
		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		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		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.

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)

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.

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)

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.

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)

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.

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)

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


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of January 31, 2022		iShares^® MSCI USA 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.

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)

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.

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)

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


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


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.

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)

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.


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)

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




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)

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)

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




	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		—			—		61,681,457


	$	448,302,185	$	3,850,282,371		$	—	$	4,298,584,556

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	65,624		$	—	$	65,624
Liabilities
Futures Contracts		—		(289,014	)		—		(289,014	)


	$	—	$	(223,390	)	$	—	$	(223,390	)

^(a)

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

See notes to financial statements.


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 7.2%
Ampol Ltd.		948	$	20,081
APA Group		2,949		20,000
Aristocrat Leisure Ltd.		555		16,088
ASX Ltd.		312		18,504
Aurizon Holdings Ltd.		8,187		20,483
AusNet Services Ltd.		11,847		21,800
Australia & New Zealand Banking Group Ltd.		891		16,839
BHP Group Ltd.^(a)		684		21,936
BHP Group Ltd.		699		22,064
BlueScope Steel Ltd.		1,236		16,200
Brambles Ltd.		2,808		19,291
Cochlear Ltd.		117		16,045
Coles Group Ltd.		1,512		17,371
Commonwealth Bank of Australia		273		18,206
Computershare Ltd.		1,512		20,959
Crown Resorts Ltd.^(b)		2,727		23,496
CSL Ltd.		84		15,560
Dexus		2,367		17,231
Domino’s Pizza Enterprises Ltd.		237		17,482
Endeavour Group Ltd./Australia		4,104		18,331
Evolution Mining Ltd.		6,948		17,456
Fortescue Metals Group Ltd.		1,701		23,886
Glencore PLC		3,339		17,395
Goodman Group		1,137		18,774
GPT Group (The)		4,938		17,499
IDP Education Ltd.		765		15,990
Insurance Australia Group Ltd.		5,736		17,302
James Hardie Industries PLC		531		17,871
Lendlease Corp. Ltd.		2,586		18,300
Macquarie Group Ltd.		132		17,254
Magellan Financial Group Ltd.		882		11,736
Medibank Pvt Ltd.		8,532		18,696
Mirvac Group		10,554		19,558
National Australia Bank Ltd.		945		18,234
Newcrest Mining Ltd.		1,038		16,101
Northern Star Resources Ltd.		2,697		16,074
Orica Ltd.		1,794		17,774
Origin Energy Ltd.		5,466		21,872
Qantas Airways Ltd.^(b)		5,415		18,534
QBE Insurance Group Ltd.		2,415		19,174
Ramsay Health Care Ltd.		426		19,006
REA Group Ltd.		168		17,404
Reece Ltd.		1,311		20,240
Rio Tinto Ltd.		303		24,090
Rio Tinto PLC		276		19,454
Santos Ltd.		8,451		43,047
Scentre Group		8,166		16,954
SEEK Ltd.		834		17,283
Sonic Healthcare Ltd.		729		19,632
South32 Ltd.		8,244		22,682
Stockland		5,895		16,992
Suncorp Group Ltd.		2,631		20,664
Sydney Airport^(b)		3,246		19,950
Tabcorp Holdings Ltd.		4,941		17,361
Telstra Corp. Ltd.		6,852		19,048
Transurban Group		1,818		16,061
Treasury Wine Estates Ltd.		2,613		19,640
Vicinity Centres		15,765		18,276


Security	Shares		Value


Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		891	$	17,298
Wesfarmers Ltd.		465		17,350
Westpac Banking Corp.		1,239		17,870
WiseTech Global Ltd.		498		16,219
Woodside Petroleum Ltd.		1,320		23,587
Woolworths Group Ltd.		666		16,247


				1,213,802

Austria — 0.5%
Erste Group Bank AG		378		17,668
OMV AG		309		18,912
Raiffeisen Bank International AG		570		16,021
Verbund AG		207		21,924
voestalpine AG		519		17,254


				91,779

Belgium — 1.2%
Ageas SA/NV		399		19,206
Anheuser-Busch InBev SA/NV		330		20,804
Elia Group SA/NV		165		22,266
Etablissements Franz Colruyt NV		390		15,842
Groupe Bruxelles Lambert SA		153		16,417
KBC Group NV		195		16,959
Proximus SADP		1,023		20,890
Sofina SA		51		20,305
Solvay SA		174		20,965
UCB SA		180		17,911
Umicore SA		411		15,559


				207,124

Canada — 10.1%
Agnico Eagle Mines Ltd.		384		18,340
Air Canada^(a)(b)		1,149		20,663
Algonquin Power & Utilities Corp.		1,272		18,162
Alimentation Couche-Tard Inc.		426		17,182
AltaGas Ltd.		969		19,904
Ballard Power Systems Inc.^(b)		1,389		14,489
Bank of Montreal		180		20,374
Bank of Nova Scotia (The)		255		18,367
Barrick Gold Corp.		1,002		19,178
Bausch Health Cos Inc.^(b)		705		17,332
BCE Inc.		396		20,685
BlackBerry Ltd.^(b)		2,079		17,108
Brookfield Asset Management Inc., Class A		279		15,364
Brookfield Renewable Corp., Class A		540		18,475
CAE Inc.^(b)		672		16,970
Cameco Corp.		813		15,804
Canadian Apartment Properties REIT		396		17,418
Canadian Imperial Bank of Commerce		150		18,836
Canadian National Railway Co.		153		18,648
Canadian Natural Resources Ltd.		483		24,569
Canadian Pacific Railway Ltd.		255		18,243
Canadian Tire Corp. Ltd., Class A, NVS		156		22,523
Canadian Utilities Ltd., Class A, NVS		681		19,785
Canopy Growth Corp.^(a)(b)		1,800		14,472
CCL Industries Inc., Class B, NVS		390		20,390
Cenovus Energy Inc.		1,635		23,782
CGI Inc.^(b)		243		20,747
Constellation Software Inc.		12		20,668
Dollarama Inc.		441		22,755
Emera Inc.		378		17,910
Empire Co. Ltd., Class A, NVS		669		20,641


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Canada (continued)
Enbridge Inc.		444	$	18,771
Fairfax Financial Holdings Ltd.		42		20,281
First Quantum Minerals Ltd.		987		24,311
FirstService Corp.		99		15,786
Fortis Inc.		423		20,093
Franco-Nevada Corp.		144		19,040
George Weston Ltd.		177		19,302
GFL Environmental Inc.		507		16,656
Gildan Activewear Inc.		513		20,421
Great-West Lifeco Inc.		588		18,369
Hydro One Ltd.^(c)		756		19,531
iA Financial Corp. Inc.		324		21,082
IGM Financial Inc.		480		16,864
Imperial Oil Ltd.		588		24,058
Intact Financial Corp.		153		20,730
Ivanhoe Mines Ltd., Class A^(b)		2,430		20,818
Keyera Corp.		804		18,918
Kinross Gold Corp.		2,607		14,090
Kirkland Lake Gold Ltd.		489		18,419
Lightspeed Commerce Inc.^(b)		345		11,198
Loblaw Companies Ltd.		246		18,979
Lundin Mining Corp.		2,646		22,044
Magna International Inc.		234		18,852
Manulife Financial Corp.		969		20,178
Metro Inc.		399		21,341
National Bank of Canada		243		19,442
Northland Power Inc.		597		17,288
Nutrien Ltd.		309		21,581
Nuvei Corp.^(b)(c)		213		12,981
Onex Corp.		279		20,041
Open Text Corp.		408		19,528
Pan American Silver Corp.		813		17,595
Parkland Corp.		711		18,906
Pembina Pipeline Corp.		549		17,431
Power Corp. of Canada		525		16,876
Quebecor Inc., Class B		750		17,736
Restaurant Brands International Inc.		375		20,975
RioCan REIT		1,086		18,907
Ritchie Bros Auctioneers Inc.		300		18,286
Rogers Communications Inc., Class B, NVS		378		19,171
Royal Bank of Canada		186		21,207
Saputo Inc.		774		17,347
Shaw Communications Inc., Class B, NVS		696		20,746
Shopify Inc., Class A^(b)		12		11,583
Sun Life Financial Inc.		357		20,218
Suncor Energy Inc.		717		20,487
TC Energy Corp.		420		21,688
Teck Resources Ltd., Class B		705		21,774
TELUS Corp.		906		21,318
TFI International Inc.		201		19,347
Thomson Reuters Corp.		162		17,391
TMX Group Ltd.		177		18,006
Toromont Industries Ltd.		246		20,763
Toronto-Dominion Bank (The)		261		20,904
Tourmaline Oil Corp.		597		21,285
West Fraser Timber Co. Ltd.		249		23,048
Wheaton Precious Metals Corp.		471		18,990
WSP Global Inc.		150		20,002


				1,702,764


Security	Shares		Value


Denmark — 1.7%
Ambu A/S, Class B		777	$	16,464
AP Moller - Maersk A/S, Class A		3		10,051
AP Moller - Maersk A/S, Class B, NVS		3		10,776
Carlsberg A/S, Class B		96		15,545
Chr Hansen Holding A/S		228		18,285
Coloplast A/S, Class B		114		16,578
Danske Bank A/S		1,032		20,032
Demant A/S^(b)		366		16,193
DSV A/S		81		16,458
Genmab A/S^(b)		48		16,345
GN Store Nord A/S		306		18,517
Novo Nordisk A/S, Class B		165		16,412
Novozymes A/S, Class B		267		18,329
Orsted A/S^(c)		153		16,301
Pandora A/S		150		16,311
Rockwool International A/S, Class B		45		17,236
Tryg A/S		810		19,194
Vestas Wind Systems A/S		576		15,587


				294,614

Finland — 1.4%
Elisa OYJ		354		20,795
Fortum OYJ		630		17,148
Kesko OYJ, Class B		621		19,613
Kone OYJ, Class B		291		18,846
Neste OYJ		399		17,995
Nokia OYJ^(b)		3,576		21,326
Nordea Bank Abp		1,638		19,456
Orion OYJ, Class B		441		17,932
Sampo OYJ, Class A		363		18,017
Stora Enso OYJ, Class R		1,056		21,497
UPM-Kymmene OYJ		552		20,118
Wartsila OYJ Abp		1,455		17,964


				230,707

France — 7.3%
Accor SA^(b)		621		22,823
Aeroports de Paris^(b)		138		18,727
Air Liquide SA		114		19,501
Airbus SE^(b)		153		19,537
Alstom SA		567		18,382
Amundi SA^(c)		234		18,190
ArcelorMittal SA		666		19,783
Arkema SA		156		23,067
AXA SA		645		20,428
BioMerieux		138		16,182
BNP Paribas SA		279		19,918
Bollore SA		3,516		18,952
Bouygues SA		507		17,880
Bureau Veritas SA		588		16,824
Capgemini SE		84		18,885
Carrefour SA		1,164		22,153
Cie. de Saint-Gobain		297		20,097
Cie. Generale des Etablissements Michelin SCA		120		20,079
CNP Assurances		867		21,341
Covivio		222		18,539
Credit Agricole SA		1,152		17,331
Danone SA		309		19,266
Dassault Aviation SA		204		24,244
Dassault Systemes SE		363		17,554
Edenred		414		17,782


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


France (continued)
Eiffage SA		183	$	19,228
Electricite de France SA		1,374		13,215
Engie SA		1,335		20,535
EssilorLuxottica SA		90		17,027
Eurazeo SE		219		17,401
Eurofins Scientific SE		171		17,169
Faurecia SE		351		15,559
Gecina SA		129		17,504
Getlink SE		1,413		22,290
Hermes International		9		13,513
Ipsen SA		213		20,725
Kering SA		24		17,922
Klepierre SA		789		20,986
La Francaise des Jeux SAEM^(c)		447		18,507
Legrand SA		177		18,014
L’Oreal SA		42		17,940
LVMH Moet Hennessy Louis Vuitton SE		21		17,249
Orange SA		1,518		17,833
Orpea SA		222		9,747
Pernod Ricard SA		78		16,684
Publicis Groupe SA		273		18,499
Remy Cointreau SA		99		20,645
Renault SA^(b)		450		17,884
Safran SA		153		18,524
Sanofi		186		19,449
Sartorius Stedim Biotech		33		14,471
Schneider Electric SE		102		17,278
SEB SA		120		18,212
Societe Generale SA		594		22,049
Sodexo SA		225		20,926
Teleperformance		51		19,206
Thales SA		192		17,712
TotalEnergies SE		393		22,349
Ubisoft Entertainment SA^(b)		429		24,618
Unibail-Rodamco-Westfield^(b)		249		18,973
Valeo		573		16,037
Veolia Environnement SA		543		19,616
Vinci SA		186		20,387
Vivendi SE		1,692		22,174
Wendel SE		144		15,641
Worldline SA/France^(b)(c)		369		17,886


				1,239,049

Germany — 5.5%
adidas AG		63		17,288
Allianz SE, Registered		87		22,338
Aroundtown SA		2,628		16,232
BASF SE		285		21,828
Bayer AG, Registered		303		18,408
Bayerische Motoren Werke AG		129		13,654
Bechtle AG		300		18,013
Beiersdorf AG		195		19,395
Brenntag SE		225		19,277
Carl Zeiss Meditec AG, Bearer		102		16,404
Commerzbank AG^(b)		2,733		23,600
Continental AG^(b)		162		15,706
Covestro AG^(c)		327		19,618
Daimler AG, Registered		162		12,927
Daimler Truck Holding AG^(b)		283		9,959
Delivery Hero SE^(b)(c)		141		10,884
Deutsche Bank AG, Registered^(b)		1,593		22,180


Security	Shares		Value


Germany (continued)
Deutsche Boerse AG		123	$	21,864
Deutsche Lufthansa AG, Registered^(b)		2,667		20,738
Deutsche Post AG, Registered		312		18,776
Deutsche Telekom AG, Registered		873		16,481
E.ON SE		1,383		19,075
Evonik Industries AG		582		18,987
Fresenius Medical Care AG & Co. KGaA		321		21,826
Fresenius SE & Co. KGaA		501		20,682
GEA Group AG		426		20,126
Hannover Rueck SE		114		22,999
HeidelbergCement AG		291		20,250
HelloFresh SE^(b)		204		13,583
Henkel AG & Co. KGaA		33		2,607
Infineon Technologies AG		402		16,694
KION Group AG		186		17,196
Knorr-Bremse AG		201		20,379
LANXESS AG		291		17,718
LEG Immobilien SE		129		17,113
Merck KGaA		66		14,474
MTU Aero Engines AG		87		18,513
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		72		22,794
Nemetschek SE		171		15,806
Puma SE		159		17,005
Rational AG		21		17,605
RWE AG		474		19,994
SAP SE		135		16,937
Scout24 SE^(c)		300		17,923
Siemens AG, Registered		111		17,624
Siemens Healthineers AG^(c)		261		16,772
Symrise AG		123		14,698
Telefonica Deutschland Holding AG		6,480		18,603
Uniper SE		426		19,276
United Internet AG, Registered		549		21,530
Volkswagen AG		12		3,475
Vonovia SE		309		17,599
Zalando SE^(b)(c)		225		17,858


				933,291

Hong Kong — 4.1%
AIA Group Ltd.		1,800		18,792
BOC Hong Kong Holdings Ltd.		6,000		23,168
Budweiser Brewing Co. APAC Ltd.^(c)		6,900		18,227
Chow Tai Fook Jewellery Group Ltd.		10,800		18,975
CK Asset Holdings Ltd.		3,000		20,026
CK Hutchison Holdings Ltd.		3,000		21,322
CK Infrastructure Holdings Ltd.		3,000		18,487
CLP Holdings Ltd.		3,000		30,022
ESR Cayman Ltd.^(b)(c)		6,600		22,379
Futu Holdings Ltd., ADR^(a)(b)		393		16,997
Galaxy Entertainment Group Ltd.^(b)		3,000		17,374
Hang Lung Properties Ltd.		9,000		19,230
Hang Seng Bank Ltd.		1,200		23,757
Henderson Land Development Co. Ltd.		3,464		15,149
HK Electric Investments & HK Electric Investments Ltd., Class SS		24,000		23,886
HKT Trust & HKT Ltd., Class SS		15,000		20,469
Hong Kong & China Gas Co. Ltd.		12,676		19,537
Hong Kong Exchanges & Clearing Ltd.		100		5,708
Hongkong Land Holdings Ltd.^(a)		3,600		19,497
Jardine Matheson Holdings Ltd.		300		17,719


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Hong Kong (continued)
Link REIT		2,400	$	20,605
Melco Resorts & Entertainment Ltd., ADR^(b)		2,028		21,416
MTR Corp. Ltd.		3,000		16,238
New World Development Co. Ltd.		6,000		24,494
Power Assets Holdings Ltd.		4,500		27,651
Sands China Ltd.^(b)		8,400		23,423
Sino Land Co. Ltd.		18,000		23,322
SITC International Holdings Co. Ltd.		6,000		22,869
Sun Hung Kai Properties Ltd.		1,500		18,301
Swire Pacific Ltd., Class A		3,000		18,174
Swire Properties Ltd.		7,800		20,793
WH Group Ltd.^(c)		31,500		21,074
Wharf Real Estate Investment Co. Ltd.		3,000		14,268
Xinyi Glass Holdings Ltd.		9,000		23,859


				687,208

Ireland — 0.6%
CRH PLC		438		21,983
Flutter Entertainment PLC, Class DI^(b)		129		19,626
Kerry Group PLC, Class A		153		19,278
Kingspan Group PLC		189		18,193
Smurfit Kappa Group PLC		384		20,239


				99,319

Israel — 1.6%
Azrieli Group Ltd.		189		17,089
Bank Hapoalim BM		1,949		20,226
Bank Leumi Le-Israel BM		1,960		21,021
Check Point Software Technologies Ltd.^(b)		183		22,145
CyberArk Software Ltd.^(b)		111		15,224
Elbit Systems Ltd.		129		21,489
Fiverr International Ltd.^(b)		132		11,261
ICL Group Ltd.		2,250		20,348
Inmode Ltd.^(b)		234		11,286
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		3,249		21,787
Kornit Digital Ltd.^(a)(b)		141		14,813
Mizrahi Tefahot Bank Ltd.		510		19,715
Nice Ltd.^(b)		69		17,662
Teva Pharmaceutical Industries Ltd., ADR^(b)		2,031		17,121
Wix.com Ltd.^(b)		126		16,553


				267,743

Italy — 2.3%
Amplifon SpA		405		17,215
Assicurazioni Generali SpA		912		19,193
Atlantia SpA^(b)		1,089		20,207
DiaSorin SpA		102		15,724
Enel SpA		2,490		19,165
Eni SpA		1,485		22,307
Ferrari NV		75		17,285
FinecoBank Banca Fineco SpA		366		6,153
Infrastrutture Wireless Italiane SpA^(c)		1,893		20,411
Intesa Sanpaolo SpA		5,880		17,474
Mediobanca Banca di Credito Finanziario SpA		1,557		17,838
Moncler SpA		267		17,136
Nexi SpA^(b)(c)		1,272		18,606
Poste Italiane SpA^(c)		1,320		17,718
Prysmian SpA		474		15,984
Recordati Industria Chimica e Farmaceutica SpA		327		18,319
Snam SpA		3,588		20,106
Telecom Italia SpA		53,157		25,052


Security	Shares		Value


Italy (continued)
Tenaris SA		1,629	$	19,885
Terna - Rete Elettrica Nazionale		2,781		21,851
UniCredit SpA		1,539		24,460


				392,089

Japan — 28.5%
Advantest Corp.		300		25,534
Aeon Co. Ltd.		900		20,508
AGC Inc.		300		13,769
Aisin Corp.		600		21,788
Ajinomoto Co. Inc.		600		16,741
ANA Holdings Inc.^(b)		900		19,006
Asahi Group Holdings Ltd.		600		24,492
Asahi Intecc Co. Ltd.		900		15,355
Asahi Kasei Corp.		2,400		23,707
Astellas Pharma Inc.		1,200		19,369
Azbil Corp.		600		23,567
Bandai Namco Holdings Inc.		300		21,086
Benefit One Inc.		600		18,248
Bridgestone Corp.		600		26,275
Brother Industries Ltd.		1,200		22,099
Canon Inc.		900		21,286
Capcom Co. Ltd.		900		21,727
Chiba Bank Ltd. (The)		3,900		25,212
Chubu Electric Power Co. Inc.		2,100		21,033
Chugai Pharmaceutical Co. Ltd.		600		19,488
Concordia Financial Group Ltd.		5,700		23,423
CyberAgent Inc.		1,200		13,992
Dai Nippon Printing Co. Ltd.		900		21,605
Daifuku Co. Ltd.		300		20,827
Dai-ichi Life Holdings Inc.		900		20,259
Daiichi Sankyo Co. Ltd.		900		20,223
Daito Trust Construction Co. Ltd.		300		34,400
Daiwa House Industry Co. Ltd.		600		17,510
Daiwa House REIT Investment Corp.		9		26,811
Daiwa Securities Group Inc.		3,900		23,500
Denso Corp.		300		22,390
Dentsu Group Inc.		600		20,779
East Japan Railway Co.		300		17,131
Eisai Co. Ltd.		300		15,026
ENEOS Holdings Inc.		5,750		22,900
Fuji Electric Co. Ltd.		300		16,034
FUJIFILM Holdings Corp.		300		20,111
GLP J-REIT		12		19,315
Hakuhodo DY Holdings Inc.		1,500		22,977
Hamamatsu Photonics KK		300		15,348
Hankyu Hanshin Holdings Inc.		600		17,473
Hino Motors Ltd.		2,400		20,862
Hitachi Construction Machinery Co. Ltd.		600		15,256
Hitachi Ltd.		300		15,593
Hitachi Metals Ltd.^(b)		1,200		21,639
Honda Motor Co. Ltd.		600		17,672
Hoshizaki Corp.		300		22,168
Hulic Co. Ltd.		2,400		23,198
Ibiden Co. Ltd.		300		16,764
Idemitsu Kosan Co. Ltd.		664		17,013
Iida Group Holdings Co. Ltd.		900		18,724
Inpex Corp.		2,700		27,296
Isuzu Motors Ltd.		1,500		18,375
Ito En Ltd.		300		16,159
ITOCHU Corp.		600		19,276


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Itochu Techno-Solutions Corp.		600	$	16,368
Japan Airlines Co. Ltd.^(b)		900		17,035
Japan Exchange Group Inc.		900		18,514
Japan Metropolitan Fund Invest		24		20,225
Japan Post Bank Co. Ltd.		2,700		26,562
Japan Post Holdings Co. Ltd.		3,000		25,607
Japan Post Insurance Co. Ltd.		1,500		26,301
Japan Real Estate Investment Corp.		3		16,497
Japan Tobacco Inc.		900		17,968
JFE Holdings Inc.		1,800		23,124
JSR Corp.		600		19,889
Kajima Corp.		2,100		25,363
Kakaku.com Inc.		600		12,427
Kansai Electric Power Co. Inc. (The)		2,700		25,486
Kansai Paint Co. Ltd.		900		18,682
Kao Corp.		300		14,991
KDDI Corp.		600		19,169
Keio Corp.		600		26,988
Keisei Electric Railway Co. Ltd.		600		16,933
Kikkoman Corp.		300		22,676
Kintetsu Group Holdings Co. Ltd.^(b)		600		17,433
Kirin Holdings Co. Ltd.		1,500		24,042
Kobayashi Pharmaceutical Co. Ltd.		300		23,362
Kobe Bussan Co. Ltd.		600		18,678
Koei Tecmo Holdings Co. Ltd.		350		12,662
Koito Manufacturing Co. Ltd.		300		15,063
Komatsu Ltd.		900		22,616
Konami Holdings Corp.		300		16,173
Kubota Corp.		900		19,301
Kurita Water Industries Ltd.		300		12,199
Kyocera Corp.		300		18,501
Kyowa Kirin Co. Ltd.		600		14,955
Lawson Inc.		600		26,297
Lion Corp.		1,500		19,599
Lixil Corp.		900		20,601
M3 Inc.		300		11,534
Makita Corp.		600		22,454
Marubeni Corp.		2,400		24,696
Mazda Motor Corp.^(b)		2,100		16,178
McDonald’s Holdings Co. Japan Ltd.		600		26,202
Medipal Holdings Corp.		1,200		21,594
MEIJI Holdings Co. Ltd.		300		18,714
Mercari Inc.^(b)		300		11,330
MinebeaMitsumi Inc.		900		22,024
Misumi Group Inc.		600		19,465
Mitsubishi Chemical Holdings Corp.		2,400		18,826
Mitsubishi Corp.		600		20,371
Mitsubishi Electric Corp.		1,500		18,785
Mitsubishi Estate Co. Ltd.		1,500		21,604
Mitsubishi Gas Chemical Co. Inc.		1,200		22,986
Mitsubishi HC Capital Inc.		4,500		23,241
Mitsubishi Heavy Industries Ltd.		900		24,443
Mitsubishi UFJ Financial Group Inc.		3,600		21,821
Mitsui & Co. Ltd.		900		22,442
Mitsui Chemicals Inc.		600		16,047
Mitsui Fudosan Co. Ltd.		900		19,294
Miura Co. Ltd.		600		17,715
Mizuho Financial Group Inc.		1,800		24,383
MonotaRO Co. Ltd.		900		14,788
MS&AD Insurance Group Holdings Inc.		600		20,580


Security	Shares		Value


Japan (continued)
Murata Manufacturing Co. Ltd.		300	$	22,555
NEC Corp.		500		19,507
Nexon Co. Ltd.		900		16,966
NGK Insulators Ltd.		1,200		20,277
Nidec Corp.		300		26,589
Nihon M&A Center Holdings Inc.		600		9,446
Nippon Building Fund Inc.		3		17,373
Nippon Express Holdings Co., NVS		300		17,779
Nippon Paint Holdings Co. Ltd.		1,800		14,395
Nippon Prologis REIT Inc.		6		18,721
Nippon Sanso Holdings Corp.		900		17,873
Nippon Shinyaku Co. Ltd.		300		19,611
Nippon Steel Corp.		1,200		19,613
Nippon Telegraph & Telephone Corp.		600		17,171
Nippon Yusen KK		300		23,518
Nissan Chemical Corp.		300		16,277
Nissan Motor Co. Ltd.^(b)		3,300		17,466
Nisshin Seifun Group Inc.		1,500		21,063
Nissin Foods Holdings Co. Ltd.		300		21,280
Nitto Denko Corp.		300		23,358
Nomura Holdings Inc.		5,100		22,529
Nomura Real Estate Holdings Inc.		900		21,075
Nomura Real Estate Master Fund Inc.		15		20,811
Nomura Research Institute Ltd.		660		23,104
NTT Data Corp.		900		17,254
Obayashi Corp.		3,600		29,168
Odakyu Electric Railway Co. Ltd.		1,200		21,205
Oji Holdings Corp.		4,800		25,551
Olympus Corp.		900		20,139
Omron Corp.		300		21,933
Ono Pharmaceutical Co. Ltd.		900		21,827
Open House Group Co. Ltd.		300		15,532
Oracle Corp. Japan		300		22,437
ORIX Corp.		900		18,564
Orix JREIT Inc.		15		21,526
Osaka Gas Co. Ltd.		1,500		25,510
Otsuka Corp.		600		24,346
Otsuka Holdings Co. Ltd.		600		20,470
Pan Pacific International Holdings Corp.		1,200		16,151
Panasonic Corp.		1,500		16,514
Persol Holdings Co. Ltd.		600		15,489
Pola Orbis Holdings Inc.		1,200		17,885
Rakuten Group Inc.^(b)		1,800		15,616
Recruit Holdings Co. Ltd.		300		14,829
Renesas Electronics Corp.^(b)		1,800		20,658
Resona Holdings Inc.		5,700		24,495
Ricoh Co. Ltd.		2,100		17,733
Rinnai Corp.		300		26,792
Rohm Co. Ltd.		300		25,271
Ryohin Keikaku Co. Ltd.		1,200		17,231
Santen Pharmaceutical Co. Ltd.		1,500		17,031
SBI Holdings Inc.		900		23,216
SCSK Corp.		1,200		20,306
Secom Co. Ltd.		300		21,124
Seiko Epson Corp.		1,200		18,692
Sekisui Chemical Co. Ltd.		1,200		20,981
Sekisui House Ltd.		900		18,234
Seven & i Holdings Co. Ltd.		600		30,515
SG Holdings Co. Ltd.		900		19,105
Sharp Corp./Japan		1,800		20,009


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Shimadzu Corp.		600	$	21,649
Shimizu Corp.		3,600		23,970
Shionogi & Co. Ltd.		300		17,098
Shiseido Co. Ltd.		300		15,133
Shizuoka Bank Ltd. (The)		3,000		23,572
Softbank Corp.		1,500		18,804
SoftBank Group Corp.		300		13,290
Sohgo Security Services Co. Ltd.		600		21,761
Sompo Holdings Inc.		600		28,076
Sony Group Corp.		300		33,561
Square Enix Holdings Co. Ltd.		300		14,711
Stanley Electric Co. Ltd.		900		21,037
Subaru Corp.		1,200		21,842
SUMCO Corp.		900		16,592
Sumitomo Chemical Co. Ltd.		3,900		19,668
Sumitomo Corp.		1,500		23,183
Sumitomo Dainippon Pharma Co. Ltd.		1,500		16,326
Sumitomo Electric Industries Ltd.		1,500		19,888
Sumitomo Metal Mining Co. Ltd.		600		27,714
Sumitomo Mitsui Financial Group Inc.		600		21,613
Sumitomo Mitsui Trust Holdings Inc.		600		20,749
Sumitomo Realty & Development Co. Ltd.		600		18,564
Suntory Beverage & Food Ltd.		600		23,039
Suzuki Motor Corp.		300		12,772
Sysmex Corp.		300		28,557
T&D Holdings Inc.		1,800		26,601
Taisei Corp.		600		19,669
Taisho Pharmaceutical Holdings Co. Ltd.		600		29,467
Takeda Pharmaceutical Co. Ltd.		651		18,868
TDK Corp.		600		21,669
Terumo Corp.		600		21,902
TIS Inc.		900		23,671
Tobu Railway Co. Ltd.		900		21,081
Toho Co. Ltd./Tokyo		600		23,243
Tokio Marine Holdings Inc.		300		17,902
Tokyo Century Corp.		300		14,805
Tokyo Electric Power Co. Holdings Inc.^(b)		8,400		22,380
Tokyo Gas Co. Ltd.		1,200		24,230
Tokyu Corp.		1,500		19,932
Toppan Inc.		1,200		22,826
Toray Industries Inc.		3,600		22,751
Toshiba Corp.		600		24,846
Tosoh Corp.		1,500		23,470
TOTO Ltd.		300		12,912
Toyo Suisan Kaisha Ltd.		600		24,584
Toyota Industries Corp.		300		23,403
Toyota Motor Corp.		900		17,787
Toyota Tsusho Corp.		300		12,166
Trend Micro Inc./Japan^(b)		300		15,916
Tsuruha Holdings Inc.		300		24,163
Unicharm Corp.		600		23,186
USS Co. Ltd.		2,400		39,170
Welcia Holdings Co. Ltd.		600		16,205
West Japan Railway Co.		600		25,142
Yakult Honsha Co. Ltd.		300		15,210
Yamaha Corp.		300		13,667
Yamaha Motor Co. Ltd.		900		21,432
Yamato Holdings Co. Ltd.		900		19,165
Yaskawa Electric Corp.		600		25,122
Yokogawa Electric Corp.		1,200		19,663


Security	Shares		Value


Japan (continued)
Z Holdings Corp.		2,700	$	13,712
ZOZO Inc.		600		15,988


				4,828,894

Netherlands — 3.2%
ABN AMRO Bank NV, CVA^(c)		1,242		19,933
Adyen NV^(b)(c)		6		12,209
Aegon NV		3,717		20,969
Akzo Nobel NV		177		18,321
Argenx SE^(b)		69		18,464
ASM International NV		51		17,523
ASML Holding NV		27		18,287
CNH Industrial NV		1,098		16,736
Davide Campari-Milano NV		1,392		17,477
Euronext NV^(c)		204		19,668
EXOR NV		219		18,363
Heineken Holding NV		168		14,729
Heineken NV		153		16,409
IMCD NV		93		15,998
ING Groep NV		1,335		19,743
InPost SA^(b)		1,800		14,613
JDE Peet’s NV		615		18,416
Just Eat Takeaway.com NV^(b)(c)		312		15,407
Koninklijke Ahold Delhaize NV		519		16,828
Koninklijke DSM NV		90		16,871
Koninklijke KPN NV		7,266		23,967
Koninklijke Philips NV		486		16,166
NN Group NV		369		20,650
Prosus NV		219		18,220
QIAGEN NV^(b)		330		16,313
Randstad NV		294		19,126
Stellantis NV		843		16,277
STMicroelectronics NV		441		20,736
Universal Music Group NV		696		17,184
Wolters Kluwer NV		183		18,625


				534,228

New Zealand — 0.7%
Auckland International Airport Ltd.^(b)		3,159		14,995
Fisher & Paykel Healthcare Corp. Ltd.		954		17,552
Mercury NZ Ltd.		5,154		18,949
Meridian Energy Ltd.		6,582		18,973
Ryman Healthcare Ltd.		2,295		15,007
Spark New Zealand Ltd.		6,342		18,126
Xero Ltd.^(b)		195		15,796


				119,398

Norway — 1.2%
Adevinta ASA^(b)		1,260		13,219
Aker BP ASA		639		22,141
DNB Bank ASA		732		17,422
Equinor ASA		783		21,586
Gjensidige Forsikring ASA		873		21,324
Mowi ASA		702		17,230
Norsk Hydro ASA		2,869		22,049
Orkla ASA		1,911		18,262
Schibsted ASA, Class A		171		5,066
Schibsted ASA, Class B		279		7,278
Telenor ASA		1,167		19,286
Yara International ASA		366		18,793


				203,656


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Portugal — 0.4%
EDP - Energias de Portugal SA		3,909	$	20,010
Galp Energia SGPS SA		1,926		21,237
Jeronimo Martins SGPS SA		960		23,070


				64,317

Singapore — 2.1%
Ascendas REIT		8,407		17,241
CapitaLand Integrated Commercial Trust^(a)		13,549		19,534
Capitaland Investment Ltd./Singapore^(b)		8,700		22,323
City Developments Ltd.		3,600		18,911
DBS Group Holdings Ltd.		900		23,640
Genting Singapore Ltd.		35,700		19,508
Keppel Corp. Ltd.		5,400		22,768
Mapletree Commercial Trust		13,800		18,472
Mapletree Logistics Trust		14,190		17,858
Oversea-Chinese Banking Corp. Ltd.		2,100		19,547
Sea Ltd., ADR^(b)		60		9,019
Singapore Airlines Ltd.^(b)		5,400		20,143
Singapore Exchange Ltd.		1,000		6,922
Singapore Technologies Engineering Ltd.		6,600		18,344
Singapore Telecommunications Ltd.		11,100		20,127
United Overseas Bank Ltd.		900		20,114
UOL Group Ltd.		4,200		22,776
Venture Corp. Ltd.		1,800		23,583
Wilmar International Ltd.		6,300		20,041


				360,871

Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		753		19,011
Aena SME SA^(b)(c)		123		19,875
Amadeus IT Group SA^(b)		288		19,803
Banco Bilbao Vizcaya Argentaria SA		3,246		20,724
Banco Santander SA		5,004		17,547
CaixaBank SA		6,870		22,103
Cellnex Telecom SA^(c)		396		17,957
EDP Renovaveis SA		825		17,343
Enagas SA		290		6,270
Endesa SA		930		20,821
Ferrovial SA		765		21,258
Grifols SA		957		16,876
Iberdrola SA		1,812		20,775
Iberdrola SA		8		96
Industria de Diseno Textil SA		612		18,562
Naturgy Energy Group SA		888		28,116
Red Electrica Corp. SA		352		7,096
Repsol SA		1,710		21,730
Siemens Gamesa Renewable Energy SA^(b)		867		18,760
Telefonica SA		4,428		20,641


				355,364

Sweden — 4.0%
Alfa Laval AB		411		13,884
Assa Abloy AB, Class B		702		19,222
Atlas Copco AB, Class A		198		11,719
Atlas Copco AB, Class B		129		6,597
Boliden AB		555		22,473
Electrolux AB, Class B		771		16,042
Embracer Group AB^(b)		2,220		22,274
Epiroc AB, Class A		672		14,340
Epiroc AB, Class B		111		2,009
EQT AB		330		12,932
Essity AB, Class B		579		16,322


Security	Shares		Value


Sweden (continued)
Evolution AB^(c)		126	$	15,677
Fastighets AB Balder, Class B^(b)		231		15,303
Getinge AB, Class B		435		17,007
H & M Hennes & Mauritz AB, Class B		1,098		21,862
Hexagon AB, Class B		1,314		17,723
Husqvarna AB, Class B		1,251		17,394
Industrivarden AB, Class A		291		9,199
Industrivarden AB, Class C		357		11,089
Investment AB Latour, Class B		519		16,148
Investor AB		339		7,712
Investor AB, Class B		600		13,027
Kinnevik AB, Class B^(b)		516		15,423
L E Lundbergforetagen AB, Class B		303		15,482
Lifco AB, Class B		684		16,033
Lundin Energy AB		495		20,131
Nibe Industrier AB, Class B		1,395		13,259
Sagax AB, Class B		486		14,186
Sandvik AB		780		20,541
Securitas AB, Class B		1,359		16,414
Sinch AB^(b)(c)		1,509		15,514
Skandinaviska Enskilda Banken AB, Class A		1,260		16,288
Skanska AB, Class B		744		18,215
SKF AB, Class B		738		16,179
Svenska Cellulosa AB SCA, Class B		1,434		24,971
Svenska Handelsbanken AB, Class A		1,449		15,443
Swedbank AB, Class A		798		15,623
Swedish Match AB		2,883		22,307
Tele2 AB, Class B		1,722		25,055
Telefonaktiebolaget LM Ericsson, Class B		1,878		23,449
Telia Co. AB		5,430		21,402
Volvo AB, Class B		543		12,254


				678,124

Switzerland — 4.3%
ABB Ltd., Registered		522		18,099
Adecco Group AG, Registered		429		20,435
Alcon Inc.		228		17,581
Bachem Holding AG, Class B, Registered		27		16,106
Baloise Holding AG, Registered		132		23,123
Barry Callebaut AG, Registered		9		20,661
Cie. Financiere Richemont SA, Class A, Registered		129		18,748
Clariant AG, Registered		1,017		21,555
Coca-Cola HBC AG, Class DI		624		20,667
Credit Suisse Group AG, Registered		1,737		16,511
EMS-Chemie Holding AG, Registered		21		21,241
Geberit AG, Registered		30		20,383
Givaudan SA, Registered		3		12,429
Holcim Ltd.		402		21,789
Julius Baer Group Ltd.		306		19,997
Kuehne + Nagel International AG, Registered		66		18,638
Logitech International SA, Registered		270		22,688
Lonza Group AG, Registered		24		16,547
Nestle SA, Registered		198		25,569
Novartis AG, Registered		219		19,029
Partners Group Holding AG		12		16,730
Roche Holding AG, NVS		48		18,576
Schindler Holding AG, Participation Certificates, NVS		54		13,553
Schindler Holding AG, Registered		18		4,516
SGS SA, Registered		6		17,109
Siemens Energy AG^(b)		759		17,072
Sika AG, Registered		51		17,844


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Switzerland (continued)
Sonova Holding AG, Registered		51	$	18,168
Straumann Holding AG, Registered		9		14,914
Swatch Group AG (The), Bearer		45		13,127
Swatch Group AG (The), Registered		78		4,379
Swiss Life Holding AG, Registered		33		21,239
Swiss Prime Site AG, Registered		171		16,908
Swiss Re AG		216		23,535
Swisscom AG, Registered		33		18,862
Temenos AG, Registered		138		16,541
UBS Group AG, Registered		1,041		19,310
VAT Group AG^(c)		39		15,904
Vifor Pharma AG		159		28,166
Zurich Insurance Group AG		45		21,524


				729,773

United Kingdom — 9.2%
3i Group PLC		1,011		18,829
Abrdn PLC		6,198		20,270
Admiral Group PLC		507		21,558
Anglo American PLC		525		23,145
Antofagasta PLC		1,110		20,192
Ashtead Group PLC		246		17,596
Associated British Foods PLC		786		20,747
AstraZeneca PLC		144		16,751
Auto Trader Group PLC^(c)		2,283		20,688
AVEVA Group PLC		432		17,143
Aviva PLC		3,651		21,556
BAE Systems PLC		2,139		16,739
Barclays PLC		6,681		17,924
Barratt Developments PLC		2,280		18,963
Berkeley Group Holdings PLC		342		19,518
BP PLC		3,993		20,699
British American Tobacco PLC		552		23,568
British Land Co. PLC (The)		2,991		22,365
BT Group PLC		9,174		24,299
Bunzl PLC		489		18,316
Burberry Group PLC		768		19,483
Coca-Cola Europacific Partners PLC		390		22,289
Compass Group PLC		954		21,682
Croda International PLC		168		18,144
DCC PLC		228		19,171
Diageo PLC		351		17,712
Entain PLC^(b)		816		17,666
Evraz PLC		2,598		17,650
Experian PLC		396		16,540
Ferguson PLC		132		20,762
GlaxoSmithKline PLC		786		17,540
Halma PLC		546		18,506
Hargreaves Lansdown PLC		1,062		19,281
Hikma Pharmaceuticals PLC		597		16,772
HSBC Holdings PLC		3,195		22,740
Imperial Brands PLC		819		19,418
Informa PLC^(b)		2,571		19,448
InterContinental Hotels Group PLC^(b)		300		19,822
Intertek Group PLC		297		21,553
J Sainsbury PLC		4,836		19,003
JD Sports Fashion PLC		7,587		19,454
Johnson Matthey PLC		609		16,083
Kingfisher PLC		5,244		23,516
Land Securities Group PLC		2,115		22,716
Legal & General Group PLC		4,989		19,507


Security	Shares		Value


United Kingdom (continued)
Lloyds Banking Group PLC		28,929	$	20,076
London Stock Exchange Group PLC		210		20,562
M&G PLC		6,930		20,282
Melrose Industries PLC		9,507		19,366
Mondi PLC		843		21,091
National Grid PLC		1,467		21,467
Natwest Group PLC		6,216		20,431
Next PLC		180		18,339
Ocado Group PLC^(b)		870		17,727
Pearson PLC		2,187		18,260
Persimmon PLC		552		17,984
Phoenix Group Holdings PLC		2,274		20,358
Prudential PLC		960		16,182
Reckitt Benckiser Group PLC		240		19,445
RELX PLC		594		18,272
Rentokil Initial PLC		2,274		15,924
Rolls-Royce Holdings PLC^(b)		11,166		17,502
Sage Group PLC (The)		1,977		19,319
Schroders PLC		408		18,707
Segro PLC		1,086		19,146
Severn Trent PLC		525		20,383
Shell PLC		786		20,191
Smith & Nephew PLC		1,017		17,296
Smiths Group PLC		1,074		22,637
Spirax-Sarco Engineering PLC		102		18,386
SSE PLC		918		19,752
St. James’s Place PLC		951		19,631
Standard Chartered PLC		2,748		20,013
Taylor Wimpey PLC		9,552		19,597
Tesco PLC		4,881		19,605
Unilever PLC		378		19,385
United Utilities Group PLC		1,452		20,946
Vodafone Group PLC		12,786		22,451
Whitbread PLC^(b)		438		18,023
WPP PLC		1,257		19,710


				1,565,770


Total Common Stocks — 99.2% (Cost: $17,838,247)				16,799,884


Preferred Stocks

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		30		2,596
Fuchs Petrolub SE, Preference Shares, NVS		462		19,966
Henkel AG & Co. KGaA, Preference Shares, NVS		144		11,778
Porsche Automobil Holding SE, Preference Shares, NVS		219		20,509
Sartorius AG, Preference Shares, NVS		30		16,196
Volkswagen AG, Preference Shares, NVS		60		12,496


				83,541


Total Preferred Stocks — 0.5% (Cost: $91,145)				83,541


Rights

Spain — 0.0%
Asc Actividades De Construccio (Expires 02/25/22)^(b)(d)		753		377


Total Rights — 0.0% (Cost: $404)				377


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(f)(g)		64,566	$	64,586


Total Short-Term Investments — 0.4% (Cost: $64,586)				64,586


Total Investments in Securities — 100.1% (Cost: $17,994,382)				16,948,388

Other Assets, Less Liabilities — (0.1)%				(8,615	)


Net Assets — 100.0%			$	16,939,773

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

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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

Affiliates




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	$	36,183	$	28,419	^(a)	$	—	$	(16	)	$	—	$	64,586		64,566	$	1,694	^(b)	$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		3		03/10/22	$	50	$	(529	)

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)	$	529

^(a)


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Size 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

Net Realized Gain (Loss) from:
Futures contracts	$	3,903


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(276	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	78,360

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




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	1,963,305	$	14,836,579		$	—	$	16,799,884
Preferred Stocks		—		83,541			—		83,541
Rights		—		—			377		377
Money Market Funds		64,586		—			—		64,586


	$	2,027,891	$	14,920,120		$	377	$	16,948,388

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(529	)	$	—	$	(529	)

^(a)

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

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 4.4%
Aurizon Holdings Ltd.		300,997	$	753,051
BHP Group Ltd.^(a)		187,203		6,003,704
BHP Group Ltd.		234,694		7,408,067
BlueScope Steel Ltd.		103,876		1,361,487
Computershare Ltd.		89,711		1,243,538
Dexus		98,094		714,116
Fortescue Metals Group Ltd.		343,241		4,819,825
Glencore PLC		1,594,197		8,305,150
Lendlease Corp. Ltd.		52,076		368,518
Origin Energy Ltd.		331,557		1,326,725
Rio Tinto Ltd.		48,922		3,889,576
Rio Tinto PLC		193,981		13,672,812
Santos Ltd.		116,570		593,776
Sonic Healthcare Ltd.		50,224		1,352,547
South32 Ltd.		792,441		2,180,240
Stockland		507,562		1,463,011
Vicinity Centres		352,134		408,232

				55,864,375

Austria — 0.3%
Erste Group Bank AG		32,037		1,497,428
OMV AG		17,701		1,083,378
Raiffeisen Bank International AG		31,479		884,788
voestalpine AG		19,145		636,478

				4,102,072

Belgium — 0.8%
Ageas SA/NV		10,757		517,783
Anheuser-Busch InBev SA/NV		97,438		6,142,599
Etablissements Franz Colruyt NV		6,476		263,053
Proximus SADP		17,966		366,876
Sofina SA		1,971		784,750
Solvay SA		7,392		890,656
UCB SA		18,046		1,795,671

				10,761,388

Canada — 3.2%
AltaGas Ltd.		61,555		1,264,368
Bausch Health Cos Inc.^(b)		88,649		2,179,350
Canadian Tire Corp. Ltd., Class A, NVS		6,469		934,001
CGI Inc.^(b)		40,147		3,427,726
Empire Co. Ltd., Class A, NVS		32,111		990,751
Fairfax Financial Holdings Ltd.		3,929		1,897,196
George Weston Ltd.		13,408		1,462,154
iA Financial Corp. Inc.		9,755		634,729
Kinross Gold Corp.		206,814		1,117,738
Kirkland Lake Gold Ltd.		19,776		744,896
Loblaw Companies Ltd.		29,842		2,302,328
Lundin Mining Corp.		76,537		637,633
Magna International Inc.		39,529		3,184,648
Manulife Financial Corp.		274,183		5,709,494
Metro Inc.		33,662		1,800,479
Open Text Corp.		84,592		4,048,757
Power Corp. of Canada		54,944		1,766,127
Saputo Inc.		18,378		411,902
Teck Resources Ltd., Class B		122,829		3,793,625
Tourmaline Oil Corp.		18,866		672,625
West Fraser Timber Co. Ltd.		17,079		1,580,864

				40,561,391


Security	Shares		Value


Denmark — 0.8%
AP Moller - Maersk A/S, Class A		805	$	2,696,954
AP Moller - Maersk A/S, Class B, NVS		1,541		5,535,493
Danske Bank A/S		131,000		2,542,872

				10,775,319

Finland — 1.1%
Fortum OYJ		69,016		1,878,597
Nokia OYJ^(b)		2,109,367		12,579,471

				14,458,068

France — 10.9%
Alstom SA		23,163		750,938
ArcelorMittal SA		216,129		6,419,902
AXA SA		248,516		7,870,749
BNP Paribas SA		207,774		14,832,858
Bollore SA		70,066		377,670
Bouygues SA		49,848		1,757,992
Capgemini SE		32,522		7,311,478
Carrefour SA		195,330		3,717,441
Cie. de Saint-Gobain		114,704		7,761,729
Cie. Generale des Etablissements Michelin SCA		21,485		3,594,952
CNP Assurances		32,606		802,602
Credit Agricole SA		225,512		3,392,703
Danone SA		79,117		4,933,029
Dassault Aviation SA		3,248		386,000
Eiffage SA		16,118		1,693,570
Electricite de France SA		173,049		1,664,421
Engie SA		498,776		7,672,074
Faurecia SE		19,077		845,646
Ipsen SA		6,699		651,818
Orange SA		347,260		4,079,420
Orpea SA		3,521		154,587
Publicis Groupe SA		30,301		2,053,222
Renault SA^(b)		62,426		2,480,960
Sanofi		215,964		22,581,630
Societe Generale SA		219,555		8,149,954
Thales SA		13,945		1,286,390
TotalEnergies SE		236,337		13,439,876
Valeo		21,363		597,921
Vinci SA		59,597		6,532,220
Worldline SA/France^(b)(c)		29,980		1,453,136

				139,246,888

Germany — 7.0%
Bayer AG, Registered		275,999		16,768,003
Bayerische Motoren Werke AG		75,576		7,999,183
Commerzbank AG^(b)		251,281		2,169,887
Continental AG^(b)		13,268		1,286,334
Covestro AG^(c)		18,825		1,129,368
Daimler AG, Registered		163,045		13,009,968
Daimler Truck Holding AG^(b)		82,747		2,917,152
Deutsche Bank AG, Registered^(b)		452,447		6,299,656
Deutsche Telekom AG, Registered		300,879		5,680,287
Evonik Industries AG		16,838		549,318
Fresenius Medical Care AG & Co. KGaA		38,352		2,607,682
Fresenius SE & Co. KGaA		102,008		4,210,926
HeidelbergCement AG		30,622		2,130,941
Henkel AG & Co. KGaA		16,504		1,303,997
LANXESS AG		7,417		451,586
Merck KGaA		12,475		2,735,746
RWE AG		81,653		3,444,308
Siemens AG, Registered		69,476		11,030,781


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Germany (continued)
Uniper SE		27,655	$	1,251,383
United Internet AG, Registered		10,875		426,481
Volkswagen AG		6,895		1,996,641

				89,399,628

Hong Kong — 2.4%
BOC Hong Kong Holdings Ltd.		334,000		1,289,687
CK Asset Holdings Ltd.		1,006,500		6,718,797
CK Hutchison Holdings Ltd.		1,208,000		8,585,648
CK Infrastructure Holdings Ltd.		107,500		662,454
Hongkong Land Holdings Ltd.		237,400		1,285,738
Jardine Matheson Holdings Ltd.		59,000		3,484,714
New World Development Co. Ltd.		119,000		485,795
Sino Land Co. Ltd.		1,300,000		1,684,402
SITC International Holdings Co. Ltd.		99,000		377,346
Sun Hung Kai Properties Ltd.		244,000		2,976,923
Swire Pacific Ltd., Class A		98,500		596,721
WH Group Ltd.^(c)		3,507,000		2,346,217
Xinyi Glass Holdings Ltd.		280,000		742,270

				31,236,712

Israel — 0.7%
Bank Hapoalim BM		113,655		1,179,482
Bank Leumi Le-Israel BM		147,107		1,577,721
Check Point Software Technologies Ltd.^(b)		16,078		1,945,599
Isracard Ltd.		1		5
Israel Discount Bank Ltd., Class A		117,152		785,603
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		437,641		3,689,314

				9,177,724

Italy — 2.4%
Atlantia SpA^(b)		48,880		906,982
Enel SpA		1,194,592		9,194,294
Eni SpA		211,894		3,182,900
Intesa Sanpaolo SpA		2,185,937		6,496,252
Mediobanca Banca di Credito Finanziario SpA		79,981		916,312
Telecom Italia SpA		2,814,776		1,326,546
UniCredit SpA		553,799		8,801,757

				30,825,043

Japan — 35.2%
AGC Inc.		51,400		2,359,023
Aisin Corp.		38,600		1,401,681
Asahi Group Holdings Ltd.		98,800		4,033,085
Asahi Kasei Corp.		179,600		1,774,075
Astellas Pharma Inc.		286,200		4,619,429
Bridgestone Corp.		83,400		3,652,188
Brother Industries Ltd.		137,400		2,530,367
Canon Inc.		476,100		11,260,111
Central Japan Railway Co.		30,400		3,988,802
Chiba Bank Ltd. (The)		103,100		666,507
Chubu Electric Power Co. Inc.		291,400		2,918,633
Concordia Financial Group Ltd.		235,000		965,698
Dai Nippon Printing Co. Ltd.		59,300		1,423,504
Dai-ichi Life Holdings Inc.		100,800		2,268,953
Daito Trust Construction Co. Ltd.		30,600		3,508,796
Daiwa House Industry Co. Ltd.		203,500		5,938,774
Daiwa House REIT Investment Corp.		294		875,816
Daiwa Securities Group Inc.		196,900		1,186,460
Denso Corp.		47,600		3,552,563
Dentsu Group Inc.		19,300		668,393
ENEOS Holdings Inc.		587,800		2,340,987
Fuji Electric Co. Ltd.		18,700		999,445


Security	Shares		Value


Japan (continued)
FUJIFILM Holdings Corp.		150,300	$	10,075,510
Fujitsu Ltd.		63,700		8,421,033
Hankyu Hanshin Holdings Inc.		35,100		1,022,163
Hino Motors Ltd.		57,000		495,467
Hirose Electric Co. Ltd.		6,500		968,875
Hitachi Construction Machinery Co. Ltd.		15,800		401,751
Hitachi Ltd.		274,900		14,288,203
Honda Motor Co. Ltd.		401,700		11,831,178
Hulic Co. Ltd.		110,400		1,067,088
Ibiden Co. Ltd.		14,500		810,265
Idemitsu Kosan Co. Ltd.		32,300		827,579
Iida Group Holdings Co. Ltd.		34,600		719,840
Inpex Corp.		226,900		2,293,844
Isuzu Motors Ltd.		111,700		1,368,325
ITOCHU Corp.		354,900		11,401,682
Japan Post Bank Co. Ltd.		109,700		1,079,202
Japan Post Holdings Co. Ltd.		605,500		5,168,263
Japan Post Insurance Co. Ltd.		41,900		734,660
Japan Tobacco Inc.		323,700		6,462,631
JFE Holdings Inc.		163,600		2,101,744
Kajima Corp.		159,900		1,931,209
Kansai Electric Power Co. Inc. (The)		292,000		2,756,224
KDDI Corp.		205,200		6,555,874
Kirin Holdings Co. Ltd.		135,000		2,163,800
Koito Manufacturing Co. Ltd.		7,600		381,600
Komatsu Ltd.		146,600		3,683,903
Kubota Corp.		120,400		2,582,041
Kurita Water Industries Ltd.		8,500		345,640
Kyocera Corp.		147,200		9,078,015
Lawson Inc.		9,500		416,376
Lixil Corp.		44,600		1,020,900
Marubeni Corp.		679,500		6,992,013
Mazda Motor Corp.^(b)		131,800		1,015,354
Medipal Holdings Corp.		49,200		885,356
MEIJI Holdings Co. Ltd.		21,000		1,310,013
MinebeaMitsumi Inc.		51,100		1,250,447
Mitsubishi Chemical Holdings Corp.		240,700		1,888,095
Mitsubishi Corp.		408,300		13,862,773
Mitsubishi Electric Corp.		364,800		4,568,536
Mitsubishi Estate Co. Ltd.		232,300		3,345,683
Mitsubishi Gas Chemical Co. Inc.		30,800		589,984
Mitsubishi HC Capital Inc.		107,400		554,687
Mitsubishi Heavy Industries Ltd.		90,400		2,455,209
Mitsubishi UFJ Financial Group Inc.		2,921,300		17,706,816
Mitsui & Co. Ltd.		555,700		13,856,585
Mitsui Chemicals Inc.		36,000		962,807
Mizuho Financial Group Inc.		649,070		8,792,303
MS&AD Insurance Group Holdings Inc.		37,500		1,286,232
Murata Manufacturing Co. Ltd.		91,400		6,871,751
NEC Corp.		102,500		3,998,862
NGK Insulators Ltd.		60,400		1,020,623
Nippon Express Holdings Co., NVS		15,900		942,293
Nippon Steel Corp.		237,200		3,876,929
Nippon Telegraph & Telephone Corp.		201,900		5,777,920
Nippon Yusen KK		59,400		4,656,563
Nissan Motor Co. Ltd.^(b)		392,300		2,076,282
Nisshin Seifun Group Inc.		30,700		431,095
Nomura Holdings Inc.		645,500		2,851,526
NTT Data Corp.		149,400		2,864,108
Obayashi Corp.		245,100		1,985,836


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Oji Holdings Corp.		180,200	$	959,218
Ono Pharmaceutical Co. Ltd.		47,400		1,149,531
ORIX Corp.		193,900		3,999,599
Orix JREIT Inc.		216		309,972
Osaka Gas Co. Ltd.		107,700		1,831,588
Otsuka Holdings Co. Ltd.		79,600		2,715,738
Panasonic Corp.		294,400		3,241,198
Renesas Electronics Corp.^(b)		235,600		2,703,937
Resona Holdings Inc.		578,800		2,487,356
Ricoh Co. Ltd.		395,500		3,339,765
Rohm Co. Ltd.		33,100		2,788,248
Santen Pharmaceutical Co. Ltd.		38,700		439,406
SCSK Corp.		33,100		560,100
Secom Co. Ltd.		20,100		1,415,322
Seiko Epson Corp.		141,900		2,210,305
Sekisui Chemical Co. Ltd.		47,600		832,238
Sekisui House Ltd.		106,000		2,147,577
Seven & i Holdings Co. Ltd.		185,700		9,444,448
Shimizu Corp.		187,500		1,248,455
Shionogi & Co. Ltd.		33,200		1,892,156
Shizuoka Bank Ltd. (The)		87,700		689,100
SoftBank Group Corp.		119,200		5,280,505
Sohgo Security Services Co. Ltd.		6,700		242,993
Stanley Electric Co. Ltd.		16,900		395,027
Subaru Corp.		119,600		2,176,881
SUMCO Corp.		101,800		1,876,793
Sumitomo Chemical Co. Ltd.		303,700		1,531,574
Sumitomo Corp.		413,800		6,395,447
Sumitomo Dainippon Pharma Co. Ltd.		35,300		384,214
Sumitomo Electric Industries Ltd.		149,100		1,976,841
Sumitomo Metal Mining Co. Ltd.		39,100		1,806,017
Sumitomo Mitsui Financial Group Inc.		337,300		12,149,867
Sumitomo Mitsui Trust Holdings Inc.		70,900		2,451,806
Suntory Beverage & Food Ltd.		21,400		821,732
Suzuki Motor Corp.		48,000		2,043,558
T&D Holdings Inc.		52,000		768,472
Taisei Corp.		59,700		1,957,029
Taisho Pharmaceutical Holdings Co. Ltd.		7,400		363,430
Takeda Pharmaceutical Co. Ltd.		277,200		8,034,139
TDK Corp.		157,500		5,688,094
TIS Inc.		54,700		1,438,646
Tokyo Electric Power Co. Holdings Inc.^(b)		945,200		2,518,249
Tokyo Gas Co. Ltd.		80,200		1,619,377
Toppan Inc.		88,500		1,683,450
Toray Industries Inc.		194,600		1,229,836
Toshiba Corp.		55,800		2,310,680
Tosoh Corp.		54,700		855,863
Toyo Suisan Kaisha Ltd.		15,400		630,981
Toyota Industries Corp.		28,600		2,231,045
Toyota Motor Corp.		1,735,000		34,289,101
Toyota Tsusho Corp.		59,400		2,408,878
Yamaha Motor Co. Ltd.		45,600		1,085,896
Yamato Holdings Co. Ltd.		18,700		398,202
Yokogawa Electric Corp.		54,300		889,732

				450,404,468

Netherlands — 3.2%
ABN AMRO Bank NV, CVA^(c)		66,793		1,071,965
Aegon NV		574,856		3,243,046
CNH Industrial NV		130,865		1,994,656
EXOR NV		11,544		967,975


Security	Shares		Value


Netherlands (continued)
ING Groep NV		535,481	$	7,919,283
JDE Peet’s NV		14,440		432,393
Koninklijke Ahold Delhaize NV		263,475		8,543,072
NN Group NV		72,836		4,076,058
Randstad NV		16,699		1,086,331
Stellantis NV		621,387		11,998,280

				41,333,059

Norway — 0.4%
Equinor ASA		58,617		1,615,943
Norsk Hydro ASA		175,391		1,347,934
Orkla ASA		79,825		762,840
Yara International ASA		18,220		935,557

				4,662,274

Singapore — 0.5%
Keppel Corp. Ltd.		337,100		1,421,284
Singapore Telecommunications Ltd.		740,100		1,341,968
UOL Group Ltd.		50,200		272,233
Venture Corp. Ltd.		90,300		1,183,087
Wilmar International Ltd.		527,900		1,679,346

				5,897,918

Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		54,971		1,387,831
Banco Bilbao Vizcaya Argentaria SA		979,477		6,253,598
Banco Santander SA		3,252,477		11,405,142
CaixaBank SA		796,404		2,562,334
Repsol SA		234,769		2,983,351
Telefonica SA		1,000,176		4,662,389

				29,254,645

Sweden — 1.4%
Boliden AB		33,989		1,376,301
Electrolux AB, Class B		13,778		286,681
Investor AB		81,491		1,853,861
Securitas AB, Class B		41,206		497,696
Skanska AB, Class B		44,184		1,081,751
SKF AB, Class B		51,624		1,131,708
Swedbank AB, Class A		63,182		1,236,990
Telefonaktiebolaget LM Ericsson, Class B		537,027		6,705,369
Telia Co. AB		206,283		813,043
Volvo AB, Class B		143,828		3,245,683

				18,229,083

Switzerland — 5.3%
Adecco Group AG, Registered		22,175		1,056,266
Credit Suisse Group AG, Registered		551,394		5,241,226
Holcim Ltd.		67,385		3,652,353
Novartis AG, Registered		331,091		28,768,328
Roche Holding AG, NVS		53,480		20,696,715
Siemens Energy AG^(b)		49,429		1,111,799
Swatch Group AG (The), Registered		5,871		329,569
Swiss Life Holding AG, Registered		2,562		1,648,928
UBS Group AG, Registered		289,651		5,372,895

				67,878,079

United Kingdom — 16.0%
3i Group PLC		136,346		2,539,281
Anglo American PLC		229,269		10,107,434
Associated British Foods PLC		71,444		1,885,829
Aviva PLC		658,570		3,888,196
BAE Systems PLC		476,084		3,725,716
Barclays PLC		4,091,446		10,976,603


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Barratt Developments PLC		169,948	$	1,413,464
Berkeley Group Holdings PLC		13,187		752,582
BP PLC		2,016,079		10,451,196
British American Tobacco PLC		974,680		41,613,939
BT Group PLC		1,820,649		4,822,299
Coca-Cola Europacific Partners PLC		27,048		1,545,793
DCC PLC		12,549		1,055,164
Evraz PLC		78,275		531,770
GlaxoSmithKline PLC		607,010		13,546,026
HSBC Holdings PLC		2,475,342		17,617,847
Imperial Brands PLC		392,877		9,315,055
Informa PLC^(b)		116,008		877,527
J Sainsbury PLC		684,637		2,690,313
Kingfisher PLC		350,843		1,573,304
Lloyds Banking Group PLC		11,875,328		8,241,131
M&G PLC		345,077		1,009,943
Melrose Industries PLC		787,613		1,604,380
Natwest Group PLC		919,913		3,023,553
Pearson PLC		79,377		662,754
Persimmon PLC		36,624		1,193,191
Phoenix Group Holdings PLC		60,158		538,559
Shell PLC		924,545		23,750,372
Smith & Nephew PLC		60,343		1,026,252
Standard Chartered PLC		644,193		4,691,496
Taylor Wimpey PLC		518,582		1,063,900
Tesco PLC		1,725,754		6,931,787
Vodafone Group PLC		5,124,213		8,997,423
WPP PLC		128,782		2,019,368

				205,683,447


Total Common Stocks — 98.3% (Cost: $1,197,135,639)				1,259,751,581


Preferred Stocks

Germany — 1.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		15,970		1,382,142
Henkel AG & Co. KGaA, Preference Shares, NVS		14,673		1,200,082
Porsche Automobil Holding SE, Preference Shares, NVS		44,718		4,187,793


Security	Shares		Value


Germany (continued)
Volkswagen AG, Preference Shares, NVS		46,967	$	9,781,920

				16,551,937


Total Preferred Stocks — 1.3% (Cost: $16,997,750)				16,551,937


Rights

Spain — 0.0%
Asc Actividades De Construccio (Expires 02/25/22)^(b)(d)		53,468		26,761


Total Rights — 0.0% (Cost: $28,660)				26,761


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(f)(g)		8,850,837		8,853,492
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		310,000		310,000

				9,163,492


Total Short-Term Investments — 0.7% (Cost: $9,163,505)				9,163,492


Total Investments in Securities — 100.3% (Cost: $1,223,325,554)				1,285,493,771

Other Assets, Less Liabilities — (0.3)%				(4,274,596	)


Net Assets — 100.0%			$	1,281,219,175

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

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

Affiliates




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	$	—	$	8,854,018	^(a)	$	—	$	(513	)	$	(13	)	$	8,853,492		8,850,837	$	93,126	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		0	^(a)		—		—			—			310,000		310,000		14			—


								$	(513	)	$	(13	)	$	9,163,492			$	93,140		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		10		03/10/22	$	1,666	$	(54,957	)
Euro STOXX 50 Index		26		03/18/22		1,222		(9,209	)
FTSE 100 Index		16		03/18/22		1,604		40,172


							$	(23,994	)

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)	$	40,172

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	64,166

^(a)

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	$	196,553

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	33,522


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI Intl Value Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	7,045,811

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




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	58,067,316	$	1,201,684,265		$	—	$	1,259,751,581
Preferred Stocks		—		16,551,937			—		16,551,937
Rights		—		—			26,761		26,761
Money Market Funds		9,163,492		—			—		9,163,492


	$	67,230,808	$	1,218,236,202		$	26,761	$	1,285,493,771

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	40,172		$	—	$	40,172
Liabilities
Futures Contracts		—		(64,166	)		—		(64,166	)


	$	—	$	(23,994	)	$	—	$	(23,994	)

^(a)

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

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI USA Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 0.1%
Textron Inc.		277,164	$	18,863,782


Automobiles — 5.9%
Ford Motor Co.		6,706,699		136,145,990
Tesla Inc.^(a)		651,469		610,244,041

				746,390,031

Banks — 12.1%
Bank of America Corp.		10,547,013		486,639,180
JPMorgan Chase & Co.		3,436,450		510,656,470
PNC Financial Services Group Inc. (The)		533,375		109,869,916
Signature Bank/New York NY		145,634		44,364,486
SVB Financial Group^(a)		91,776		53,588,006
Wells Fargo & Co.		6,033,705		324,613,329

				1,529,731,387

Biotechnology — 1.7%
Horizon Therapeutics PLC^(a)		228,056		21,284,466
Moderna Inc.^(a)		1,125,424		190,568,046

				211,852,512

Building Products — 0.9%
Carrier Global Corp.		916,018		43,675,738
Johnson Controls International PLC		959,445		69,722,868

				113,398,606

Capital Markets — 10.6%
Ameriprise Financial Inc.		134,834		41,031,335
BlackRock Inc.^(b)		175,295		144,257,267
Blackstone Inc., NVS		1,788,266		235,997,464
Carlyle Group Inc. (The)		285,360		14,567,628
Cboe Global Markets Inc.		161,371		19,127,305
Charles Schwab Corp. (The)		1,957,188		171,645,388
FactSet Research Systems Inc.		54,172		22,854,625
Goldman Sachs Group Inc. (The)		531,009		188,338,272
KKR & Co. Inc.		1,010,690		71,920,700
Morgan Stanley		2,242,831		229,979,891
MSCI Inc.		159,033		85,260,772
Nasdaq Inc.		214,377		38,418,502
Raymond James Financial Inc.		250,256		26,494,603
T Rowe Price Group Inc.		340,945		52,652,136

				1,342,545,888

Chemicals — 0.7%
Albemarle Corp.		235,532		51,991,334
CF Industries Holdings Inc.		264,616		18,224,104
Mosaic Co. (The)		444,310		17,750,184

				87,965,622

Commercial Services & Supplies — 1.1%
Republic Services Inc.		378,738		48,349,693
Waste Management Inc.		595,904		89,647,798

				137,997,491

Communications Equipment — 0.8%
Arista Networks Inc.^(a)		334,145		41,537,565
Motorola Solutions Inc.		256,896		59,584,458

				101,122,023

Consumer Finance — 0.1%
Upstart Holdings Inc.^(a)(c)		63,419		6,913,305


Distributors — 0.2%
Pool Corp.		46,612		22,198,965


Security	Shares		Value


Diversified Financial Services — 0.3%
Apollo Global Management Inc.		508,163	$	35,571,410


Electrical Equipment — 0.4%
Generac Holdings Inc.^(a)(c)		132,690		37,469,002
Plug Power Inc.^(a)(c)		622,883		13,622,451

				51,091,453

Electronic Equipment, Instruments & Components — 0.6%
Keysight Technologies Inc.^(a)		279,086		47,115,299
Zebra Technologies Corp., Class A^(a)		60,566		30,835,362

				77,950,661

Entertainment — 0.2%
AMC Entertainment Holdings Inc., Class A^(a)(c)		1,683,853		27,042,679


Equity Real Estate Investment Trusts (REITs) — 0.8%
Camden Property Trust		166,173		26,602,636
Extra Space Storage Inc.		223,943		44,383,263
Mid-America Apartment Communities Inc.		169,884		35,111,625

				106,097,524

Food & Staples Retailing — 3.1%
Costco Wholesale Corp.		762,876		385,351,554


Food Products — 0.1%
Bunge Ltd.		148,220		14,653,029


Health Care Equipment & Supplies — 1.7%
Dexcom Inc.^(a)		156,134		67,212,564
Edwards Lifesciences Corp.^(a)(c)		880,369		96,136,295
IDEXX Laboratories Inc.^(a)		99,414		50,432,722

				213,781,581

Hotels, Restaurants & Leisure — 0.1%
MGM Resorts International		410,744		17,546,984


Insurance — 2.3%
Aon PLC, Class A		344,881		95,338,904
Arthur J Gallagher & Co.		281,496		44,459,478
Hartford Financial Services Group Inc. (The)		377,684		27,144,149
Marsh & McLennan Companies Inc.		777,350		119,432,054

				286,374,585

Interactive Media & Services — 5.1%
Alphabet Inc., Class A^(a)(c)		123,947		335,409,258
Alphabet Inc., Class C, NVS^(a)		113,716		308,621,813

				644,031,071

Internet & Direct Marketing Retail — 0.6%
DoorDash Inc., Class A^(a)(c)		163,360		18,539,726
eBay Inc.		953,026		57,248,272

				75,787,998

IT Services — 6.1%
Accenture PLC, Class A		1,035,392		366,093,903
Affirm Holdings Inc.^(a)(c)		286,126		18,332,093
Cloudflare Inc., Class A^(a)(c)		777,661		74,966,520
EPAM Systems Inc.^(a)		131,824		62,766,679
Gartner Inc.^(a)		220,870		64,911,484
MongoDB Inc.^(a)(c)		98,024		39,710,503
Paychex Inc.		446,000		52,520,960
Snowflake Inc., Class A^(a)		310,716		85,726,545

				765,028,687

Life Sciences Tools & Services — 4.5%
Agilent Technologies Inc.		411,834		57,376,713
Avantor Inc.^(a)		713,794		26,645,930
Bio-Techne Corp.		66,509		25,034,653


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Life Sciences Tools & Services (continued)
Charles River Laboratories International Inc.^(a)(c)		84,079	$	27,725,891
PerkinElmer Inc.^(c)		157,113		27,050,145
Thermo Fisher Scientific Inc.		579,280		336,735,464
Waters Corp.^(a)(c)		85,939		27,510,792
West Pharmaceutical Services Inc.		115,813		45,539,988

				573,619,576

Media — 0.1%
Interpublic Group of Companies Inc. (The)		504,008		17,912,444


Metals & Mining — 0.6%
Nucor Corp.		560,573		56,842,102
Steel Dynamics Inc.		286,819		15,924,191

				72,766,293

Multiline Retail — 1.2%
Target Corp.		689,689		152,028,146


Oil, Gas & Consumable Fuels — 5.1%
Cheniere Energy Inc.		462,637		51,769,080
ConocoPhillips		2,712,394		240,372,356
Devon Energy Corp.		1,597,996		80,810,658
Diamondback Energy Inc.		329,964		41,628,258
EOG Resources Inc.		924,374		103,049,214
Occidental Petroleum Corp.		1,571,635		59,203,491
Pioneer Natural Resources Co.		328,851		71,982,195

				648,815,252

Pharmaceuticals — 3.2%
Eli Lilly & Co.		1,663,970		408,321,598


Professional Services — 1.1%
Equifax Inc.		188,677		45,237,198
IHS Markit Ltd.		553,175		64,605,308
Robert Half International Inc.		208,047		23,563,403

				133,405,909

Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A^(a)(c)		470,656		47,696,279


Road & Rail — 0.5%
AMERCO		17,361		10,571,981
Old Dominion Freight Line Inc.		179,647		54,240,819

				64,812,800

Semiconductors & Semiconductor Equipment — 7.9%
Applied Materials Inc.		1,106,550		152,903,079
Entegris Inc.		188,188		22,552,450
KLA Corp.		183,588		71,465,301
Marvell Technology Inc.		1,363,479		97,352,401
Monolithic Power Systems Inc.		64,465		25,974,882
NVIDIA Corp.		2,254,953		552,147,792
Xilinx Inc.		354,813		68,674,056

				991,069,961

Software — 18.6%
Adobe Inc.^(a)		674,462		360,365,047
Asana Inc., Class A^(a)(c)		217,454		11,411,986
Bill.com Holdings Inc.^(a)		244,982		46,108,062


Security	Shares		Value


Software (continued)
Cadence Design Systems Inc.^(a)		410,921	$	62,517,521
Crowdstrike Holdings Inc., Class A^(a)(c)		354,569		64,049,344
Datadog Inc., Class A^(a)		482,980		70,568,208
Dynatrace Inc.^(a)(c)		352,041		19,312,969
Fortinet Inc.^(a)		396,013		117,710,904
HubSpot Inc.^(a)(c)		89,609		43,800,879
Intuit Inc.		616,654		342,384,801
Microsoft Corp.		2,092,918		650,855,640
Oracle Corp.		3,260,627		264,632,487
Palantir Technologies Inc., Class A^(a)		2,725,633		37,368,429
Palo Alto Networks Inc.^(a)		201,466		104,238,508
Synopsys Inc.^(a)		231,317		71,823,929
Tyler Technologies Inc.^(a)(c)		58,120		27,537,256
Unity Software Inc.^(a)		87,601		9,211,245
Zscaler Inc.^(a)		147,058		37,810,082

				2,341,707,297

Specialty Retail — 0.4%
Bath & Body Works Inc.		367,563		20,609,258
Tractor Supply Co.		135,310		29,539,526

				50,148,784

Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C^(a)		315,264		17,910,148
NetApp Inc.		322,058		27,861,238

				45,771,386

Trading Companies & Distributors — 0.2%
United Rentals Inc.^(a)		87,917		28,143,990


Total Common Stocks — 99.8% (Cost: $12,650,264,686)				12,595,508,543


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(b)(d)(e)		165,746,656		165,796,380
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(d)		19,900,000		19,900,000

				185,696,380


Total Short-Term Investments — 1.5% (Cost: $185,657,323)				185,696,380


Total Investments in Securities — 101.3% (Cost: $12,835,922,009)				12,781,204,923

Other Assets, Less Liabilities — (1.3)%				(160,368,493	)


Net Assets — 100.0%			$	12,620,836,430

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(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.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Momentum Factor ETF

Affiliates




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	$	116,460,162	$	49,372,714	^(a)	$	—			$ (28,819)	$	(7,677	)		$165,796,380		165,746,656	$	154,945	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,140,000		—			(3,240,000)	^(a)		—		—			19,900,000		19,900,000		795			—
BlackRock Inc.		177,471,544		64,128,913			(91,521,681)			19,539,898		(25,361,407	)		144,257,267		175,295		1,658,335			—


									$	19,511,079	$	(25,369,084	)		$329,953,647			$	1,814,075		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P 500 E-Mini Index		108		03/18/22	$	24,323	$	(843,728	)

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)	$	843,728

^(a)

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	$	4,046,219


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,856,231	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	30,507,658

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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		41

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Momentum Factor ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	12,595,508,543		$	—	$	—	$	12,595,508,543
Money Market Funds		185,696,380			—		—		185,696,380


	$	12,781,204,923		$	—	$	—	$	12,781,204,923

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(843,728	)	$	—	$	—	$	(843,728	)

^(a)

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

See notes to financial statements.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI USA Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.0%
Huntington Ingalls Industries Inc.		106,669	$	19,968,437
Lockheed Martin Corp.		1,124,897		437,731,169


				457,699,606

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		395,973		41,438,574
Expeditors International of Washington Inc.		593,462		67,939,530


				109,378,104

Banks — 0.6%
SVB Financial Group^(a)(b)		251,406		146,795,963


Beverages — 0.7%
Brown-Forman Corp., Class B, NVS		673,415		45,408,374
Monster Beverage Corp.^(a)(b)		1,366,746		118,524,213


				163,932,587

Biotechnology — 2.9%
Amgen Inc.		1,324,754		300,904,624
Moderna Inc.^(a)		1,152,759		195,196,681
Regeneron Pharmaceuticals Inc.^(a)(b)		280,670		170,812,955


				666,914,260

Building Products — 0.3%
A O Smith Corp.		428,090		32,714,638
Allegion PLC		330,436		40,554,410


				73,269,048

Capital Markets — 6.5%
BlackRock Inc.^(c)		639,980		526,665,141
Blackstone Inc., NVS		3,931,810		518,880,966
Coinbase Global Inc., Class A^(a)(b)		329,347		62,625,332
FactSet Research Systems Inc.		195,932		82,661,751
MarketAxess Holdings Inc.		198,558		68,399,260
SEI Investments Co.		620,832		36,386,963
T Rowe Price Group Inc.		1,374,378		212,245,195


				1,507,864,608

Chemicals — 1.6%
Celanese Corp.		287,895		44,828,130
PPG Industries Inc.		526,223		82,196,033
Sherwin-Williams Co. (The)		809,642		231,970,529


				358,994,692

Commercial Services & Supplies — 0.9%
Cintas Corp.		272,362		106,637,894
Copart Inc.^(a)		679,374		87,809,089
Rollins Inc.		669,663		20,659,104


				215,106,087

Communications Equipment — 1.5%
Cisco Systems Inc.		6,323,299		352,018,055


Construction Materials — 0.2%
Martin Marietta Materials Inc.		127,828		49,740,431


Containers & Packaging — 0.2%
Avery Dennison Corp.		204,199		41,946,559


Distributors — 0.5%
Pool Corp.		248,376		118,289,070


Electric Utilities — 1.3%
Alliant Energy Corp.		5,075,152		303,798,599


Security	Shares		Value

Electrical Equipment — 0.7%
Generac Holdings Inc.^(a)		184,618	$	52,132,431
Rockwell Automation Inc.		380,745		110,119,069


				162,251,500

Electronic Equipment, Instruments & Components — 0.2%
CDW Corp./DE		229,750		43,434,238


Energy Equipment & Services — 1.4%
Schlumberger NV		8,539,356		333,632,639


Entertainment — 1.1%
Activision Blizzard Inc.		1,653,616		130,652,200
Electronic Arts Inc.		550,203		72,989,930
Take-Two Interactive Software Inc.^(a)(b)		264,553		43,212,087


				246,854,217

Equity Real Estate Investment Trusts (REITs) — 2.6%
AvalonBay Communities Inc.		224,790		54,900,462
Duke Realty Corp.		631,224		36,472,123
Equity Residential		494,518		43,878,582
Essex Property Trust Inc.		96,641		32,133,133
Mid-America Apartment Communities Inc.		165,549		34,215,667
Prologis Inc.		1,212,659		190,169,184
Public Storage		372,247		133,461,717
Realty Income Corp.		810,270		56,240,841
VICI Properties Inc.^(b)		912,718		26,121,989


				607,593,698

Food & Staples Retailing — 2.8%
Costco Wholesale Corp.		1,289,035		651,130,250


Food Products — 0.6%
Hershey Co. (The)		663,499		130,755,748


Gas Utilities — 1.4%
Atmos Energy Corp.		3,005,724		322,273,727


Health Care Equipment & Supplies — 2.2%
ABIOMED Inc.^(a)		101,805		30,121,045
Align Technology Inc.^(a)		205,286		101,608,359
Cooper Companies Inc. (The)^(b)		129,054		51,402,208
Edwards Lifesciences Corp.^(a)		1,464,258		159,896,974
IDEXX Laboratories Inc.^(a)		312,806		158,686,484


				501,715,070

Health Care Providers & Services — 0.7%
AmerisourceBergen Corp.		778,006		105,964,417
Henry Schein Inc.^(a)(b)		278,718		20,987,465
Quest Diagnostics Inc.		285,236		38,512,565


				165,464,447

Household Durables — 1.8%
DR Horton Inc.		1,686,246		150,446,868
Garmin Ltd.		770,150		95,822,063
NVR Inc.^(a)(b)		18,064		96,230,902
PulteGroup Inc.		1,221,988		64,386,548


				406,886,381

Household Products — 0.3%
Church & Dwight Co. Inc.		604,794		62,082,104


Industrial Conglomerates — 1.2%
3M Co.		1,593,941		264,626,085


Insurance — 3.3%
Aflac Inc.		2,885,654		181,276,784
Allstate Corp. (The)		1,335,764		161,186,642


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Insurance (continued)
Erie Indemnity Co., Class A, NVS		121,285	$	22,328,568
Fidelity National Financial Inc.		1,236,199		62,242,620
Progressive Corp. (The)		3,012,368		327,323,907


				754,358,521

Interactive Media & Services — 9.0%
Alphabet Inc., Class A^(a)		192,349		520,509,859
Alphabet Inc., Class C, NVS^(a)		184,061		499,536,032
Meta Platforms Inc., Class A^(a)(b)		3,339,743		1,046,207,892


				2,066,253,783

Internet & Direct Marketing Retail — 0.5%
Etsy Inc.^(a)(b)		752,816		118,252,337


IT Services — 7.9%
Accenture PLC, Class A		1,028,765		363,750,729
Automatic Data Processing Inc.		731,025		150,715,424
Gartner Inc.^(a)(b)		116,956		34,372,199
Jack Henry & Associates Inc.		109,332		18,347,003
Mastercard Inc., Class A		1,724,130		666,169,349
Paychex Inc.		564,145		66,433,715
Visa Inc., Class A		2,348,404		531,138,533


				1,830,926,952

Life Sciences Tools & Services — 0.3%
West Pharmaceutical Services Inc.^(b)		171,258		67,342,071


Machinery — 1.1%
Illinois Tool Works Inc.		1,120,400		262,083,968


Media — 0.4%
Fox Corp., Class A, NVS		638,730		25,938,825
Fox Corp., Class B		297,898		11,075,848
Interpublic Group of Companies Inc. (The)		844,651		30,018,896
Omnicom Group Inc.		393,244		29,634,868


				96,668,437

Metals & Mining — 0.4%
Nucor Corp.		675,402		68,485,763
Steel Dynamics Inc.		453,205		25,161,941


				93,647,704

Multiline Retail — 2.4%
Target Corp.		2,543,191		560,595,592


Oil, Gas & Consumable Fuels — 1.7%
Coterra Energy Inc.		2,986,885		65,412,781
Kinder Morgan Inc.		8,825,797		153,215,836
Marathon Petroleum Corp.		2,456,876		176,280,853


				394,909,470

Personal Products — 1.1%
Estee Lauder Companies Inc. (The), Class A		814,570		253,974,780


Pharmaceuticals — 6.7%
Eli Lilly & Co.		2,253,319		552,941,950
Johnson & Johnson		5,731,321		987,449,295


				1,540,391,245

Professional Services — 0.2%
Robert Half International Inc.		330,161		37,394,035


Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		671,454		68,045,148


Road & Rail — 0.4%
Old Dominion Freight Line Inc.		302,806		91,426,216


Security	Shares		Value


Semiconductors & Semiconductor Equipment — 9.4%
Applied Materials Inc.		1,465,754	$	202,537,888
Intel Corp.		5,711,702		278,845,292
KLA Corp.		276,724		107,720,351
Lam Research Corp.		272,268		160,616,339
Monolithic Power Systems Inc.^(b)		60,618		24,424,811
NVIDIA Corp.		2,494,148		610,717,079
QUALCOMM Inc.		1,925,340		338,397,758
Skyworks Solutions Inc.		261,750		38,351,610
Teradyne Inc.^(b)		269,824		31,685,432
Texas Instruments Inc.		1,738,423		312,029,544
Xilinx Inc.		341,138		66,027,260


				2,171,353,364

Software — 7.0%
Adobe Inc.^(a)		796,546		425,594,528
Autodesk Inc.^(a)(b)		288,525		72,070,660
Bentley Systems Inc., Class B		232,401		9,335,548
Cadence Design Systems Inc.^(a)		419,942		63,889,976
Fair Isaac Corp.^(a)(b)		50,447		24,970,760
Fortinet Inc.^(a)(b)		207,299		61,617,555
Intuit Inc.		384,883		213,698,588
Microsoft Corp.		2,314,971		719,909,682
Paycom Software Inc.^(a)		67,907		22,769,217


				1,613,856,514

Specialty Retail — 1.5%
Best Buy Co. Inc.		1,378,545		136,861,948
Tractor Supply Co.		549,679		120,000,422
Ulta Beauty Inc.^(a)(b)		257,640		93,713,974


				350,576,344

Technology Hardware, Storage & Peripherals — 3.8%
Apple Inc.		5,004,294		874,650,505


Textiles, Apparel & Luxury Goods — 4.9%
Lululemon Athletica Inc.^(a)(b)		638,859		213,225,580
Nike Inc., Class B		6,241,686		924,206,446


				1,137,432,026

Trading Companies & Distributors — 0.8%
Fastenal Co.		1,921,079		108,886,758
WW Grainger Inc.		136,726		67,694,410


				176,581,168


Total Common Stocks — 99.8% (Cost: $19,711,947,579)				23,025,167,953


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		165,108,270		165,157,803
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		48,920,000		48,920,000


				214,077,803


Total Short-Term Investments — 0.9% (Cost: $214,076,085)				214,077,803


Total Investments in Securities — 100.7% (Cost: $19,926,023,664)				23,239,245,756

Other Assets, Less Liabilities — (0.7)%				(152,696,316	)


Net Assets — 100.0%			$	23,086,549,440


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Quality Factor ETF

^(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




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	$	14,398,626	$	150,774,060	^(a)	$	—		$	(14,635	)	$	(248	)	$	165,157,803		165,108,270	$	38,412	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		52,210,000		—			(3,290,000	)^(a)		—			—			48,920,000		48,920,000		1,330			—
BlackRock Inc.		687,148,110		172,274,330			(307,610,054	)		89,070,128			(114,217,373	)		526,665,141		639,980		6,121,168			—


									$	89,055,493		$	(114,217,621	)	$	740,742,944			$	6,160,910		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P 500 E-Mini Index		261		03/18/22	$	58,780	$	(1,692,326	)

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)	$	1,692,326

^(a)


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Quality 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

Net Realized Gain (Loss) from:
Futures contracts	$	5,453,496


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,593,956	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	58,368,454

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




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	23,025,167,953		$	—	$	—	$	23,025,167,953
Money Market Funds		214,077,803			—		—		214,077,803


	$	23,239,245,756		$	—	$	—	$	23,239,245,756

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,692,326	)	$	—	$	—	$	(1,692,326	)

^(a)

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

See notes to financial statements.


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.8%
Boeing Co. (The)^(a)		3,639	$	728,673
General Dynamics Corp.		4,325		917,332
HEICO Corp.		2,373		323,653
HEICO Corp., Class A		4,005		439,349
Howmet Aerospace Inc.		29,003		901,703
Huntington Ingalls Industries Inc.		5,059		947,045
L3Harris Technologies Inc.		3,921		820,626
Lockheed Martin Corp.		2,453		954,536
Northrop Grumman Corp.		2,433		899,967
Raytheon Technologies Corp.		9,520		858,609
Textron Inc.		11,954		813,589
TransDigm Group Inc.^(a)		1,324		815,836


				9,420,918

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		9,757		1,021,070
Expeditors International of Washington Inc.		6,983		799,414
FedEx Corp.		3,479		855,347
United Parcel Service Inc., Class B		3,940		796,707


				3,472,538

Airlines — 0.3%
Delta Air Lines Inc.^(a)		22,032		874,450
Southwest Airlines Co.^(a)		18,989		849,948


				1,724,398

Auto Components — 0.5%
Aptiv PLC^(a)		4,923		672,384
BorgWarner Inc.		19,553		857,399
Lear Corp.		5,063		847,141


				2,376,924

Automobiles — 0.6%
Ford Motor Co.		43,172		876,391
General Motors Co.^(a)		13,453		709,377
Lucid Group Inc.^(a)(b)		17,976		528,315
Rivian Automotive Inc., Class A^(a)(b)		6,760		444,402
Tesla Inc.^(a)		694		650,084


				3,208,569

Banks — 2.9%
Bank of America Corp.		17,124		790,101
Citigroup Inc.		12,313		801,823
Citizens Financial Group Inc.		17,755		913,850
Fifth Third Bancorp		19,867		886,664
First Citizens BancShares Inc./NC, Class A		1,158		902,175
First Republic Bank/CA		3,969		688,979
Huntington Bancshares Inc./OH		54,807		825,393
JPMorgan Chase & Co.		4,826		717,144
KeyCorp		37,553		941,078
M&T Bank Corp.		5,602		948,867
PNC Financial Services Group Inc. (The)		4,195		864,128
Regions Financial Corp.		37,271		854,997
Signature Bank/New York NY		2,734		832,858
SVB Financial Group^(a)		1,155		674,404
Truist Financial Corp.		13,617		855,420
U.S. Bancorp		14,416		838,867
Webster Financial Corp.		14,616		830,335
Wells Fargo & Co.		16,305		877,209


				15,044,292

Beverages — 1.2%
Brown-Forman Corp., Class B, NVS		12,017		810,307


Security	Shares		Value


Beverages (continued)
Coca-Cola Co. (The)		14,600	$	890,746
Constellation Brands Inc., Class A		3,651		868,025
Keurig Dr Pepper Inc.		24,151		916,531
Molson Coors Beverage Co., Class B		19,764		941,952
Monster Beverage Corp.^(a)		9,628		834,940
PepsiCo Inc.		4,960		860,659


				6,123,160

Biotechnology — 2.4%
AbbVie Inc.		6,940		950,017
Alnylam Pharmaceuticals Inc.^(a)		5,017		690,339
Amgen Inc.		4,095		930,138
Biogen Inc.^(a)		3,384		764,784
BioMarin Pharmaceutical Inc.^(a)		10,962		971,562
Exact Sciences Corp.^(a)(b)		10,706		817,510
Gilead Sciences Inc.		12,493		858,019
Horizon Therapeutics PLC^(a)		8,254		770,346
Incyte Corp.^(a)		13,978		1,038,985
Moderna Inc.^(a)		3,350		567,256
Neurocrine Biosciences Inc.^(a)		10,585		836,427
Novavax Inc.^(a)(b)		4,780		447,886
Regeneron Pharmaceuticals Inc.^(a)		1,311		797,861
Seagen Inc.^(a)		4,745		638,250
Vertex Pharmaceuticals Inc.^(a)		4,643		1,128,481


				12,207,861

Building Products — 1.4%
A O Smith Corp.		11,043		843,906
Allegion PLC		6,797		834,196
Carrier Global Corp.		15,199		724,688
Fortune Brands Home & Security Inc.		8,454		796,113
Johnson Controls International PLC		10,709		778,223
Lennox International Inc.		2,864		812,288
Masco Corp.		13,283		841,212
Owens Corning		10,272		911,127
Trane Technologies PLC		4,462		772,372


				7,314,125

Capital Markets — 4.3%
Ameriprise Financial Inc.		2,891		879,760
Bank of New York Mellon Corp. (The)		14,885		882,085
BlackRock Inc.^(c)		899		739,823
Blackstone Inc., NVS		5,729		756,056
Carlyle Group Inc. (The)		15,022		766,873
Cboe Global Markets Inc.		7,047		835,281
Charles Schwab Corp. (The)		10,067		882,876
CME Group Inc.		3,730		856,035
Coinbase Global Inc., Class A^(a)		2,639		501,806
FactSet Research Systems Inc.		1,952		823,529
Franklin Resources Inc.		25,786		824,379
Goldman Sachs Group Inc. (The)		2,109		748,020
Intercontinental Exchange Inc.		6,242		790,612
Invesco Ltd.		37,249		844,062
KKR & Co. Inc.		11,000		782,760
MarketAxess Holdings Inc.		2,475		852,588
Moody’s Corp.		2,147		736,421
Morgan Stanley		8,417		863,079
MSCI Inc.		1,293		693,203
Nasdaq Inc.		4,182		749,456
Northern Trust Corp.		7,308		852,405
Raymond James Financial Inc.		9,328		987,555
Robinhood Markets Inc., Class A^(a)(b)		28,828		407,916


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Capital Markets (continued)
S&P Global Inc.		1,789	$	742,829
SEI Investments Co.		14,401		844,043
State Street Corp.		9,209		870,251
T Rowe Price Group Inc.		4,127		637,333
Tradeweb Markets Inc., Class A		9,109		772,170


				21,923,206

Chemicals — 2.8%
Air Products and Chemicals Inc.		2,875		811,095
Albemarle Corp.		3,194		705,044
Celanese Corp.		5,353		833,516
CF Industries Holdings Inc.		13,434		925,200
Corteva Inc.		17,926		861,882
Dow Inc.		15,003		896,129
DuPont de Nemours Inc.		10,891		834,251
Eastman Chemical Co.		7,940		944,304
Ecolab Inc.		3,702		701,344
FMC Corp.		8,692		959,336
International Flavors & Fragrances Inc.		5,799		765,004
Linde PLC		2,489		793,194
LyondellBasell Industries NV, Class A		9,621		930,639
Mosaic Co. (The)		24,661		985,207
PPG Industries Inc.		5,353		836,139
RPM International Inc.		9,708		860,226
Sherwin-Williams Co. (The)		2,544		728,881


				14,371,391

Commercial Services & Supplies — 0.9%
Cintas Corp.		1,958		766,616
Copart Inc.^(a)		5,624		726,902
Republic Services Inc.		6,289		802,854
Rollins Inc.		25,189		777,080
Waste Connections Inc.		6,304		786,109
Waste Management Inc.		5,183		779,730


				4,639,291

Communications Equipment — 0.8%
Arista Networks Inc.^(a)		6,549		814,106
Cisco Systems Inc.		15,084		839,726
F5 Inc.^(a)(b)		3,808		790,617
Juniper Networks Inc.		28,364		987,635
Motorola Solutions Inc.		3,381		784,189


				4,216,273

Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,108		820,265
Vulcan Materials Co.		4,445		845,928


				1,666,193

Consumer Finance — 1.0%
Ally Financial Inc.		18,526		884,061
American Express Co.		4,683		842,097
Capital One Financial Corp.		5,555		815,085
Discover Financial Services		7,579		877,269
SoFi Technologies Inc.^(a)(b)		43,727		545,713
Synchrony Financial		18,283		778,673
Upstart Holdings Inc.^(a)		3,964		432,116


				5,175,014

Containers & Packaging — 1.4%
Amcor PLC		74,489		894,613
Avery Dennison Corp.		4,100		842,222
Ball Corp.		9,362		909,050
Crown Holdings Inc.		8,256		944,487


Security	Shares		Value


Containers & Packaging (continued)
International Paper Co.		18,419	$	888,717
Packaging Corp. of America		6,860		1,033,322
Sealed Air Corp.		14,233		966,705
Westrock Co.		19,063		879,948


				7,359,064

Distributors — 0.5%
Genuine Parts Co.		6,572		875,588
LKQ Corp.		15,197		834,163
Pool Corp.		1,541		733,901


				2,443,652

Diversified Financial Services — 0.7%
Apollo Global Management Inc.		23,961		1,677,270
Berkshire Hathaway Inc., Class B^(a)		2,779		869,883
Equitable Holdings Inc.		27,497		924,999


				3,472,152

Diversified Telecommunication Services — 0.7%
AT&T Inc.		33,581		856,316
Liberty Global PLC, Class A^(a)		10,065		272,963
Liberty Global PLC, Class C, NVS^(a)		22,006		595,042
Lumen Technologies Inc.		66,836		826,093
Verizon Communications Inc.		15,941		848,539


				3,398,953

Electric Utilities — 2.7%
Alliant Energy Corp.		16,500		987,690
American Electric Power Co. Inc.		10,464		945,946
Duke Energy Corp.		8,603		903,831
Edison International		13,707		860,662
Entergy Corp.		8,493		949,263
Evergy Inc.		13,891		902,359
Eversource Energy		10,626		950,921
Exelon Corp.		16,037		929,344
FirstEnergy Corp.		23,064		967,765
NextEra Energy Inc.		9,349		730,344
NRG Energy Inc.		25,790		1,029,795
PG&E Corp.^(a)		73,570		940,960
PPL Corp.		31,482		934,386
Southern Co. (The)		13,878		964,382
Xcel Energy Inc.		13,553		944,102


				13,941,750

Electrical Equipment — 1.1%
AMETEK Inc.		6,202		848,248
Eaton Corp. PLC		4,903		776,782
Emerson Electric Co.		9,056		832,699
Generac Holdings Inc.^(a)		2,095		591,586
Plug Power Inc.^(a)(b)		21,923		479,456
Rockwell Automation Inc.		2,533		732,594
Sensata Technologies Holding PLC^(a)		15,228		873,478
Sunrun Inc.^(a)(b)		17,458		452,686


				5,587,529

Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		10,141		807,122
Arrow Electronics Inc.^(a)		7,327		908,548
CDW Corp./DE		4,543		858,854
Cognex Corp.		11,416		758,708
Corning Inc.		22,853		960,740
IPG Photonics Corp.^(a)		5,604		865,650
Keysight Technologies Inc.^(a)		4,483		756,820
TE Connectivity Ltd.		5,220		746,512


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies Inc.^(a)		1,984	$	836,117
Trimble Inc.^(a)		10,125		730,620
Zebra Technologies Corp., Class A^(a)		1,447		736,697


				8,966,388

Energy Equipment & Services — 0.6%
Baker Hughes Co.		37,518		1,029,494
Halliburton Co.		39,274		1,207,283
Schlumberger NV		27,161		1,061,180


				3,297,957

Entertainment — 1.3%
Activision Blizzard Inc.		13,748		1,086,230
AMC Entertainment Holdings Inc., Class A^(a)		22,018		353,609
Electronic Arts Inc.		6,361		843,850
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		15,208		915,978
Live Nation Entertainment Inc.^(a)		7,829		857,354
Netflix Inc.^(a)		1,172		500,608
Roku Inc., Class A^(a)(b)		3,708		608,297
Take-Two Interactive Software Inc.^(a)		5,122		836,627
Walt Disney Co. (The)^(a)		5,200		743,444


				6,745,997

Equity Real Estate Investment Trusts (REITs) — 5.6%
Alexandria Real Estate Equities Inc.		4,270		831,967
American Tower Corp.		3,226		811,339
AvalonBay Communities Inc.		3,552		867,505
Boston Properties Inc.		7,515		842,281
Camden Property Trust		5,460		874,091
Crown Castle International Corp.		4,606		840,641
Digital Realty Trust Inc.		5,254		784,054
Duke Realty Corp.		15,287		883,283
Equinix Inc.		1,068		774,193
Equity LifeStyle Properties Inc.		10,703		837,938
Equity Residential		9,936		881,621
Essex Property Trust Inc.		2,535		842,888
Extra Space Storage Inc.		4,343		860,739
Healthpeak Properties Inc.		25,860		914,668
Host Hotels & Resorts Inc.^(a)		52,645		912,864
Invitation Homes Inc.		21,607		907,062
Iron Mountain Inc.		19,230		883,042
Medical Properties Trust Inc.		42,176		959,926
Mid-America Apartment Communities Inc.		4,351		899,265
Prologis Inc.		5,537		868,312
Public Storage		2,547		913,176
Realty Income Corp.		12,223		848,399
Regency Centers Corp.		12,252		879,081
SBA Communications Corp.		2,533		824,340
Simon Property Group Inc.		5,061		744,979
Sun Communities Inc.		4,513		852,777
UDR Inc.		15,969		907,678
Ventas Inc.		16,725		886,760
VICI Properties Inc.		30,670		877,775
Vornado Realty Trust		20,437		838,121
Welltower Inc.		10,107		875,569
Weyerhaeuser Co.		23,187		937,450
WP Carey Inc.		11,609		900,858


				28,564,642

Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,535		775,375
Kroger Co. (The)		21,209		924,500
Sysco Corp.		11,588		905,602


Security	Shares		Value


Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		18,121	$	901,701
Walmart Inc.		5,541		774,687


				4,281,865

Food Products — 2.5%
Archer-Daniels-Midland Co.		13,075		980,625
Bunge Ltd.		9,469		936,105
Campbell Soup Co.		22,339		985,597
Conagra Brands Inc.		29,061		1,010,160
General Mills Inc.		13,900		954,652
Hershey Co. (The)		4,835		952,834
Hormel Foods Corp.		20,820		988,326
JM Smucker Co. (The)		7,243		1,018,221
Kellogg Co.		14,350		904,050
Kraft Heinz Co. (The)		24,415		874,057
McCormick & Co. Inc./MD, NVS		10,646		1,067,900
Mondelez International Inc., Class A		13,571		909,664
Tyson Foods Inc., Class A		10,645		967,524


				12,549,715

Gas Utilities — 0.4%
Atmos Energy Corp.		9,856		1,056,760
UGI Corp.		21,029		953,665


				2,010,425

Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		6,360		810,646
ABIOMED Inc.^(a)		2,666		788,789
Align Technology Inc.^(a)		1,260		623,650
Baxter International Inc.		10,965		936,850
Becton Dickinson and Co.		3,398		863,568
Boston Scientific Corp.^(a)		20,721		888,931
Cooper Companies Inc. (The)		2,206		878,650
DENTSPLY SIRONA Inc.		17,049		910,758
Dexcom Inc.^(a)		1,307		562,637
Edwards Lifesciences Corp.^(a)		7,276		794,539
Hologic Inc.^(a)		12,289		863,179
IDEXX Laboratories Inc.^(a)		1,355		687,391
Insulet Corp.^(a)		2,961		734,328
Intuitive Surgical Inc.^(a)		2,308		655,887
Masimo Corp.^(a)		3,024		664,887
Medtronic PLC		6,984		722,774
Novocure Ltd.^(a)		8,407		577,141
ResMed Inc.		3,302		754,837
STERIS PLC		3,793		851,149
Stryker Corp.		3,222		799,217
Teleflex Inc.		2,745		851,472
Zimmer Biomet Holdings Inc.		6,841		841,580


				17,062,860

Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		7,103		967,429
Anthem Inc.		1,956		862,576
Cardinal Health Inc.		18,356		946,619
Centene Corp.^(a)		11,462		891,285
Cigna Corp.		3,867		891,189
CVS Health Corp.		8,703		926,957
DaVita Inc.^(a)		9,036		979,231
HCA Healthcare Inc.		3,470		832,973
Henry Schein Inc.^(a)		11,980		902,094
Humana Inc.		1,924		755,170
Laboratory Corp. of America Holdings^(a)		3,081		836,060
McKesson Corp.		3,871		993,763


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Health Care Providers & Services (continued)
Molina Healthcare Inc.^(a)		2,922	$	848,783
Oak Street Health Inc.^(a)		24,926		433,214
Quest Diagnostics Inc.		6,105		824,297
UnitedHealth Group Inc.		1,765		834,086
Universal Health Services Inc., Class B		7,301		949,568


				14,675,294

Health Care Technology — 0.5%
Cerner Corp.		12,093		1,102,881
Teladoc Health Inc.^(a)		7,176		550,471
Veeva Systems Inc., Class A^(a)		2,803		663,022


				2,316,374

Hotels, Restaurants & Leisure — 3.2%
Airbnb Inc., Class A^(a)		4,062		625,426
Aramark		25,122		861,433
Booking Holdings Inc.^(a)		352		864,558
Caesars Entertainment Inc.^(a)		9,273		706,046
Carnival Corp.^(a)		42,542		842,757
Chipotle Mexican Grill Inc.^(a)		485		720,506
Darden Restaurants Inc.		6,169		862,858
Domino’s Pizza Inc.		1,666		757,447
DraftKings Inc., Class A^(a)(b)		24,846		548,848
Expedia Group Inc.^(a)		4,999		916,267
Hilton Worldwide Holdings Inc.^(a)		6,042		876,755
Las Vegas Sands Corp.^(a)		22,809		999,034
Marriott International Inc./MD, Class A^(a)		5,521		889,544
McDonald’s Corp.		3,218		834,910
MGM Resorts International		20,076		857,647
Royal Caribbean Cruises Ltd.^(a)		10,750		836,457
Starbucks Corp.		7,375		725,110
Vail Resorts Inc.		2,662		737,640
Wynn Resorts Ltd.^(a)		10,126		865,267
Yum! Brands Inc.		6,848		857,164


				16,185,674

Household Durables — 1.3%
DR Horton Inc.		8,556		763,366
Garmin Ltd.		6,094		758,215
Lennar Corp., Class A		7,865		755,905
Mohawk Industries Inc.^(a)		5,254		829,449
Newell Brands Inc.		40,804		947,061
NVR Inc.^(a)		175		932,264
PulteGroup Inc.		17,650		929,979
Whirlpool Corp.		3,939		827,938


				6,744,177

Household Products — 0.9%
Church & Dwight Co. Inc.		9,799		1,005,867
Clorox Co. (The)		5,412		908,458
Colgate-Palmolive Co.		11,130		917,669
Kimberly-Clark Corp.		6,489		893,211
Procter & Gamble Co. (The)		5,412		868,355


				4,593,560

Independent Power and Renewable Electricity Producers — 0.4%
AES Corp. (The)		37,015		820,993
Vistra Corp.		45,950		1,002,169


				1,823,162

Industrial Conglomerates — 0.6%
3M Co.		4,671		775,480
General Electric Co.		8,274		781,728
Honeywell International Inc.		3,730		762,710


Security	Shares		Value


Industrial Conglomerates (continued)
Roper Technologies Inc.		1,770	$	773,773


				3,093,691

Insurance — 5.0%
Aflac Inc.		15,545		976,537
Alleghany Corp.^(a)		1,341		890,424
Allstate Corp. (The)		7,756		935,917
American Financial Group Inc./OH		6,367		829,493
American International Group Inc.		15,402		889,465
Aon PLC, Class A		2,892		799,464
Arch Capital Group Ltd.^(a)		21,596		1,000,327
Arthur J Gallagher & Co.		5,383		850,191
Assurant Inc.		5,749		876,780
Brown & Brown Inc.		14,054		931,499
Chubb Ltd.		4,413		870,597
Cincinnati Financial Corp.		7,560		890,795
Erie Indemnity Co., Class A, NVS		4,174		768,433
Everest Re Group Ltd.		3,341		946,839
Fidelity National Financial Inc.		17,633		887,822
Globe Life Inc.		9,924		1,015,225
Hartford Financial Services Group Inc. (The)		12,601		905,634
Lincoln National Corp.		12,752		892,385
Loews Corp.		16,009		955,097
Markel Corp.^(a)		719		886,340
Marsh & McLennan Companies Inc.		5,055		776,650
MetLife Inc.		13,677		917,180
Principal Financial Group Inc.		12,631		922,821
Progressive Corp. (The)^(b)		9,467		1,028,684
Prudential Financial Inc.		7,925		884,192
Travelers Companies Inc. (The)		5,599		930,442
W R Berkley Corp.		11,096		937,612
Willis Towers Watson PLC		3,849		900,512


				25,297,357

Interactive Media & Services — 1.1%
Alphabet Inc., Class A^(a)		123		332,847
Alphabet Inc., Class C, NVS^(a)		119		322,962
IAC/InterActiveCorp.^(a)		7,051		962,744
Match Group Inc.^(a)		6,121		689,837
Meta Platforms Inc., Class A^(a)		2,281		714,546
Pinterest Inc., Class A^(a)		19,074		563,827
Snap Inc., Class A, NVS^(a)		15,838		515,368
Twitter Inc.^(a)		17,970		674,055
ZoomInfo Technologies Inc.^(a)		11,362		600,595


				5,376,781

Internet & Direct Marketing Retail — 0.8%
Amazon.com Inc.^(a)		198		592,311
Chewy Inc., Class A^(a)(b)		12,111		576,605
DoorDash Inc., Class A^(a)		3,686		418,324
eBay Inc.		11,525		692,307
Etsy Inc.^(a)		3,026		475,324
MercadoLibre Inc.^(a)(b)		586		663,387
Wayfair Inc., Class A^(a)(b)		3,407		531,219


				3,949,477

IT Services — 4.1%
Accenture PLC, Class A		2,192		775,047
Affirm Holdings Inc.^(a)(b)		6,224		398,772
Akamai Technologies Inc.^(a)		8,122		930,375
Automatic Data Processing Inc.		3,516		724,894
Block Inc.^(a)		3,648		446,114
Broadridge Financial Solutions Inc.		5,163		822,053


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


IT Services (continued)
Cloudflare Inc., Class A^(a)		3,911	$	377,020
Cognizant Technology Solutions Corp., Class A		10,680		912,286
EPAM Systems Inc.^(a)		1,313		625,172
Fidelity National Information Services Inc.		7,796		934,896
Fiserv Inc.^(a)(b)		8,400		887,880
FleetCor Technologies Inc.^(a)		3,933		937,077
Gartner Inc.^(a)		2,633		773,812
Global Payments Inc.		6,868		1,029,376
GoDaddy Inc., Class A^(a)		12,508		946,981
International Business Machines Corp.		7,157		955,960
Jack Henry & Associates Inc.		6,053		1,015,754
Mastercard Inc., Class A		2,290		884,810
MongoDB Inc.^(a)		1,541		624,275
Okta Inc.^(a)		3,321		657,193
Paychex Inc.		6,913		814,075
PayPal Holdings Inc.^(a)		4,032		693,262
Snowflake Inc., Class A^(a)		2,095		578,010
Twilio Inc., Class A^(a)		2,951		608,260
VeriSign Inc.^(a)		3,675		798,136
Visa Inc., Class A		3,889		879,575
Western Union Co. (The)		55,512		1,049,732


				21,080,797

Leisure Products — 0.3%
Hasbro Inc.		9,139		845,175
Peloton Interactive Inc., Class A^(a)		18,600		508,338


				1,353,513

Life Sciences Tools & Services — 2.1%
10X Genomics Inc., Class A^(a)(b)		5,990		576,657
Agilent Technologies Inc.		5,333		742,994
Avantor Inc.^(a)		22,607		843,919
Bio-Rad Laboratories Inc., Class A^(a)		1,150		689,690
Bio-Techne Corp.		1,817		683,937
Charles River Laboratories International Inc.^(a)		2,311		762,075
Danaher Corp.		2,590		740,196
Illumina Inc.^(a)		2,292		799,495
IQVIA Holdings Inc.^(a)		3,243		794,211
Mettler-Toledo International Inc.^(a)(b)		568		836,482
PerkinElmer Inc.		4,761		819,701
Thermo Fisher Scientific Inc.		1,266		735,926
Waters Corp.^(a)		2,605		833,913
West Pharmaceutical Services Inc.^(b)		1,954		768,352


				10,627,548

Machinery — 2.8%
Caterpillar Inc.		4,140		834,458
Cummins Inc.		3,833		846,633
Deere & Co.		2,343		881,905
Dover Corp.		5,014		851,929
Fortive Corp.		11,179		788,567
IDEX Corp.^(b)		3,806		819,965
Illinois Tool Works Inc.		3,514		821,995
Ingersoll Rand Inc.		14,559		818,361
Nordson Corp.		3,375		784,823
Otis Worldwide Corp.		10,110		863,697
PACCAR Inc.		10,092		938,455
Parker-Hannifin Corp.		2,607		808,196
Pentair PLC		11,790		751,023
Snap-on Inc.		4,256		886,312
Stanley Black & Decker Inc.		4,554		795,356
Westinghouse Air Brake Technologies Corp.		9,484		843,128


Security	Shares		Value


Machinery (continued)
Xylem Inc./NY		6,813	$	715,501


				14,050,304

Media — 2.2%
Cable One Inc.		502		775,454
Charter Communications Inc., Class A^(a)		1,213		719,721
Comcast Corp., Class A		15,312		765,447
Discovery Inc., Class A^(a)(b)		12,025		335,618
Discovery Inc., Class C, NVS^(a)		22,304		610,014
DISH Network Corp., Class A^(a)		26,268		824,815
Fox Corp., Class A, NVS		15,645		635,343
Fox Corp., Class B		7,303		271,526
Interpublic Group of Companies Inc. (The)		26,268		933,565
Liberty Broadband Corp., Class A^(a)		782		114,446
Liberty Broadband Corp., Class C, NVS^(a)		4,521		670,962
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		5,491		253,959
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		11,212		521,694
News Corp., Class A, NVS		39,063		868,761
Omnicom Group Inc.		13,432		1,012,236
Sirius XM Holdings Inc.^(b)		139,541		887,481
ViacomCBS Inc., Class B, NVS		25,971		868,730


				11,069,772

Metals & Mining — 0.7%
Freeport-McMoRan Inc.		22,063		821,185
Newmont Corp.		15,100		923,667
Nucor Corp.		7,841		795,077
Steel Dynamics Inc.		14,392		799,044


				3,338,973

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		58,449		870,306
Annaly Capital Management Inc.		108,046		853,563


				1,723,869

Multi-Utilities — 1.9%
Ameren Corp.		10,540		935,320
CenterPoint Energy Inc.		34,150		968,494
CMS Energy Corp.		14,846		955,786
Consolidated Edison Inc.		11,356		981,726
Dominion Energy Inc.		11,337		914,442
DTE Energy Co.		7,988		961,995
NiSource Inc.		36,665		1,069,885
Public Service Enterprise Group Inc.		14,124		939,670
Sempra Energy		7,071		976,929
WEC Energy Group Inc.		9,757		946,819


				9,651,066

Multiline Retail — 0.5%
Dollar General Corp.		3,876		808,069
Dollar Tree Inc.^(a)		6,585		864,084
Target Corp.		3,310		729,623


				2,401,776

Oil, Gas & Consumable Fuels — 3.3%
Cheniere Energy Inc.		8,232		921,161
Chevron Corp.		7,085		930,473
ConocoPhillips		11,535		1,022,232
Coterra Energy Inc.		43,569		954,161
Devon Energy Corp.		20,303		1,026,723
Diamondback Energy Inc.		8,296		1,046,623
EOG Resources Inc.		9,575		1,067,421
Exxon Mobil Corp.		12,672		962,565
Hess Corp.		10,955		1,011,037


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Inc.		53,436	$	927,649
Marathon Petroleum Corp.		13,828		992,159
Occidental Petroleum Corp.		28,707		1,081,393
ONEOK Inc.		13,851		840,478
Phillips 66		11,886		1,007,814
Pioneer Natural Resources Co.		4,818		1,054,612
Valero Energy Corp.		12,036		998,627
Williams Companies Inc. (The)		31,262		935,984


				16,781,112

Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		2,391		745,490


Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		14,031		910,471
Catalent Inc.^(a)		6,942		721,482
Elanco Animal Health Inc.^(a)		27,942		727,610
Eli Lilly & Co.		3,095		759,482
Jazz Pharmaceuticals PLC^(a)		7,159		994,457
Johnson & Johnson		4,900		844,221
Merck & Co. Inc.		9,779		796,793
Pfizer Inc.		15,712		827,865
Royalty Pharma PLC, Class A		21,386		855,654
Viatris Inc.		67,343		1,008,125
Zoetis Inc.		3,697		738,623


				9,184,783

Professional Services — 1.5%
Booz Allen Hamilton Holding Corp.		10,510		806,432
Clarivate PLC^(a)(b)		37,897		623,785
CoStar Group Inc.^(a)		10,824		759,412
Equifax Inc.		3,018		723,596
IHS Markit Ltd.		6,642		775,719
Jacobs Engineering Group Inc.		6,083		791,885
Leidos Holdings Inc.		9,968		891,638
Robert Half International Inc.		7,811		884,674
TransUnion		7,521		775,565
Verisk Analytics Inc.		3,864		757,846


				7,790,552

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		8,825		894,325
Zillow Group Inc., Class A^(a)		4,232		211,008
Zillow Group Inc., Class C, NVS^(a)(b)		11,571		584,104


				1,689,437

Road & Rail — 1.4%
AMERCO		1,225		745,964
CSX Corp.		23,291		797,018
JB Hunt Transport Services Inc.		4,578		881,448
Knight-Swift Transportation Holdings Inc.		16,038		907,430
Lyft Inc., Class A^(a)		18,255		703,183
Norfolk Southern Corp.		3,078		837,185
Old Dominion Freight Line Inc.		2,463		743,653
Uber Technologies Inc.^(a)		18,715		699,941
Union Pacific Corp.		3,425		837,584


				7,153,406

Semiconductors & Semiconductor Equipment — 3.3%
Advanced Micro Devices Inc.^(a)		5,261		601,069
Analog Devices Inc.		4,449		729,503
Applied Materials Inc.		5,201		718,674
Broadcom Inc.		1,415		829,020
Enphase Energy Inc.^(a)		3,437		482,795


Security	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		5,828	$	698,428
Intel Corp.		16,373		799,330
KLA Corp.		2,013		783,601
Lam Research Corp.		1,326		782,234
Marvell Technology Inc.		11,416		815,102
Microchip Technology Inc.		10,367		803,235
Micron Technology Inc.		10,989		904,065
Monolithic Power Systems Inc.		1,585		638,644
NVIDIA Corp.		2,447		599,172
NXP Semiconductors NV		3,877		796,491
ON Semiconductor Corp.^(a)(b)		13,903		820,277
Qorvo Inc.^(a)(b)		5,738		787,713
QUALCOMM Inc.		4,369		767,896
Skyworks Solutions Inc.		5,412		792,966
SolarEdge Technologies Inc.^(a)		2,536		604,126
Teradyne Inc.		5,891		691,780
Texas Instruments Inc.		4,253		763,371
Xilinx Inc.		3,911		756,974


				16,966,466

Software — 6.2%
Adobe Inc.^(a)		1,193		637,420
ANSYS Inc.^(a)		2,200		748,022
Asana Inc., Class A^(a)		6,463		339,178
Autodesk Inc.^(a)		2,633		657,697
Avalara Inc.^(a)(b)		6,065		664,845
Bentley Systems Inc., Class B^(b)		15,919		639,466
Bill.com Holdings Inc.^(a)(b)		2,792		525,482
Black Knight Inc.^(a)		12,781		953,463
Cadence Design Systems Inc.^(a)		4,620		702,887
Ceridian HCM Holding Inc.^(a)		7,800		591,396
Citrix Systems Inc.		10,830		1,104,010
Coupa Software Inc.^(a)(b)		4,094		549,701
Crowdstrike Holdings Inc., Class A^(a)		3,217		581,119
Datadog Inc., Class A^(a)		4,512		659,248
DocuSign Inc.^(a)		3,251		408,878
Dropbox Inc., Class A^(a)		35,827		886,718
Dynatrace Inc.^(a)		13,159		721,903
Fair Isaac Corp.^(a)		2,607		1,290,439
Fortinet Inc.^(a)		2,504		744,289
Guidewire Software Inc.^(a)		7,545		760,838
HubSpot Inc.^(a)		1,042		509,330
Intuit Inc.		1,304		724,020
Microsoft Corp.		2,173		675,760
NortonLifeLock Inc.		36,733		955,425
Nuance Communications Inc.^(a)		16,207		895,437
Oracle Corp.		8,507		690,428
Palantir Technologies Inc., Class A^(a)		40,189		550,991
Palo Alto Networks Inc.^(a)(b)		1,655		856,297
Paycom Software Inc.^(a)		1,885		632,040
PTC Inc.^(a)		7,720		897,527
RingCentral Inc., Class A^(a)		3,646		643,483
salesforce.com Inc.^(a)		2,647		615,772
ServiceNow Inc.^(a)		1,225		717,580
Splunk Inc.^(a)		6,518		807,711
SS&C Technologies Holdings Inc.		11,346		906,205
Synopsys Inc.^(a)		2,449		760,414
Trade Desk Inc. (The), Class A^(a)		8,142		566,195
Tyler Technologies Inc.^(a)		1,653		783,191
Unity Software Inc.^(a)		4,259		447,834
VMware Inc., Class A		7,143		917,733


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
Workday Inc., Class A^(a)		2,848	$	720,572
Zendesk Inc.^(a)		9,366		922,645
Zoom Video Communications Inc., Class A^(a)		3,297		508,661
Zscaler Inc.^(a)		2,350		604,209


				31,476,459

Specialty Retail — 2.1%
Advance Auto Parts Inc.		3,908		904,741
AutoZone Inc.^(a)		463		919,680
Bath & Body Works Inc.		11,404		639,422
Best Buy Co. Inc.		6,439		639,264
Burlington Stores Inc.^(a)		3,265		773,576
CarMax Inc.^(a)		6,109		679,138
Carvana Co., Class A^(a)(b)		3,063		496,390
Home Depot Inc. (The)		1,961		719,648
Lowe’s Companies Inc.		3,309		785,391
O’Reilly Automotive Inc.^(a)		1,346		877,255
Ross Stores Inc.		7,300		713,575
TJX Companies Inc. (The)		11,495		827,295
Tractor Supply Co.		3,877		846,388
Ulta Beauty Inc.^(a)		2,205		802,047


				10,623,810

Technology Hardware, Storage & Peripherals — 1.2%
Apple Inc.		4,699		821,291
Dell Technologies Inc., Class C^(a)		15,484		879,646
Hewlett Packard Enterprise Co.		61,275		1,000,621
HP Inc.		27,848		1,022,857
NetApp Inc.		10,235		885,430
Seagate Technology Holdings PLC		8,810		943,991
Western Digital Corp.^(a)		16,217		839,068


				6,392,904

Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica Inc.^(a)		1,814		605,441
Nike Inc., Class B		4,701		696,077
VF Corp.		11,495		749,589


				2,051,107

Tobacco — 0.4%
Altria Group Inc.		19,156		974,657
Philip Morris International Inc.		9,013		926,987


				1,901,644


Security	Shares		Value


Trading Companies & Distributors — 0.5%
Fastenal Co.		14,356	$	813,698
United Rentals Inc.^(a)		2,341		749,401
WW Grainger Inc.		1,837		909,517


				2,472,616

Water Utilities — 0.3%
American Water Works Co. Inc.		5,115		822,492
Essential Utilities Inc.		19,316		941,462


				1,763,954

Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)		7,045		762,058


Total Common Stocks — 99.8% (Cost: $508,371,638)				509,676,065


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		15,450,956		15,455,592
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		800,000		800,000


				16,255,592


Total Short-Term Investments — 3.2% (Cost: $16,248,966)				16,255,592


Total Investments in Securities — 103.0% (Cost: $524,620,604)				525,931,657

Other Assets, Less Liabilities — (3.0)%				(15,512,326	)


Net Assets — 100.0%			$	510,419,331

^(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.


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

Affiliates




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	$	20,463,456	$	—	$	(5,004,770	)^(a)	$	(1,757	)	$	(1,337	)	$	15,455,592		15,450,956	$	27,209	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,980,000		—		(1,180,000	)^(a)		—			—			800,000		800,000		35			—
BlackRock Inc.		1,005,050		147,685		(383,238	)		84,046			(113,720	)		739,823		899		8,772			—


								$	82,289		$	(115,057	)	$	16,995,415			$	36,016		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		3		03/18/22	$	125	$	1,936
S&P 500 E-Mini Index		1		03/18/22		225		(7,766	)
S&P Mid 400 E-Mini Index		1		03/18/22		263		(14,203	)


							$	(20,033	)

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)	$	1,936


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	21,969

^(a)

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	$	168,688


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(68,617	)


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Size Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,672,956

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




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	509,676,065		$	—	$	—	$	509,676,065
Money Market Funds		16,255,592			—		—		16,255,592


	$	525,931,657		$	—	$	—	$	525,931,657

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,936		$	—	$	—	$	1,936
Liabilities
Futures Contracts		(21,969	)		—		—		(21,969	)


	$	(20,033	)	$	—	$	—	$	(20,033	)

^(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		55

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI USA Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.6%
General Dynamics Corp.		335,066	$	71,067,499
Huntington Ingalls Industries Inc.		70,873		13,267,426
L3Harris Technologies Inc.		363,231		76,020,616
Northrop Grumman Corp.		209,904		77,643,489
Raytheon Technologies Corp.		2,733,445		246,529,404
Textron Inc.^(a)		384,766		26,187,174


				510,715,608

Air Freight & Logistics — 0.9%
FedEx Corp.		539,719		132,695,313


Auto Components — 0.7%
BorgWarner Inc.		1,217,234		53,375,711
Lear Corp.		293,724		49,145,900


				102,521,611

Automobiles — 6.5%
Ford Motor Co.		23,301,436		473,019,151
General Motors Co.^(b)		8,396,378		442,741,012


				915,760,163

Banks — 4.5%
Citigroup Inc.		4,463,248		290,646,710
Citizens Financial Group Inc.		713,323		36,714,735
Fifth Third Bancorp		708,264		31,609,822
Regions Financial Corp.		1,175,110		26,957,024
Wells Fargo & Co.		4,650,859		250,216,214


				636,144,505

Beverages — 0.4%
Molson Coors Beverage Co., Class B		1,086,508		51,782,971


Biotechnology — 3.4%
AbbVie Inc.		2,198,689		300,978,537
Biogen Inc.^(a)(b)		188,934		42,699,084
Gilead Sciences Inc.		1,800,922		123,687,323
Novavax Inc.^(b)		69,240		6,487,788


				473,852,732

Building Products — 0.7%
Johnson Controls International PLC		1,084,571		78,815,775
Owens Corning		294,425		26,115,497


				104,931,272

Capital Markets — 1.8%
Bank of New York Mellon Corp. (The)		930,267		55,127,622
Franklin Resources Inc.		371,434		11,874,745
Goldman Sachs Group Inc. (The)		474,054		168,137,473
Invesco Ltd.		633,296		14,350,487


				249,490,327

Chemicals — 1.5%
Corteva Inc.		954,887		45,910,967
Dow Inc.		588,976		35,179,537
DuPont de Nemours Inc.		546,664		41,874,462
Eastman Chemical Co.		164,353		19,546,502
LyondellBasell Industries NV, Class A		483,730		46,791,203
Mosaic Co. (The)		706,943		28,242,373


				217,545,044

Communications Equipment — 4.0%
Cisco Systems Inc.		8,897,020		495,297,104
F5 Inc.^(a)(b)		138,094		28,671,076
Juniper Networks Inc.		1,190,856		41,465,606


				565,433,786


Security	Shares		Value

Consumer Finance — 1.0%
Ally Financial Inc.		663,106	$	31,643,419
Capital One Financial Corp.		725,036		106,384,532


				138,027,951

Containers & Packaging — 0.3%
International Paper Co.		512,630		24,734,397
Westrock Co.		437,242		20,183,091


				44,917,488

Distributors — 0.4%
LKQ Corp.		925,446		50,797,731


Diversified Financial Services — 0.2%
Equitable Holdings Inc.		845,287		28,435,455


Diversified Telecommunication Services — 8.6%
AT&T Inc.		41,605,827		1,060,948,588
Liberty Global PLC, Class A^(b)		682,140		18,499,637
Liberty Global PLC, Class C, NVS^(b)		1,928,798		52,154,698
Lumen Technologies Inc.		6,352,217		78,513,402


				1,210,116,325

Electric Utilities — 1.8%
Edison International		456,466		28,661,500
Evergy Inc.		311,043		20,205,354
Exelon Corp.		1,833,642		106,259,554
NRG Energy Inc.		559,771		22,351,656
PG&E Corp.^(a)(b)		2,978,819		38,099,095
PPL Corp.		1,333,618		39,581,782


				255,158,941

Electrical Equipment — 0.1%
Sensata Technologies Holding PLC^(a)(b)		248,010		14,225,854


Electronic Equipment, Instruments & Components — 1.7%
Arrow Electronics Inc.^(a)(b)		383,113		47,506,012
Corning Inc.		2,305,703		96,931,754
TE Connectivity Ltd.		636,343		91,003,413


				235,441,179

Equity Real Estate Investment Trusts (REITs) — 1.7%
Iron Mountain Inc.		545,486		25,048,717
Public Storage		240,948		86,387,086
Simon Property Group Inc.		504,105		74,204,256
Ventas Inc.		329,344		17,461,819
Weyerhaeuser Co.		1,058,672		42,802,109


				245,903,987

Food & Staples Retailing — 1.8%
Kroger Co. (The)		2,266,555		98,799,133
Walgreens Boots Alliance Inc.		3,004,578		149,507,801


				248,306,934

Food Products — 2.1%
Conagra Brands Inc.		1,246,746		43,336,891
JM Smucker Co. (The)		342,550		48,155,679
Kraft Heinz Co. (The)		3,116,719		111,578,540
Tyson Foods Inc., Class A		1,077,411		97,925,886


				300,996,996

Gas Utilities — 0.2%
Atmos Energy Corp.		99,066		10,621,857
UGI Corp.		339,981		15,418,138


				26,039,995

Health Care Providers & Services — 5.3%
Anthem Inc.		294,262		129,766,599
Cardinal Health Inc.		422,409		21,783,632


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Centene Corp.^(b)		1,010,221	$	78,554,785
Cigna Corp.		661,679		152,490,542
CVS Health Corp.		2,499,486		266,220,254
DaVita Inc.^(a)(b)		78,399		8,496,100
McKesson Corp.		190,232		48,836,359
Quest Diagnostics Inc.		122,106		16,486,752
Universal Health Services Inc., Class B		140,933		18,329,746


				740,964,769

Household Durables — 3.8%
DR Horton Inc.		1,561,717		139,336,391
Lennar Corp., Class A		1,668,076		160,318,784
Mohawk Industries Inc.^(a)(b)		317,858		50,180,242
Newell Brands Inc.		1,598,223		37,094,756
PulteGroup Inc.		1,615,628		85,127,439
Whirlpool Corp.		278,504		58,538,756


				530,596,368

Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		1,266,504		27,622,452


Insurance — 2.6%
Alleghany Corp.^(b)		12,093		8,029,752
American International Group Inc.		1,509,335		87,164,096
Everest Re Group Ltd.		61,926		17,549,828
Hartford Financial Services Group Inc. (The)		351,264		25,245,344
Lincoln National Corp.		429,794		30,076,984
Loews Corp.		336,511		20,076,246
MetLife Inc.		1,211,392		81,235,948
Principal Financial Group Inc.		347,140		25,362,048
Prudential Financial Inc.		663,345		74,009,402


				368,749,648

IT Services — 6.9%
Cognizant Technology Solutions Corp., Class A		1,200,953		102,585,405
Fidelity National Information Services Inc.		1,814,832		217,634,653
Fiserv Inc.^(a)(b)		1,288,757		136,221,615
Global Payments Inc.		682,313		102,265,072
International Business Machines Corp.		2,944,122		393,246,376
Western Union Co. (The)		1,031,547		19,506,554


				971,459,675

Machinery — 1.5%
Cummins Inc.		253,492		55,991,313
PACCAR Inc.		712,931		66,295,453
Snap-on Inc.		98,667		20,547,403
Stanley Black & Decker Inc.		163,449		28,546,368
Westinghouse Air Brake Technologies Corp.		405,709		36,067,530


				207,448,067

Media — 2.0%
Discovery Inc., Class A^(a)(b)		958,830		26,760,945
Discovery Inc., Class C, NVS^(a)(b)		2,035,900		55,681,865
DISH Network Corp., Class A^(a)(b)		1,009,331		31,692,993
Fox Corp., Class A, NVS		1,118,826		45,435,524
Fox Corp., Class B		550,014		20,449,521
ViacomCBS Inc., Class B, NVS		3,106,487		103,911,990


				283,932,838

Metals & Mining — 0.5%
Nucor Corp.		519,191		52,645,967
Steel Dynamics Inc.		392,097		21,769,226


				74,415,193


Security	Shares		Value

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		1,151,523	$	17,146,177
Annaly Capital Management Inc.		2,623,950		20,729,205


				37,875,382

Multi-Utilities — 0.2%
Consolidated Edison Inc.		315,908		27,310,247


Oil, Gas & Consumable Fuels — 3.0%
Coterra Energy Inc.		855,209		18,729,077
Devon Energy Corp.		1,271,033		64,276,139
Diamondback Energy Inc.		306,731		38,697,183
EOG Resources Inc.		1,359,910		151,602,767
Kinder Morgan Inc.		5,112,601		88,754,753
Pioneer Natural Resources Co.		257,386		56,339,222


				418,399,141

Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		3,651,875		236,970,169
Jazz Pharmaceuticals PLC^(a)(b)		112,634		15,645,989
Pfizer Inc.		6,688,971		352,441,882
Viatris Inc.		3,274,125		49,013,651


				654,071,691

Professional Services — 0.2%
Clarivate PLC^(a)(b)		478,524		7,876,505
Leidos Holdings Inc.		216,687		19,382,652


				27,259,157

Real Estate Management & Development — 0.9%
CBRE Group Inc., Class A^(b)		1,251,212		126,797,824


Road & Rail — 0.3%
AMERCO		19,332		11,772,221
Knight-Swift Transportation Holdings Inc.		488,669		27,648,892


				39,421,113

Semiconductors & Semiconductor Equipment — 13.2%
Applied Materials Inc.		1,824,422		252,098,632
Intel Corp.		17,295,483		844,365,480
Micron Technology Inc.		6,129,173		504,247,063
NXP Semiconductors NV		498,820		102,477,581
ON Semiconductor Corp.^(a)(b)		966,607		57,029,813
Qorvo Inc.^(a)(b)		320,230		43,961,174
Skyworks Solutions Inc.		358,678		52,553,501


				1,856,733,244

Software — 0.6%
SS&C Technologies Holdings Inc.		513,070		40,978,901
VMware Inc., Class A		344,188		44,221,274


				85,200,175

Specialty Retail — 0.5%
Best Buy Co. Inc.		733,514		72,823,270


Technology Hardware, Storage & Peripherals — 3.6%
Dell Technologies Inc., Class C^(b)		710,554		40,366,573
Hewlett Packard Enterprise Co.		7,220,241		117,906,536
HP Inc.		4,657,382		171,065,641
NetApp Inc.		438,901		37,969,325
Seagate Technology Holdings PLC		621,311		66,573,474
Western Digital Corp.^(b)		1,521,468		78,720,754


				512,602,303

Tobacco — 1.4%
Altria Group Inc.		3,916,360		199,264,397


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors — 0.3%
United Rentals Inc.^(b)		138,599	$	44,368,312


Total Common Stocks — 99.8% (Cost: $12,849,792,306)				14,066,557,434


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		92,030,862		92,058,471
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		17,577,000		17,577,000


				109,635,471


Total Short-Term Investments — 0.8% (Cost: $109,634,921)				109,635,471


Total Investments in Securities — 100.6% (Cost: $12,959,427,227)				14,176,192,905

Other Assets, Less Liabilities — (0.6)%				(78,903,433	)


Net Assets — 100.0%			$	14,097,289,472

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(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




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	$	16,321,859	$	75,751,107	^(a)	$	—		$	(14,404	)	$	(91	)	$	92,058,471		92,030,862	$	89,979	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		25,377,000		—			(7,800,000	)^(a)		—			—			17,577,000		17,577,000		683			—

									$	(14,404	)	$	(91)		$	109,635,471			$	90,662		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Russell 2000 E-Mini Index		98		03/18/22	$	9,919	$	(659,971	)
S&P 500 E-Mini Index		89		03/18/22		20,044		(535,013	)

							$	(1,194,984	)


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI USA Value 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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,194,984

^(a)

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	$	(270,291	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,686,188	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	29,667,106

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




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	14,066,557,434		$	—	$	—	$	14,066,557,434
Money Market Funds		109,635,471			—		—		109,635,471


	$	14,176,192,905		$	—	$	—	$	14,176,192,905


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,194,984	)	$	—	$	—	$	(1,194,984	)

^(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		59

Statements of Assets and Liabilities (unaudited)

January 31, 2022


	iShares MSCI Intl Momentum Factor ETF		iShares MSCI Intl Quality Factor ETF		iShares MSCI Intl Size Factor ETF		iShares MSCI Intl Value Factor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	837,302,075	$	4,236,903,099	$	16,883,802	$	1,276,330,279
Affiliated^(c)		330,000		61,681,457		64,586		9,163,492
Cash		5,593		1,498		3,259		2,138
Foreign currency, at value^(d)		1,369,143		4,901,071		16,755		1,915,614
Foreign currency collateral pledged:
Futures contracts^(e)		171,700		931,214		2,173		295,021
Receivables:
Investments sold		—		512,071		20,472		—
Securities lending income — Affiliated		2		32,276		8		391
Variation margin on futures contracts		45,045		245,013		1,983		91,013
Capital shares sold		—		1,505,166		—		5,217
Dividends		358,391		1,565,474		7,379		1,772,334
Tax reclaims		559,282		5,171,282		7,214		820,548


Total assets		840,141,231		4,313,449,621		17,007,631		1,290,396,047


LIABILITIES
Collateral on securities loaned, at value		—		60,291,457		64,599		8,854,018
Payables:
Investments purchased		—		2,160,669		—		5,217
Investment advisory fees		222,203		1,067,816		3,259		317,637


Total liabilities		222,203		63,519,942		67,858		9,176,872


NET ASSETS	$	839,919,028	$	4,249,929,679	$	16,939,773	$	1,281,219,175


NET ASSETS CONSIST OF:
Paid-in capital	$	794,173,900	$	3,764,856,657	$	15,935,436	$	1,274,358,404
Accumulated earnings		45,745,128		485,073,022		1,004,337		6,860,771


NET ASSETS	$	839,919,028	$	4,249,929,679	$	16,939,773	$	1,281,219,175


Shares outstanding		23,400,000		113,700,000		600,000		49,000,000


Net asset value	$	35.89	$	37.38	$	28.23	$	26.15


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Securities loaned, at value	$	—	$	56,970,547	$	64,437	$	8,416,265
^(b)Investments, at cost — Unaffiliated	$	765,512,418	$	3,712,149,192	$	17,929,796	$	1,214,162,049
^(c)Investments, at cost — Affiliated	$	330,000	$	61,681,457	$	64,586	$	9,163,505
^(d)Foreign currency, at cost	$	1,378,530	$	4,939,791	$	16,731	$	1,931,098
^(e)Foreign currency collateral pledged, at cost	$	173,681	$	951,129	$	2,195	$	299,471

See notes to financial statements.


60		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022


	iShares MSCI USA Momentum Factor ETF		iShares MSCI USA Quality Factor ETF		iShares MSCI USA Size Factor ETF		iShares MSCI USA Value Factor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	12,451,251,276	$	22,498,502,812	$	508,936,242	$	14,066,557,434
Affiliated^(c)		329,953,647		740,742,944		16,995,415		109,635,471
Cash		1,439		1,308,151		3,007		3,575
Cash pledged:
Futures contracts		1,296,000		2,847,000		56,000		1,667,000
Receivables:
Investments sold		—		—		465,763		—
Securities lending income — Affiliated		20,691		14,827		10,201		32,218
Variation margin on futures contracts		437,399		1,057,069		17,983		648,570
Capital shares sold		—		403,227		—		—
Dividends		5,580,243		9,637,674		289,726		41,858,856


Total assets		12,788,540,695		23,254,513,704		526,774,337		14,220,403,124


LIABILITIES
Collateral on securities loaned, at value		165,863,474		164,867,229		15,457,503		92,084,920
Payables:
Investments purchased		—		—		830,417		27,923,064
Capital shares redeemed		120,542		81,969		—		1,039,621
Investment advisory fees		1,720,249		3,015,066		67,086		2,066,047


Total liabilities		167,704,265		167,964,264		16,355,006		123,113,652


NET ASSETS	$	12,620,836,430	$	23,086,549,440	$	510,419,331	$	14,097,289,472

NET ASSETS CONSIST OF:
Paid-in capital	$	12,358,903,570	$	18,705,968,133	$	506,841,258	$	11,925,881,528
Accumulated earnings		261,932,860		4,380,581,307		3,578,073		2,171,407,944


NET ASSETS	$	12,620,836,430	$	23,086,549,440	$	510,419,331	$	14,097,289,472


Shares outstanding		76,300,000		170,400,000		3,950,000		131,300,000


Net asset value	$	165.41	$	135.48	$	129.22	$	107.37


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Securities loaned, at value	$	174,507,458	$	169,526,077	$	16,052,458	$	93,152,237
^(b)Investments, at cost — Unaffiliated	$	12,520,123,522	$	19,287,625,470	$	507,686,741	$	12,849,792,306
^(c)Investments, at cost — Affiliated	$	315,798,487	$	638,398,194	$	16,933,863	$	109,634,921

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Operations (unaudited)

Six Months Ended January 31, 2022


	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	10,898,307		$	39,403,143		$	228,739		$	17,777,518
Dividends — Affiliated		17			50			—			14
Non-cash dividends — Unaffiliated		—			2,269,026			—			—
Securities lending income — Affiliated — net		4,127			42,424			1,694			93,126
Foreign taxes withheld		(1,086,739	)		(2,363,350	)		(23,104	)		(1,255,309	)


Total investment income		9,815,712			39,351,293			207,329			16,615,349


EXPENSES
Investment advisory fees		1,327,661			6,043,199			29,197			1,757,899
Miscellaneous		217			217			217			217


Total expenses		1,327,878			6,043,416			29,414			1,758,116


Net investment income		8,487,834			33,307,877			177,915			14,857,233


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(23,680,045	)		(27,417,751	)		(14,314	)		(14,551,685	)
Investments — Affiliated		(2	)		(160	)		(16	)		(513	)
In-kind redemptions — Unaffiliated		3,529,583			—			2,733,415			1,659,656
Futures contracts		59,464			815,099			3,903			196,553
Foreign currency transactions		83,191			(332,602	)		(2,036	)		(256,285	)

Net realized gain (loss)		(20,007,809	)		(26,935,414	)		2,720,952			(12,952,274	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(22,444,589	)		(168,989,459	)		(4,038,346	)		41,752,626
Investments — Affiliated		—			—			—			(13	)
Futures contracts		(5,423	)		(99,393	)		(276	)		33,522
Foreign currency translations		(47,752	)		(211,595	)		(387	)		(72,626	)


Net change in unrealized appreciation (depreciation)		(22,497,764	)		(169,300,447	)		(4,039,009	)		41,713,509


Net realized and unrealized gain (loss)		(42,505,573	)		(196,235,861	)		(1,318,057	)		28,761,235

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,017,739	)	$	(162,927,984	)	$	(1,140,142	)	$	43,618,468

See notes to financial statements.


62		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022


	iShares MSCI USA Momentum Factor ETF			iShares MSCI USA Quality Factor ETF			iShares MSCI USA Size Factor ETF			iShares MSCI USA Value Factor ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	70,381,416		$	142,061,434		$	4,609,630		$	218,738,505
Dividends — Affiliated		1,659,130			6,122,498			8,807			683
Interest — Unaffiliated		(1,971	)		—			—			—
Securities lending income — Affiliated — net		154,945			38,412			27,209			89,979

Foreign taxes withheld		(33,476	)		—			(1,288	)		(91,722	)


Total investment income		72,160,044			148,222,344			4,644,358			218,737,445


EXPENSES
Investment advisory fees		11,534,019			18,449,125			460,553			12,035,083
Miscellaneous		217			217			217			217


Total expenses		11,534,236			18,449,342			460,770			12,035,300


Net investment income		60,625,808			129,773,002			4,183,588			206,702,145


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(468,367,481	)		(217,493,992	)		5,532,649			(98,530,626	)
Investments — Affiliated		242,415			(827,386	)		(2,118	)		(14,404	)
In-kind redemptions — Unaffiliated		1,524,081,959			1,796,697,625			35,794,455			1,478,683,959
In-kind redemptions — Affiliated		19,268,664			89,882,879			84,407			—
Futures contracts		4,046,219			5,453,496			168,688			(270,291	)
Foreign currency transactions		—			—			(2	)		—

Net realized gain		1,079,271,776			1,673,712,622			41,578,079			1,379,868,638

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,783,147,454	)		(1,910,921,311	)		(47,351,004	)		(965,259,339	)
Investments — Affiliated		(25,369,084	)		(114,217,621	)		(115,057	)		(91	)
Futures contracts		(1,856,231	)		(3,593,956	)		(68,617	)		(1,686,188	)

Net change in unrealized appreciation (depreciation)		(1,810,372,769	)		(2,028,732,888	)		(47,534,678	)		(966,945,618	)

Net realized and unrealized gain (loss)		(731,100,993	)		(355,020,266	)		(5,956,599	)		412,923,020

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(670,475,185	)	$	(225,247,264	)	$	(1,773,011	)	$	619,625,165

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		63

Statements of Changes in Net Assets


	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,487,834		$	7,839,164		$	33,307,877		$	59,105,585
Net realized gain (loss)		(20,007,809	)		80,817,827			(26,935,414	)		97,333,007
Net change in unrealized appreciation (depreciation)		(22,497,764	)		29,564,717			(169,300,447	)		550,619,860


Net increase (decrease) in net assets resulting from operations		(34,017,739	)		118,221,708			(162,927,984	)		707,058,452


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(40,269,321	)		(8,730,181	)		(41,787,159	)		(57,477,491	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		82,288,980			316,672,682			710,175,116			1,439,257,212


NET ASSETS
Total increase in net assets		8,001,920			426,164,209			505,459,973			2,088,838,173
Beginning of period		831,917,108			405,752,899			3,744,469,706			1,655,631,533

End of period	$	839,919,028		$	831,917,108		$	4,249,929,679		$	3,744,469,706

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	177,915		$	550,060		$	14,857,233		$	23,127,366
Net realized gain (loss)		2,720,952			3,916,961			(12,952,274	)		54,972,396
Net change in unrealized appreciation (depreciation)		(4,039,009	)		3,038,530			41,713,509			89,508,826


Net increase (decrease) in net assets resulting from operations		(1,140,142	)		7,505,551			43,618,468			167,608,588


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(409,721	)		(608,671	)		(23,983,799	)		(21,160,486	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,894,841	)		(1,198,400	)		136,416,480			527,226,102


NET ASSETS
Total increase (decrease) in net assets		(8,444,704	)		5,698,480			156,051,149			673,674,204
Beginning of period		25,384,477			19,685,997			1,125,168,026			451,493,822

End of period	$	16,939,773		$	25,384,477		$	1,281,219,175		$	1,125,168,026

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		65

Statements of Changes in Net Assets (continued)


	iShares MSCI USA Momentum Factor ETF						iShares MSCI USA Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	60,625,808		$	72,155,192		$	129,773,002		$	299,217,942
Net realized gain		1,079,271,776			3,256,181,483			1,673,712,622			2,774,264,361
Net change in unrealized appreciation (depreciation)		(1,810,372,769	)		(402,909,021	)		(2,028,732,888	)		3,639,151,389


Net increase (decrease) in net assets resulting from operations		(670,475,185	)		2,925,427,654			(225,247,264	)		6,712,633,692


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(64,775,745	)		(63,350,348	)		(143,880,110	)		(308,371,260	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,136,929,655	)		983,484,853			(511,152,708	)		(1,288,575,824	)


NET ASSETS
Total increase (decrease) in net assets		(1,872,180,585	)		3,845,562,159			(880,280,082	)		5,115,686,608
Beginning of period		14,493,017,015			10,647,454,856			23,966,829,522			18,851,142,914

End of period	$	12,620,836,430		$	14,493,017,015		$	23,086,549,440		$	23,966,829,522

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


66		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI USA Size Factor ETF						iShares MSCI USA Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,183,588		$	11,615,377		$	206,702,145		$	277,183,388
Net realized gain		41,578,079			238,730,831			1,379,868,638			852,462,176
Net change in unrealized appreciation (depreciation)		(47,534,678	)		63,310,899			(966,945,618	)		2,512,056,697


Net increase (decrease) in net assets resulting from operations		(1,773,011	)		313,657,107			619,625,165			3,641,702,261


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,062,028	)		(12,325,649	)		(220,990,489	)		(237,616,292	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(158,609,517	)		(368,039,930	)		(2,247,033,841	)		6,930,558,612


NET ASSETS
Total increase (decrease) in net assets		(164,444,556	)		(66,708,472	)		(1,848,399,165	)		10,334,644,581
Beginning of period		674,863,887			741,572,359			15,945,688,637			5,611,044,056

End of period	$	510,419,331		$	674,863,887		$	14,097,289,472		$	15,945,688,637

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		67

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Intl Momentum Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	39.06			$	32.99		$	29.44		$	30.00		$	28.78		$	26.38

Net investment income^(a)			0.38				0.43			0.46			0.69			0.67			0.73
Net realized and unrealized gain (loss)^(b)			(1.80	)			6.09			3.52			(0.57	)		1.17			2.36


Net increase (decrease) from investment operations			(1.42	)			6.52			3.98			0.12			1.84			3.09


Distributions^(c)
From net investment income			(0.64	)			(0.45	)		(0.43	)		(0.68	)		(0.59	)		(0.69	)
From net realized gain			(1.11	)			—			—			—			(0.03	)		—


Total distributions			(1.75	)			(0.45	)		(0.43	)		(0.68	)		(0.62	)		(0.69	)


Net asset value, end of period		$	35.89			$	39.06		$	32.99		$	29.44		$	30.00		$	28.78


Total Return^(d)
Based on net asset value			(3.78	)%^(e)			19.80	%		13.65	%		0.55	%		6.41	%		12.01	%


Ratios to Average Net Assets^(f)
Total expenses			0.30	%^(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%


Net investment income			1.92	%^(g)			1.16	%		1.53	%		2.44	%		2.19	%		2.75	%


Supplemental Data
Net assets, end of period (000)		$	839,919			$	831,917		$	405,753		$	164,888		$	141,021		$	34,539


Portfolio turnover rate^(h)			47	%^(e)			104	%		125	%		105	%		131	%		105	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Quality Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	39.29			$	30.32		$	29.79		$	29.62		$	28.07		$	25.46

Net investment income^(a)			0.33				0.78			0.70			0.96			0.99			0.76
Net realized and unrealized gain (loss)^(b)			(1.84	)			8.90			0.44			(0.12	)		1.23			2.61


Net increase (decrease) from investment operations			(1.51	)			9.68			1.14			0.84			2.22			3.37


Distributions^(c)
From net investment income			(0.40	)			(0.71	)		(0.61	)		(0.67	)		(0.67	)		(0.76	)


Total distributions			(0.40	)			(0.71	)		(0.61	)		(0.67	)		(0.67	)		(0.76	)


Net asset value, end of period		$	37.38			$	39.29		$	30.32		$	29.79		$	29.62		$	28.07


Total Return^(d)
Based on net asset value			(3.86	)%^(e)			32.03	%		3.86	%		2.99	%		7.97	%		13.46	%


Ratios to Average Net Assets^(f)
Total expenses			0.30	%^(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%


Net investment income			1.65	%^(g)			2.18	%		2.38	%		3.31	%		3.36	%		2.95	%


Supplemental Data
Net assets, end of period (000)		$	4,249,930			$	3,744,470		$	1,655,632		$	822,240		$	94,784		$	19,648


Portfolio turnover rate^(h)			19	%^(e)			37	%		26	%		29	%		21	%		31	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Size Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	31.73			$	24.61		$	26.01		$	27.58		$	26.81		$	24.16

Net investment income^(a)			0.29				0.62			0.48			0.72			0.76			0.74
Net realized and unrealized gain (loss)^(b)			(1.74	)			7.19			(1.57	)		(1.56	)		0.81			2.84


Net increase (decrease) from investment operations			(1.45	)			7.81			(1.09	)		(0.84	)		1.57			3.58


Distributions^(c)
From net investment income			(2.05	)			(0.69	)		(0.31	)		(0.73	)		(0.80	)		(0.93	)


Total distributions			(2.05	)			(0.69	)		(0.31	)		(0.73	)		(0.80	)		(0.93	)


Net asset value, end of period		$	28.23			$	31.73		$	24.61		$	26.01		$	27.58		$	26.81


Total Return^(d)
Based on net asset value			(4.69	)%^(e)			31.83	%		(4.25	)%		(2.93	)%		5.89	%		15.14	%


Ratios to Average Net Assets^(f)
Total expenses			0.30	%^(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%


Net investment income			1.83	%^(g)			2.11	%		1.91	%		2.78	%		2.73	%		2.95	%


Supplemental Data
Net assets, end of period (000)		$	16,940			$	25,384		$	19,686		$	5,202		$	5,517		$	5,361


Portfolio turnover rate^(h)			14	%^(e)			25	%		42	%		26	%		13	%		23	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


70		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Value Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	25.69			$	19.05		$	22.61		$	25.67		$	24.84		$	20.96

Net investment income^(a)			0.33				0.76			0.58			0.86			0.73			0.63
Net realized and unrealized gain (loss)^(b)			0.66				6.44			(3.57	)		(3.14	)		0.88			3.75


Net increase (decrease) from investment operations			0.99				7.20			(2.99	)		(2.28	)		1.61			4.38


Distributions^(c)
From net investment income			(0.53	)			(0.56	)		(0.57	)		(0.78	)		(0.78	)		(0.50	)


Total distributions			(0.53	)			(0.56	)		(0.57	)		(0.78	)		(0.78	)		(0.50	)


Net asset value, end of period		$	26.15			$	25.69		$	19.05		$	22.61		$	25.67		$	24.84


Total Return^(d)
Based on net asset value			3.95	%^(e)			37.95	%		(13.57	)%		(8.80	)%		6.50	%		21.11	%


Ratios to Average Net Assets^(f)
Total expenses			0.30	%^(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%


Net investment income			2.54	%^(g)			3.18	%		2.76	%		3.63	%		2.81	%		2.73	%


Supplemental Data
Net assets, end of period (000)		$	1,281,219			$	1,125,168		$	451,494		$	314,222		$	233,633		$	101,828


Portfolio turnover rate^(h)			8	%^(e)			24	%		18	%		20	%		16	%		14	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA Momentum Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	175.04			$	140.10		$	120.79		$	111.68		$	91.95		$	78.43

Net investment income^(a)			0.72				0.85			1.50			1.67			1.32			1.17
Net realized and unrealized gain (loss)^(b)			(9.57	)			34.86			19.53			9.03			19.60			13.51


Net increase (decrease) from investment operations			(8.85	)			35.71			21.03			10.70			20.92			14.68


Distributions^(c)
From net investment income			(0.78	)			(0.77	)		(1.72	)		(1.59	)		(1.19	)		(1.16	)


Total distributions			(0.78	)			(0.77	)		(1.72	)		(1.59	)		(1.19	)		(1.16	)


Net asset value, end of period		$	165.41			$	175.04		$	140.10		$	120.79		$	111.68		$	91.95


Total Return^(d)
Based on net asset value			(5.09	)%^(e)			25.57	%		17.71	%		9.71	%		22.86	%		18.94	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			0.79	%^(g)			0.53	%		1.22	%		1.49	%		1.24	%		1.44	%


Supplemental Data
Net assets, end of period (000)		$	12,620,836			$	14,493,017		$	10,647,455		$	10,176,170		$	9,196,715		$	3,438,822


Portfolio turnover rate^(h)			51	%^(e)			107	%		160	%		138	%		104	%		114	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


72		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA Quality Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	137.31			$	100.59		$	92.73		$	86.55		$	75.09		$	68.00

Net investment income^(a)			0.74				1.70			1.72			1.61			1.55			1.46
Net realized and unrealized gain (loss)^(b)			(1.74	)			36.79			7.71			6.16			11.38			7.03


Net increase (decrease) from investment operations			(1.00	)			38.49			9.43			7.77			12.93			8.49


Distributions^(c)
From net investment income			(0.83	)			(1.77	)		(1.57	)		(1.59	)		(1.47	)		(1.40	)


Total distributions			(0.83	)			(1.77	)		(1.57	)		(1.59	)		(1.47	)		(1.40	)


Net asset value, end of period		$	135.48			$	137.31		$	100.59		$	92.73		$	86.55		$	75.09


Total Return^(d)
Based on net asset value			(0.75	)%^(e)			38.63	%		10.38	%		9.13	%		17.36	%		12.62	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			1.06	%^(g)			1.45	%		1.82	%		1.85	%		1.88	%		2.06	%


Supplemental Data
Net assets, end of period (000)		$	23,086,549			$	23,966,830		$	18,851,143		$	10,913,780		$	5,781,433		$	3,465,557


Portfolio turnover rate^(h)			16	%^(e)			47	%		45	%		41	%		41	%		44	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		73

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA Size Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	131.04			$	92.12		$	91.99		$	86.61		$	78.73		$	70.36

Net investment income^(a)			0.92				1.50			1.73			1.52			1.45			1.37
Net realized and unrealized gain (loss)^(b)			(1.82	)			38.96			(0.13	)		5.49			8.02			8.33


Net increase (decrease) from investment operations			(0.90	)			40.46			1.60			7.01			9.47			9.70


Distributions^(c)
From net investment income			(0.92	)			(1.54	)		(1.47	)		(1.63	)		(1.59	)		(1.33	)


Total distributions			(0.92	)			(1.54	)		(1.47	)		(1.63	)		(1.59	)		(1.33	)


Net asset value, end of period		$	129.22			$	131.04		$	92.12		$	91.99		$	86.61		$	78.73


Total Return^(d)
Based on net asset value			(0.71	)%^(e)			44.28	%		1.91	%		8.26	%		12.16	%		13.93	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			1.36	%^(g)			1.34	%		1.93	%		1.74	%		1.75	%		1.86	%


Supplemental Data
Net assets, end of period (000)		$	510,419			$	674,864		$	741,572		$	377,167		$	207,862		$	181,087


Portfolio turnover rate^(h)			12	%^(e)			23	%		29	%		30	%		17	%		19	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


74		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA Value Factor ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	104.29			$	72.97		$	82.49		$	85.39		$	75.00		$	64.38

Net investment income^(a)			1.37				2.33			2.37			2.23			1.84			1.68
Net realized and unrealized gain (loss)^(b)			3.19				30.96			(9.65	)		(2.92	)		10.40			10.50


Net increase (decrease) from investment operations			4.56				33.29			(7.28	)		(0.69	)		12.24			12.18


Distributions^(c)
From net investment income			(1.48	)			(1.97	)		(2.24	)		(2.21	)		(1.85	)		(1.56	)


Total distributions			(1.48	)			(1.97	)		(2.24	)		(2.21	)		(1.85	)		(1.56	)


Net asset value, end of period		$	107.37			$	104.29		$	72.97		$	82.49		$	85.39		$	75.00


Total Return^(d)
Based on net asset value			4.43	%^(e)			46.10	%		(8.83	)%		(0.68	)%		16.47	%		19.10	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			2.58	%^(g)			2.47	%		3.04	%		2.74	%		2.24	%		2.35	%


Supplemental Data
Net assets, end of period (000)		$	14,097,289			$	15,945,689		$	5,611,044		$	3,485,258		$	3,786,862		$	2,373,707


Portfolio turnover rate^(h)			8	%^(e)			28	%		33	%		35	%		18	%		26	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		75

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF	Diversification Classification

MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified
MSCI USA Momentum Factor		Diversified
MSCI USA Quality Factor		Diversified
MSCI USA Size Factor		Diversified
MSCI USA Value Factor		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.


76		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount

MSCI Intl Quality Factor
BofA Securities, Inc.	$	306,145	$	306,145	$	—	$	—
J.P. Morgan Securities LLC		56,664,402		56,664,402		—		—

	$	56,970,547	$	56,970,547	$	—	$	—

MSCI Intl Size Factor
BNP Paribas SA	$	16,132	$	14,898	$	—	$	(1,234	)^(b)
BofA Securities, Inc.		15,796		15,796		—		—
Credit Suisse AG		21,712		21,712		—		—
HSBC Bank PLC		6,174		6,174		—		—
Toronto Dominion Bank		4,623		4,284		—		(339	)^(b)

	$	64,437	$	62,864	$	—	$	(1,573	)

MSCI Intl Value Factor
BNP Paribas SA	$	5,943,636	$	5,943,636	$	—	$	—
State Street Bank & Trust Co.		2,455,769		2,455,769		—		—
Wells Fargo Securities LLC		16,860		16,860		—		—

	$	8,416,265	$	8,416,265	$	—	$	—


78		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


MSCI USA Momentum Factor
Barclays Bank PLC	$	4,903,932	$	4,314,694		$	—	$	(589,238	)^(b)
Barclays Capital, Inc.		551,210		540,581			—		(10,629	)^(b)
BNP Paribas SA		12,209,703		11,657,814			—		(551,889	)^(b)
BofA Securities, Inc.		25,908,134		25,908,134			—		—
Citigroup Global Markets, Inc.		20,233,685		18,032,200			—		(2,201,485	)^(b)
Credit Suisse Securities (USA) LLC		5,454,502		4,858,491			—		(596,011	)^(b)
Goldman Sachs & Co. LLC		1,795,229		1,717,546			—		(77,683	)^(b)
J.P. Morgan Securities LLC		70,122,333		66,833,207			—		(3,289,126	)^(b)
Morgan Stanley		3,475,078		3,057,525			—		(417,553	)^(b)
SG Americas Securities LLC		3,350,513		3,154,395			—		(196,118	)^(b)
UBS AG		24,306,860		23,472,135			—		(834,725	)^(b)
UBS Securities LLC		1,872,829		1,872,829			—		—
Wells Fargo Securities LLC		323,450		311,623			—		(11,827	)^(b)


	$	174,507,458	$	165,731,174		$	—	$	(8,776,284	)


MSCI USA Quality Factor
Barclays Bank PLC	$	5,918,303	$	5,624,846		$	—	$	(293,457	)^(b)
BNP Paribas SA		14,056,996		14,056,996			—		—
BofA Securities, Inc.		12,380,762		12,380,762			—		—
Citigroup Global Markets, Inc.		21,224,221		21,029,342			—		(194,879	)^(b)
Credit Suisse Securities (USA) LLC		246,603		240,710			—		(5,893	)^(b)
Goldman Sachs & Co. LLC		35,798,812		34,176,298			—		(1,622,514	)^(b)
J.P. Morgan Securities LLC		678,096		654,777			—		(23,319	)^(b)
Jefferies LLC		113,036		111,042			—		(1,994	)^(b)
Morgan Stanley		59,165,286		56,360,871			—		(2,804,415	)^(b)
Natixis SA		9,071,567		9,071,567			—		—
RBC Capital Markets LLC		1,082,627		1,082,627			—		—
SG Americas Securities LLC		1,348,866		1,322,881			—		(25,985	)^(b)
UBS AG		6,486,656		6,486,656			—		—
UBS Securities LLC		175,170		171,244			—		(3,926	)^(b)
Virtu Americas LLC		1,494,236		1,494,236			—		—
Wells Fargo Securities LLC		284,840		282,852			—		(1,988	)^(b)

	$	169,526,077	$	164,547,707		$	—	$	(4,978,370	)


MSCI USA Size Factor
Barclays Bank PLC	$	1,207,982	$	1,126,580		$	—	$	(81,402	)^(b)
BNP Paribas SA		2,539,995		2,405,042			—		(134,953	)^(b)
Citigroup Global Markets, Inc.		808,963		769,207			—		(39,756	)^(b)
Goldman Sachs & Co. LLC		981,892		923,962			—		(57,930	)^(b)
J.P. Morgan Securities LLC		1,087,706		1,053,461			—		(34,245	)^(b)
Jefferies LLC		39,584		38,473			—		(1,111	)^(b)
Morgan Stanley		2,744,153		2,687,553			—		(56,600	)^(b)
Scotia Capital (USA), Inc.		1,310,939		1,292,349			—		(18,590	)^(b)
SG Americas Securities LLC		732,622		699,487			—		(33,135	)^(b)
State Street Bank & Trust Co.		664,555		664,555			—		—
UBS AG		2,775,614		2,644,508			—		(131,106	)^(b)
UBS Securities LLC		525,762		505,063			—		(20,699	)^(b)
Virtu Americas LLC		632,691		632,691			—		—

	$	16,052,458	$	15,442,931		$	—		$ (609,527	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI USA Value Factor
Barclays Bank PLC	$	9,687,544	$	9,571,886		$	—	$	(115,658	)^(b)
Barclays Capital, Inc.		13,675		13,621			—		(54	)^(b)
BNP Paribas SA		2,825,701		2,816,251			—		(9,450	)^(b)
BofA Securities, Inc.		111,128		111,128			—		—
Citigroup Global Markets, Inc.		41,704,381		41,121,274			—		(583,107	)^(b)
Credit Suisse Securities (USA) LLC		166,096		162,793			—		(3,303	)^(b)
Goldman Sachs & Co. LLC		24,678,792		24,449,975			—		(228,817	)^(b)
HSBC Bank PLC		35,518		35,518			—		—
J.P. Morgan Securities LLC		3,338,355		3,338,355			—		—
Jefferies LLC		1,532,399		1,523,176			—		(9,223	)^(b)
RBC Capital Markets LLC		478,646		451,770			—		(26,876	)^(b)
SG Americas Securities LLC		6,462,475		6,327,557			—		(134,918	)^(b)
State Street Bank & Trust Co.		304,658		304,658			—		—
UBS Securities LLC		1,361,200		1,361,200			—		—
Wells Fargo Bank N.A		68,832		68,380			—		(452	)^(b)
Wells Fargo Securities LLC		382,837		381,641			—		(1,196	)^(b)

	$	93,152,237	$	92,039,183		$	—	$	(1,113,054	)

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).


80		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fee
MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30
MSCI USA Momentum Factor		0.15
MSCI USA Quality Factor		0.15
MSCI USA Size Factor		0.15
MSCI USA Value Factor		0.15

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF and iShares MSCI Intl Value Factor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC
MSCI Intl Momentum Factor	$	979
MSCI Intl Quality Factor		9,880
MSCI Intl Size Factor		389
MSCI Intl Value Factor		20,607
MSCI USA Momentum Factor		66,461
MSCI USA Quality Factor		16,564
MSCI USA Size Factor		10,182
MSCI USA Value Factor		35,185

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Intl Momentum Factor	$	177,077,703	$	170,214,267	$	(13,306,041	)
MSCI Intl Quality Factor		278,296,531		205,667,215		2,197,506
MSCI Intl Value Factor		44,762,147		31,963,656		(4,989,519	)
MSCI USA Momentum Factor		924,270,037		320,693,068		414,552
MSCI USA Quality Factor		457,569,532		900,630,314		(52,280,513	)
MSCI USA Size Factor		30,010,899		31,078,333		4,140,339
MSCI USA Value Factor		361,142,985		74,418,677		(6,078,214	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
MSCI Intl Momentum Factor	$	402,032,770	$	413,508,300
MSCI Intl Quality Factor		828,767,284		763,684,290
MSCI Intl Size Factor		2,680,206		2,976,645
MSCI Intl Value Factor		93,584,027		89,502,425
MSCI USA Momentum Factor		7,701,128,840		7,736,328,610
MSCI USA Quality Factor		3,865,206,463		3,860,046,958
MSCI USA Size Factor		74,273,809		72,946,232
MSCI USA Value Factor		1,170,704,326		1,192,610,204


82		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales
MSCI Intl Momentum Factor	$	80,810,513	$	18,389,301
MSCI Intl Quality Factor		644,956,284		—
MSCI Intl Size Factor		11,169,424		17,885,009
MSCI Intl Value Factor		136,807,240		7,767,178
MSCI USA Momentum Factor		5,256,903,060		6,349,815,838
MSCI USA Quality Factor		5,823,729,723		6,348,025,448
MSCI USA Size Factor		93,441,964		251,295,159
MSCI USA Value Factor		2,720,547,602		4,960,144,666

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring
MSCI Intl Size Factor	$	418,572
MSCI Intl Value Factor		33,298,935
MSCI USA Momentum Factor		764,807,988
MSCI USA Quality Factor		596,095,846
MSCI USA Size Factor		39,163,179
MSCI USA Value Factor		426,439,229

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Intl Momentum Factor	$	771,438,209	$	103,111,695	$	(36,941,117	)	$	66,170,578
MSCI Intl Quality Factor		3,787,674,794		603,814,467		(93,128,095	)		510,686,372
MSCI Intl Size Factor		18,199,896		215,962		(1,467,999	)		(1,252,037)
MSCI Intl Value Factor		1,231,697,755		102,643,850		(48,871,828	)		53,772,022
MSCI USA Momentum Factor		12,838,126,647		1,009,661,037		(1,067,426,489	)		(57,765,452)
MSCI USA Quality Factor		19,941,560,500		3,929,496,368		(633,503,438	)		3,295,992,930
MSCI USA Size Factor		525,031,048		43,496,902		(42,616,326	)		880,576
MSCI USA Value Factor		12,999,460,004		1,692,251,720		(516,713,803	)		1,175,537,917

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.


N O T E S T O F I N A N C I A L S T A T E M E N T S		83

Notes to Financial Statements (unaudited) (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but


84		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Six Months Ended 01/31/22						Year Ended 07/31/21


iShares ETF	Shares			Amount			Shares			Amount

MSCI Intl Momentum Factor
Shares sold		2,600,000		$	100,837,594			12,000,000		$	424,231,139
Shares redeemed		(500,000	)		(18,548,614	)		(3,000,000	)		(107,558,457	)


Net increase		2,100,000		$	82,288,980			9,000,000		$	316,672,682


MSCI Intl Quality Factor
Shares sold		18,400,000		$	710,175,116			45,200,000		$	1,593,430,344
Shares redeemed		—			—			(4,500,000	)		(154,173,132	)


Net increase		18,400,000		$	710,175,116			40,700,000		$	1,439,257,212


MSCI Intl Size Factor
Shares sold		400,000		$	11,763,944			400,000		$	11,680,140
Shares redeemed		(600,000	)		(18,658,785	)		(400,000	)		(12,878,540	)


Net decrease		(200,000	)	$	(6,894,841	)		—		$	(1,198,400	)


MSCI Intl Value Factor
Shares sold		5,500,000		$	144,208,852			30,800,000		$	795,071,169
Shares redeemed		(300,000	)		(7,792,372	)		(10,700,000	)		(267,845,067	)


Net increase		5,200,000		$	136,416,480			20,100,000		$	527,226,102


MSCI USA Momentum Factor
Shares sold		28,500,000		$	5,269,042,200			58,900,000		$	9,601,225,530
Shares redeemed		(35,000,000	)		(6,405,971,855	)		(52,100,000	)		(8,617,740,677	)


Net increase (decrease)		(6,500,000	)	$	(1,136,929,655	)		6,800,000		$	983,484,853


MSCI USA Quality Factor
Shares sold		41,450,000		$	5,845,632,026			71,150,000		$	8,555,373,188
Shares redeemed		(45,600,000	)		(6,356,784,734	)		(84,000,000	)		(9,843,949,012	)


Net decrease		(4,150,000	)	$	(511,152,708	)		(12,850,000	)	$	(1,288,575,824	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		85

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 01/31/22						Year Ended 07/31/21


iShares ETF	Shares			Amount			Shares			Amount

MSCI USA Size Factor
Shares sold		700,000		$	93,679,805			9,200,000		$	1,011,073,003
Shares redeemed		(1,900,000	)		(252,289,322	)		(12,100,000	)		(1,379,112,933	)


Net decrease		(1,200,000	)	$	(158,609,517	)		(2,900,000	)	$	(368,039,930	)

MSCI USA Value Factor
Shares sold		25,850,000		$	2,730,162,403			103,100,000		$	9,614,519,631
Shares redeemed		(47,450,000	)		(4,977,196,244	)		(27,100,000	)		(2,683,961,019	)


Net increase (decrease)		(21,600,000	)	$	(2,247,033,841	)		76,000,000		$	6,930,558,612

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF, iShares MSCI Intl Value Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		87

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

January 31, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Intl Momentum Factor^(a)	$	0.632562	$	1.105722	$	0.009181	$	1.747465		36	%		63	%		1	%		100	%
MSCI Intl Quality Factor^(a)		0.389087		—		0.013875		0.402962		97			—			3			100
MSCI Intl Size Factor^(a)		1.879140		—		0.169466		2.048606		92			—			8			100
MSCI Intl Value Factor^(a)		0.490113		—		0.035249		0.525362		93			—			7			100
MSCI USA Momentum Factor^(a)		0.682085		—		0.096930		0.779015		88			—			12			100
MSCI USA Quality Factor^(a)		0.744314		—		0.081469		0.825783		90			—			10			100
MSCI USA Size Factor^(a)		0.764854		—		0.150604		0.915458		84			—			16			100
MSCI USA Value Factor^(a)		1.334916		—		0.144025		1.478941		90			—			10			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		89

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-109-0122