LOGO

  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


 

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of January 31, 2022
     
     6-Month  
  12-Month  
   

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

  3.44%   23.29%
   

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

  (8.41)     (1.21)
   

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

  (3.43)     7.03
   

Emerging market equities (MSCI Emerging Markets Index)

  (4.59)     (7.23)
   

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

  0.01     0.04
   

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

  (3.87)     (4.43)
   

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

  (3.17)     (2.97)
   

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

  (2.56)     (1.22)
   

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

  (1.55)     2.05
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     8  

Shareholder Expenses

     8  

Schedules of Investments

     9  

Financial Statements:

  

Statements of Assets and Liabilities

     27  

Statements of Operations

     28  

Statements of Changes in Net Assets

     29  

Financial Highlights

     31  

Notes to Financial Statements

     35  

Board Review and Approval of Investment Advisory Contract

     44  

Statement Regarding Liquidity Risk Management Program

     46  

Supplemental Information

     47  

General Information

     48  

Glossary of Terms Used in this Report

     49  

 

 

 

  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        

 

 

   

 

 

   
 

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  

 

 

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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
(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       $         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.

 

 

 

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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


About Fund Performance

 

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

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

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

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

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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%
(Cost: $5,045,963)

 

    4,842,272  
   

 

 

 

Total Investments in Securities — 99.7%
(Cost: $5,045,963)

 

    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%
(Cost: $7,266,316,233)

          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%
(Cost: $13,317,785)

      13,317,972  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $7,279,634,018)

      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%
(Cost: $24,038,392,565)

      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%
(Cost: $353,879,216)

 

    353,970,181  
   

 

 

 

Total Investments in Securities — 101.0%
(Cost: $24,392,271,781)

 

    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