|
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JANUARY 31, 2022 |
|
2022 Semi-Annual Report (Unaudited)
| ||
iShares Trust
· iShares ESG MSCI USA Min Vol Factor ETF | ESMV | NASDAQ
· iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX
· iShares MSCI USA Min Vol Factor ETF | USMV | Cboe BZX
· iShares MSCI USA Small-Cap Min Vol Factor ETF | SMMV | Cboe BZX
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 | ||||
| 6-Month |
12-Month | |||
|
U.S.
large cap equities |
3.44% | 23.29% | ||
|
U.S.
small cap equities |
(8.41) | (1.21) | ||
|
International
equities |
(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 |
(3.87) | (4.43) | ||
|
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(3.17) | (2.97) | ||
|
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
(2.56) | (1.22) | ||
|
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(1.55) | 2.05 | ||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||||
| 2 |
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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Financial Statements: |
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| 3 |
| Fund Summary as of January 31, 2022 | iShares® ESG MSCI USA Min Vol Factor ETF |
Investment Objective
The iShares ESG MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large and mid capitalization equities that, in aggregate, have lower volatility characteristics, reduced carbon exposure and improved environmental, social and governance (ESG) quality characteristics relative to the parent index, as represented by the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target 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
| Cumulative Total Returns | ||||
|
Since Inception |
||||
|
Fund NAV |
(3.07 | )% | ||
|
Fund Market |
(3.11 | ) | ||
|
Index |
(3.04 | ) | ||
The inception date of the Fund was 11/2/21. The first day of secondary market trading was 11/4/21.
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 8 for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
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|
Beginning Account Value (11/02/21) |
(a) |
|
Ending Account Value (01/31/22 |
) |
|
Expenses Paid During the Period |
(b) |
|
Beginning Account Value (08/01/21) |
|
|
Ending Account Value (01/31/22 |
) |
|
Expenses Paid During the Period |
(b) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 969.30 | $ 0.44 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % | |||||||||||||||||||
| (a) |
The beginning of the period (commencement of operations) is November 2, 2021. |
| (b) |
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 (90 days for actual and 184 days for hypothetical expenses) 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 8 for more information. |
Portfolio Information
| ALLOCATION BY SECTOR |
| |||
|
Sector |
|
Percent of Total Investments |
(a) | |
|
Information Technology |
24.0 | % | ||
|
Health Care |
18.3 | |||
|
Industrials |
11.8 | |||
|
Consumer Staples |
11.6 | |||
|
Communication Services |
9.2 | |||
|
Consumer Discretionary |
7.4 | |||
|
Utilities |
6.9 | |||
|
Financials |
5.8 | |||
|
Real Estate |
2.6 | |||
|
Materials |
2.3 | |||
|
Energy |
0.1 | |||
| (a) |
Excludes money market funds. |
|
TEN LARGEST HOLDINGS |
| |||
|
Security |
|
Percent of Total Investments |
(a) | |
|
Verizon Communications Inc. |
1.6 | % | ||
|
Cisco Systems Inc. |
1.6 | |||
|
PepsiCo Inc. |
1.6 | |||
|
Vertex Pharmaceuticals Inc. |
1.5 | |||
|
Procter & Gamble Co. (The) |
1.5 | |||
|
Kroger Co. (The) |
1.5 | |||
|
Gilead Sciences Inc. |
1.5 | |||
|
Accenture PLC, Class A |
1.5 | |||
|
Consolidated Edison Inc. |
1.5 | |||
|
Texas Instruments Inc. |
1.5 | |||
| 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 EAFE Min Vol Factor ETF |
Investment Objective
The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) 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 | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
|
Fund NAV |
(4.79 | )% | 2.74 | % | 5.80 | % | 6.84 | % | 2.74 | % | 32.54 | % | 93.84 | % | ||||||||||||||||
|
Fund Market |
(4.86 | ) | 2.97 | 5.80 | 6.77 | 2.97 | 32.57 | 92.51 | ||||||||||||||||||||||
|
Index |
(5.37 | ) | 1.99 | 5.65 | 6.81 | 1.99 | 31.65 | 93.24 | ||||||||||||||||||||||
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
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 8 for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
|
|
Beginning Account Value (08/01/21) |
|
|
Ending Account Value |
|
|
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 | $ 952.10 | $ 0.98 | $ 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 8 for more information. |
Portfolio Information
| ALLOCATION BY SECTOR |
| |||
|
Sector |
|
Percent of Total Investments |
(a) | |
|
Health Care |
17.0 | % | ||
|
Consumer Staples |
14.7 | |||
|
Financials |
13.9 | |||
|
Industrials |
13.1 | |||
|
Communication Services |
10.2 | |||
|
Utilities |
8.9 | |||
|
Consumer Discretionary |
7.5 | |||
|
Materials |
6.6 | |||
|
Information Technology |
6.1 | |||
|
Real Estate |
2.0 | |||
| (a) |
Excludes money market funds. |
| TEN LARGEST GEOGRAPHIC ALLOCATION |
| |||
|
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
|
Japan |
27.7 | % | ||
|
Switzerland |
15.0 | |||
|
United Kingdom |
9.7 | |||
|
Hong Kong |
8.5 | |||
|
France |
6.5 | |||
|
Denmark |
4.7 | |||
|
Singapore |
4.3 | |||
|
Germany |
4.0 | |||
|
Netherlands |
3.2 | |||
|
Australia |
3.1 | |||
|
F U N D S U M M A R Y |
5 |
| Fund Summary as of January 31, 2022 | iShares® MSCI USA Min Vol Factor ETF |
Investment Objective
The iShares MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market, as represented by the MSCI USA Minimum Volatility (USD) 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 | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||
|
Fund NAV |
0.58 | % | 16.79 | % | 12.79 | % | 13.13 | % | 16.79 | % | 82.54 | % | 243.38 | % | ||||||||||||||
|
Fund Market |
0.49 | 16.80 | 12.78 | 13.13 | 16.80 | 82.44 | 243.44 | |||||||||||||||||||||
|
Index |
0.66 | 17.00 | 12.98 | 13.31 | 17.00 | 84.06 | 248.96 | |||||||||||||||||||||
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
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 8 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 | $ 1,005.80 | $ 0.76 | $ 1,000.00 | $ 1,024.40 | $ 0.77 | 0.15 | % | |||||||||||||||||||
| (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 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
| Sector | |
Percent of Total Investments |
(a) | |
|
Information Technology |
23.9 | % | ||
|
Health Care |
18.0 | |||
|
Consumer Staples |
11.3 | |||
|
Communication Services |
10.6 | |||
|
Industrials |
8.6 | |||
|
Utilities |
7.8 | |||
|
Consumer Discretionary |
7.7 | |||
|
Financials |
7.2 | |||
|
Real Estate |
2.8 | |||
|
Materials |
1.8 | |||
|
Energy |
0.3 | |||
TEN LARGEST HOLDINGS
| Security | |
Percent of Total Investments |
(a) | |
|
Johnson & Johnson |
1.6 | % | ||
|
Verizon Communications Inc. |
1.6 | |||
|
PepsiCo Inc. |
1.5 | |||
|
Kroger Co. (The) |
1.5 | |||
|
Vertex Pharmaceuticals Inc. |
1.5 | |||
|
Accenture PLC, Class A |
1.5 | |||
|
Berkshire Hathaway Inc., Class B |
1.5 | |||
|
Cisco Systems Inc. |
1.4 | |||
|
Regeneron Pharmaceuticals Inc. |
1.4 | |||
|
Waste Management Inc. |
1.4 | |||
| (a) |
Excludes money market funds. |
| 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 Small-Cap Min Vol Factor ETF |
Investment Objective
The iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market, as represented by the MSCI USA Small Cap Minimum Volatility (USD) 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 |
(3.13 | )% | 6.77 | % | 8.66 | % | 8.90 | % | 6.77 | % | 51.51 | % | 58.49 | % | ||||||||||||||
|
Fund Market |
(3.16 | ) | 6.77 | 8.67 | 8.89 | 6.77 | 51.52 | 58.44 | ||||||||||||||||||||
|
Index |
(3.00 | ) | 6.96 | 8.89 | 9.13 | 6.96 | 53.07 | 60.24 | ||||||||||||||||||||
The inception date of the Fund was 9/7/16. The first day of secondary market trading was 9/9/16.
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 8 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 | $ 968.70 | $ 0.99 | $ 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 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
| Sector | |
Percent of Total Investments |
(a) | |
|
Health Care |
17.3 | % | ||
|
Financials |
12.4 | |||
|
Industrials |
11.4 | |||
|
Information Technology |
10.9 | |||
|
Consumer Discretionary |
9.6 | |||
|
Consumer Staples |
8.9 | |||
|
Real Estate |
8.0 | |||
|
Utilities |
8.0 | |||
|
Materials |
7.2 | |||
|
Communication Services |
6.1 | |||
|
Energy |
0.2 | |||
TEN LARGEST HOLDINGS
| Security | |
Percent of Total Investments |
(a) | |
|
Service Corp. International |
1.4 | % | ||
|
Royal Gold Inc. |
1.4 | |||
|
Zynga Inc., Class A |
1.3 | |||
|
AptarGroup Inc. |
1.3 | |||
|
Landstar System Inc. |
1.2 | |||
|
American Homes 4 Rent, Class A |
1.2 | |||
|
United Therapeutics Corp. |
1.2 | |||
|
BJ’s Wholesale Club Holdings Inc. |
1.2 | |||
|
Flowers Foods Inc. |
1.2 | |||
|
IDACORP Inc. |
1.1 | |||
| (a) |
Excludes money market funds. |
|
F U N D S U M M A R Y |
7 |
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.
| 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 |
|
Schedule of Investments (unaudited) January 31, 2022 |
iShares® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.2% | ||||||||
|
L3Harris Technologies Inc. |
35 | $ | 7,325 | |||||
|
|
|
|||||||
| Air Freight & Logistics — 2.0% | ||||||||
|
CH Robinson Worldwide Inc. |
310 | 32,442 | ||||||
|
Expeditors International of Washington Inc. |
412 | 47,166 | ||||||
|
United Parcel Service Inc., Class B |
78 | 15,772 | ||||||
|
|
|
|||||||
| 95,380 | ||||||||
| Beverages — 2.1% | ||||||||
|
Coca-Cola Co. (The) |
430 | 26,234 | ||||||
|
PepsiCo Inc. |
436 | 75,655 | ||||||
|
|
|
|||||||
| 101,889 | ||||||||
| Biotechnology — 6.3% | ||||||||
|
Amgen Inc. |
248 | 56,331 | ||||||
|
BioMarin Pharmaceutical Inc.(a) |
112 | 9,926 | ||||||
|
Gilead Sciences Inc. |
1,057 | 72,595 | ||||||
|
Horizon Therapeutics PLC(a) |
51 | 4,760 | ||||||
|
Incyte Corp.(a) |
108 | 8,028 | ||||||
|
Regeneron Pharmaceuticals Inc.(a) |
105 | 63,902 | ||||||
|
Seagen Inc.(a) |
116 | 15,603 | ||||||
|
Vertex Pharmaceuticals Inc.(a) |
305 | 74,130 | ||||||
|
|
|
|||||||
| 305,275 | ||||||||
| Building Products — 2.0% | ||||||||
|
Carrier Global Corp. |
220 | 10,490 | ||||||
|
Johnson Controls International PLC |
942 | 68,455 | ||||||
|
Lennox International Inc. |
12 | 3,403 | ||||||
|
Trane Technologies PLC |
88 | 15,233 | ||||||
|
|
|
|||||||
| 97,581 | ||||||||
| Capital Markets — 2.2% | ||||||||
|
Cboe Global Markets Inc. |
252 | 29,870 | ||||||
|
CME Group Inc. |
104 | 23,868 | ||||||
|
Intercontinental Exchange Inc. |
269 | 34,072 | ||||||
|
MarketAxess Holdings Inc. |
13 | 4,478 | ||||||
|
S&P Global Inc. |
8 | 3,322 | ||||||
|
T Rowe Price Group Inc. |
19 | 2,934 | ||||||
|
Tradeweb Markets Inc., Class A |
81 | 6,866 | ||||||
|
|
|
|||||||
| 105,410 | ||||||||
| Chemicals — 0.3% | ||||||||
|
Ecolab Inc. |
60 | 11,367 | ||||||
|
Linde PLC |
13 | 4,143 | ||||||
|
|
|
|||||||
| 15,510 | ||||||||
| Commercial Services & Supplies — 1.5% | ||||||||
|
Republic Services Inc. |
44 | 5,617 | ||||||
|
Rollins Inc. |
71 | 2,190 | ||||||
|
Waste Connections Inc. |
40 | 4,988 | ||||||
|
Waste Management Inc. |
397 | 59,725 | ||||||
|
|
|
|||||||
| 72,520 | ||||||||
| Communications Equipment — 3.0% | ||||||||
|
Cisco Systems Inc. |
1,412 | 78,606 | ||||||
|
Motorola Solutions Inc. |
296 | 68,654 | ||||||
|
|
|
|||||||
| 147,260 | ||||||||
| Containers & Packaging — 0.7% | ||||||||
|
Amcor PLC |
1,676 | 20,129 | ||||||
|
Ball Corp. |
162 | 15,730 | ||||||
|
|
|
|||||||
| 35,859 | ||||||||
| Distributors — 0.4% | ||||||||
|
Pool Corp. |
44 | 20,955 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| Diversified Financial Services — 0.4% | ||||||||
|
Berkshire Hathaway Inc., Class B(a) |
62 | $ | 19,407 | |||||
|
|
|
|||||||
| Diversified Telecommunication Services — 2.1% | ||||||||
|
AT&T Inc. |
960 | 24,480 | ||||||
|
Verizon Communications Inc. |
1,478 | 78,674 | ||||||
|
|
|
|||||||
| 103,154 | ||||||||
| Electric Utilities — 3.3% | ||||||||
|
Eversource Energy |
677 | 60,585 | ||||||
|
Exelon Corp. |
530 | 30,713 | ||||||
|
NextEra Energy Inc. |
868 | 67,808 | ||||||
|
|
|
|||||||
| 159,106 | ||||||||
| Electronic Equipment, Instruments & Components — 1.6% | ||||||||
|
Amphenol Corp., Class A |
220 | 17,510 | ||||||
|
Keysight Technologies Inc.(a) |
296 | 49,970 | ||||||
|
Zebra Technologies Corp., Class A(a) |
24 | 12,219 | ||||||
|
|
|
|||||||
| 79,699 | ||||||||
| Entertainment — 3.7% | ||||||||
|
Activision Blizzard Inc. |
620 | 48,986 | ||||||
|
Electronic Arts Inc. |
295 | 39,135 | ||||||
|
Netflix Inc.(a) |
54 | 23,065 | ||||||
|
Take-Two Interactive Software Inc.(a) |
195 | 31,851 | ||||||
|
Walt Disney Co. (The)(a) |
244 | 34,885 | ||||||
|
|
|
|||||||
| 177,922 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 2.6% | ||||||||
|
American Tower Corp. |
127 | 31,941 | ||||||
|
Equinix Inc. |
55 | 39,869 | ||||||
|
Prologis Inc. |
120 | 18,818 | ||||||
|
SBA Communications Corp. |
111 | 36,124 | ||||||
|
|
|
|||||||
| 126,752 | ||||||||
| Food & Staples Retailing — 1.7% | ||||||||
|
Costco Wholesale Corp. |
20 | 10,102 | ||||||
|
Kroger Co. (The) |
1,679 | 73,188 | ||||||
|
|
|
|||||||
| 83,290 | ||||||||
| Food Products — 3.2% | ||||||||
|
Campbell Soup Co. |
284 | 12,530 | ||||||
|
General Mills Inc. |
379 | 26,030 | ||||||
|
Hormel Foods Corp. |
702 | 33,324 | ||||||
|
JM Smucker Co. (The) |
60 | 8,435 | ||||||
|
Kellogg Co. |
602 | 37,926 | ||||||
|
McCormick & Co. Inc./MD, NVS |
330 | 33,102 | ||||||
|
Mondelez International Inc., Class A |
68 | 4,558 | ||||||
|
|
|
|||||||
| 155,905 | ||||||||
| Health Care Equipment & Supplies — 1.7% | ||||||||
|
Abbott Laboratories |
20 | 2,549 | ||||||
|
Baxter International Inc. |
92 | 7,860 | ||||||
|
Becton Dickinson and Co. |
54 | 13,724 | ||||||
|
Cooper Companies Inc. (The) |
52 | 20,712 | ||||||
|
Edwards Lifesciences Corp.(a) |
64 | 6,989 | ||||||
|
Insulet Corp.(a) |
44 | 10,912 | ||||||
|
ResMed Inc. |
92 | 21,031 | ||||||
|
|
|
|||||||
| 83,777 | ||||||||
| Health Care Providers & Services — 0.9% | ||||||||
|
AmerisourceBergen Corp. |
36 | 4,903 | ||||||
|
Anthem Inc. |
12 | 5,292 | ||||||
|
Humana Inc. |
10 | 3,925 | ||||||
|
Quest Diagnostics Inc. |
130 | 17,553 | ||||||
|
UnitedHealth Group Inc. |
28 | 13,232 | ||||||
|
|
|
|||||||
| 44,905 | ||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
9 |
|
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Technology — 0.8% | ||||||||
|
Cerner Corp. |
422 | $ | 38,486 | |||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure — 1.1% | ||||||||
|
Domino’s Pizza Inc. |
66 | 30,007 | ||||||
|
Starbucks Corp. |
204 | 20,057 | ||||||
|
Vail Resorts Inc. |
7 | 1,940 | ||||||
|
|
|
|||||||
| 52,004 | ||||||||
| Household Durables — 0.1% | ||||||||
|
Garmin Ltd. |
46 | 5,723 | ||||||
|
|
|
|||||||
| Household Products — 4.5% | ||||||||
|
Church & Dwight Co. Inc. |
77 | 7,904 | ||||||
|
Clorox Co. (The) |
235 | 39,447 | ||||||
|
Colgate-Palmolive Co. |
824 | 67,939 | ||||||
|
Kimberly-Clark Corp. |
222 | 30,558 | ||||||
|
Procter & Gamble Co. (The) |
461 | 73,968 | ||||||
|
|
|
|||||||
| 219,816 | ||||||||
| Industrial Conglomerates — 1.9% | ||||||||
|
3M Co. |
343 | 56,945 | ||||||
|
Honeywell International Inc. |
164 | 33,535 | ||||||
|
Roper Technologies Inc. |
8 | 3,497 | ||||||
|
|
|
|||||||
| 93,977 | ||||||||
| Insurance — 3.2% | ||||||||
|
Aon PLC, Class A |
9 | 2,488 | ||||||
|
Arthur J Gallagher & Co. |
172 | 27,165 | ||||||
|
Erie Indemnity Co., Class A, NVS |
27 | 4,971 | ||||||
|
Marsh & McLennan Companies Inc. |
452 | 69,445 | ||||||
|
Progressive Corp. (The) |
224 | 24,340 | ||||||
|
Travelers Companies Inc. (The) |
128 | 21,271 | ||||||
|
Willis Towers Watson PLC |
28 | 6,551 | ||||||
|
|
|
|||||||
| 156,231 | ||||||||
| Interactive Media & Services — 1.8% | ||||||||
|
Alphabet Inc., Class A(a) |
8 | 21,649 | ||||||
|
Alphabet Inc., Class C, NVS(a) |
25 | 67,849 | ||||||
|
|
|
|||||||
| 89,498 | ||||||||
| Internet & Direct Marketing Retail — 1.2% | ||||||||
|
Amazon.com Inc.(a) |
20 | 59,829 | ||||||
|
|
|
|||||||
| IT Services — 8.1% | ||||||||
|
Accenture PLC, Class A |
205 | 72,484 | ||||||
|
Akamai Technologies Inc.(a) |
180 | 20,619 | ||||||
|
Automatic Data Processing Inc. |
181 | 37,317 | ||||||
|
Broadridge Financial Solutions Inc. |
76 | 12,101 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
208 | 17,767 | ||||||
|
EPAM Systems Inc.(a) |
15 | 7,142 | ||||||
|
Fiserv Inc.(a) |
85 | 8,984 | ||||||
|
International Business Machines Corp. |
236 | 31,523 | ||||||
|
Jack Henry & Associates Inc. |
174 | 29,199 | ||||||
|
Mastercard Inc., Class A |
106 | 40,956 | ||||||
|
Paychex Inc. |
123 | 14,484 | ||||||
|
VeriSign Inc.(a) |
99 | 21,501 | ||||||
|
Visa Inc., Class A |
294 | 66,494 | ||||||
|
Western Union Co. (The) |
736 | 13,918 | ||||||
|
|
|
|||||||
| 394,489 | ||||||||
| Life Sciences Tools & Services — 3.1% | ||||||||
|
Agilent Technologies Inc. |
228 | 31,765 | ||||||
|
Danaher Corp. |
44 | 12,575 | ||||||
|
Mettler-Toledo International Inc.(a) |
9 | 13,254 | ||||||
|
Thermo Fisher Scientific Inc. |
24 | 13,951 | ||||||
| Security | Shares | Value | ||||||
| Life Sciences Tools & Services (continued) | ||||||||
|
Waters Corp.(a) |
32 | $ | 10,244 | |||||
|
West Pharmaceutical Services Inc. |
169 | 66,454 | ||||||
|
|
|
|||||||
| 148,243 | ||||||||
| Machinery — 1.2% | ||||||||
|
Otis Worldwide Corp. |
112 | 9,568 | ||||||
|
Xylem Inc./NY |
439 | 46,104 | ||||||
|
|
|
|||||||
| 55,672 | ||||||||
| Media — 0.7% | ||||||||
|
Charter Communications Inc., Class A(a) |
8 | 4,747 | ||||||
|
Comcast Corp., Class A |
112 | 5,599 | ||||||
|
Liberty Broadband Corp., Class C, NVS(a) |
123 | 18,254 | ||||||
|
Sirius XM Holdings Inc. |
536 | 3,409 | ||||||
|
|
|
|||||||
| 32,009 | ||||||||
| Metals & Mining — 1.2% | ||||||||
|
Newmont Corp. |
956 | 58,479 | ||||||
|
|
|
|||||||
| Multi-Utilities — 2.6% | ||||||||
|
Consolidated Edison Inc. |
835 | 72,186 | ||||||
|
Public Service Enterprise Group Inc. |
511 | 33,997 | ||||||
|
Sempra Energy |
156 | 21,553 | ||||||
|
|
|
|||||||
| 127,736 | ||||||||
| Multiline Retail — 2.1% | ||||||||
|
Dollar General Corp. |
184 | 38,360 | ||||||
|
Target Corp. |
283 | 62,382 | ||||||
|
|
|
|||||||
| 100,742 | ||||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
|
Cheniere Energy Inc. |
64 | 7,162 | ||||||
|
|
|
|||||||
| Pharmaceuticals — 5.5% | ||||||||
|
Bristol-Myers Squibb Co. |
308 | 19,986 | ||||||
|
Eli Lilly & Co. |
181 | 44,415 | ||||||
|
Johnson & Johnson |
396 | 68,227 | ||||||
|
Merck & Co. Inc. |
720 | 58,666 | ||||||
|
Pfizer Inc. |
200 | 10,538 | ||||||
|
Zoetis Inc. |
315 | 62,934 | ||||||
|
|
|
|||||||
| 264,766 | ||||||||
| Professional Services — 1.6% | ||||||||
|
Booz Allen Hamilton Holding Corp. |
122 | 9,361 | ||||||
|
IHS Markit Ltd. |
492 | 57,461 | ||||||
|
Verisk Analytics Inc. |
66 | 12,944 | ||||||
|
|
|
|||||||
| 79,766 | ||||||||
| Road & Rail — 0.8% | ||||||||
|
AMERCO |
12 | 7,307 | ||||||
|
Old Dominion Freight Line Inc. |
106 | 32,005 | ||||||
|
|
|
|||||||
| 39,312 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.6% | ||||||||
|
Intel Corp. |
176 | 8,592 | ||||||
|
Texas Instruments Inc. |
393 | 70,540 | ||||||
|
|
|
|||||||
| 79,132 | ||||||||
| Software — 9.1% | ||||||||
|
Adobe Inc.(a) |
113 | 60,376 | ||||||
|
Autodesk Inc.(a) |
40 | 9,992 | ||||||
|
Black Knight Inc.(a) |
116 | 8,654 | ||||||
|
Cadence Design Systems Inc.(a) |
228 | 34,688 | ||||||
|
Citrix Systems Inc. |
300 | 30,582 | ||||||
|
Intuit Inc. |
56 | 31,093 | ||||||
|
Microsoft Corp. |
223 | 69,348 | ||||||
|
NortonLifeLock Inc. |
316 | 8,219 | ||||||
| 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) (continued) January 31, 2022 |
iShares® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
Oracle Corp. |
594 | $ | 48,209 | |||||
|
salesforce.com Inc.(a) |
216 | 50,248 | ||||||
|
ServiceNow Inc.(a) |
51 | 29,875 | ||||||
|
Tyler Technologies Inc.(a) |
88 | 41,694 | ||||||
|
Zoom Video Communications Inc., Class A(a) |
61 | 9,411 | ||||||
|
Zscaler Inc.(a) |
36 | 9,256 | ||||||
|
|
|
|||||||
| 441,645 | ||||||||
| Specialty Retail — 1.8% | ||||||||
|
Best Buy Co. Inc. |
44 | 4,368 | ||||||
|
Home Depot Inc. (The) |
187 | 68,625 | ||||||
|
O’Reilly Automotive Inc.(a) |
5 | 3,259 | ||||||
|
Tractor Supply Co. |
50 | 10,916 | ||||||
|
|
|
|||||||
| 87,168 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
|
Apple Inc. |
124 | 21,673 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods — 0.7% | ||||||||
|
Nike Inc., Class B |
219 | 32,427 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| Trading Companies & Distributors — 0.6% | ||||||||
|
Fastenal Co. |
52 | $ | 2,948 | |||||
|
WW Grainger Inc. |
57 | 28,221 | ||||||
|
|
|
|||||||
| 31,169 | ||||||||
| Water Utilities — 0.9% | ||||||||
|
American Water Works Co. Inc. |
280 | 45,024 | ||||||
|
|
|
|||||||
|
Wireless Telecommunication Services — 0.9% |
|
|||||||
|
T-Mobile U.S. Inc.(a) |
381 | 41,213 | ||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.7% |
|
4,842,272 | ||||||
|
|
|
|||||||
|
Total
Investments in Securities — 99.7% |
|
4,842,272 | ||||||
|
Other Assets, Less Liabilities — 0.3% |
|
12,775 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 4,855,047 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
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 |
$ | 4,842,272 | $ | — | $ | — | $ | 4,842,272 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 |
11 |
|
Schedule of Investments (unaudited) January 31, 2022 |
iShares® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
|
Australia — 3.1% |
| |||||||
|
AusNet Services Ltd. |
6,193,666 | $ | 11,396,956 | |||||
|
Brambles Ltd. |
925,398 | 6,357,528 | ||||||
|
Cochlear Ltd. |
32,492 | 4,455,723 | ||||||
|
Commonwealth Bank of Australia |
382,233 | 25,491,018 | ||||||
|
CSL Ltd. |
107,473 | 19,908,576 | ||||||
|
Medibank Pvt Ltd. |
4,747,693 | 10,403,483 | ||||||
|
Sonic Healthcare Ltd. |
559,360 | 15,063,733 | ||||||
|
Telstra Corp. Ltd. |
7,691,692 | 21,382,289 | ||||||
|
Wesfarmers Ltd. |
2,174,811 | 81,147,660 | ||||||
|
Woolworths Group Ltd. |
1,708,891 | 41,687,477 | ||||||
|
|
|
|||||||
| 237,294,443 | ||||||||
| Belgium — 2.1% | ||||||||
|
Etablissements Franz Colruyt NV |
507,016 | 20,594,835 | ||||||
|
Groupe Bruxelles Lambert SA |
696,934 | 74,783,035 | ||||||
|
Proximus SADP |
1,404,239 | 28,675,372 | ||||||
|
Sofina SA |
31,373 | 12,491,094 | ||||||
|
UCB SA |
240,818 | 23,962,649 | ||||||
|
|
|
|||||||
| 160,506,985 | ||||||||
| Denmark — 4.7% | ||||||||
|
Carlsberg A/S, Class B |
73,688 | 11,932,342 | ||||||
|
Chr Hansen Holding A/S |
371,795 | 29,816,259 | ||||||
|
Coloplast A/S, Class B(a) |
680,297 | 98,930,326 | ||||||
|
DSV A/S |
44,111 | 8,962,501 | ||||||
|
Genmab A/S(b) |
85,929 | 29,261,359 | ||||||
|
Novo Nordisk A/S, Class B |
1,058,165 | 105,253,818 | ||||||
|
Novozymes A/S, Class B |
601,238 | 41,273,433 | ||||||
|
Orsted A/S(c) |
61,395 | 6,541,330 | ||||||
|
Tryg A/S |
1,228,629 | 29,113,358 | ||||||
|
|
|
|||||||
| 361,084,726 | ||||||||
| Finland — 2.0% | ||||||||
|
Elisa OYJ |
1,091,148 | 64,096,007 | ||||||
|
Kone OYJ, Class B |
910,415 | 58,962,260 | ||||||
|
Nokia OYJ(b) |
1,942,333 | 11,583,343 | ||||||
|
Orion OYJ, Class B |
479,851 | 19,512,042 | ||||||
|
|
|
|||||||
| 154,153,652 | ||||||||
| France — 6.4% | ||||||||
|
Air Liquide SA |
294,164 | 50,319,470 | ||||||
|
Alstom SA |
169,061 | 5,480,911 | ||||||
|
BioMerieux |
193,728 | 22,717,103 | ||||||
|
Carrefour SA |
855,687 | 16,285,084 | ||||||
|
Danone SA |
466,576 | 29,091,511 | ||||||
|
Dassault Systemes SE |
230,558 | 11,149,410 | ||||||
|
EssilorLuxottica SA |
204,892 | 38,762,580 | ||||||
|
Eurofins Scientific SE |
226,051 | 22,696,165 | ||||||
|
Hermes International |
49,402 | 74,173,100 | ||||||
|
L’Oreal SA |
112,993 | 48,264,578 | ||||||
|
Orange SA |
4,024,520 | 47,277,859 | ||||||
|
Pernod Ricard SA |
151,385 | 32,381,151 | ||||||
|
Sanofi |
778,505 | 81,402,047 | ||||||
|
Sartorius Stedim Biotech |
7,200 | 3,157,280 | ||||||
|
SEB SA |
63,809 | 9,684,291 | ||||||
|
Ubisoft Entertainment SA(b) |
77,535 | 4,449,306 | ||||||
|
|
|
|||||||
| 497,291,846 | ||||||||
| Germany — 3.9% | ||||||||
|
Beiersdorf AG |
358,671 | 35,674,677 | ||||||
|
Deutsche Boerse AG |
143,001 | 25,418,770 | ||||||
|
Deutsche Telekom AG, Registered |
3,638,198 | 68,685,450 | ||||||
| Security | Shares | Value | ||||||
|
Germany (continued) |
||||||||
|
Knorr-Bremse AG |
205,978 | $ | 20,884,035 | |||||
|
Merck KGaA |
240,491 | 52,739,261 | ||||||
|
Siemens Healthineers AG(c) |
416,667 | 26,775,961 | ||||||
|
Symrise AG |
529,509 | 63,275,993 | ||||||
|
Telefonica Deutschland Holding AG |
1,345,385 | 3,862,292 | ||||||
|
Uniper SE |
143,762 | 6,505,201 | ||||||
|
|
|
|||||||
| 303,821,640 | ||||||||
| Hong Kong — 8.4% | ||||||||
|
BOC Hong Kong Holdings Ltd. |
5,335,500 | 20,602,165 | ||||||
|
CK Infrastructure Holdings Ltd. |
4,857,000 | 29,930,619 | ||||||
|
CLP Holdings Ltd. |
8,947,500 | 89,542,134 | ||||||
|
Hang Seng Bank Ltd. |
3,976,900 | 78,733,888 | ||||||
|
HK Electric Investments & HK Electric Investments Ltd., Class SS(a) |
25,109,000 | 24,989,687 | ||||||
|
HKT Trust & HKT Ltd., Class SS |
31,746,349 | 43,320,911 | ||||||
|
Hong Kong & China Gas Co. Ltd. |
64,631,799 | 99,614,297 | ||||||
|
Hong Kong Exchanges & Clearing Ltd. |
275,400 | 15,718,646 | ||||||
|
Jardine Matheson Holdings Ltd. |
637,200 | 37,634,908 | ||||||
|
Link REIT |
5,428,400 | 46,605,574 | ||||||
|
MTR Corp. Ltd.(a) |
13,718,748 | 74,257,189 | ||||||
|
Power Assets Holdings Ltd. |
13,034,500 | 80,091,887 | ||||||
|
Sun Hung Kai Properties Ltd. |
672,000 | 8,198,740 | ||||||
|
|
|
|||||||
| 649,240,645 | ||||||||
| Ireland — 0.8% | ||||||||
|
Kerry Group PLC, Class A |
506,392 | 63,804,157 | ||||||
|
|
|
|||||||
| Israel — 2.5% | ||||||||
|
Azrieli Group Ltd. |
66,699 | 6,030,605 | ||||||
|
Bank Hapoalim BM |
3,964,708 | 41,144,692 | ||||||
|
Bank Leumi Le-Israel BM |
5,880,792 | 63,071,444 | ||||||
|
Check Point Software Technologies Ltd.(b) |
286,231 | 34,636,813 | ||||||
|
Elbit Systems Ltd. |
32,075 | 5,343,147 | ||||||
|
ICL Group Ltd. |
1,836,025 | 16,604,123 | ||||||
|
Isracard Ltd. |
1 | 5 | ||||||
|
Mizrahi Tefahot Bank Ltd. |
577,562 | 22,327,077 | ||||||
|
|
|
|||||||
| 189,157,906 | ||||||||
| Italy — 2.6% | ||||||||
|
DiaSorin SpA |
189,644 | 29,235,770 | ||||||
|
Enel SpA |
1,303,168 | 10,029,960 | ||||||
|
Ferrari NV |
182,774 | 42,124,399 | ||||||
|
FinecoBank Banca Fineco SpA |
816,026 | 13,719,245 | ||||||
|
Infrastrutture Wireless Italiane SpA(c) |
2,127,649 | 22,941,172 | ||||||
|
Recordati Industria Chimica e Farmaceutica SpA |
555,121 | 31,098,154 | ||||||
|
Snam SpA |
6,336,496 | 35,507,691 | ||||||
|
Terna - Rete Elettrica Nazionale |
1,600,819 | 12,578,294 | ||||||
|
|
|
|||||||
| 197,234,685 | ||||||||
| Japan — 27.6% | ||||||||
|
Ajinomoto Co. Inc. |
922,900 | 25,750,283 | ||||||
|
ANA Holdings Inc.(b) |
664,300 | 14,028,515 | ||||||
|
Asahi Intecc Co. Ltd. |
325,300 | 5,549,937 | ||||||
|
Astellas Pharma Inc. |
253,200 | 4,086,791 | ||||||
|
Bandai Namco Holdings Inc. |
122,600 | 8,617,326 | ||||||
|
Bridgestone Corp. |
464,100 | 20,323,506 | ||||||
|
Canon Inc. |
2,249,900 | 53,211,770 | ||||||
|
Central Japan Railway Co. |
143,000 | 18,763,117 | ||||||
|
Chubu Electric Power Co. Inc. |
3,339,000 | 33,443,091 | ||||||
|
Chugai Pharmaceutical Co. Ltd. |
954,600 | 31,005,182 | ||||||
|
Cosmos Pharmaceutical Corp. |
124,100 | 15,498,193 | ||||||
|
East Japan Railway Co. |
718,600 | 41,034,131 | ||||||
| 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 EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Japan (continued) |
||||||||
|
Fast Retailing Co. Ltd. |
8,400 | $ | 4,943,104 | |||||
|
FUJIFILM Holdings Corp. |
497,400 | 33,343,704 | ||||||
|
GMO Payment Gateway Inc. |
28,300 | 2,483,376 | ||||||
|
Hamamatsu Photonics KK |
414,000 | 21,180,774 | ||||||
|
Hankyu Hanshin Holdings Inc. |
304,200 | 8,858,742 | ||||||
|
Hikari Tsushin Inc. |
49,600 | 5,955,212 | ||||||
|
Hirose Electric Co. Ltd. |
302,100 | 45,030,342 | ||||||
|
Hoya Corp. |
162,100 | 21,019,239 | ||||||
|
ITOCHU Corp. |
1,849,800 | 59,427,532 | ||||||
|
Itochu Techno-Solutions Corp. |
293,100 | 7,995,802 | ||||||
|
Japan Airlines Co. Ltd.(b) |
184,300 | 3,488,353 | ||||||
|
Japan Exchange Group Inc. |
742,200 | 15,267,680 | ||||||
|
Japan Post Bank Co. Ltd. |
3,771,100 | 37,099,162 | ||||||
|
Japan Post Holdings Co. Ltd. |
4,587,000 | 39,152,475 | ||||||
|
Japan Tobacco Inc. |
1,651,400 | 32,969,997 | ||||||
|
Kansai Paint Co. Ltd. |
238,500 | 4,950,733 | ||||||
|
Kao Corp. |
163,300 | 8,160,355 | ||||||
|
KDDI Corp. |
1,233,900 | 39,421,506 | ||||||
|
Keio Corp. |
390,600 | 17,569,424 | ||||||
|
Keisei Electric Railway Co. Ltd. |
191,300 | 5,398,703 | ||||||
|
Keyence Corp. |
120,400 | 61,755,858 | ||||||
|
Kintetsu Group Holdings Co. Ltd.(b) |
936,400 | 27,207,592 | ||||||
|
Kirin Holdings Co. Ltd. |
279,500 | 4,479,866 | ||||||
|
Kobayashi Pharmaceutical Co. Ltd. |
128,100 | 9,975,521 | ||||||
|
Koei Tecmo Holdings Co. Ltd. |
100,430 | 3,633,219 | ||||||
|
Kyowa Kirin Co. Ltd. |
216,800 | 5,403,693 | ||||||
|
Lawson Inc. |
467,400 | 20,485,712 | ||||||
|
Lion Corp. |
1,237,400 | 16,167,790 | ||||||
|
McDonald’s Holdings Co. Japan Ltd. |
743,000 | 32,447,124 | ||||||
|
MEIJI Holdings Co. Ltd. |
346,000 | 21,584,031 | ||||||
|
Mitsubishi Corp. |
932,100 | 31,647,051 | ||||||
|
Mitsubishi UFJ Financial Group Inc. |
4,438,400 | 26,902,384 | ||||||
|
Mizuho Financial Group Inc. |
5,187,920 | 70,275,567 | ||||||
|
MonotaRO Co. Ltd. |
1,111,600 | 18,264,471 | ||||||
|
MS&AD Insurance Group Holdings Inc. |
196,100 | 6,726,136 | ||||||
|
Murata Manufacturing Co. Ltd. |
171,500 | 12,893,930 | ||||||
|
NEC Corp. |
509,100 | 19,861,666 | ||||||
|
Nintendo Co. Ltd. |
62,200 | 30,480,574 | ||||||
|
Nippon Express Holdings Co., NVS |
69,700 | 4,130,682 | ||||||
|
Nippon Paint Holdings Co. Ltd. |
936,700 | 7,491,178 | ||||||
|
Nippon Prologis REIT Inc. |
19,239 | 60,030,238 | ||||||
|
Nippon Shinyaku Co. Ltd. |
52,400 | 3,425,430 | ||||||
|
Nippon Telegraph & Telephone Corp. |
2,354,300 | 67,374,730 | ||||||
|
Nissin Foods Holdings Co. Ltd. |
122,100 | 8,660,874 | ||||||
|
Nitori Holdings Co. Ltd. |
366,200 | 52,462,756 | ||||||
|
Nitto Denko Corp. |
51,600 | 4,017,556 | ||||||
|
Nomura Research Institute Ltd. |
254,000 | 8,891,493 | ||||||
|
Obic Co. Ltd. |
189,100 | 31,243,418 | ||||||
|
Odakyu Electric Railway Co. Ltd. |
706,000 | 12,475,553 | ||||||
|
Ono Pharmaceutical Co. Ltd. |
836,500 | 20,286,549 | ||||||
|
Oracle Corp. Japan |
68,000 | 5,085,757 | ||||||
|
Oriental Land Co. Ltd./Japan |
421,100 | 73,306,504 | ||||||
|
Osaka Gas Co. Ltd. |
1,788,200 | 30,410,817 | ||||||
|
Otsuka Corp. |
343,400 | 13,934,066 | ||||||
|
Pan Pacific International Holdings Corp. |
1,296,400 | 17,448,023 | ||||||
|
Rinnai Corp. |
213,600 | 19,075,547 | ||||||
|
Santen Pharmaceutical Co. Ltd. |
820,600 | 9,317,233 | ||||||
|
Secom Co. Ltd. |
591,300 | 41,635,823 | ||||||
|
Sekisui House Ltd. |
1,045,500 | 21,181,998 | ||||||
|
Seven & i Holdings Co. Ltd. |
675,900 | 34,375,351 | ||||||
| Security | Shares | Value | ||||||
|
Japan (continued) |
||||||||
|
SG Holdings Co. Ltd. |
2,225,500 | $ | 47,243,513 | |||||
|
Shimano Inc. |
147,800 | 33,142,982 | ||||||
|
Shionogi & Co. Ltd. |
289,300 | 16,487,976 | ||||||
|
Shizuoka Bank Ltd. (The) |
2,543,700 | 19,987,043 | ||||||
|
Softbank Corp. |
7,229,500 | 90,628,011 | ||||||
|
Sohgo Security Services Co. Ltd. |
300,800 | 10,909,276 | ||||||
|
Sony Group Corp.(a) |
41,100 | 4,597,794 | ||||||
|
Sumitomo Mitsui Financial Group Inc. |
295,700 | 10,651,395 | ||||||
|
Suntory Beverage & Food Ltd. |
963,800 | 37,008,659 | ||||||
|
Sysmex Corp. |
167,900 | 15,982,549 | ||||||
|
Takeda Pharmaceutical Co. Ltd. |
279,200 | 8,092,105 | ||||||
|
Tobu Railway Co. Ltd. |
818,500 | 19,171,888 | ||||||
|
Toho Co. Ltd./Tokyo |
225,200 | 8,723,723 | ||||||
|
Tokio Marine Holdings Inc. |
239,400 | 14,285,873 | ||||||
|
Tokyo Gas Co. Ltd. |
1,100,900 | 22,229,083 | ||||||
|
Tokyu Corp. |
292,600 | 3,888,019 | ||||||
|
Toyo Suisan Kaisha Ltd. |
96,900 | 3,970,261 | ||||||
|
Toyota Motor Corp. |
327,600 | 6,474,415 | ||||||
|
Tsuruha Holdings Inc. |
368,600 | 29,688,645 | ||||||
|
USS Co. Ltd. |
846,100 | 13,808,936 | ||||||
|
Welcia Holdings Co. Ltd. |
878,800 | 23,734,480 | ||||||
|
West Japan Railway Co. |
379,700 | 15,910,854 | ||||||
|
Yakult Honsha Co. Ltd. |
356,800 | 18,090,283 | ||||||
|
|
|
|||||||
| 2,126,189,581 | ||||||||
| Netherlands — 3.2% | ||||||||
|
Adyen NV(b)(c) |
4,891 | 9,952,683 | ||||||
|
Davide Campari-Milano NV |
461,177 | 5,790,215 | ||||||
|
Heineken NV |
150,662 | 16,157,993 | ||||||
|
Koninklijke Ahold Delhaize NV |
1,972,958 | 63,972,374 | ||||||
|
Koninklijke DSM NV |
167,160 | 31,335,882 | ||||||
|
Koninklijke KPN NV |
3,206,659 | 10,577,185 | ||||||
|
Prosus NV |
135,933 | 11,309,063 | ||||||
|
QIAGEN NV(b) |
1,242,289 | 61,409,132 | ||||||
|
Wolters Kluwer NV |
366,738 | 37,326,074 | ||||||
|
|
|
|||||||
| 247,830,601 | ||||||||
| New Zealand — 0.6% | ||||||||
|
Auckland International Airport Ltd.(b) |
2,265,295 | 10,753,116 | ||||||
|
Fisher & Paykel Healthcare Corp. Ltd. |
760,688 | 13,995,538 | ||||||
|
Meridian Energy Ltd. |
1,202,135 | 3,465,234 | ||||||
|
Spark New Zealand Ltd. |
5,587,922 | 15,971,015 | ||||||
|
|
|
|||||||
| 44,184,903 | ||||||||
| Norway — 0.3% | ||||||||
|
Telenor ASA |
1,354,409 | 22,383,688 | ||||||
|
|
|
|||||||
| Portugal — 0.6% | ||||||||
|
Jeronimo Martins SGPS SA |
1,906,848 | 45,823,553 | ||||||
|
|
|
|||||||
| Singapore — 4.2% | ||||||||
|
DBS Group Holdings Ltd. |
2,666,300 | 70,035,349 | ||||||
|
Oversea-Chinese Banking Corp. Ltd.(a) |
5,546,699 | 51,630,129 | ||||||
|
Singapore Exchange Ltd.(a) |
7,011,100 | 48,529,216 | ||||||
|
Singapore Technologies Engineering Ltd. |
13,535,500 | 37,621,346 | ||||||
|
Singapore Telecommunications Ltd. |
22,831,700 | 41,399,004 | ||||||
|
United Overseas Bank Ltd. |
2,935,200 | 65,597,782 | ||||||
|
Venture Corp. Ltd. |
839,300 | 10,996,288 | ||||||
|
|
|
|||||||
| 325,809,114 | ||||||||
| Spain — 1.2% | ||||||||
|
Aena SME SA(b)(c) |
73,799 | 11,924,634 | ||||||
|
Cellnex Telecom SA(c) |
128,501 | 5,826,953 | ||||||
|
Endesa SA |
779,328 | 17,448,045 | ||||||
|
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 EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Spain (continued) |
||||||||
|
Grifols SA |
812,769 | $ | 14,332,629 | |||||
|
Iberdrola SA |
1,517,189 | 17,394,663 | ||||||
|
Iberdrola SA |
25,417 | 290,115 | ||||||
|
Red Electrica Corp. SA |
1,370,745 | 27,631,778 | ||||||
|
|
|
|||||||
| 94,848,817 | ||||||||
| Sweden — 0.6% | ||||||||
|
Telefonaktiebolaget LM Ericsson, Class B |
2,099,739 | 26,217,537 | ||||||
|
Telia Co. AB |
5,200,819 | 20,498,482 | ||||||
|
|
|
|||||||
| 46,716,019 | ||||||||
| Switzerland — 14.9% | ||||||||
|
Alcon Inc. |
67,122 | 5,175,684 | ||||||
|
Bachem Holding AG, Class B, Registered |
5,089 | 3,035,646 | ||||||
|
Barry Callebaut AG, Registered |
12,422 | 28,516,288 | ||||||
|
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
5,609 | 65,094,425 | ||||||
|
EMS-Chemie Holding AG, Registered |
65,343 | 66,093,227 | ||||||
|
Geberit AG, Registered |
41,884 | 28,457,250 | ||||||
|
Givaudan SA, Registered |
24,624 | 102,015,373 | ||||||
|
Kuehne + Nagel International AG, Registered |
193,931 | 54,763,583 | ||||||
|
Logitech International SA, Registered |
350,402 | 29,444,113 | ||||||
|
Lonza Group AG, Registered |
41,770 | 28,797,987 | ||||||
|
Nestle SA, Registered |
913,485 | 117,965,886 | ||||||
|
Novartis AG, Registered |
1,259,047 | 109,397,952 | ||||||
|
Partners Group Holding AG |
21,824 | 30,426,969 | ||||||
|
Roche Holding AG, Bearer |
135,537 | 55,813,638 | ||||||
|
Roche Holding AG, NVS |
305,132 | 118,085,825 | ||||||
|
Schindler Holding AG, Participation Certificates, NVS |
101,053 | 25,362,680 | ||||||
|
Schindler Holding AG, Registered |
186,781 | 46,858,276 | ||||||
|
SGS SA, Registered |
20,795 | 59,298,435 | ||||||
|
Sonova Holding AG, Registered |
10,055 | 3,581,993 | ||||||
|
Swatch Group AG (The), Registered |
86,429 | 4,851,696 | ||||||
|
Swiss Prime Site AG, Registered |
373,273 | 36,907,905 | ||||||
|
Swisscom AG, Registered |
215,003 | 122,890,325 | ||||||
|
Zurich Insurance Group AG |
21,411 | 10,241,058 | ||||||
|
|
|
|||||||
| 1,153,076,214 | ||||||||
| United Kingdom — 9.7% | ||||||||
|
Admiral Group PLC |
1,274,461 | 54,191,004 | ||||||
|
AstraZeneca PLC |
538,925 | 62,692,033 | ||||||
|
Bunzl PLC |
429,608 | 16,091,812 | ||||||
|
Croda International PLC |
813,665 | 87,874,152 | ||||||
|
Diageo PLC |
147,890 | 7,462,730 | ||||||
|
GlaxoSmithKline PLC |
3,577,811 | 79,842,378 | ||||||
|
Halma PLC |
203,122 | 6,884,550 | ||||||
| Security | Shares | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Hikma Pharmaceuticals PLC |
676,569 | $ | 19,006,951 | |||||
|
HSBC Holdings PLC |
8,288,577 | 58,992,609 | ||||||
|
J Sainsbury PLC |
7,978,163 | 31,350,559 | ||||||
|
National Grid PLC |
6,392,459 | 93,540,318 | ||||||
|
Ocado Group PLC(b) |
373,673 | 7,613,802 | ||||||
|
Reckitt Benckiser Group PLC |
526,481 | 42,656,598 | ||||||
|
RELX PLC |
1,498,747 | 46,102,034 | ||||||
|
Rentokil Initial PLC |
685,447 | 4,800,003 | ||||||
|
Sage Group PLC (The) |
733,153 | 7,164,353 | ||||||
|
Severn Trent PLC |
452,414 | 17,564,645 | ||||||
|
Spirax-Sarco Engineering PLC |
30,935 | 5,576,210 | ||||||
|
Tesco PLC |
2,119,677 | 8,514,046 | ||||||
|
Unilever PLC |
1,458,545 | 74,796,883 | ||||||
|
United Utilities Group PLC |
845,464 | 12,196,555 | ||||||
|
|
|
|||||||
| 744,914,225 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.4% |
7,665,367,400 | |||||||
|
|
|
|||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 0.2% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f) |
11,944,389 | 11,947,972 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) |
1,370,000 | 1,370,000 | ||||||
|
|
|
|||||||
| 13,317,972 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 0.2% |
13,317,972 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 99.6% |
7,678,685,372 | |||||||
|
Other Assets, Less Liabilities — 0.4% |
32,764,453 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 7,711,449,825 | ||||||
|
|
|
|||||||
| (a) |
All or a portion of this security is on loan. |
| (b) |
Non-income producing security. |
| (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) |
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. |
| 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 EAFE Min Vol Factor 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 |
$ | 20,716,984 | $ | — | $ | (8,763,973 | )(a) | $ | 4,547 | $ | (9,586 | ) | $ | 11,947,972 | 11,944,389 | $ | 54,944 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,300,000 | — | (930,000 | )(a) | — | — | 1,370,000 | 1,370,000 | 53 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 4,547 | $ | (9,586 | ) | $ | 13,317,972 | $ | 54,997 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
75 | 03/10/22 | $ | 12,498 | $ | (241,037 | ) | |||||||||
|
SPI 200 Index |
68 | 03/17/22 | 8,289 | (402,797 | ) | |||||||||||
|
Euro STOXX 50 Index |
168 | 03/18/22 | 7,896 | 101,404 | ||||||||||||
|
FTSE 100 Index |
71 | 03/18/22 | 7,116 | 265,837 | ||||||||||||
|
2-Year U.S. Treasury Note |
42 | 03/31/22 | 9,097 | (76,702 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (353,295 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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 |
Interest Rate Contracts |
Total | ||||||||||
|
|
||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||
|
Futures contracts |
||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | 367,241 | $ | — | $ | 367,241 | ||||||
|
|
|
|
|
|
|
|||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||
|
Futures contracts |
||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | 643,834 | $ | 76,702 | $ | 720,536 | ||||||
|
|
|
|
|
|
|
|||||||
| (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). |
|
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 EAFE Min Vol Factor ETF |
For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||
|
Equity Contracts |
Interest Rate Contracts |
Total | ||||||||||
|
|
||||||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||
|
Futures contracts |
$ | 1,864,598 | $ | (86,434 | ) | $ | 1,778,164 | |||||
|
|
|
|
|
|
|
|||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
|
Futures contracts |
$ | 271,346 | $ | (76,702 | ) | $ | 194,644 | |||||
|
|
|
|
|
|
|
|||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 72,127,114 | ||
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 |
$ | 59,626,500 | $ | 7,605,740,900 | $ | — | $ | 7,665,367,400 | ||||||||
|
Money Market Funds |
13,317,972 | — | — | 13,317,972 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 72,944,472 | $ | 7,605,740,900 | $ | — | $ | 7,678,685,372 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative financial instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Futures Contracts |
$ | — | $ | 367,241 | $ | — | $ | 367,241 | ||||||||
|
Liabilities |
||||||||||||||||
|
Futures Contracts |
(76,702 | ) | (643,834 | ) | — | (720,536 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (76,702 | ) | $ | (276,593 | ) | $ | — | $ | (353,295 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See 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) January 31, 2022 |
iShares® MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.2% | ||||||||
|
Lockheed Martin Corp. |
110,055 | $ | 42,825,702 | |||||
|
Northrop Grumman Corp. |
67,847 | 25,096,605 | ||||||
|
|
|
|||||||
| 67,922,307 | ||||||||
| Air Freight & Logistics — 1.8% | ||||||||
|
CH Robinson Worldwide Inc. |
1,785,048 | 186,805,273 | ||||||
|
Expeditors International of Washington Inc. |
2,302,412 | 263,580,126 | ||||||
|
United Parcel Service Inc., Class B |
306,457 | 61,968,670 | ||||||
|
|
|
|||||||
| 512,354,069 | ||||||||
| Beverages — 1.5% | ||||||||
|
PepsiCo Inc. |
2,511,982 | 435,879,117 | ||||||
|
|
|
|||||||
| Biotechnology — 6.4% | ||||||||
|
Amgen Inc. |
548,019 | 124,477,036 | ||||||
|
BioMarin Pharmaceutical Inc.(a) |
1,202,296 | 106,559,495 | ||||||
|
Gilead Sciences Inc. |
5,684,427 | 390,406,446 | ||||||
|
Horizon Therapeutics PLC(a) |
943,921 | 88,096,147 | ||||||
|
Incyte Corp.(a) |
1,553,402 | 115,464,371 | ||||||
|
Neurocrine Biosciences Inc.(a) |
545,957 | 43,141,522 | ||||||
|
Regeneron Pharmaceuticals Inc.(a) |
659,355 | 401,276,859 | ||||||
|
Seagen Inc.(a)(b) |
954,947 | 128,449,921 | ||||||
|
Vertex Pharmaceuticals Inc.(a) |
1,716,280 | 417,141,854 | ||||||
|
|
|
|||||||
| 1,815,013,651 | ||||||||
| Capital Markets — 2.1% | ||||||||
|
Cboe Global Markets Inc. |
1,099,211 | 130,289,480 | ||||||
|
CME Group Inc. |
753,292 | 172,880,514 | ||||||
|
Intercontinental Exchange Inc. |
1,487,637 | 188,424,102 | ||||||
|
MarketAxess Holdings Inc. |
106,820 | 36,797,354 | ||||||
|
Tradeweb Markets Inc., Class A |
846,785 | 71,781,964 | ||||||
|
|
|
|||||||
| 600,173,414 | ||||||||
| Chemicals — 0.4% | ||||||||
|
Air Products and Chemicals Inc. |
302,821 | 85,431,861 | ||||||
|
Linde PLC |
69,683 | 22,206,578 | ||||||
|
|
|
|||||||
| 107,638,439 | ||||||||
| Commercial Services & Supplies — 4.3% | ||||||||
|
Republic Services Inc. |
3,020,225 | 385,561,924 | ||||||
|
Rollins Inc. |
2,369,239 | 73,091,023 | ||||||
|
Waste Connections Inc. |
2,894,342 | 360,924,447 | ||||||
|
Waste Management Inc. |
2,648,655 | 398,463,658 | ||||||
|
|
|
|||||||
| 1,218,041,052 | ||||||||
| Communications Equipment — 2.8% | ||||||||
|
Arista Networks Inc.(a) |
435,990 | 54,197,917 | ||||||
|
Cisco Systems Inc. |
7,234,373 | 402,737,545 | ||||||
|
Juniper Networks Inc. |
1,037,596 | 36,129,093 | ||||||
|
Motorola Solutions Inc. |
1,304,723 | 302,617,452 | ||||||
|
|
|
|||||||
| 795,682,007 | ||||||||
| Containers & Packaging — 0.1% | ||||||||
|
Amcor PLC |
1,369,479 | 16,447,443 | ||||||
|
Ball Corp. |
276,829 | 26,880,096 | ||||||
|
|
|
|||||||
| 43,327,539 | ||||||||
| Diversified Financial Services — 1.5% | ||||||||
|
Berkshire Hathaway Inc., Class B(a)(b) |
1,317,735 | 412,477,410 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 2.2% | ||||||||
|
AT&T Inc. |
6,995,515 | 178,385,632 | ||||||
|
Verizon Communications Inc. |
8,502,739 | 452,600,797 | ||||||
|
|
|
|||||||
| 630,986,429 | ||||||||
| Security | Shares | Value | ||||||
| Electric Utilities — 5.2% | ||||||||
|
Alliant Energy Corp. |
512,492 | $ | 30,677,771 | |||||
|
American Electric Power Co. Inc. |
1,305,218 | 117,991,707 | ||||||
|
Duke Energy Corp. |
2,719,008 | 285,658,981 | ||||||
|
Evergy Inc. |
296,888 | 19,285,844 | ||||||
|
Eversource Energy |
773,672 | 69,235,907 | ||||||
|
NextEra Energy Inc. |
4,899,239 | 382,728,551 | ||||||
|
Southern Co. (The) |
4,220,919 | 293,311,661 | ||||||
|
Xcel Energy Inc. |
3,846,657 | 267,958,127 | ||||||
|
|
|
|||||||
| 1,466,848,549 | ||||||||
| Electronic Equipment, Instruments & Components — 2.0% | ||||||||
|
Amphenol Corp., Class A |
2,739,943 | 218,072,063 | ||||||
|
Keysight Technologies Inc.(a) |
1,598,452 | 269,850,667 | ||||||
|
Zebra Technologies Corp., Class A(a) |
135,833 | 69,155,297 | ||||||
|
|
|
|||||||
| 557,078,027 | ||||||||
| Entertainment — 3.6% | ||||||||
|
Activision Blizzard Inc. |
3,264,732 | 257,946,475 | ||||||
|
Electronic Arts Inc. |
1,730,770 | 229,603,948 | ||||||
|
Netflix Inc.(a) |
393,471 | 168,067,203 | ||||||
|
Take-Two Interactive Software Inc.(a) |
1,105,843 | 180,628,396 | ||||||
|
Walt Disney Co. (The)(a) |
1,299,928 | 185,850,706 | ||||||
|
|
|
|||||||
| 1,022,096,728 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 2.8% | ||||||||
|
American Tower Corp. |
309,100 | 77,738,650 | ||||||
|
Crown Castle International Corp. |
945,536 | 172,569,776 | ||||||
|
Equinix Inc. |
35,899 | 26,023,185 | ||||||
|
Extra Space Storage Inc. |
237,550 | 47,080,035 | ||||||
|
Public Storage |
1,002,755 | 359,517,750 | ||||||
|
SBA Communications Corp. |
327,769 | 106,669,143 | ||||||
|
|
|
|||||||
| 789,598,539 | ||||||||
| Food & Staples Retailing — 3.0% | ||||||||
|
Costco Wholesale Corp. |
86,374 | 43,630,099 | ||||||
|
Kroger Co. (The) |
9,620,490 | 419,357,159 | ||||||
|
Walmart Inc. |
2,722,240 | 380,596,374 | ||||||
|
|
|
|||||||
| 843,583,632 | ||||||||
| Food Products — 3.7% | ||||||||
|
Campbell Soup Co. |
1,000,997 | 44,163,988 | ||||||
|
General Mills Inc. |
1,649,744 | 113,304,418 | ||||||
|
Hershey Co. (The) |
1,423,068 | 280,444,011 | ||||||
|
Hormel Foods Corp. |
4,040,514 | 191,803,200 | ||||||
|
JM Smucker Co. (The) |
550,675 | 77,413,891 | ||||||
|
Kellogg Co. |
1,805,744 | 113,761,872 | ||||||
|
McCormick & Co. Inc./MD, NVS |
874,843 | 87,755,501 | ||||||
|
Mondelez International Inc., Class A |
2,230,965 | 149,541,584 | ||||||
|
|
|
|||||||
| 1,058,188,465 | ||||||||
| Health Care Equipment & Supplies — 2.6% | ||||||||
|
Abbott Laboratories |
711,061 | 90,631,835 | ||||||
|
Baxter International Inc. |
1,807,695 | 154,449,461 | ||||||
|
Becton Dickinson and Co. |
820,978 | 208,643,349 | ||||||
|
Cooper Companies Inc. (The) |
216,571 | 86,260,229 | ||||||
|
Masimo Corp.(a) |
307,867 | 67,690,717 | ||||||
|
Medtronic PLC |
1,368,638 | 141,640,347 | ||||||
|
|
|
|||||||
| 749,315,938 | ||||||||
| Health Care Providers & Services — 1.0% | ||||||||
|
Humana Inc. |
63,955 | 25,102,337 | ||||||
|
Quest Diagnostics Inc. |
137,532 | 18,569,571 | ||||||
|
UnitedHealth Group Inc. |
526,936 | 249,014,146 | ||||||
|
|
|
|||||||
| 292,686,054 | ||||||||
| Health Care Technology — 0.2% | ||||||||
|
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) (continued) January 31, 2022 |
iShares® MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Technology (continued) | ||||||||
|
Cerner Corp. |
583,362 | $ | 53,202,614 | |||||
|
Veeva Systems Inc., Class A(a) |
78,020 | 18,454,851 | ||||||
|
|
|
|||||||
| 71,657,465 | ||||||||
| Hotels, Restaurants & Leisure — 2.4% | ||||||||
|
Domino’s Pizza Inc. |
309,329 | 140,636,430 | ||||||
|
McDonald’s Corp. |
1,355,679 | 351,730,917 | ||||||
|
Starbucks Corp. |
1,804,194 | 177,388,354 | ||||||
|
|
|
|||||||
| 669,755,701 | ||||||||
| Household Durables — 0.3% | ||||||||
|
Garmin Ltd. |
633,590 | 78,831,268 | ||||||
|
|
|
|||||||
| Household Products — 3.0% | ||||||||
|
Church & Dwight Co. Inc. |
1,153,919 | 118,449,786 | ||||||
|
Clorox Co. (The) |
1,077,080 | 180,798,649 | ||||||
|
Colgate-Palmolive Co. |
1,175,660 | 96,933,167 | ||||||
|
Kimberly-Clark Corp. |
583,779 | 80,357,179 | ||||||
|
Procter & Gamble Co. (The) |
2,323,245 | 372,764,660 | ||||||
|
|
|
|||||||
| 849,303,441 | ||||||||
| Industrial Conglomerates — 0.5% | ||||||||
|
3M Co. |
509,353 | 84,562,785 | ||||||
|
Honeywell International Inc. |
348,240 | 71,208,115 | ||||||
|
|
|
|||||||
| 155,770,900 | ||||||||
| Insurance — 3.7% | ||||||||
|
Aon PLC, Class A |
390,667 | 107,995,985 | ||||||
|
Arthur J Gallagher & Co. |
1,400,179 | 221,144,271 | ||||||
|
Brown & Brown Inc. |
2,517,999 | 166,892,974 | ||||||
|
Erie Indemnity Co., Class A, NVS |
344,313 | 63,388,023 | ||||||
|
Marsh & McLennan Companies Inc. |
1,623,768 | 249,475,716 | ||||||
|
Progressive Corp. (The)(b) |
1,304,787 | 141,778,155 | ||||||
|
Travelers Companies Inc. (The) |
93,081 | 15,468,201 | ||||||
|
Willis Towers Watson PLC |
302,160 | 70,693,354 | ||||||
|
|
|
|||||||
| 1,036,836,679 | ||||||||
| Interactive Media & Services — 1.4% | ||||||||
|
Alphabet Inc., Class C, NVS(a) |
138,016 | 374,571,283 | ||||||
|
Meta Platforms Inc, Class A(a) |
73,015 | 22,872,679 | ||||||
|
|
|
|||||||
| 397,443,962 | ||||||||
| Internet & Direct Marketing Retail — 0.7% | ||||||||
|
Amazon.com Inc.(a) |
66,040 | 197,556,679 | ||||||
|
eBay Inc. |
194,376 | 11,676,166 | ||||||
|
|
|
|||||||
| 209,232,845 | ||||||||
| IT Services — 10.4% | ||||||||
|
Accenture PLC, Class A |
1,175,046 | 415,472,765 | ||||||
|
Akamai Technologies Inc.(a)(b) |
1,461,528 | 167,418,032 | ||||||
|
Automatic Data Processing Inc. |
853,393 | 175,944,035 | ||||||
|
Broadridge Financial Solutions Inc. |
789,117 | 125,643,209 | ||||||
|
Cloudflare Inc., Class A(a) |
82,237 | 7,927,647 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
1,584,156 | 135,318,606 | ||||||
|
EPAM Systems Inc.(a) |
264,624 | 125,998,071 | ||||||
|
Fidelity National Information Services Inc. |
780,621 | 93,612,070 | ||||||
|
Fiserv Inc.(a)(b) |
1,126,056 | 119,024,119 | ||||||
|
International Business Machines Corp. |
620,103 | 82,827,158 | ||||||
|
Jack Henry & Associates Inc. |
1,003,337 | 168,369,982 | ||||||
|
Mastercard Inc., Class A |
607,947 | 234,898,562 | ||||||
|
Paychex Inc. |
3,163,033 | 372,478,766 | ||||||
|
VeriSign Inc.(a) |
1,057,501 | 229,668,067 | ||||||
|
Visa Inc., Class A |
1,747,478 | 395,227,099 | ||||||
|
Western Union Co. (The) |
5,498,510 | 103,976,824 | ||||||
|
|
|
|||||||
| 2,953,805,012 | ||||||||
| Security | Shares | Value | ||||||
| Leisure Products — 0.1% | ||||||||
|
Peloton Interactive Inc., Class A(a)(b) |
564,980 | $ | 15,440,903 | |||||
|
|
|
|||||||
| Life Sciences Tools & Services — 1.9% | ||||||||
|
Bio-Rad Laboratories Inc., Class A(a) |
149,774 | 89,823,961 | ||||||
|
Danaher Corp. |
1,187,044 | 339,245,305 | ||||||
|
Thermo Fisher Scientific Inc. |
127,966 | 74,386,636 | ||||||
|
West Pharmaceutical Services Inc. |
127,435 | 50,109,990 | ||||||
|
|
|
|||||||
| 553,565,892 | ||||||||
| Machinery — 0.1% | ||||||||
|
Otis Worldwide Corp. |
212,643 | 18,166,092 | ||||||
|
|
|
|||||||
| Media — 2.2% | ||||||||
|
Charter Communications Inc., Class A(a)(b) |
325,959 | 193,404,513 | ||||||
|
Comcast Corp., Class A |
2,972,782 | 148,609,372 | ||||||
|
Fox Corp., Class B |
501,143 | 18,632,497 | ||||||
|
Liberty Broadband Corp., Class C, NVS(a)(b) |
1,691,891 | 251,093,543 | ||||||
|
|
|
|||||||
| 611,739,925 | ||||||||
| Metals & Mining — 1.2% | ||||||||
|
Newmont Corp. |
5,727,724 | 350,364,877 | ||||||
|
|
|
|||||||
| Multi-Utilities — 2.6% | ||||||||
|
Ameren Corp. |
605,700 | 53,749,818 | ||||||
|
CMS Energy Corp. |
915,277 | 58,925,533 | ||||||
|
Consolidated Edison Inc. |
3,069,164 | 265,329,228 | ||||||
|
Dominion Energy Inc. |
1,279,618 | 103,213,988 | ||||||
|
WEC Energy Group Inc. |
2,529,903 | 245,501,787 | ||||||
|
|
|
|||||||
| 726,720,354 | ||||||||
| Multiline Retail — 2.1% | ||||||||
|
Dollar General Corp. |
1,071,015 | 223,285,207 | ||||||
|
Dollar Tree Inc.(a) |
563,464 | 73,937,746 | ||||||
|
Target Corp. |
1,326,795 | 292,465,422 | ||||||
|
|
|
|||||||
| 589,688,375 | ||||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
|
Cheniere Energy Inc. |
647,642 | 72,471,140 | ||||||
|
Coterra Energy Inc. |
1,076,776 | 23,581,394 | ||||||
|
|
|
|||||||
| 96,052,534 | ||||||||
| Pharmaceuticals — 5.6% | ||||||||
|
Bristol-Myers Squibb Co. |
1,346,319 | 87,362,640 | ||||||
|
Eli Lilly & Co. |
963,012 | 236,313,515 | ||||||
|
Johnson & Johnson |
2,682,748 | 462,210,653 | ||||||
|
Merck & Co. Inc. |
4,626,995 | 377,007,553 | ||||||
|
Pfizer Inc. |
5,831,467 | 307,259,996 | ||||||
|
Zoetis Inc. |
628,746 | 125,617,163 | ||||||
|
|
|
|||||||
| 1,595,771,520 | ||||||||
| Professional Services — 0.6% | ||||||||
|
Booz Allen Hamilton Holding Corp. |
905,622 | 69,488,376 | ||||||
|
Verisk Analytics Inc. |
486,667 | 95,449,999 | ||||||
|
|
|
|||||||
| 164,938,375 | ||||||||
| Road & Rail — 1.0% | ||||||||
|
AMERCO |
132,654 | 80,779,653 | ||||||
|
Old Dominion Freight Line Inc. |
701,201 | 211,713,618 | ||||||
|
|
|
|||||||
| 292,493,271 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.3% | ||||||||
|
Broadcom Inc. |
168,184 | 98,535,642 | ||||||
|
Intel Corp. |
526,935 | 25,724,966 | ||||||
|
Texas Instruments Inc. |
1,315,871 | 236,185,686 | ||||||
|
|
|
|||||||
| 360,446,294 | ||||||||
| Software — 7.1% | ||||||||
|
Adobe Inc.(a) |
649,347 | 346,946,102 | ||||||
| 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 USA Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
Black Knight Inc.(a) |
1,902,253 | $ | 141,908,074 | |||||
|
Citrix Systems Inc. |
1,683,624 | 171,628,631 | ||||||
|
Fortinet Inc.(a) |
131,188 | 38,994,321 | ||||||
|
Intuit Inc. |
160,216 | 88,956,730 | ||||||
|
Microsoft Corp. |
1,276,623 | 397,004,221 | ||||||
|
NortonLifeLock Inc. |
1,919,850 | 49,935,299 | ||||||
|
Oracle Corp. |
3,967,620 | 322,012,039 | ||||||
|
Palo Alto Networks Inc.(a)(b) |
89,733 | 46,427,854 | ||||||
|
Tyler Technologies Inc.(a)(b) |
553,504 | 262,250,195 | ||||||
|
VMware Inc., Class A |
120,728 | 15,511,133 | ||||||
|
Zoom Video Communications Inc., Class A(a) |
432,918 | 66,790,589 | ||||||
|
Zscaler Inc.(a) |
277,230 | 71,278,605 | ||||||
|
|
|
|||||||
| 2,019,643,793 | ||||||||
| Specialty Retail — 2.0% | ||||||||
|
AutoZone Inc.(a) |
101,898 | 202,405,092 | ||||||
|
Home Depot Inc. (The) |
644,492 | 236,515,674 | ||||||
|
O’Reilly Automotive Inc.(a) |
181,912 | 118,561,146 | ||||||
|
|
|
|||||||
| 557,481,912 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.3% | ||||||||
|
Apple Inc. |
496,833 | 86,836,472 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
|
Nike Inc., Class B |
296,495 | 43,902,015 | ||||||
|
|
|
|||||||
| Water Utilities — 0.1% | ||||||||
|
American Water Works Co. Inc. |
120,659 | 19,401,967 | ||||||
|
|
|
|||||||
| Wireless Telecommunication Services — 1.2% | ||||||||
|
T-Mobile U.S. Inc.(a) |
3,209,220 | 347,141,327 | ||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.7% |
28,291,324,537 | |||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
|
Short-Term Investments |
||||||||
| Money Market Funds — 1.3% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e) |
307,817,835 | $ | 307,910,181 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) |
46,060,000 | 46,060,000 | ||||||
|
|
|
|||||||
| 353,970,181 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 1.3% |
|
353,970,181 | ||||||
|
|
|
|||||||
|
Total
Investments in Securities — 101.0% |
|
28,645,294,718 | ||||||
|
Other Assets, Less Liabilities — (1.0)% |
(281,664,201 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 28,363,630,517 | ||||||
|
|
|
|||||||
| (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 Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 432,992,054 | $ | — | $ | (125,030,019 | )(a) | $ | (35,749 | ) | $ | (16,105 | ) | $ | 307,910,181 | 307,817,835 | $ | 187,949 | (b) | $ | — | ||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
50,790,000 | — | (4,730,000 | )(a) | — | — | 46,060,000 | 46,060,000 | 1,476 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| $ | (35,749 | ) | $ | (16,105 | ) | $ | 353,970,181 | $ | 189,425 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (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. |
|
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 USA Min Vol Factor ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
Dow Jones U.S. Real Estate Index |
100 | 03/18/22 | $ | 4,150 | $ | (78,625 | ) | |||||||||
|
S&P 500 E-Mini Index |
277 | 03/18/22 | 62,384 | (1,602,687 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (1,681,312 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | 1,681,312 | ||
|
|
|
|||
| (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 |
$ | 7,371,745 | ||
|
|
|
|||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
|
Futures contracts |
$ | (3,609,061 | ) | |
|
|
|
|||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||||||
|
|
Average notional value of contracts — long |
$ | 58,750,539 | |||||
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 |
$ | 28,291,324,537 | $ | — | $ | — | $ | 28,291,324,537 | ||||||||
|
Money Market Funds |
353,970,181 | — | — | 353,970,181 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 28,645,294,718 | $ | — | $ | — | $ | 28,645,294,718 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative financial instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Futures Contracts |
$ | (1,681,312 | ) | $ | — | $ | — | $ | (1,681,312 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 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) January 31, 2022 |
iShares® MSCI USA Small-Cap Min Vol Factor ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.5% | ||||||||
|
Aerojet Rocketdyne Holdings Inc. |
33,581 | $ | 1,295,891 | |||||
|
BWX Technologies Inc. |
40,371 | 1,796,913 | ||||||
|
National Presto Industries Inc. |
8,643 | 710,887 | ||||||
|
Parsons Corp.(a) |
11,567 | 352,215 | ||||||
|
|
|
|||||||
| 4,155,906 | ||||||||
| Air Freight & Logistics — 0.7% | ||||||||
|
Air Transport Services Group Inc.(a) |
29,585 | 794,357 | ||||||
|
Atlas Air Worldwide Holdings Inc.(a)(b) |
6,854 | 550,582 | ||||||
|
Forward Air Corp. |
15,867 | 1,686,662 | ||||||
|
Hub Group Inc., Class A(a) |
33,543 | 2,539,876 | ||||||
|
|
|
|||||||
| 5,571,477 | ||||||||
| Auto Components — 1.0% | ||||||||
|
Dorman Products Inc.(a) |
45,862 | 4,294,059 | ||||||
|
Gentex Corp. |
99,797 | 3,133,626 | ||||||
|
Standard Motor Products Inc. |
19,193 | 918,769 | ||||||
|
|
|
|||||||
| 8,346,454 | ||||||||
| Automobiles — 0.1% | ||||||||
|
Electric Last Mile Solutions Inc.(a)(b) |
86,316 | 449,706 | ||||||
|
|
|
|||||||
| Banks — 3.8% | ||||||||
|
Bank First Corp. |
11,330 | 792,987 | ||||||
|
Bank OZK |
12,245 | 573,678 | ||||||
|
CBTX Inc. |
27,604 | 812,386 | ||||||
|
Commerce Bancshares Inc. |
52,560 | 3,621,910 | ||||||
|
Community Bank System Inc. |
4,977 | 355,457 | ||||||
|
Eastern Bankshares Inc. |
269,638 | 5,740,593 | ||||||
|
First Hawaiian Inc. |
20,323 | 576,157 | ||||||
|
First Interstate BancSystem Inc., Class A |
15,641 | 574,807 | ||||||
|
German American Bancorp. Inc. |
41,128 | 1,628,669 | ||||||
|
HarborOne Bancorp Inc. |
80,788 | 1,147,190 | ||||||
|
Nicolet Bankshares Inc.(a)(b) |
16,360 | 1,522,952 | ||||||
|
Northwest Bancshares Inc. |
179,979 | 2,539,504 | ||||||
|
Origin Bancorp Inc. |
36,439 | 1,556,674 | ||||||
|
Park National Corp. |
24,823 | 3,362,523 | ||||||
|
Renasant Corp. |
14,065 | 517,311 | ||||||
|
UMB Financial Corp. |
19,138 | 1,884,136 | ||||||
|
Westamerica Bancorp |
43,327 | 2,516,432 | ||||||
|
|
|
|||||||
| 29,723,366 | ||||||||
| Biotechnology — 7.5% | ||||||||
|
2seventy bio Inc.(a)(b) |
35,830 | 668,946 | ||||||
|
Akero Therapeutics Inc.(a) |
24,720 | 433,094 | ||||||
|
Alkermes PLC(a) |
257,924 | 6,577,062 | ||||||
|
Allakos Inc.(a) |
19,397 | 131,124 | ||||||
|
Allogene Therapeutics Inc.(a) |
23,350 | 267,358 | ||||||
|
AnaptysBio Inc.(a) |
28,527 | 912,008 | ||||||
|
Annexon Inc.(a) |
29,547 | 221,603 | ||||||
|
Arcutis Biotherapeutics Inc.(a) |
40,023 | 604,748 | ||||||
|
Arena Pharmaceuticals Inc.(a) |
60,126 | 5,530,390 | ||||||
|
Blueprint Medicines Corp.(a) |
22,875 | |||||||