LOGO

  JANUARY 31, 2022

 

 

 

  

   2022 Semi-Annual Report
(Unaudited)

 

iShares Trust

 

·  

iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

 

·  

iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

 

·  

iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

 

·  

iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

 

·  

iShares MSCI USA Momentum Factor ETF | MTUM | Cboe BZX

 

·  

iShares MSCI USA Quality Factor ETF | QUAL | Cboe BZX

 

·  

iShares MSCI USA Size Factor ETF | SIZE | NYSE Arca

 

·  

iShares MSCI USA Value Factor ETF | VLUE | 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  

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


Table of Contents

 

     

Page

 

The Markets in Review

   2

Fund Summary

   4

About Fund Performance

   12

Shareholder Expenses

   12

Schedules of Investments

   13

Financial Statements:

  

Statements of Assets and Liabilities

   60

Statements of Operations

   62

Statements of Changes in Net Assets

   64

Financial Highlights

   68

Notes to Financial Statements

   76

Statement Regarding Liquidity Risk Management Program

   87

Supplemental Information

   88

General Information

   89

Glossary of Terms Used in this Report

   90

 

 

  3


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

 

Investment Objective

The iShares MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum 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

    (3.78 )%      1.58     9.66     7.50        1.58     58.60     66.52

Fund Market

    (4.01     1.60       9.39       7.49          1.60       56.61       66.39  

Index

 

   

 

(4.53

 

 

   

 

0.69

 

 

 

   

 

9.62

 

 

 

   

 

7.61

 

 

 

            

 

0.69

 

 

 

   

 

58.25

 

 

 

   

 

67.70

 

 

 

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 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        $      962.20          $        1.48               $      1,000.00          $      1,023.70          $        1.53          0.30

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Financials

    24.8%  

Industrials

    16.4     

Consumer Discretionary

    13.6     

Information Technology

    12.0     

Health Care

    10.7     

Energy

    8.7     

Consumer Staples

    6.1     

Materials

    4.7     

Communication Services

    1.5     

Other (each representing less than 1%)

    1.5     

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of   

Total Investments(a)

 

 

 

Japan

    17.7%  

France

    14.2     

Canada

    14.0     

United Kingdom

    9.3     

Switzerland

    8.7     

Netherlands

    8.3     

Australia

    5.6     

Denmark

    4.9     

Germany

    4.5     

Sweden

    3.4     

 

 

 

 

 

4  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


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

 

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality 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

    (3.86 )%      8.74     10.83     8.04        8.74     67.23     72.58

Fund Market

    (3.93     8.94       10.73       8.06          8.94       66.44       72.75  

Index

 

   

 

(4.61

 

 

   

 

7.73

 

 

 

   

 

10.76

 

 

 

   

 

8.10

 

 

 

            

 

7.73

 

 

 

   

 

66.67

 

 

 

   

 

73.19

 

 

 

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 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        $      961.40          $        1.48               $      1,000.00          $      1,023.70          $        1.53          0.30

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Financials

    20.1%  

Industrials

    14.5     

Consumer Discretionary

    11.4     

Health Care

    10.9     

Consumer Staples

    9.6     

Information Technology

    9.0     

Materials

    8.7     

Energy

    5.1     

Communication Services

    4.7     

Utilities

    3.4     

Real Estate

    2.6     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region   Percent of   
Total Investments(a)
 

 

 

Switzerland

    13.7%  

Japan

    13.5     

United Kingdom

    13.3     

France

    10.1     

Australia

    8.6     

Canada

    7.9     

Netherlands

    5.9     

Hong Kong

    5.5     

Germany

    5.1     

Denmark

    4.6     

 

 

 

 

F U N D   S U M M A R Y

  5


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

 

Investment Objective

The iShares MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (4.69 )%      4.33     6.94     5.37        4.33     39.84     41.48

Fund Market

    (4.83     3.99       6.75       5.31          3.99       38.62       40.91  

Index

 

   

 

(5.30

 

 

   

 

3.51

 

 

 

   

 

6.85

 

 

 

   

 

5.30

 

 

 

            

 

3.51

 

 

 

   

 

39.25

 

 

 

   

 

40.79

 

 

 

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

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 12 for more information.

Expense Example

 

    

 

Actual

   

Hypothetical 5% Return

          
 

 

     

 

 

      
            Beginning
Account Value
      (08/01/21)
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
    $      1,000.00        $      953.10          $        1.48               $      1,000.00          $      1,023.70          $        1.53          0.30

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Industrials

    18.1%  

Financials

    16.0     

Consumer Discretionary

    10.5     

Materials

    9.7     

Consumer Staples

    8.4     

Health Care

    7.4     

Information Technology

    7.3     

Real Estate

    6.8     

Communication Services

    6.4     

Utilities

    5.6     

Energy

    3.8     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

 

 
Country/Geographic Region   Percent of   
Total Investments(a)
 

 

 

Japan

    28.6%  

Canada

    10.1     

United Kingdom

    9.3     

France

    7.3     

Australia

    7.2     

Germany

    6.0     

Switzerland

    4.3     

Hong Kong

    4.1     

Sweden

    4.0     

Netherlands

    3.2     

 

 

 

 

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 Intl Value Factor ETF

 

Investment Objective

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value 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

    3.95     18.50     5.85     3.74        18.50     32.85     27.59

Fund Market

    4.19       18.93       5.80       3.76          18.93       32.56       27.75  

Index

 

   

 

3.21

 

 

 

   

 

17.56

 

 

 

   

 

5.73

 

 

 

   

 

3.69

 

 

 

            

 

17.56

 

 

 

   

 

32.13

 

 

 

   

 

27.13

 

 

 

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 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        $      1,039.50          $        1.54               $      1,000.00          $      1,023.70          $        1.53          0.30

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Peracent of   
Total Investments(a)
 

 

 

Financials

    19.7%  

Industrials

    15.3     

Consumer Discretionary

    11.3     

Health Care

    11.2     

Consumer Staples

    10.0     

Information Technology

    9.3     

Materials

    8.1     

Energy

    5.0     

Communication Services

    4.5     

Utilities

    3.1     

Real Estate

    2.5     

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region   Percent of   
Total Investments(a)
 

 

 

Japan

    35.3%  

United Kingdom

    16.1     

France

    10.9     

Germany

    8.3     

Switzerland

    5.3     

Australia

    4.4     

Netherlands

    3.2     

Canada

    3.2     

Hong Kong

    2.5     

Italy

    2.4     

 

 

 

 

F U N D   S U M M A R Y

  7


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

 

Investment Objective

The iShares MSCI USA Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks exhibiting relatively higher price momentum, as represented by the MSCI USA Momentum SR Variant Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    (5.09 )%      1.49     17.43     15.50        1.49     123.32     255.22

Fund Market

    (5.10     1.51       17.43       15.50          1.51       123.33       255.19  

Index

 

   

 

(5.03

 

 

   

 

1.62

 

 

 

   

 

17.67

 

 

 

   

 

15.73

 

 

 

            

 

1.62

 

 

 

   

 

125.62

 

 

 

   

 

261.20

 

 

 

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through November 22, 2020 reflects the performance of the MSCI USA Momentum Index. Index performance beginning on November 23, 2020 reflects the performance of the MSCI USA Momentum SR Variant Index.

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 12 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        $      949.10          $        0.74               $      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 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Information Technology

    34.3%  

Financials

    25.4     

Health Care

    11.2     

Consumer Discretionary

    8.4     

Communication Services

    5.5     

Energy

    5.2     

Industrials

    4.3     

Consumer Staples

    3.2     

Materials

    1.3     

Real Estate

    1.2     

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

Microsoft Corp.

    5.2%  

Tesla Inc.

    4.8     

NVIDIA Corp.

    4.4     

JPMorgan Chase & Co.

    4.1     

Bank of America Corp.

    3.9     

Eli Lilly & Co.

    3.2     

Costco Wholesale Corp.

    3.1     

Accenture PLC, Class A

    2.9     

Adobe Inc.

    2.9     

Intuit Inc.

    2.7     

 

 

 

 

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

 

Investment Objective

The iShares MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics as identified through certain fundamental metrics, as represented by the MSCI USA Sector Neutral Quality 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

    (0.75 )%      21.60     16.11     14.25        21.60     111.02     212.30

Fund Market

    (0.81     21.55       16.10       14.25          21.55       110.93       212.20  

Index

 

   

 

(0.67

 

 

   

 

21.90

 

 

 

   

 

16.32

 

 

 

   

 

14.46

 

 

 

            

 

21.90

 

 

 

   

 

112.99

 

 

 

   

 

216.84

 

 

 

The inception date of the Fund was 7/16/13. The first day of secondary market trading was 7/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Quality Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Sector Neutral Quality Index.

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 12 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        $      992.50          $        0.75               $      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 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Information Technology

    29.9%  

Health Care

    12.8     

Consumer Discretionary

    11.7     

Communication Services

    10.5     

Financials

    10.4     

Industrials

    8.0     

Consumer Staples

    5.5     

Energy

    3.2     

Real Estate

    2.9     

Utilities

    2.7     

Materials

    2.4     

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

Meta Platforms Inc., Class A

    4.5%  

Johnson & Johnson

    4.3     

Nike Inc., Class B

    4.0     

Apple Inc.

    3.8     

Microsoft Corp.

    3.1     

Mastercard Inc., Class A

    2.9     

Costco Wholesale Corp.

    2.8     

NVIDIA Corp.

    2.7     

Target Corp.

    2.4     

Eli Lilly & Co.

    2.4     

 

 

 

 

F U N D   S U M M A R Y

  9


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

 

Investment Objective

The iShares MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI USA Low Size 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

    (0.71 )%      18.82     14.02     13.24        18.82     92.67     198.50

Fund Market

    (0.79     18.84       13.99       13.23          18.84       92.44       198.27  

Index

 

   

 

(0.65

 

 

   

 

18.98

 

 

 

   

 

14.18

 

 

 

   

 

13.41

 

 

 

            

 

18.98

 

 

 

   

 

94.07

 

 

 

   

 

202.19

 

 

 

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through December 2, 2018 reflects the performance of the MSCI USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI USA Low Size Index.

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 12 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        $      992.90          $        0.75               $ 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 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Information Technology

    17.5%  

Financials

    14.3     

Industrials

    13.1     

Health Care

    13.0     

Consumer Discretionary

    10.1     

Real Estate

    5.9     

Consumer Staples

    5.9     

Utilities

    5.7     

Communication Services

    5.4     

Materials

    5.2     

Energy

    3.9     

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

Apollo Global Management Inc.

    0.3%  

Fair Isaac Corp.

    0.2     

Halliburton Co.

    0.2     

Vertex Pharmaceuticals Inc.

    0.2     

Citrix Systems Inc.

    0.2     

Cerner Corp.

    0.2     

Activision Blizzard Inc.

    0.2     

Occidental Petroleum Corp.

    0.2     

NiSource Inc.

    0.2     

McCormick & Co. Inc./MD

    0.2     

 

 

 

 

 

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

 

Investment Objective

The iShares MSCI USA Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI USA Enhanced Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
     6 Months     1 Year     5 Years     Since
Inception
            1 Year     5 Years     Since
Inception
 

Fund NAV

    4.43     22.45     11.43     11.60        22.45     71.80     162.54

Fund Market

    4.33       22.35       11.41       11.59          22.35       71.66       162.37  

Index

    4.52       22.66       11.59       11.78                22.66       73.07       166.01  

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Value Weighted Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Enhanced Value Index.

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 12 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          $      1,044.30          $        0.77               $      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 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

 
Sector   Percent of   
Total Investments(a)
 

 

 

Information Technology

    30.0%  

Health Care

    13.3     

Consumer Discretionary

    11.9     

Communication Services

    10.6     

Financials

    10.4     

Industrials

    7.7     

Consumer Staples

    5.7     

Energy

    3.0     

Real Estate

    2.6     

Materials

    2.4     

Utilities

    2.4     

 

 

TEN LARGEST HOLDINGS

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

AT&T Inc.

    7.5%  

Intel Corp.

    6.0     

Micron Technology Inc.

    3.6     

Cisco Systems Inc.

    3.5     

Ford Motor Co.

    3.4     

General Motors Co.

    3.1     

International Business Machines Corp.

    2.8     

Pfizer Inc.

    2.5     

AbbVie Inc.

    2.1     

Citigroup Inc.

    2.1     

 

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  11


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® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Australia — 5.6%            

Aristocrat Leisure Ltd.

    53,995     $ 1,565,195  

AusNet Services Ltd.

    195,491       359,723  

Australia & New Zealand Banking Group Ltd.

    150,207       2,838,737  

Commonwealth Bank of Australia

    191,523       12,772,618  

Computershare Ltd.

    61,891       857,908  

Domino’s Pizza Enterprises Ltd.

    5,934       437,711  

Glencore PLC

    1,258,041       6,553,907  

IDP Education Ltd.

    25,266       528,119  

James Hardie Industries PLC

    36,297       1,221,584  

Macquarie Group Ltd.

    35,348       4,620,390  

National Australia Bank Ltd.

    250,368       4,830,962  

Reece Ltd.

    14,581       225,107  

SEEK Ltd.

    21,066       436,555  

South32 Ltd.

    476,735       1,311,639  

Sydney Airport(a)

    114,344       702,772  

Tabcorp Holdings Ltd.

    116,777       410,305  

Telstra Corp. Ltd.

    363,696       1,011,046  

Washington H Soul Pattinson & Co. Ltd.

    11,448       222,250  

Wesfarmers Ltd.

    60,034       2,240,019  

Westpac Banking Corp.

    208,788       3,011,335  

WiseTech Global Ltd.

    13,650       444,572  
   

 

 

 
          46,602,454  
Austria — 0.5%            

Erste Group Bank AG

    38,420       1,795,773  

OMV AG

    21,972       1,344,783  

Raiffeisen Bank International AG

    20,329       571,392  

Verbund AG

    7,475       791,678  
   

 

 

 
      4,503,626  
Belgium — 0.5%            

KBC Group NV

    26,779       2,328,952  

Sofina SA

    1,996       794,703  

UCB SA

    11,554       1,149,684  
   

 

 

 
      4,273,339  
Canada — 14.0%            

Bank of Montreal

    73,830       8,356,732  

Bank of Nova Scotia (The)

    93,089       6,705,132  

BlackBerry Ltd.(a)

    42,411       348,990  

Brookfield Asset Management Inc., Class A

    199,258       10,972,788  

Cameco Corp.

    56,196       1,092,399  

Canadian Imperial Bank of Commerce

    49,523       6,218,669  

Canadian National Railway Co.

    65,278       7,956,198  

Canadian Natural Resources Ltd.

    139,441       7,092,991  

Cenovus Energy Inc.

    189,210       2,752,227  

CGI Inc.(a)

    11,320       966,495  

Constellation Software Inc.

    2,324       4,002,714  

First Quantum Minerals Ltd.

    29,884       736,080  

FirstService Corp.

    3,072       489,843  

George Weston Ltd.

    10,380       1,131,948  

GFL Environmental Inc.

    17,322       569,065  

Gildan Activewear Inc.

    10,847       431,781  

Great-West Lifeco Inc.

    14,871       464,562  

iA Financial Corp. Inc.

    7,069       459,959  

IGM Financial Inc.

    8,335       292,838  

Imperial Oil Ltd.

    26,179       1,071,132  

Ivanhoe Mines Ltd., Class A(a)

    42,766       366,378  

Lightspeed Commerce Inc.(a)

    19,702       639,503  

Loblaw Companies Ltd.

    27,469       2,119,250  

National Bank of Canada

    32,157       2,572,762  
Security   Shares     Value  

 

 
Canada (continued)            

Nutrien Ltd.

    62,191     $ 4,343,561  

Nuvei Corp.(a)(b)

    11,490       700,256  

Power Corp. of Canada

    54,006       1,735,975  

RioCan REIT

    10,628       185,027  

Royal Bank of Canada

    127,426       14,528,459  

Shaw Communications Inc., Class B, NVS

    28,492       849,280  

Suncor Energy Inc.

    141,351       4,038,759  

Teck Resources Ltd., Class B

    44,778       1,382,987  

TFI International Inc.

    11,342       1,091,684  

Thomson Reuters Corp.

    23,462       2,518,683  

Toromont Industries Ltd.

    6,277       529,803  

Toronto-Dominion Bank (The)

    167,812       13,440,538  

Tourmaline Oil Corp.

    52,963       1,888,277  

WSP Global Inc.

    18,789       2,505,397  
   

 

 

 
          117,549,122  
Denmark — 4.9%            

AP Moller - Maersk A/S, Class A

    337       1,129,036  

AP Moller - Maersk A/S, Class B, NVS

    607       2,180,431  

Carlsberg A/S, Class B

    4,636       750,710  

Demant A/S(a)

    6,138       271,566  

DSV A/S

    14,327       2,910,969  

Novo Nordisk A/S, Class B

    330,797       32,903,798  

Pandora A/S

    7,936       862,958  
   

 

 

 
      41,009,468  
Finland — 1.0%            

Fortum OYJ

    40,120       1,092,055  

Kesko OYJ, Class B

    15,367       485,339  

Nokia OYJ(a)

    475,950       2,838,387  

Nordea Bank Abp

    288,638       3,428,350  

Wartsila OYJ Abp

    37,733       465,867  
   

 

 

 
      8,309,998  
France — 14.1%            

Airbus SE(a)

    36,664       4,681,744  

ArcelorMittal SA

    71,978       2,138,037  

AXA SA

    162,833       5,157,083  

BNP Paribas SA

    90,927       6,491,222  

Bollore SA

    92,783       500,119  

Bureau Veritas SA

    23,759       679,801  

Capgemini SE

    21,353       4,800,504  

Cie. de Saint-Gobain

    41,850       2,831,883  

CNP Assurances

    19,949       491,048  

Credit Agricole SA

    88,351       1,329,192  

Dassault Systemes SE

    95,084       4,598,107  

EssilorLuxottica SA

    37,048       7,008,942  

Eurazeo SE

    4,900       389,346  

Eurofins Scientific SE

    11,140       1,118,488  

Hermes International

    5,244       7,873,441  

La Francaise des Jeux SAEM(b)

    4,740       196,253  

Legrand SA

    24,309       2,474,001  

L’Oreal SA

    24,690       10,546,250  

LVMH Moet Hennessy Louis Vuitton SE

    26,078       21,419,875  

Pernod Ricard SA

    19,664       4,206,117  

Publicis Groupe SA

    19,357       1,311,647  

Sartorius Stedim Biotech

    2,277       998,490  

Schneider Electric SE

    39,891       6,757,348  

Societe Generale SA

    93,371       3,465,963  

Teleperformance

    4,040       1,521,420  

TotalEnergies SE

    209,179       11,895,470  

Veolia Environnement SA

    63,517       2,294,537  

 

 

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 Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
France (continued)            

Vivendi SE

    98,243     $ 1,287,511  

Wendel SE

    1,777       193,011  
   

 

 

 
        118,656,850  
Germany — 4.1%            

Bayerische Motoren Werke AG

    19,427       2,056,210  

Brenntag SE

    11,409       977,480  

Carl Zeiss Meditec AG, Bearer

    3,487       560,780  

Daimler AG, Registered

    74,609       5,953,330  

Daimler Truck Holding AG(a)

    36,749       1,295,545  

Deutsche Post AG, Registered

    68,995       4,152,160  

GEA Group AG

    11,719       553,666  

Infineon Technologies AG

    100,611       4,178,148  

KION Group AG

    4,233       391,355  

Merck KGaA

    20,360       4,464,913  

Nemetschek SE

    7,112       657,377  

Siemens AG, Registered

    38,461       6,106,495  

Siemens Healthineers AG(b)

    30,929       1,987,567  

Uniper SE

    11,221       507,748  

Volkswagen AG

    3,161       915,356  
   

 

 

 
      34,758,130  
Hong Kong — 0.2%            

Chow Tai Fook Jewellery Group Ltd.

    183,000       321,526  

Techtronic Industries Co. Ltd.

    91,500       1,509,758  
   

 

 

 
      1,831,284  
Ireland — 0.2%            

Kingspan Group PLC

    13,027       1,253,941  

Smurfit Kappa Group PLC

    14,606       769,818  
   

 

 

 
      2,023,759  
Israel — 1.1%            

Azrieli Group Ltd.

    5,903       533,721  

Bank Hapoalim BM

    129,556       1,344,498  

Bank Leumi Le-Israel BM

    260,810       2,797,185  

CyberArk Software Ltd.(a)

    3,417       468,642  

ICL Group Ltd.

    97,359       880,468  

Inmode Ltd.(a)

    10,031       483,795  

Israel Discount Bank Ltd., Class A

    176,605       1,184,286  

Kornit Digital Ltd.(a)

    6,181       649,376  

Mizrahi Tefahot Bank Ltd.

    18,630       720,188  
   

 

 

 
      9,062,159  
Italy — 2.1%            

Assicurazioni Generali SpA

    108,956       2,292,951  

Eni SpA

    310,488       4,663,900  

Intesa Sanpaolo SpA

    1,277,615       3,796,866  

Mediobanca Banca di Credito Finanziario SpA

    45,092       516,602  

Moncler SpA

    23,048       1,479,210  

Poste Italiane SpA(b)

    47,182       633,305  

Tenaris SA

    48,438       591,278  

UniCredit SpA

    204,612       3,251,983  
   

 

 

 
      17,226,095  
Japan — 17.7%            

AGC Inc.

    17,200       789,401  

Ajinomoto Co. Inc.

    84,900       2,368,836  

Asahi Group Holdings Ltd.

    40,100       1,636,910  

Benefit One Inc.

    15,100       459,241  

Bridgestone Corp.

    51,200       2,242,111  

Dai Nippon Printing Co. Ltd.

    21,000       504,108  

Daikin Industries Ltd.

    14,200       2,981,205  

Daito Trust Construction Co. Ltd.

    5,800       665,066  
Security   Shares     Value  

 

 
Japan (continued)            

Daiwa Securities Group Inc.

    112,000     $ 674,878  

Denso Corp.

    36,900       2,753,983  

Fuji Electric Co. Ltd.

    10,100       539,807  

FUJIFILM Holdings Corp.

    43,500       2,916,066  

Fujitsu Ltd.

    16,300       2,154,833  

Hamamatsu Photonics KK

    7,200       368,361  

Hitachi Ltd.

    101,000       5,249,576  

Hitachi Metals Ltd.(a)

    12,500       225,409  

Hoya Corp.

    40,200       5,212,667  

Ibiden Co. Ltd.

    9,400       525,275  

Idemitsu Kosan Co. Ltd.

    18,500       474,000  

Iida Group Holdings Co. Ltd.

    8,800       183,081  

Inpex Corp.

    103,600       1,047,343  

Isuzu Motors Ltd.

    58,100       711,725  

JFE Holdings Inc.

    55,400       711,715  

JSR Corp.

    21,800       722,630  

Keyence Corp.

    20,600       10,566,202  

Kikkoman Corp.

    18,300       1,383,259  

Koei Tecmo Holdings Co. Ltd.

    3,020       109,253  

Kurita Water Industries Ltd.

    8,800       357,839  

Lasertec Corp.

    9,400       2,108,771  

Marubeni Corp.

    124,200       1,278,010  

Mazda Motor Corp.(a)

    50,400       388,269  

Misumi Group Inc.

    36,300       1,177,640  

Mitsubishi Chemical Holdings Corp.

    121,900       956,206  

Mitsubishi Corp.

    139,700       4,743,153  

Mitsubishi UFJ Financial Group Inc.

    872,000       5,285,436  

Mitsui & Co. Ltd.

    139,300       3,473,497  

Nippon Sanso Holdings Corp.

    13,900       276,037  

Nippon Steel Corp.

    67,800       1,108,161  

Nippon Telegraph & Telephone Corp.

    139,000       3,977,865  

Nippon Yusen KK

    32,000       2,508,586  

Nissan Motor Co. Ltd.(a)

    135,800       718,733  

Nomura Real Estate Holdings Inc.

    6,300       147,526  

Nomura Research Institute Ltd.

    30,900       1,081,682  

NTT Data Corp.

    83,900       1,608,425  

Omron Corp.

    18,000       1,315,971  

Open House Group Co. Ltd.

    10,600       548,796  

ORIX Corp.

    135,100       2,786,724  

Panasonic Corp.

    116,700       1,284,809  

Persol Holdings Co. Ltd.

    20,500       529,224  

Recruit Holdings Co. Ltd.

    182,300       9,010,830  

Renesas Electronics Corp.(a)

    61,900       710,415  

Ricoh Co. Ltd.

    32,400       273,599  

Seiko Epson Corp.

    19,400       302,184  

Seven & i Holdings Co. Ltd.

    52,100       2,649,735  

Shimadzu Corp.

    19,100       689,161  

Shin-Etsu Chemical Co. Ltd.

    21,500       3,597,150  

Shionogi & Co. Ltd.

    28,800       1,641,389  

Sony Group Corp.

    103,900       11,623,134  

Sumitomo Chemical Co. Ltd.

    93,500       471,525  

Sysmex Corp.

    14,400       1,370,749  

Tokyo Electron Ltd.

    11,600       5,673,942  

Toshiba Corp.

    32,100       1,329,262  

Toyota Motor Corp.

    1,108,300       21,903,522  

Toyota Tsusho Corp.

    13,800       559,638  

Yamaha Motor Co. Ltd.

    29,200       695,354  
   

 

 

 
          148,339,890  
Netherlands — 8.3%            

Adyen NV(a)(b)

    1,977       4,022,992  

 

 

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 Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Netherlands (continued)            

Aegon NV

    137,886     $ 777,883  

ASM International NV

    9,209       3,164,032  

ASML Holding NV

    51,147       34,641,581  

CNH Industrial NV

    121,575       1,853,057  

Davide Campari-Milano NV

    48,412       607,827  

EXOR NV

    9,768       819,056  

IMCD NV

    11,206       1,927,655  

ING Groep NV

    425,311       6,289,967  

Koninklijke Ahold Delhaize NV

    97,866       3,173,266  

Koninklijke DSM NV

    19,804       3,712,466  

NN Group NV

    19,855       1,111,128  

Randstad NV

    6,409       416,929  

Stellantis NV

    216,048       4,171,643  

Wolters Kluwer NV

    27,200       2,768,377  
   

 

 

 
        69,457,859  
Norway — 0.9%            

Aker BP ASA

    13,697       474,590  

DNB Bank ASA

    73,612       1,751,980  

Equinor ASA

    111,132       3,063,667  

Mowi ASA

    46,978       1,153,024  

Norsk Hydro ASA

    168,937       1,298,333  
   

 

 

 
      7,741,594  
Portugal — 0.1%            

Jeronimo Martins SGPS SA

    30,943       743,593  
   

 

 

 
Singapore — 1.3%            

Capitaland Investment Ltd./Singapore(a)

    399,900       1,026,092  

DBS Group Holdings Ltd.

    150,100       3,942,657  

Oversea-Chinese Banking Corp. Ltd.

    188,700       1,756,469  

Sea Ltd., ADR(a)

    13,264       1,993,712  

Singapore Airlines Ltd.(a)

    87,000       324,519  

United Overseas Bank Ltd.

    74,300       1,660,505  
   

 

 

 
      10,703,954  
Spain — 1.5%            

Banco Bilbao Vizcaya Argentaria SA

    885,571       5,654,043  

Banco Santander SA

    1,252,217       4,391,027  

EDP Renovaveis SA

    24,630       517,758  

Repsol SA

    144,417       1,835,194  
   

 

 

 
      12,398,022  
Sweden — 3.4%            

Alfa Laval AB

    43,998       1,486,305  

Atlas Copco AB, Class A

    43,487       2,573,823  

Atlas Copco AB, Class B

    21,492       1,099,161  

Epiroc AB, Class A

    63,338       1,351,578  

Epiroc AB, Class B

    27,175       491,836  

EQT AB

    58,180       2,279,873  

Evolution AB(b)

    8,685       1,080,563  

Getinge AB, Class B

    31,774       1,242,223  

Hexagon AB, Class B

    167,295       2,256,487  

Investment AB Latour, Class B

    13,988       435,222  

Investor AB

    46,225       1,051,585  

Investor AB, Class B

    162,204       3,521,761  

Kinnevik AB, Class B(a)

    18,726       559,694  

Lifco AB, Class B

    32,542       762,792  

Lundin Energy AB

    19,632       798,392  

Nibe Industrier AB, Class B

    280,466       2,665,705  

Sagax AB, Class B

    30,933       902,940  

Sandvik AB

    52,458       1,381,456  

Sinch AB(a)(b)

    41,214       423,718  
Security   Shares     Value  

 

 
Sweden (continued)            

Skandinaviska Enskilda Banken AB, Class A

    177,089     $ 2,289,201  
   

 

 

 
      28,654,315  
Switzerland — 8.6%            

ABB Ltd., Registered

    82,113       2,847,004  

Bachem Holding AG, Class B, Registered

    1,074       640,653  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    153       1,775,619  

Chocoladefabriken Lindt & Spruengli AG, Registered

    14       1,612,043  

Cie. Financiere Richemont SA, Class A, Registered

    62,118       9,027,845  

Geberit AG, Registered

    3,758       2,553,298  

Kuehne + Nagel International AG, Registered

    4,782       1,350,374  

Lonza Group AG, Registered

    7,218       4,976,391  

Partners Group Holding AG

    3,127       4,359,656  

Roche Holding AG, Bearer

    3,705       1,525,705  

Roche Holding AG, NVS

    59,205       22,912,285  

Sika AG, Registered

    11,334       3,965,473  

Sonova Holding AG, Registered

    7,288       2,596,277  

Straumann Holding AG, Registered

    1,545       2,560,194  

Swiss Life Holding AG, Registered

    2,766       1,780,224  

UBS Group AG, Registered

    316,020       5,862,028  

VAT Group AG(b)

    5,281       2,153,631  
   

 

 

 
      72,498,700  
United Kingdom — 9.3%            

3i Group PLC

    53,198       990,749  

Ashtead Group PLC

    58,782       4,204,558  

Aviva PLC

    187,489       1,106,935  

Barclays PLC

    1,409,519       3,781,482  

BP PLC

    1,660,820       8,609,561  

Croda International PLC

    25,368       2,739,692  

Diageo PLC

    220,381       11,120,724  

Entain PLC(a)

    47,408       1,026,352  

Evraz PLC

    28,451       193,285  

Ferguson PLC

    18,018       2,834,059  

J Sainsbury PLC

    182,889       718,671  

Lloyds Banking Group PLC

    5,255,150       3,646,921  

Natwest Group PLC

    416,483       1,368,888  

RELX PLC

    199,796       6,145,802  

Schroders PLC

    5,956       273,087  

Segro PLC

    164,113       2,893,271  

Shell PLC

    760,502       19,536,318  

Spirax-Sarco Engineering PLC

    8,966       1,616,173  

St. James’s Place PLC

    53,523       1,104,845  

Tesco PLC

    755,803       3,035,812  

WPP PLC

    87,362       1,369,881  
   

 

 

 
      78,317,066  
   

 

 

 

Total Common Stocks — 99.4%
(Cost: $763,361,037)

 

      834,661,277  
   

 

 

 

Preferred Stocks

   
Germany — 0.3%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    4,547       393,525  

Porsche Automobil Holding SE, Preference Shares, NVS

    11,608       1,087,077  

Sartorius AG, Preference Shares, NVS

    2,149       1,160,196  
   

 

 

 
      2,640,798  
   

 

 

 

Total Preferred Stocks — 0.3%
(Cost: $2,151,381)

 

    2,640,798  
   

 

 

 

 

 

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 Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Short-Term Investments

   
Money Market Funds — 0.0%            

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

    330,000     $ 330,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $330,000)

 

    330,000  
   

 

 

 

Total Investments in Securities — 99.7%
(Cost: $765,842,418)

 

    837,632,075  

Other Assets, Less Liabilities — 0.3%

 

    2,286,953  
   

 

 

 

Net Assets — 100.0%

    $   839,919,028  
   

 

 

 
(a) 

Non-income producing security.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

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(a)

  $     $ 2 (b)     $     $ (2   $  —     $           $ 4,127 (c)    $             
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    300,000       30,000 (b)                        330,000       330,000       17          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (2   $     $ 330,000       $  4,144     $  —    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

As of period end, the entity is no longer held.

 
  (b) 

Represents net amount purchased (sold).

 
  (c) 

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

          

Mini TOPIX Index

    38        03/10/22      $ 633      $ (20,985

Euro STOXX 50 Index

    28        03/18/22        1,316        (14,502

FTSE 100 Index

    4        03/18/22        401        12,199  
          

 

 

 
           $ (23,288
          

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

 

Futures contracts

 

Unrealized appreciation on futures contracts(a)

  $ 12,199  
 

 

 

 

 

 

16  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® MSCI Intl Momentum Factor ETF

 

Derivative Financial Instruments Categorized by Risk Exposure (continued)

 

 

 
    Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

 

Futures contracts

 

Unrealized depreciation on futures contracts(a)

  $ 35,487  
 

 

 

 

 

  (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

  $ 59,464  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ (5,423
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 2,680,669  

 

 

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

     $ 124,052,235        $ 710,609,042      $        $ 834,661,277  

Preferred Stocks

                2,640,798                 2,640,798  

Money Market Funds

       330,000                          330,000  
    

 

 

      

 

 

    

 

 

      

 

 

 
     $ 124,382,235        $ 713,249,840      $        $ 837,632,075  
    

 

 

      

 

 

    

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

     $        $ 12,199      $        $ 12,199  

Liabilities

                 

Futures Contracts

                (35,487               (35,487
    

 

 

      

 

 

    

 

 

      

 

 

 
     $        $ (23,288    $        $ (23,288
    

 

 

      

 

 

    

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

January 31, 2022

  

iShares® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Australia — 8.6%            

Ampol Ltd.

    230,207     $ 4,876,476  

ASX Ltd.

    161,309       9,566,998  

BHP Group Ltd.(a)

    1,812,001       58,111,874  

BHP Group Ltd.

    1,348,392       42,561,711  

Brambles Ltd.

    675,111       4,638,044  

CSL Ltd.

    220,992       40,937,129  

Dexus

    581,084       4,230,240  

Evolution Mining Ltd.

    666,406       1,674,299  

Fortescue Metals Group Ltd.

    1,103,229       15,491,654  

Goodman Group

    1,448,761       23,921,544  

GPT Group (The)

    1,004,650       3,560,132  

Insurance Australia Group Ltd.

    1,572,259       4,742,521  

James Hardie Industries PLC

    266,420       8,966,426  

Magellan Financial Group Ltd.

    176,576       2,349,505  

Medibank Pvt Ltd.

    2,706,834       5,931,407  

Mirvac Group

    2,239,373       4,149,926  

Newcrest Mining Ltd.

    333,846       5,178,406  

REA Group Ltd.

    57,089       5,914,234  

Rio Tinto Ltd.

    293,691       23,350,099  

Rio Tinto PLC

    819,890       57,790,206  

Stockland

    1,262,876       3,640,149  

Washington H Soul Pattinson & Co. Ltd.

    208,990       4,057,312  

Wesfarmers Ltd.

    786,097       29,331,253  
   

 

 

 
          364,971,545  
Austria — 0.4%            

OMV AG

    175,319       10,730,290  

Verbund AG

    47,471       5,027,659  
   

 

 

 
      15,757,949  
Belgium — 0.3%            

Etablissements Franz Colruyt NV

    21,748       883,397  

Proximus SADP

    111,101       2,268,747  

Sofina SA

    16,926       6,739,051  

Umicore SA

    80,300       3,039,809  
   

 

 

 
      12,931,004  
Canada — 7.9%            

Algonquin Power & Utilities Corp.

    379,900       5,424,368  

Alimentation Couche-Tard Inc.

    314,361       12,679,297  

Canadian National Railway Co.

    363,193       44,266,602  

Canadian Pacific Railway Ltd.

    393,381       28,143,074  

Canadian Tire Corp. Ltd., Class A, NVS

    34,026       4,912,710  

CCL Industries Inc., Class B, NVS

    67,102       3,508,318  

CGI Inc.(b)

    111,322       9,504,603  

Constellation Software Inc.

    14,719       25,351,094  

Franco-Nevada Corp.

    79,223       10,474,775  

Great-West Lifeco Inc.

    200,302       6,257,320  

Hydro One Ltd.(c)

    165,637       4,279,211  

iA Financial Corp. Inc.

    81,601       5,309,538  

IGM Financial Inc.

    53,241       1,870,545  

Intact Financial Corp.

    142,748       19,341,138  

Keyera Corp.

    187,970       4,422,911  

Kirkland Lake Gold Ltd.

    146,024       5,500,239  

Magna International Inc.

    184,273       14,845,925  

Manulife Financial Corp.

    1,465,816       30,523,659  

Onex Corp.

    58,037       4,168,948  

Pembina Pipeline Corp.

    421,622       13,386,826  

Power Corp. of Canada

    357,334       11,486,187  

Ritchie Bros Auctioneers Inc.

    50,891       3,101,943  

Sun Life Financial Inc.

    450,297       25,502,011  
Security   Shares     Value  

 

 
Canada (continued)            

TC Energy Corp.

    605,413     $ 31,262,486  

TMX Group Ltd.

    42,854       4,359,400  

Toromont Industries Ltd.

    42,556       3,591,892  
   

 

 

 
          333,475,020  
Denmark — 4.6%            

Chr Hansen Holding A/S

    42,556       3,412,797  

Coloplast A/S, Class B

    75,338       10,955,822  

DSV A/S

    106,756       21,690,753  

GN Store Nord A/S

    58,517       3,541,095  

Novo Nordisk A/S, Class B

    1,093,809       108,799,264  

Novozymes A/S, Class B

    133,383       9,156,398  

Orsted A/S(c)

    94,385       10,056,249  

Pandora A/S

    93,608       10,178,909  

Rockwool International A/S, Class B

    4,384       1,679,116  

Vestas Wind Systems A/S

    594,863       16,097,226  
   

 

 

 
      195,567,629  
Finland — 1.8%            

Elisa OYJ

    135,835       7,979,194  

Fortum OYJ

    201,932       5,496,535  

Kone OYJ, Class B

    294,996       19,105,167  

Neste OYJ

    568,824       25,653,688  

Orion OYJ, Class B

    52,616       2,139,509  

Sampo OYJ, Class A

    360,399       17,887,619  
   

 

 

 
      78,261,712  
France — 10.0%            

Amundi SA(c)

    44,463       3,456,390  

AXA SA

    1,255,967       39,777,725  

Hermes International

    27,028       40,580,352  

Ipsen SA

    19,778       1,924,414  

Kering SA

    52,225       38,999,791  

La Francaise des Jeux SAEM(c)

    93,567       3,874,012  

L’Oreal SA

    93,490       39,933,938  

LVMH Moet Hennessy Louis Vuitton SE

    176,300       144,808,802  

Sartorius Stedim Biotech

    13,911       6,100,128  

TotalEnergies SE

    1,883,838       107,129,010  
   

 

 

 
      426,584,562  
Germany — 4.9%            

adidas AG

    118,884       32,623,813  

Allianz SE, Registered

    311,761       80,045,422  

Bechtle AG

    39,082       2,346,577  

Beiersdorf AG

    37,773       3,757,035  

Brenntag SE

    72,761       6,233,890  

Deutsche Boerse AG

    153,652       27,312,011  

Deutsche Post AG, Registered

    546,838       32,909,032  

Hannover Rueck SE

    44,054       8,887,548  

Henkel AG & Co. KGaA

    31,763       2,509,625  

Knorr-Bremse AG

    40,263       4,082,251  

LANXESS AG

    42,540       2,590,056  

Nemetschek SE

    32,060       2,963,374  

Rational AG

    3,219       2,698,540  
   

 

 

 
      208,959,174  
Hong Kong — 5.5%            

AIA Group Ltd.

    7,982,200       83,332,653  

Chow Tai Fook Jewellery Group Ltd.

    1,284,400       2,256,657  

CK Infrastructure Holdings Ltd.

    415,000       2,557,382  

CLP Holdings Ltd.

    1,084,500       10,853,137  

Hang Seng Bank Ltd.

    550,500       10,898,691  

Henderson Land Development Co. Ltd.

    795,000       3,476,689  

 

 

18  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Hong Kong (continued)            

HK Electric Investments & HK Electric Investments Ltd.,
Class SS

    1,959,000     $ 1,949,691  

Hong Kong & China Gas Co. Ltd.

    7,323,370       11,287,205  

Hong Kong Exchanges & Clearing Ltd.

    1,168,300       66,681,532  

Power Assets Holdings Ltd.

    990,000       6,083,161  

Sino Land Co. Ltd.

    1,452,000       1,881,347  

SITC International Holdings Co. Ltd.

    1,065,000       4,059,331  

Sun Hung Kai Properties Ltd.

    738,500       9,010,074  

Techtronic Industries Co. Ltd.

    888,500       14,660,331  

Xinyi Glass Holdings Ltd.

    1,225,000       3,247,432  
   

 

 

 
          232,235,313  
Ireland — 0.3%            

Kingspan Group PLC

    79,044       7,608,541  

Smurfit Kappa Group PLC

    90,984       4,795,369  
   

 

 

 
      12,403,910  
Israel — 0.7%            

Azrieli Group Ltd.

    24,870       2,248,627  

Bank Hapoalim BM

    680,609       7,063,180  

Bank Leumi Le-Israel BM

    936,185       10,040,576  

Check Point Software Technologies Ltd.(b)

    71,352       8,634,306  
   

 

 

 
      27,986,689  
Italy — 1.5%            

Assicurazioni Generali SpA

    697,093       14,670,145  

DiaSorin SpA

    13,483       2,078,557  

Ferrari NV

    103,755       23,912,684  

FinecoBank Banca Fineco SpA

    449,799       7,562,140  

Moncler SpA

    134,452       8,629,069  

Recordati Industria Chimica e Farmaceutica SpA

    44,957       2,518,514  

Snam SpA

    1,041,881       5,838,367  
   

 

 

 
      65,209,476  
Japan — 13.4%            

Advantest Corp.

    113,100       9,626,229  

Bandai Namco Holdings Inc.

    123,900       8,708,701  

Benefit One Inc.

    74,500       2,265,793  

Capcom Co. Ltd.

    196,000       4,731,585  

Chugai Pharmaceutical Co. Ltd.

    298,600       9,698,457  

Cosmos Pharmaceutical Corp.

    7,200       899,170  

CyberAgent Inc.

    426,100       4,968,414  

Daifuku Co. Ltd.

    41,700       2,895,012  

Daito Trust Construction Co. Ltd.

    65,300       7,487,726  

Daiwa House Industry Co. Ltd.

    354,500       10,345,431  

Disco Corp.

    13,100       3,601,893  

Hakuhodo DY Holdings Inc.

    140,900       2,158,269  

Hoya Corp.

    155,900       20,215,295  

Idemitsu Kosan Co. Ltd.

    156,300       4,004,662  

Inpex Corp.

    653,700       6,608,575  

Itochu Techno-Solutions Corp.

    38,700       1,055,740  

Japan Exchange Group Inc.

    456,700       9,394,704  

Japan Real Estate Investment Corp.

    663       3,645,801  

Japan Tobacco Inc.

    365,500       7,297,162  

Kakaku.com Inc.

    149,600       3,098,449  

Kao Corp.

    162,300       8,110,383  

KDDI Corp.

    1,215,500       38,833,649  

Kikkoman Corp.

    43,800       3,310,751  

Kobayashi Pharmaceutical Co. Ltd.

    16,700       1,300,478  

Kobe Bussan Co. Ltd.

    49,000       1,525,340  

Koei Tecmo Holdings Co. Ltd.

    41,190       1,490,116  

Koito Manufacturing Co. Ltd.

    51,200       2,570,777  

Konami Holdings Corp.

    69,700       3,757,513  
Security   Shares     Value  

 

 
Japan (continued)            

Lasertec Corp.

    60,900     $ 13,662,145  

M3 Inc.

    179,100       6,885,784  

Makita Corp.

    105,200       3,936,945  

MEIJI Holdings Co. Ltd.

    35,100       2,189,594  

Misumi Group Inc.

    133,900       4,343,967  

Miura Co. Ltd.

    33,600       992,044  

MonotaRO Co. Ltd.

    190,000       3,121,851  

MS&AD Insurance Group Holdings Inc.

    321,600       11,030,725  

Nihon M&A Center Holdings Inc.

    216,900       3,414,702  

Nintendo Co. Ltd.

    117,100       57,383,846  

Nippon Building Fund Inc.

    790       4,574,999  

Nippon Prologis REIT Inc.

    1,030       3,213,844  

Nippon Telegraph & Telephone Corp.

    758,400       21,703,689  

Nissan Chemical Corp.

    69,400       3,765,525  

Nitori Holdings Co. Ltd.

    50,900       7,292,065  

Nitto Denko Corp.

    49,400       3,846,265  

Nomura Research Institute Ltd.

    149,400       5,229,878  

Obic Co. Ltd.

    31,800       5,254,049  

Open House Group Co. Ltd.

    49,100       2,542,064  

Oracle Corp. Japan

    30,100       2,251,195  

Orix JREIT Inc.

    1,169       1,677,579  

Osaka Gas Co. Ltd.

    190,100       3,232,914  

Otsuka Corp.

    49,400       2,004,493  

Recruit Holdings Co. Ltd.

    646,600       31,960,518  

Rinnai Corp.

    18,800       1,678,934  

SCSK Corp.

    67,100       1,135,429  

Secom Co. Ltd.

    94,100       6,625,961  

Sekisui Chemical Co. Ltd.

    191,000       3,339,442  

Sekisui House Ltd.

    314,300       6,367,769  

SG Holdings Co. Ltd.

    178,600       3,791,369  

Shimadzu Corp.

    104,900       3,784,973  

Shimano Inc.

    48,100       10,786,045  

Shin-Etsu Chemical Co. Ltd.

    143,300       23,975,421  

Shionogi & Co. Ltd.

    92,100       5,249,024  

Sohgo Security Services Co. Ltd.

    23,100       837,780  

Sompo Holdings Inc.

    219,600       10,275,839  

Square Enix Holdings Co. Ltd.

    65,400       3,207,080  

T&D Holdings Inc.

    359,900       5,318,711  

Tokio Marine Holdings Inc.

    362,800       21,649,601  

Tokyo Electron Ltd.

    97,600       47,739,378  

Tosoh Corp.

    111,000       1,736,761  

Trend Micro Inc./Japan(b)

    68,900       3,655,324  

Tsuruha Holdings Inc.

    11,000       885,988  

Unicharm Corp.

    152,800       5,904,727  

USS Co. Ltd.

    132,800       2,167,388  

Welcia Holdings Co. Ltd.

    31,400       848,046  

Yamaha Corp.

    80,100       3,648,967  

Yamaha Motor Co. Ltd.

    178,200       4,243,567  

ZOZO Inc.

    125,400       3,341,586  
   

 

 

 
      571,311,865  
Netherlands — 5.9%            

Adyen NV(b)(c)

    12,192       24,809,470  

ASM International NV

    25,455       8,745,838  

ASML Holding NV

    252,023       170,693,786  

NN Group NV

    163,429       9,145,834  

Randstad NV

    61,070       3,972,827  

Universal Music Group NV

    624,219       15,411,424  

Wolters Kluwer NV

    170,122       17,314,776  
   

 

 

 
          250,093,955  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
New Zealand — 0.3%            

Fisher & Paykel Healthcare Corp. Ltd.

    350,913     $ 6,456,282  

Mercury NZ Ltd.

    351,252       1,291,386  

Meridian Energy Ltd.

    728,867       2,101,008  

Spark New Zealand Ltd.

    1,503,606       4,297,503  
   

 

 

 
      14,146,179  
Norway — 0.4%            

Aker BP ASA

    116,195       4,026,065  

Gjensidige Forsikring ASA

    199,763       4,879,508  

Mowi ASA

    139,856       3,432,613  

Orkla ASA

    278,844       2,664,744  
   

 

 

 
      15,002,930  
Singapore — 0.7%            

Ascendas REIT

    1,767,800       3,625,477  

Oversea-Chinese Banking Corp. Ltd.

    2,081,700       19,377,010  

Singapore Exchange Ltd.

    782,500       5,416,284  

Singapore Technologies Engineering Ltd.

    1,084,600       3,014,600  
   

 

 

 
      31,433,371  
Spain — 1.6%            

Enagas SA

    30,251       654,089  

Endesa SA

    275,973       6,178,643  

Iberdrola SA

    3,105,148       35,600,708  

Iberdrola SA

    49,315       562,892  

Industria de Diseno Textil SA

    783,807       23,772,393  

Red Electrica Corp. SA

    120,954       2,438,217  
   

 

 

 
      69,206,942  
Sweden — 3.8%            

Alfa Laval AB

    141,776       4,789,364  

Assa Abloy AB, Class B

    508,140       13,913,935  

Atlas Copco AB, Class A

    463,567       27,436,694  

Atlas Copco AB, Class B

    270,942       13,856,726  

Boliden AB

    138,626       5,613,317  

Electrolux AB, Class B

    163,426       3,400,435  

Epiroc AB, Class A

    446,417       9,526,149  

Epiroc AB, Class B

    256,871       4,649,069  

Evolution AB(c)

    111,493       13,871,638  

Husqvarna AB, Class B

    189,084       2,629,017  

Investment AB Latour, Class B

    70,855       2,204,580  

Lifco AB, Class B

    137,160       3,215,064  

Nibe Industrier AB, Class B

    741,812       7,050,594  

Sagax AB, Class B

    109,805       3,205,228  

Sandvik AB

    646,393       17,022,449  

Skanska AB, Class B

    203,416       4,980,206  

SKF AB, Class B

    199,325       4,369,628  

Volvo AB, Class A

    109,013       2,493,559  

Volvo AB, Class B

    771,681       17,414,076  
   

 

 

 
          161,641,728  
Switzerland — 13.7%            

ABB Ltd., Registered

    822,751       28,526,240  

Baloise Holding AG, Registered

    31,254       5,474,964  

EMS-Chemie Holding AG, Registered

    5,016       5,073,591  

Geberit AG, Registered

    29,883       20,303,410  

Givaudan SA, Registered

    4,144       17,168,279  

Kuehne + Nagel International AG, Registered

    42,891       12,111,858  

Logitech International SA, Registered

    137,798       11,579,100  

Nestle SA, Registered

    1,118,331       144,419,348  

Partners Group Holding AG

    27,099       37,781,362  

Roche Holding AG, Bearer

    19,824       8,163,450  

Roche Holding AG, NVS

    429,647       166,273,024  

Schindler Holding AG, Participation Certificates, NVS

    28,165       7,068,963  
Security   Shares     Value  

 

 
Switzerland (continued)            

Schindler Holding AG, Registered

    14,217     $ 3,566,659  

Straumann Holding AG, Registered

    5,916       9,803,306  

Swiss Re AG

    213,208       23,230,685  

Swisscom AG, Registered

    19,197       10,972,524  

Temenos AG, Registered

    39,553       4,741,011  

VAT Group AG(c)

    19,286       7,864,972  

Zurich Insurance Group AG

    116,500       55,722,910  
      579,845,656  
United Kingdom — 13.3%            

Abrdn PLC

    1,344,219       4,396,114  

Admiral Group PLC

    224,167       9,531,743  

Anglo American PLC

    804,666       35,474,086  

Ashtead Group PLC

    211,126       15,101,416  

Auto Trader Group PLC(c)

    1,074,926       9,740,587  

Aviva PLC

    2,380,491       14,054,415  

BAE Systems PLC

    1,573,627       12,314,817  

Barratt Developments PLC

    591,151       4,916,624  

Berkeley Group Holdings PLC

    67,901       3,875,109  

British Land Co. PLC (The)

    435,407       3,255,770  

Bunzl PLC

    195,592       7,326,283  

Burberry Group PLC

    229,728       5,827,956  

Croda International PLC

    64,002       6,912,085  

Diageo PLC

    1,047,917       52,879,314  

Experian PLC

    481,835       20,125,228  

Ferguson PLC

    150,355       23,649,400  

GlaxoSmithKline PLC

    2,090,629       46,654,446  

Halma PLC

    194,507       6,592,556  

Hargreaves Lansdown PLC

    448,661       8,145,764  

Hikma Pharmaceuticals PLC

    62,515       1,756,243  

Imperial Brands PLC

    396,143       9,392,492  

Intertek Group PLC

    107,755       7,819,829  

JD Sports Fashion PLC

    1,459,404       3,742,155  

Johnson Matthey PLC

    76,466       2,019,366  

London Stock Exchange Group PLC

    199,304       19,514,535  

Mondi PLC

    185,655       4,644,936  

National Grid PLC

    1,677,575       24,547,815  

Persimmon PLC

    264,709       8,624,084  

Prudential PLC

    2,863,041       48,258,623  

Reckitt Benckiser Group PLC

    382,091       30,957,817  

Sage Group PLC (The)

    535,708       5,234,925  

Schroders PLC

    110,064       5,046,523  

Segro PLC

    652,602       11,505,210  

Spirax-Sarco Engineering PLC

    44,515       8,024,082  

St. James’s Place PLC

    472,057       9,744,404  

Taylor Wimpey PLC

    2,200,390       4,514,225  

Unilever PLC

    1,324,299       67,912,500  
   

 

 

 
      564,033,477  
   

 

 

 

Total Common Stocks — 99.6%
(Cost: $3,705,437,656)

 

        4,231,060,086  
   

 

 

 

Preferred Stocks

   
Germany — 0.1%            

Fuchs Petrolub SE, Preference Shares, NVS

    37,109       1,603,671  

Henkel AG & Co. KGaA, Preference Shares, NVS

    51,833       4,239,342  
   

 

 

 
      5,843,013  
   

 

 

 

Total Preferred Stocks — 0.1%
(Cost: $6,711,536)

 

    5,843,013  
   

 

 

 

 

 

20  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Investments

   
Money Market Funds — 1.4%            

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

    60,273,375     $ 60,291,457  

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

    1,390,000       1,390,000  
   

 

 

 
      61,681,457  
   

 

 

 

Total Short-Term Investments — 1.4%
(Cost: $61,681,457)

 

    61,681,457  
   

 

 

 

Total Investments in Securities — 101.1%
(Cost: $3,773,830,649)

 

    4,298,584,556  

Other Assets, Less Liabilities — (1.1)%

 

    (48,654,877
   

 

 

 

Net Assets — 100.0%

    $ 4,249,929,679  
   

 

 

 

(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.

 

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

  $     $ 60,291,617 (a)    $     $ (160   $     $ 60,291,457       60,273,375     $ 42,424 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,880,000             (490,000 )(a)                  1,390,000       1,390,000       50        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (160   $     $ 61,681,457       $ 42,474     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

    16        03/10/22      $ 2,667      $ (104,758

SPI 200 Index

    16        03/17/22        1,950        (115,590

Euro STOXX 50 Index

    115        03/18/22        5,405        (68,666

FTSE 100 Index

    25        03/18/22        2,506        65,624  
          

 

 

 
           $ (223,390
          

 

 

 

 

 

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

  21


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® MSCI Intl Quality Factor ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

 

Futures contracts

 

Unrealized appreciation on futures contracts(a)

  $ 65,624  
 

 

 

 

Liabilities — Derivative Financial Instruments

 

Futures contracts

 

Unrealized depreciation on futures contracts(a)

  $ 289,014  
 

 

 

 

 

  (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

  $ 815,099  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ (99,393
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 18,515,309      

 

 

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

  $ 386,620,728      $ 3,844,439,358     $      $ 4,231,060,086  

Preferred Stocks

           5,843,013              5,843,013  

Money Market Funds

    61,681,457