) |
15,334 | 869,438 | ||||||
|
Ebix Inc. |
26,815 | 814,908 | ||||||
|
Manhattan Associates Inc.(a) |
3,729 | 499,201 | ||||||
|
Mitek Systems Inc.(a)(b) |
43,573 | 713,290 | ||||||
| Security | Shares | Value | ||||||
|
Software (continued) |
||||||||
|
Progress Software Corp. |
44,727 | $ | 2,035,526 | |||||
|
SPS Commerce Inc.(a) |
36,625 | 4,536,006 | ||||||
|
Teradata Corp.(a) |
111,501 | 4,497,950 | ||||||
|
Xperi Holding Corp. |
56,408 | 951,603 | ||||||
|
|
|
|||||||
| 20,923,903 | ||||||||
| Specialty Retail — 8.0% | ||||||||
|
Aaron’s Co. Inc. (The) |
33,303 | 705,025 | ||||||
|
Abercrombie & Fitch Co., Class A(a) |
62,893 | 2,452,827 | ||||||
|
Academy Sports & Outdoors Inc.(a)(b) |
86,418 | 3,361,660 | ||||||
|
America’s Car-Mart Inc./TX(a) |
6,702 | 636,154 | ||||||
|
Asbury Automotive Group Inc.(a) |
21,987 | 3,539,247 | ||||||
|
AutoNation Inc.(a)(b) |
47,564 | 5,184,476 | ||||||
|
Boot Barn Holdings Inc.(a) |
30,197 | 2,777,218 | ||||||
|
Buckle Inc. (The) |
30,542 | 1,149,601 | ||||||
|
Camping World Holdings Inc., Class A |
41,897 | 1,390,980 | ||||||
|
Children’s Place Inc. (The)(a)(b) |
14,239 | 1,007,409 | ||||||
|
Citi Trends Inc.(a) |
8,983 | 437,652 | ||||||
|
Container Store Group Inc. (The)(a)(b) |
33,494 | 341,639 | ||||||
|
Dick’s Sporting Goods Inc. |
66,332 | 7,654,713 | ||||||
|
Foot Locker Inc. |
95,256 | 4,256,038 | ||||||
|
Genesco Inc.(a)(b) |
14,472 | 930,984 | ||||||
|
Group 1 Automotive Inc. |
17,548 | 2,979,826 | ||||||
|
Haverty Furniture Companies Inc. |
16,500 | 487,080 | ||||||
|
Hibbett Inc. |
16,357 | 1,008,409 | ||||||
|
LL Flooring Holdings Inc.(a)(b) |
29,462 | 425,431 | ||||||
|
MarineMax Inc.(a) |
22,217 | 1,045,532 | ||||||
|
Murphy USA Inc. |
25,082 | 4,932,626 | ||||||
|
ODP Corp. (The)(a) |
54,504 | 2,410,712 | ||||||
|
Penske Automotive Group Inc. |
32,833 | 3,336,818 | ||||||
|
Rent-A-Center Inc./TX |
61,138 | 2,576,967 | ||||||
|
Sally Beauty Holdings Inc.(a) |
115,520 | 1,983,478 | ||||||
|
Shoe Carnival Inc. |
18,788 | 641,798 | ||||||
|
Signet Jewelers Ltd. |
53,833 | 4,636,636 | ||||||
|
Sleep Number Corp.(a) |
24,143 | 1,726,224 | ||||||
|
Sonic Automotive Inc., Class A |
22,762 | 1,161,090 | ||||||
|
Sportsman’s Warehouse Holdings Inc.(a) |
44,769 | 490,668 | ||||||
|
TravelCenters of America Inc.(a) |
12,621 | 575,265 | ||||||
|
Williams-Sonoma Inc. |
65,392 | 10,498,032 | ||||||
|
Winmark Corp. |
2,964 | 638,505 | ||||||
|
Zumiez Inc.(a)(b) |
22,404 | 1,007,060 | ||||||
|
|
|
|||||||
| 78,387,780 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.6% | ||||||||
|
Avid Technology Inc.(a) |
34,944 | 1,095,844 | ||||||
|
Super Micro Computer Inc.(a) |
41,367 | 1,676,191 | ||||||
|
Xerox Holdings Corp. |
155,055 | 3,273,211 | ||||||
|
|
|
|||||||
| 6,045,246 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.3% | ||||||||
|
Crocs Inc.(a)(b) |
63,770 | 6,544,077 | ||||||
|
G-III Apparel Group Ltd.(a) |
44,488 | 1,208,739 | ||||||
|
Kontoor Brands Inc. |
49,767 | 2,453,016 | ||||||
|
Movado Group Inc. |
15,976 | 592,230 | ||||||
|
Oxford Industries Inc. |
17,271 | 1,422,958 | ||||||
|
|
|
|||||||
| 12,221,020 | ||||||||
| Thrifts & Mortgage Finance — 1.1% | ||||||||
|
Hingham Institution For Savings (The) |
1,535 | 595,319 | ||||||
|
MGIC Investment Corp. |
346,807 | 5,264,530 | ||||||
|
Radian Group Inc. |
189,663 | 4,246,555 | ||||||
|
TrustCo Bank Corp. NY |
18,315 | 620,879 | ||||||
|
Waterstone Financial Inc. |
21,769 | 444,523 | ||||||
| 42 |
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 USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Thrifts & Mortgage Finance (continued) | ||||||||
|
WSFS Financial Corp. |
1 | $ | 52 | |||||
|
|
|
|||||||
| 11,171,858 | ||||||||
| Tobacco — 0.1% | ||||||||
|
Universal Corp./VA |
25,110 | 1,366,737 | ||||||
|
|
|
|||||||
| Trading Companies & Distributors — 2.1% | ||||||||
|
Boise Cascade Co. |
40,195 | 2,822,493 | ||||||
|
Global Industrial Co. |
13,458 | 470,492 | ||||||
|
GMS Inc.(a) |
39,329 | 2,012,858 | ||||||
|
H&E Equipment Services Inc. |
33,192 | 1,381,783 | ||||||
|
Herc Holdings Inc. |
21,209 | 3,402,984 | ||||||
|
McGrath RentCorp. |
24,710 | 1,883,149 | ||||||
|
Rush Enterprises Inc., Class A |
44,104 | 2,329,573 | ||||||
|
Rush Enterprises Inc., Class B |
5,740 | 291,248 | ||||||
|
Triton International Ltd. |
68,889 | 4,162,273 | ||||||
|
Veritiv Corp.(a) |
14,477 | 1,347,519 | ||||||
|
|
|
|||||||
| 20,104,372 | ||||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
|
Telephone and Data Systems Inc. |
98,835 | 1,956,933 | ||||||
|
U.S. Cellular Corp.(a) |
13,702 | 419,555 | ||||||
|
|
|
|||||||
| 2,376,488 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.4% |
970,338,392 | |||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 5.0% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e) |
41,903,951 | $ | 41,916,522 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) |
7,070,000 | 7,070,000 | ||||||
|
|
|
|||||||
| 48,986,522 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 5.0% |
48,986,522 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 104.4% |
1,019,324,914 | |||||||
|
Other Assets, Less Liabilities — (4.4)% |
(42,996,645 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 976,328,269 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 38,591,999 | $ | 3,333,526 | (a) | $ | — | $ | (7,445 | ) | $ | (1,558 | ) | $ | 41,916,522 | 41,903,951 | $ | 34,999 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
6,340,000 | 730,000 | (a) | — | — | — | 7,070,000 | 7,070,000 | 212 | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| $ | (7,445 | ) | $ | (1,558 | ) | $ | 48,986,522 | $ | 35,211 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
Russell 2000 E-Mini Index |
9 | 03/18/22 | $ | 911 | $ | (93,757 | ) | |||||||||
|
S&P Mid 400 E-Mini Index |
3 | 03/18/22 | 789 | (47,547 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (141,304 | ) | ||||||||||||||
|
|
|
|||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
43 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
OTC Total Return Swaps
|
|
||||||||||||||||||||||||
| Reference Entity | Payment Frequency |
Counterparty(a) | Termination Date |
Net Notional | Accrued Unrealized Appreciation (Depreciation) |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
|||||||||||||||||
|
|
||||||||||||||||||||||||
|
Equity Securities Long |
Monthly | Goldman Sachs Bank USA(b) | 02/27/23 | $ | 749,529 | $ | 54,255 | (c) | $ | 719,548 | 0.1 | % | ||||||||||||
| Monthly | HSBC Bank PLC(d) | 02/10/23 | 2,065,018 | 23,546 | (e) | 2,126,215 | 0.2 | |||||||||||||||||
| Monthly | JPMorgan Chase Bank NA(f) | 02/08/23 | 1,392,684 | (71,839 | )(g) | 1,331,812 | 0.1 | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| $ | 5,962 | $ | 4,177,575 | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (a) |
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
| (c) |
Amount includes $84,236 of net dividends and financing fees. |
| (e) |
Amount includes $(37,651) of net dividends, payable for referenced securities purchased and financing fees. |
| (g) |
Amount includes $(10,967) of net dividends, payable for referenced securities purchased and financing fees. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
| (b) | (d) | (f) | ||||
|
Range: |
65 basis points | 65 basis points | 65 basis points | |||
|
Benchmarks: |
USD - 1D Overnight Fed Funds Effective Rate | USD - 1D Overnight Bank Funding Rate | USD - 1D Overnight Bank Funding Rate | |||
| (FEDL01) | (OBFR01) | (OBFR01) |
| 44 |
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 USA Small-Cap Multifactor ETF |
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of January 31, 2022 expiration 2/27/2023.
| Shares | Value | % of Basket Value |
||||||||||
|
Reference Entity — Long |
| |||||||||||
| Banks | ||||||||||||
|
Bancorp. Inc. (The)(a) |
68 | $ | 2,028 | 0.3 | % | |||||||
|
HomeStreet Inc. |
772 | 37,635 | 5.2 | |||||||||
|
Hope Bancorp Inc. |
6,747 | 113,012 | 15.7 | |||||||||
|
OFG Bancorp. |
295 | 8,163 | 1.2 | |||||||||
|
Preferred Bank/Los Angeles |
1,107 | 86,412 | 12.0 | |||||||||
|
|
|
|||||||||||
| 247,250 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies | ||||||||||||
|
GEO Group Inc. (The) |
4,153 | 27,950 | 3.9 | |||||||||
|
|
|
|||||||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||||||
|
Getty Realty Corp. |
91 | 2,700 | 0.4 | |||||||||
|
|
|
|||||||||||
| Insurance | ||||||||||||
|
Employers Holdings Inc. |
1,639 | 64,085 | 8.9 | |||||||||
|
Genworth Financial Inc., Class A(a) |
7,402 | 28,868 | 4.0 | |||||||||
|
|
|
|||||||||||
| 92,953 | ||||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels | ||||||||||||
|
Green Plains Inc.(a) |
3,252 | 99,316 | 13.8 | |||||||||
|
Oasis Petroleum Inc. |
1,331 | 180,257 | 25.0 | |||||||||
|
|
|
|||||||||||
| 279,573 | ||||||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance | ||||||||||||
|
TrustCo Bank Corp. NY |
2,039 | 69,122 | 9.6 | |||||||||
|
|
|
|||||||||||
|
Total Reference Entity — Long |
719,548 | |||||||||||
|
|
|
|||||||||||
|
Net Value of Reference Entity — Goldman Sachs Bank USA |
$ | 719,548 | ||||||||||
|
|
|
|||||||||||
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of January 31, 2022 expiration 2/10/2023.
| Shares | Value | % of Basket Value |
||||||||||
|
Reference Entity — Long |
||||||||||||
| Banks | ||||||||||||
|
Bancorp. Inc. (The)(a) |
893 | $ | 26,629 | 1.2 | % | |||||||
|
Hope Bancorp Inc. |
115,964 | 1,942,397 | 91.4 | |||||||||
|
|
|
|||||||||||
| 1,969,026 | ||||||||||||
|
|
|
|||||||||||
| Shares | Value | % of Basket Value |
||||||||||
| Commercial Services & Supplies | ||||||||||||
|
GEO Group Inc. (The) |
4,151 | $ | 27,936 | 1.3 | ||||||||
|
|
|
|||||||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||||||
|
Getty Realty Corp. |
1,371 | 40,678 | 1.9 | |||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels | ||||||||||||
|
Green Plains Inc.(a) |
2,181 | 66,608 | 3.1 | |||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance | ||||||||||||
|
TrustCo Bank Corp. NY |
648 | 21,967 | 1.1 | |||||||||
|
|
|
|||||||||||
|
Total Reference Entity — Long |
2,126,215 | |||||||||||
|
|
|
|||||||||||
|
Net Value of Reference Entity — HSBC Bank PLC |
$ | 2,126,215 | ||||||||||
|
|
|
|||||||||||
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of January 31, 2022 expiration 2/8/2023.
| Shares | Value | % of Basket Value |
||||||||||
|
Reference Entity — Long |
| |||||||||||
| Banks | ||||||||||||
|
Hope Bancorp Inc. |
2,953 | $ | 49,463 | 3.7 | % | |||||||
|
Preferred Bank/Los Angeles |
14,181 | 1,106,969 | 83.1 | |||||||||
|
|
|
|||||||||||
| 1,156,432 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies | ||||||||||||
|
GEO Group Inc. (The) |
3,537 | 23,804 | 1.8 | |||||||||
|
|
|
|||||||||||
| Insurance | ||||||||||||
|
Genworth Financial Inc., Class A(a) |
30,985 | 120,842 | 9.1 | |||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels | ||||||||||||
|
Green Plains Inc.(a) |
670 | 20,462 | 1.5 | |||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance | ||||||||||||
|
TrustCo Bank Corp. NY |
303 | 10,272 | 0.8 | |||||||||
|
|
|
|||||||||||
|
Total Reference Entity — Long |
|
1,331,812 | ||||||||||
|
|
|
|||||||||||
|
Net Value of Reference Entity — JPMorgan Chase Bank NA |
|
$ | 1,331,812 | |||||||||
|
|
|
|||||||||||
| (a) |
Non-income producing security. |
Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps
| Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation | |||||
|
Total Return Swaps |
$— | $— | $77,801 | $(71,839) | ||||
|
S C H E D U L E O F I N V E S T M E N T S |
45 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® MSCI USA Small-Cap Multifactor ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
|
||||
| Equity Contracts |
||||
|
|
||||
|
Assets — Derivative Financial Instruments |
||||
|
Swaps — OTC |
||||
|
Unrealized appreciation on OTC swaps; Swap premiums paid |
$ | 77,801 | ||
|
|
|
|||
|
Liabilities — Derivative Financial Instruments |
||||
|
Futures contracts |
||||
|
Unrealized depreciation on futures contracts(a) |
$ | 141,304 | ||
|
Swaps — OTC |
||||
|
Unrealized depreciation on OTC swaps; Swap premiums received |
$ | 71,839 | ||
|
|
|
|||
| $ | 213,143 | |||
|
|
|
|||
| (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 |
$ | (299,105 | ) | |
|
Swaps |
1,458,601 | |||
|
|
|
|||
| $ | 1,159,496 | |||
|
|
|
|||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
|
Futures contracts |
$ | (138,409 | ) | |
|
Swaps |
(69,491 | ) | ||
|
|
|
|||
| $ | (207,900 | ) | ||
|
|
|
|||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 1,679,438 | ||
|
Total return swaps: |
||||
|
Average notional value |
$ | 4,334,142 | ||
|
|
||||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
|
||||||||
| Assets | Liabilities | |||||||
|
|
||||||||
|
Derivative Financial Instruments: |
||||||||
|
Futures contracts |
$ | — | $ | 141,304 | ||||
|
Swaps - OTC(a) |
77,801 | 71,839 | ||||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
77,801 | 213,143 | ||||||
|
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | (141,304 | ) | |||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities subject to an MNA |
77,801 | 71,839 | ||||||
|
|
|
|
|
|||||
| (a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
| 46 |
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 USA Small-Cap Multifactor ETF |
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| Counterparty |
Derivative Subject to an MNA by |
Derivatives for Offset |
Non-Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets(a) |
|||||||||||||||
|
Goldman Sachs Bank USA |
$ | 54,255 | $ | — | $ | — | $ | — | $ | 54,255 | ||||||||||
|
HSBC Bank PLC |
23,546 | — | — | — | 23,546 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 77,801 | $ | — | $ | — | $ | — | $ | 77,801 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
||||||||||||||||||||
| Counterparty |
Derivative an MNA by |
Derivatives for Offset |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative Liabilities(b) |
|||||||||||||||
|
JPMorgan Chase Bank NA |
$ | 71,839 | $ | — | $ | — | $ | — | $ | 71,839 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (b) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Common Stocks |
$ | 970,338,392 | $ | — | $ | — | $ | 970,338,392 | ||||||||
|
Money Market Funds |
48,986,522 | — | — | 48,986,522 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,019,324,914 | $ | — | $ | — | $ | 1,019,324,914 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative financial instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Swaps |
$ | — | $ | 77,801 | $ | — | $ | 77,801 | ||||||||
|
Liabilities |
||||||||||||||||
|
Futures Contracts |
(141,304 | ) | — | — | (141,304 | ) | ||||||||||
|
Swaps |
— | (71,839 | ) | — | (71,839 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (141,304 | ) | $ | 5,962 | $ | — | $ | (135,342 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
47 |
Statements of Assets and Liabilities (unaudited)
January 31, 2022
|
iShares ETF |
iShares MSCI Intl Multifactor ETF |
iShares MSCI Intl Multifactor ETF |
iShares MSCI USA Mid-Cap ETF |
|||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments in securities, at value (including securities on loan)(a): |
||||||||||||||||
|
Unaffiliated(b) |
$ | 143,626,941 | $ | 887,687,319 | $ | 199,437,895 | $ | 7,673,060 | ||||||||
|
Affiliated(c) |
919,037 | 2,052,903 | 1,882,371 | 65,838 | ||||||||||||
|
Cash |
2,515 | 414 | 7,676 | 8,986 | ||||||||||||
|
Foreign currency, at value(d) |
131,775 | 1,134,108 | 234,039 | — | ||||||||||||
|
Cash pledged: |
||||||||||||||||
|
Futures contracts |
9,000 | — | — | — | ||||||||||||
|
Foreign currency collateral pledged: |
||||||||||||||||
|
Futures contracts(e) |
— | 280,257 | 72,295 | — | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
1,453,055 | 22,442,965 | 298,262 | — | ||||||||||||
|
Securities lending income — Affiliated |
289 | 389 | 2,546 | 30 | ||||||||||||
|
Variation margin on futures contracts |
5,460 | 75,473 | 9,346 | — | ||||||||||||
|
Capital shares sold |
— | 898,668 | — | — | ||||||||||||
|
Dividends |
126,339 | 843,290 | 177,227 | 3,421 | ||||||||||||
|
Tax reclaims |
38,368 | 1,433,869 | 110,691 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
146,312,779 | 916,849,655 | 202,232,348 | 7,751,335 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
869,602 | 1,743,140 | 1,822,690 | 65,841 | ||||||||||||
|
Deferred foreign capital gain tax |
98,614 | — | — | — | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
1,332,295 | 23,457,233 | — | — | ||||||||||||
|
Investment advisory fees |
44,043 | 230,059 | 69,520 | 1,494 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
2,344,554 | 25,430,432 | 1,892,210 | 67,335 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 143,968,225 | $ | 891,419,223 | $ | 200,340,138 | $ | 7,684,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF: |
||||||||||||||||
|
Paid-in capital |
$ | 129,173,114 | $ | 974,945,738 | $ | 179,957,484 | $ | 7,019,702 | ||||||||
|
Accumulated earnings (loss) |
14,795,111 | (83,526,515 | ) | 20,382,654 | 664,298 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 143,968,225 | $ | 891,419,223 | $ | 200,340,138 | $ | 7,684,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares outstanding |
3,900,000 | 32,000,000 | 5,800,000 | 200,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 36.91 | $ | 27.86 | $ | 34.54 | $ | 38.42 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Securities loaned, at value |
$ | 884,189 | $ | 1,672,943 | $ | 1,777,244 | $ | 66,269 | ||||||||
|
(b) Investments, at cost — Unaffiliated |
$ | 127,328,604 | $ | 803,933,671 | $ | 175,886,587 | $ | 7,414,792 | ||||||||
|
(c) Investments, at cost — Affiliated |
$ | 918,965 | $ | 2,053,001 | $ | 1,881,934 | $ | 65,838 | ||||||||
|
(d) Foreign currency, at cost |
$ | 132,029 | $ | 1,130,242 | $ | 233,730 | $ | — | ||||||||
|
(e) Foreign currency collateral pledged, at cost |
$ | — | $ | 291,154 | $ | 74,436 | $ | — | ||||||||
See notes to financial statements.
| 48 |
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 |
Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2022
|
iShares MSCI USA |
iShares MSCI USA |
|||||||
|
|
||||||||
|
ASSETS |
||||||||
|
Investments in securities, at value (including securities on loan)(a): |
||||||||
|
Unaffiliated(b) |
$ | 1,180,472,118 | $ | 970,338,392 | ||||
|
Affiliated(c) |
5,456,533 | 48,986,522 | ||||||
|
Cash |
3,905 | — | ||||||
|
Cash pledged: |
||||||||
|
Futures contracts |
124,000 | 137,000 | ||||||
|
Receivables: |
||||||||
|
Investments sold |
— | 996,075 | ||||||
|
Securities lending income — Affiliated |
2,154 | 5,163 | ||||||
|
Variation margin on futures contracts |
44,006 | 49,160 | ||||||
|
Dividends |
237,306 | 349,449 | ||||||
|
Unrealized appreciation on: |
||||||||
|
OTC swaps |
— | 77,801 | ||||||
|
|
|
|
|
|||||
|
Total assets |
1,186,340,022 | 1,020,939,562 | ||||||
|
|
|
|
|
|||||
|
LIABILITIES |
||||||||
|
Bank overdraft |
— | 104,122 | ||||||
|
Collateral on securities loaned, at value |
3,140,421 | 41,930,402 | ||||||
|
Payables: |
||||||||
|
Capital shares redeemed |
— | 2,227,340 | ||||||
|
Investment advisory fees |
208,380 | 277,590 | ||||||
|
Unrealized depreciation on: |
||||||||
|
OTC swaps |
— | 71,839 | ||||||
|
|
|
|
|
|||||
|
Total liabilities |
3,348,801 | 44,611,293 | ||||||
|
|
|
|
|
|||||
|
NET ASSETS |
$ | 1,182,991,221 | $ | 976,328,269 | ||||
|
|
|
|
|
|||||
|
NET ASSETS CONSIST OF: |
||||||||
|
Paid-in capital |
$ | 993,800,368 | $ | 815,562,156 | ||||
|
Accumulated earnings |
189,190,853 | 160,766,113 | ||||||
|
|
|
|
|
|||||
|
NET ASSETS |
$ | 1,182,991,221 | $ | 976,328,269 | ||||
|
|
|
|
|
|||||
|
Shares outstanding |
27,000,000 | 18,300,000 | ||||||
|
|
|
|
|
|||||
|
Net asset value |
$ | 43.81 | $ | 53.35 | ||||
|
|
|
|
|
|||||
|
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|
|||||
|
Par value |
None | None | ||||||
|
|
|
|
|
|||||
|
(a) Securities loaned, at value |
$ | 3,263,363 | $ | 42,144,281 | ||||
|
(b) Investments, at cost — Unaffiliated |
$ | 976,430,933 | $ | 825,431,319 | ||||
|
(c) Investments, at cost — Affiliated |
$ | 5,456,533 | $ | 48,977,289 | ||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
49 |
Statements of Operations (unaudited)
Six Months Ended January 31, 2022
| iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
|||||||||||||
|
|
||||||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — Unaffiliated |
$ | 1,359,172 | $ | 13,902,780 | $ | 2,936,925 | $ | 41,714 | ||||||||
|
Dividends — Affiliated |
6 | 12 | 4 | — | ||||||||||||
|
Securities lending income — Affiliated — net |
9,721 | 167,996 | 25,081 | 74 | ||||||||||||
|
Foreign taxes withheld |
(70,850 | ) | (823,586 | ) | (223,151 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
1,298,049 | 13,247,202 | 2,738,859 | 41,788 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory fees |
246,223 | 1,377,272 | 411,085 | 7,595 | ||||||||||||
|
Commitment fees |
591 | — | — | — | ||||||||||||
|
Miscellaneous |
217 | 217 | 217 | — | ||||||||||||
|
Interest expense |
333 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
247,364 | 1,377,489 | 411,302 | 7,595 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
1,050,685 | 11,869,713 | 2,327,557 | 34,193 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — Unaffiliated(a) |
(274,502 | ) | 5,732,456 | 127,624 | (94,003 | ) | ||||||||||
|
Investments — Affiliated |
(113 | ) | (138 | ) | (259 | ) | (4 | ) | ||||||||
|
In-kind redemptions — Unaffiliated |
3,983,259 | — | 4,731,557 | 496,454 | ||||||||||||
|
Futures contracts |
10,413 | 114,698 | 45,061 | — | ||||||||||||
|
Foreign currency transactions |
(1,223 | ) | (304,241 | ) | (46,348 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized gain |
3,717,834 | 5,542,775 | 4,857,635 | 402,447 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — Unaffiliated(b) |
(7,662,838 | ) | (60,408,840 | ) | (17,661,394 | ) | (403,935 | ) | ||||||||
|
Investments — Affiliated |
(7 | ) | (94 | ) | (152 | ) | — | |||||||||
|
Futures contracts |
9,274 | 33,024 | (2,771 | ) | — | |||||||||||
|
Foreign currency translations |
(328 | ) | (53,310 | ) | (14,451 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) |
(7,653,899 | ) | (60,429,220 | ) | (17,678,768 | ) | (403,935 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized loss |
(3,936,065 | ) | (54,886,445 | ) | (12,821,133 | ) | (1,488 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (2,885,380 | ) | $ | (43,016,732 | ) | $ | (10,493,576 | ) | $ | 32,705 | |||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (45,734 | ) | $ | — | $ | 305 | $ | — | |||||||
|
(b) Net of reduction in deferred foreign capital gain tax of |
$ | 21,882 | $ | — | $ | — | $ | — | ||||||||
See notes to financial statements.
| 50 |
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 |
Statements of Operations (unaudited) (continued)
Six Months Ended January 31, 2022
|
iShares MSCI USA ETF |
iShares MSCI USA Small-Cap ETF |
|||||||
|
|
||||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends — Unaffiliated |
$ | 8,893,880 | $ | 7,173,467 | ||||
|
Dividends — Affiliated |
60 | 212 | ||||||
|
Securities lending income — Affiliated — net |
8,228 | 34,999 | ||||||
|
Foreign taxes withheld |
— | (1,550 | ) | |||||
|
|
|
|
|
|||||
|
Total investment income |
8,902,168 | 7,207,128 | ||||||
|
|
|
|
|
|||||
|
EXPENSES |
||||||||
|
Investment advisory fees |
1,225,441 | 1,630,266 | ||||||
|
Miscellaneous |
217 | 217 | ||||||
|
|
|
|
|
|||||
|
Total expenses |
1,225,658 | 1,630,483 | ||||||
|
|
|
|
|
|||||
|
Net investment income |
7,676,510 | 5,576,645 | ||||||
|
|
|
|
|
|||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
|
Net realized gain (loss) from: |
||||||||
|
Investments — Unaffiliated |
(19,539,754 | ) | (18,112,960 | ) | ||||
|
Investments — Affiliated |
(1,888 | ) | (7,445 | ) | ||||
|
In-kind redemptions — Unaffiliated |
67,395,965 | 76,219,171 | ||||||
|
Futures contracts |
189,825 | (299,105 | ) | |||||
|
Swaps |
— | 1,458,601 | ||||||
|
|
|
|
|
|||||
|
Net realized gain |
48,044,148 | 59,258,262 | ||||||
|
|
|
|
|
|||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||
|
Investments — Unaffiliated |
(46,786,698 | ) | (88,321,297 | ) | ||||
|
Investments — Affiliated |
— | (1,558 | ) | |||||
|
Futures contracts |
(155,822 | ) | (138,409 | ) | ||||
|
Swaps |
— | (69,491 | ) | |||||
|
|
|
|
|
|||||
|
Net change in unrealized appreciation (depreciation) |
(46,942,520 | ) | (88,530,755 | ) | ||||
|
|
|
|
|
|||||
|
Net realized and unrealized gain (loss) |
1,101,628 | (29,272,493 | ) | |||||
|
|
|
|
|
|||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 8,778,138 | $ | (23,695,848 | ) | |||
|
|
|
|
|
|||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
51 |
Statements of Changes in Net Assets
| iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Multifactor ETF |
|||||||||||||||||||
|
Six Months |
Year Ended 07/31/21 |
Six Months |
Year Ended 07/31/21 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||
|
Net investment income |
$ | 1,050,685 | $ | 1,935,087 | $ | 11,869,713 | $ | 26,269,749 | ||||||||||||
|
Net realized gain |
3,717,834 | 8,942,210 | 5,542,775 | 52,637,996 | ||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
(7,653,899 | ) | 15,360,776 | (60,429,220 | ) | 158,185,152 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
(2,885,380 | ) | 26,238,073 | (43,016,732 | ) | 237,092,897 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(1,582,278 | ) | (1,828,740 | ) | (27,339,536 | ) | (28,041,263 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
14,972,658 | (5,569,014 | ) | 63,965,001 | (221,453,861 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
NET ASSETS |
||||||||||||||||||||
|
Total increase (decrease) in net assets |
10,505,000 | 18,840,319 | (6,391,267 | ) | (12,402,227 | ) | ||||||||||||||
|
Beginning of period |
133,463,225 | 114,622,906 | 897,810,490 | 910,212,717 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
End of period |
$ | 143,968,225 | $ | 133,463,225 | $ | 891,419,223 | $ | 897,810,490 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 52 |
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 |
Statements of Changes in Net Assets (continued)
| iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
|||||||||||||||||||
| Six
Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
Six
Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||
|
Net investment income |
$ | 2,327,557 | $ | 3,663,763 | $ | 34,193 | $ | 37,016 | ||||||||||||
|
Net realized gain |
4,857,635 | 6,686,176 | 402,447 | 578,079 | ||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
(17,678,768 | ) | 36,389,516 | (403,935 | ) | 518,343 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
(10,493,576 | ) | 46,739,455 | 32,705 | 1,133,438 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(5,617,016 | ) | (4,357,227 | ) | (32,350 | ) | (35,421 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
|
Net increase in net assets derived from capital share transactions |
21,631,625 | 30,163,833 | 2,060,210 | 1,845,390 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
NET ASSETS |
||||||||||||||||||||
|
Total increase in net assets |
5,521,033 | 72,546,061 | 2,060,565 | 2,943,407 | ||||||||||||||||
|
Beginning of period |
194,819,105 | 122,273,044 | 5,623,435 | 2,680,028 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
End of period |
$ | 200,340,138 | $ | 194,819,105 | $ | 7,684,000 | $ | 5,623,435 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
53 |
Statements of Changes in Net Assets (continued)
| iShares MSCI USA Multifactor ETF |
iShares MSCI USA Small-Cap Multifactor ETF |
|||||||||||||||||||
|
Six Months Ended 01/31/22 |
Year Ended 07/31/21 |
Six Months Ended 01/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||
|
Net investment income |
$ | 7,676,510 | $ | 11,104,819 | $ | 5,576,645 | $ | 6,701,924 | ||||||||||||
|
Net realized gain |
48,044,148 | 75,403,464 | 59,258,262 | 56,429,952 | ||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
(46,942,520 | ) | 190,471,099 | (88,530,755 | ) | 214,602,815 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
8,778,138 | 276,979,382 | (23,695,848 | ) | 277,734,691 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(8,214,336 | ) | (10,121,156 | ) | (8,600,316 | ) | (8,908,479 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
86,951,088 | (3,635,649 | ) | (7,816,271 | ) | 207,504,975 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
NET ASSETS |
||||||||||||||||||||
|
Total increase (decrease) in net assets |
87,514,890 | 263,222,577 | (40,112,435 | ) | 476,331,187 | |||||||||||||||
|
Beginning of period |
1,095,476,331 | 832,253,754 | 1,016,440,704 | 540,109,517 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
End of period |
$ | 1,182,991,221 | $ | 1,095,476,331 | $ | 976,328,269 | $ | 1,016,440,704 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 54 |
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 |
(For a share outstanding throughout each period)
| iShares MSCI Global Multifactor ETF | ||||||||||||||||||||||||
|
Six Months Ended |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
|||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | $ | 27.77 | $ | 23.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income(a) |
0.29 | 0.66 | 0.57 | 0.66 | 0.62 | 0.61 | ||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.09 | ) | 8.73 | 0.28 | (1.36 | ) | 2.74 | 4.06 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) from investment operations |
(0.80 | ) | 9.39 | 0.85 | (0.70 | ) | 3.36 | 4.67 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||
|
From net investment income |
(0.42 | ) | (0.65 | ) | (0.69 | ) | (0.64 | ) | (0.56 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total distributions |
(0.42 | ) | (0.65 | ) | (0.69 | ) | (0.64 | ) | (0.56 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 36.91 | $ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | $ | 27.77 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||
|
Based on net asset value |
(2.13 | )%(e) | 32.16 | % | 2.90 | % | (2.10 | )% | 12.14 | % | 19.97 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||
|
Total expenses |
0.35 | %(g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.37 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total expenses after fees waived |
0.35 | %(g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income |
1.49 | %(g) | 1.92 | % | 2.00 | % | 2.30 | % | 2.05 | % | 2.38 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 143,968 | $ | 133,463 | $ | 114,623 | $ | 112,537 | $ | 67,250 | $ | 23,601 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(h) |
27 | %(e) | 48 | % | 43 | % | 43 | % | 46 | % | 31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI Intl Multifactor ETF | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | $ | 27.06 | $ | 23.32 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income(a) |
0.38 | 0.79 | 0.60 | 0.86 | 0.83 | 0.69 | ||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.78 | ) | 6.35 | (1.61 | ) | (2.66 | ) | 1.28 | 3.65 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.40 | ) | 7.14 | (1.01 | ) | (1.80 | ) | 2.11 | 4.34 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||||||||||
|
From net investment income |
(0.87 | ) | (0.90 | ) | (0.78 | ) | (0.81 | ) | (0.88 | ) | (0.60 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total distributions |
(0.87 | ) | (0.90 | ) | (0.78 | ) | (0.81 | ) | (0.88 | ) | (0.60 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
$ | 27.86 | $ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | $ | 27.06 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||||
|
Based on net asset value |
(4.67 | )%(e) | 29.97 | % | (4.03 | )% | (6.26 | )% | 7.84 | % | 18.84 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||
|
Total expenses |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.34 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total expenses after fees waived |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.32 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | N/A | N/A | 0.30 | % | N/A | N/A | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
2.59 | %(g) | 2.89 | % | 2.44 | % | 3.31 | % | 2.88 | % | 2.81 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 891,419 | $ | 897,810 | $ | 910,213 | $ | 1,271,005 | $ | 981,627 | $ | 248,937 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Portfolio turnover rate(h) |
25 | %(e) | 45 | % | 40 | % | 44 | % | 39 | % | 45 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 56 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI Intl Small-Cap Multifactor ETF | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | $ | 29.27 | $ | 25.26 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income(a) |
0.42 | 0.78 | 0.68 | 0.77 | 0.65 | 0.69 | ||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(2.35 | ) | 9.15 | (0.32 | ) | (2.97 | ) | 2.49 | 3.98 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.93 | ) | 9.93 | 0.36 | (2.20 | ) | 3.14 | 4.67 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||||||||||
|
From net investment income |
(1.00 | ) | (0.90 | ) | (0.80 | ) | (0.65 | ) | (0.68 | ) | (0.66 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total distributions |
(1.00 | ) | (0.90 | ) | (0.80 | ) | (0.65 | ) | (0.68 | ) | (0.66 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
$ | 34.54 | $ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | $ | 29.27 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||||
|
Based on net asset value |
(5.17 | )%(e) | 35.22 | % | 1.16 | % | (6.80 | )% | 10.75 | % | 18.91 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||
|
Total expenses |
0.40 | %(g) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.44 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
2.26 | %(g) | 2.31 | % | 2.44 | % | 2.67 | % | 2.03 | % | 2.57 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 200,340 | $ | 194,819 | $ | 122,273 | $ | 77,964 | $ | 44,417 | $ | 17,563 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Portfolio turnover rate(h) |
26 | %(e) | 47 | % | 47 | % | 45 | % | 44 | % | 44 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI USA Mid-Cap Multifactor ETF | ||||||||||||||||||||||||||||||||
|
Six Months Ended |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Period From 06/04/19(a) to 07/31/19 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 37.49 | $ | 26.80 | $ | 27.21 | $ | 25.57 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net investment income(b) |
0.22 | 0.34 | 0.39 | 0.07 | ||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
0.93 | 10.68 | (0.36 | ) | 1.57 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net increase from investment operations |
1.15 | 11.02 | 0.03 | 1.64 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Distributions(d) |
||||||||||||||||||||||||||||||||
|
From net investment income |
(0.22 | ) | (0.33 | ) | (0.44 | ) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Total distributions |
(0.22 | ) | (0.33 | ) | (0.44 | ) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 38.42 | $ | 37.49 | $ | 26.80 | $ | 27.21 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||||||
|
Based on net asset value |
3.05 | %(f) | 41.42 | % | 0.23 | % | 6.41 | %(f) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||
|
Total expenses |
0.25 | %(h) | 0.25 | % | 0.25 | % | 0.25 | %(h) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net investment income |
1.13 | %(h) | 1.04 | % | 1.52 | % | 1.66 | %(h) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 7,684 | $ | 5,623 | $ | 2,680 | $ | 2,721 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Portfolio turnover rate(i) |
28 | %(f) | 49 | % | 45 | % | 1 | %(f) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 58 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI USA Multifactor ETF | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 43.64 | $ | 32.57 | $ | 32.13 | $ | 33.01 | $ | 29.24 | $ | 25.04 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income(a) |
0.28 | 0.46 | 0.57 | 0.58 | 0.55 | 0.54 | ||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
0.19 | 11.03 | 0.50 | (0.55 | ) | 3.76 | 4.12 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net increase from investment operations |
0.47 | 11.49 | 1.07 | 0.03 | 4.31 | 4.66 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||||||||||
|
From net investment income |
(0.30 | ) | (0.42 | ) | (0.63 | ) | (0.91 | ) | (0.54 | ) | (0.46 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total distributions |
(0.30 | ) | (0.42 | ) | (0.63 | ) | (0.91 | ) | (0.54 | ) | (0.46 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
$ | 43.81 | $ | 43.64 | $ | 32.57 | $ | 32.13 | $ | 33.01 | $ | 29.24 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||||
|
Based on net asset value |
1.06 | %(e) | 35.53 | % | 3.50 | % | 0.38 | % | 14.87 | % | 18.76 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||
|
Total expenses |
0.20 | %(g) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.23 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total expenses after fees waived |
0.20 | %(g) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.21 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
1.25 | %(g) | 1.20 | % | 1.79 | % | 1.84 | % | 1.73 | % | 1.94 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 1,182,991 | $ | 1,095,476 | $ | 832,254 | $ | 1,049,184 | $ | 1,117,224 | $ | 543,871 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Portfolio turnover rate(h) |
21 | %(e) | 43 | % | 42 | % | 45 | % | 46 | % | 49 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
59 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI USA Small-Cap Multifactor ETF | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/22 (unaudited) |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 54.65 | $ | 37.38 | $ | 40.96 | $ | 42.97 | $ | 36.56 | $ | 31.38 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income(a) |
0.29 | 0.42 | 0.49 | 0.53 | 0.43 | 0.33 | ||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.15 | ) | 17.43 | (3.53 | ) | (2.04 | ) | 6.38 | 5.16 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
(0.86 | ) | 17.85 | (3.04 | ) | (1.51 | ) | 6.81 | 5.49 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||||||||||
|
From net investment income |
(0.44 | ) | (0.58 | ) | (0.54 | ) | (0.50 | ) | (0.40 | ) | (0.31 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total distributions |
(0.44 | ) | (0.58 | ) | (0.54 | ) | (0.50 | ) | (0.40 | ) | (0.31 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
$ | 53.35 | $ | 54.65 | $ | 37.38 | $ | 40.96 | $ | 42.97 | $ | 36.56 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||||
|
Based on net asset value |
(1.59 | )%(e) | 48.13 | % | (7.39 | )% | (3.45 | )% | 18.73 | % | 17.57 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||
|
Total expenses |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.34 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total expenses after fees waived |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.32 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
1.03 | %(g) | 0.87 | % | 1.31 | % | 1.31 | % | 1.07 | % | 0.94 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 976,328 | $ | 1,016,441 | $ | 540,110 | $ | 258,075 | $ | 161,132 | $ | 49,354 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Portfolio turnover rate(h) |
24 | %(e) | 46 | % | 48 | % | 45 | % | 46 | % | 90 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 60 |
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 |
Notes to Financial Statements (unaudited)
| 1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
| iShares ETF |
Diversification Classification | |
|
MSCI Global Multifactor |
Diversified | |
|
MSCI Intl Multifactor |
Diversified | |
|
MSCI Intl Small-Cap Multifactor |
Diversified | |
|
MSCI USA Mid-Cap Multifactor |
Non-diversified | |
|
MSCI USA Multifactor |
Diversified | |
|
MSCI USA Small-Cap Multifactor |
Diversified | |
| 2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| • |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| • |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
| • |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
| • |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 62 |
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 |
Notes to Financial Statements (unaudited) (continued)
| 4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
|
||||||||||||||||
|
iShares ETF and Counterparty |
|
Market Value of Securities on Loan |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received |
|
|
Net Amount |
| ||||
|
|
||||||||||||||||
|
MSCI Global Multifactor |
||||||||||||||||
|
Barclays Bank PLC |
$ | 465,348 | $ | 459,692 | $ | — | $ | (5,656 | )(b) | |||||||
|
BofA Securities, Inc. |
282,986 | 277,532 | — | (5,454 | )(b) | |||||||||||
|
J.P. Morgan Securities LLC |
135,855 | 131,813 | — | (4,042 | )(b) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 884,189 | $ | 869,037 | $ | — | $ | (15,152 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI Intl Multifactor |
||||||||||||||||
|
BofA Securities, Inc. |
$ | 590,613 | $ | 590,613 | $ | — | $ | — | ||||||||
|
HSBC Bank PLC |
30,221 | 30,221 | — | — | ||||||||||||
|
Macquarie Bank Ltd. |
1,052,109 | 1,052,109 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,672,943 | $ | 1,672,943 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI Intl Small-Cap Multifactor |
||||||||||||||||
|
BofA Securities, Inc. |
$ | 373,757 | $ | 373,757 | $ | — | $ | — | ||||||||
|
Citigroup Global Markets, Inc. |
28,876 | 28,876 | — | — | ||||||||||||
|
Credit Suisse Securities (USA) LLC |
945,483 | 945,483 | — | — | ||||||||||||
|
Macquarie Bank Ltd. |
427,516 | 427,516 | — | — | ||||||||||||
|
SG Americas Securities LLC |
1,612 | 1,612 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,777,244 | $ | 1,777,244 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI USA Mid-Cap Multifactor |
||||||||||||||||
|
Barclays Bank PLC |
$ | 25,545 | $ | 25,450 | $ | — | $ | (95 | )(b) | |||||||
|
Citigroup Global Markets, Inc. |
23,193 | 23,017 | — | (176 | )(b) | |||||||||||
|
Goldman Sachs & Co. LLC |
17,531 | 17,370 | — | (161 | )(b) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 66,269 | $ | 65,837 | $ | — | $ | (432 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI USA Multifactor |
||||||||||||||||
|
Barclays Bank PLC |
$ | 1,120,600 | $ | 1,114,017 | $ | — | $ | (6,583 | )(b) | |||||||
|
BNP Paribas SA |
1,775,020 | 1,659,751 | — | (115,269 | )(b) | |||||||||||
|
Citigroup Global Markets, Inc. |
362,635 | 359,689 | — | (2,946 | )(b) | |||||||||||
|
SG Americas Securities LLC |
5,108 | 5,075 | — | (33 | )(b) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 3,263,363 | $ | 3,138,532 | $ | — | $ | (124,831 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||||||||||
|
iShares ETF and Counterparty |
|
Market Value of Securities on Loan |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received |
|
|
Net Amount |
| ||||
|
|
||||||||||||||||
|
MSCI USA Small-Cap Multifactor |
||||||||||||||||
|
Barclays Bank PLC |
$ | 821,657 | $ | 812,200 | $ | — | $ | (9,457 | )(b) | |||||||
|
BofA Securities, Inc. |
5,777,679 | 5,515,822 | — | (261,857 | )(b) | |||||||||||
|
Citigroup Global Markets, Inc. |
6,368,727 | 6,341,529 | — | (27,198 | )(b) | |||||||||||
|
Goldman Sachs & Co. LLC |
6,553,757 | 6,553,757 | — | — | ||||||||||||
|
J.P. Morgan Securities LLC |
5,175,867 | 4,965,696 | — | (210,171 | )(b) | |||||||||||
|
Jefferies LLC |
132,804 | 132,804 | — | — | ||||||||||||
|
National Financial Services LLC |
2,660,268 | 2,585,977 | — | (74,291 | )(b) | |||||||||||
|
SG Americas Securities LLC |
757,091 | 745,784 | — | (11,307 | )(b) | |||||||||||
|
State Street Bank & Trust Co. |
246,482 | 240,815 | — | (5,667 | )(b) | |||||||||||
|
Toronto Dominion Bank |
10,807,713 | 10,807,713 | — | — | ||||||||||||
|
UBS AG |
1,644,256 | 1,579,958 | — | (64,298 | )(b) | |||||||||||
|
Wells Fargo Bank N.A. |
942,019 | 942,019 | — | — | ||||||||||||
|
Wells Fargo Securities LLC |
255,961 | 253,705 | — | (2,256 | )(b) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 42,144,281 | $ | 41,477,779 | $ | — | $ | (666,502 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
| (b) |
The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
| 5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares MSCI USA Small-Cap Multifactor ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of
| 64 |
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 |
Notes to Financial Statements (unaudited) (continued)
the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
| 6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
| iShares ETF | Investment Advisory Fee | |||
|
MSCI Global Multifactor |
0.35% | |||
|
MSCI Intl Multifactor |
0.30 | |||
|
MSCI Intl Small-Cap Multifactor |
0.40 | |||
|
MSCI USA Mid-Cap Multifactor |
0.25 | |||
|
MSCI USA Multifactor |
0.20 | |||
|
MSCI USA Small-Cap Multifactor |
0.30 | |||
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For the iShares MSCI Global Multifactor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
Notes to Financial Statements (unaudited) (continued)
For six months ended January 31, 2022, there were no fees waived by BFA pursuant to this arrangement.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Multifactor ETF and iShares MSCI USA Small-Cap Multifactor ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of iShares MSCI Global Multifactor ETF, iShares MSCI Intl Multifactor ETF and iShares MSCI Intl Small-Cap Multifactor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF |
Fees Paid to BTC |
|||
|
MSCI Global Multifactor |
$ | 2,295 | ||
|
MSCI Intl Multifactor |
37,113 | |||
|
MSCI Intl Small-Cap Multifactor |
5,907 | |||
|
MSCI USA Mid-Cap Multifactor |
28 | |||
|
MSCI USA Multifactor |
3,378 | |||
|
MSCI USA Small-Cap Multifactor |
14,922 | |||
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
| 66 |
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 |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended January 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
|
iShares ETF |
Purchases |
Sales |
Net Realized Gain (Loss) |
|||||||||
|
MSCI Global Multifactor |
$ | 13,953,754 | $ | 10,666,946 | $ | 782,233 | ||||||
|
MSCI Intl Multifactor |
70,966,282 | 38,735,219 | (1,361,203) | |||||||||
|
MSCI Intl Small-Cap Multifactor |
2,208,621 | 5,188,956 | 790,815 | |||||||||
|
MSCI USA Mid-Cap Multifactor |
514,133 | 582,139 | (25,127) | |||||||||
|
MSCI USA Multifactor |
112,450,776 | 129,529,906 | (7,146,762) | |||||||||
|
MSCI USA Small-Cap Multifactor |
7,666,108 | 13,674,240 | (2,152,226) | |||||||||
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
| 7. |
PURCHASES AND SALES |
For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
|
MSCI Global Multifactor |
$ | 41,316,275 | $ | 37,635,217 | ||||
|
MSCI Intl Multifactor |
224,552,483 | 220,711,444 | ||||||
|
MSCI Intl Small-Cap Multifactor |
59,241,059 | 51,939,910 | ||||||
|
MSCI USA Mid-Cap Multifactor |
1,717,561 | 1,699,747 | ||||||
|
MSCI USA Multifactor |
250,299,471 | 250,264,916 | ||||||
|
MSCI USA Small-Cap Multifactor |
250,476,789 | 256,808,919 | ||||||
For the six months ended January 31, 2022, in-kind transactions were as follows:
| iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
|
MSCI Global Multifactor |
$ | 24,619,773 | $ | 13,479,041 | ||||
|
MSCI Intl Multifactor |
52,157,611 | — | ||||||
|
MSCI Intl Small-Cap Multifactor |
19,589,854 | 7,153,112 | ||||||
|
MSCI USA Mid-Cap Multifactor |
3,964,638 | 1,923,891 | ||||||
|
MSCI USA Multifactor |
292,888,646 | 205,919,962 | ||||||
|
MSCI USA Small-Cap Multifactor |
215,246,637 | 216,277,675 | ||||||
| 8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| iShares ETF | Non-Expiring | |||
|
MSCI Global Multifactor |
$ | 4,907,863 | ||
|
MSCI Intl Multifactor |
157,398,068 | |||
|
MSCI Intl Small-Cap Multifactor |
4,542,317 | |||
|
MSCI USA Multifactor |
62,264,903 | |||
|
MSCI USA Small-Cap Multifactor |
39,237,676 | |||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
67 |
Notes to Financial Statements (unaudited) (continued)
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of January 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
iShares ETF |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
MSCI Global Multifactor |
$ | 128,601,154 | $ | 19,900,218 | $ | (3,949,145 | ) | $ | 15,951,073 | |||||||
|
MSCI Intl Multifactor |
822,146,545 | 125,607,752 | (58,009,994 | ) | 67,597,758 | |||||||||||
|
MSCI Intl Small-Cap Multifactor |
180,621,663 | 33,494,061 | (12,798,856 | ) | 20,695,205 | |||||||||||
|
MSCI USA Mid-Cap Multifactor |
7,483,020 | 404,554 | (148,676 | ) | 255,878 | |||||||||||
|
MSCI USA Multifactor |
982,923,265 | 224,343,322 | (21,436,472 | ) | 202,906,850 | |||||||||||
|
MSCI USA Small-Cap Multifactor |
875,347,816 | 182,896,337 | (39,054,581 | ) | 143,841,756 | |||||||||||
| 9. |
LINE OF CREDIT |
The iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.
Effective August 13, 2021, the iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted
average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:
| iShares ETF | Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
|
MSCI Global Multifactor |
$ | 1,814,200 | $ | 59,159 | 1.10% | |||||||
| 10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
| 68 |
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 |
Notes to Financial Statements (unaudited) (continued)
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
69 |
Notes to Financial Statements (unaudited) (continued)
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
| 11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| Six Months
Ended 01/31/22 |
Year
Ended 07/31/21 |
|||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
MSCI Global Multifactor |
||||||||||||||||
|
Shares sold |
800,000 | $ | 30,533,495 | 850,000 | $ | 31,730,641 | ||||||||||
|
Shares redeemed |
(400,000 | ) | (15,560,837 | ) | (1,250,000 | ) | (37,299,655 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
400,000 | $ | 14,972,658 | (400,000 | ) | $ | (5,569,014 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI Intl Multifactor |
||||||||||||||||
|
Shares sold |
2,200,000 | $ | 63,965,001 | — | $ | 12,077 | ||||||||||
|
Shares redeemed |
— | — | (8,300,000 | ) | (221,465,938 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
2,200,000 | $ | 63,965,001 | (8,300,000 | ) | $ | (221,453,861 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI Intl Small-Cap Multifactor |
||||||||||||||||
|
Shares sold |
800,000 | $ | 28,716,029 | 1,000,000 | $ | 33,521,503 | ||||||||||
|
Shares redeemed |
(200,000 | ) | (7,084,404 | ) | (100,000 | ) | (3,357,670 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
600,000 | $ | 21,631,625 | 900,000 | $ | 30,163,833 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI USA Mid-Cap Multifactor |
||||||||||||||||
|
Shares sold |
100,000 | $ | 3,978,765 | 100,000 | $ | 3,703,836 | ||||||||||
|
Shares redeemed |
(50,000 | ) | (1,918,555 | ) | (50,000 | ) | (1,858,446 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
50,000 | $ | 2,060,210 | 50,000 | $ | 1,845,390 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI USA Multifactor |
||||||||||||||||
|
Shares sold |
6,600,000 | $ | 293,794,837 | 3,250,000 | $ | 129,318,511 | ||||||||||
|
Shares redeemed |
(4,700,000 | ) | (206,843,749 | ) | (3,700,000 | ) | (132,954,160 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
1,900,000 | $ | 86,951,088 | (450,000 | ) | $ | (3,635,649 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI USA Small-Cap Multifactor |
||||||||||||||||
|
Shares sold |
3,950,000 | $ | 221,787,928 | 7,950,000 | $ | 398,014,342 | ||||||||||
|
Shares redeemed |
(4,250,000 | ) | (229,604,199 | ) | (3,800,000 | ) | (190,509,367 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(300,000 | ) | $ | (7,816,271 | ) | 4,150,000 | $ | 207,504,975 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also
| 70 |
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 |
Notes to Financial Statements (unaudited) (continued)
pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
| 12. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
71 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Global Multifactor ETF, iShares MSCI Intl Multifactor ETF, iShares MSCI Intl Small-Cap Multifactor ETF, iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Multifactor ETF and iShares MSCI USA Small-Cap Multifactor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
| a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
| b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
| c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
| d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
| e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
| 72 |
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 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
January 31, 2022
| Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year-to-Date |
|||||||||||||||||||||||||||||||
|
iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
|
MSCI Global Multifactor(a) |
$ | 0.391953 | $ | — | $ | 0.024436 | $ | 0.416389 | 94 | % | — | % | 6 | % | 100% | |||||||||||||||||
|
MSCI Intl Multifactor(a) |
0.863117 | — | 0.008806 | 0.871923 | 99 | — | 1 | 100 | ||||||||||||||||||||||||
|
MSCI Intl Small-Cap Multifactor(a) |
0.864783 | — | 0.136779 | 1.001562 | 86 | — | 14 | 100 | ||||||||||||||||||||||||
|
MSCI USA Mid-Cap Multifactor(a) |
0.192812 | — | 0.022856 | 0.215668 | 89 | — | 11 | 100 | ||||||||||||||||||||||||
|
MSCI USA Multifactor(a) |
0.243846 | — | 0.053844 | 0.297690 | 82 | — | 18 | 100 | ||||||||||||||||||||||||
|
MSCI USA Small-Cap Multifactor(a) |
0.375272 | — | 0.068333 | 0.443605 | 85 | — | 15 | 100 | ||||||||||||||||||||||||
| (a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
| 73 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
| • |
Go to icsdelivery.com. |
| • |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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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 |
Glossary of Terms Used in this Report
| Portfolio Abbreviations - Equity | ||
| ADR | American Depositary Receipt | |
| GDR | Global Depositary Receipt | |
| NVDR | Non-Voting Depositary Receipt | |
| NVS | Non-Voting Shares | |
| PJSC | Public Joint Stock Company | |
| REIT | Real Estate Investment Trust | |
| Counterparty Abbreviations | ||
| HSBC | HSBC Bank PLC | |
|
GLOSSARY OF TERMS USED IN THIS REPORT |
75 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-110-0122
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