LOGO

  JANUARY 31, 2023

 

 

   

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  iShares International Equity Factor ETF | INTF | NYSE Arca

·  iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX

·  iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca

·  iShares MSCI Intl Small-Cap Multifactor ETF | ISCF | NYSE Arca


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of January 31, 2023  
     
        6-Month           12-Month    
   

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

    (0.44)%       (8.22)%   
   

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

    3.25            (3.38)      
   

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

    9.52            (2.83)      
   

Emerging market equities
(MSCI Emerging Markets Index)

    4.92            (12.12)      
   

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

    1.58            1.79       
   

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

    (5.60)           (11.62)      
   

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

    (2.37)           (8.36)      
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    0.73            (3.25)      
   

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

    1.46            (5.22)      
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  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     8  

Disclosure of Expenses

     8  

Schedules of Investments

     9  

Financial Statements:

  

Statements of Assets and Liabilities

     39  

Statements of Operations

     40  

Statements of Changes in Net Assets

     41  

Financial Highlights

     43  

Notes to Financial Statements

     47  

Statement Regarding Liquidity Risk Management Program

     56  

Supplemental Information

     57  

General Information

     58  

Glossary of Terms Used in this Report

     59  

 

 

  3


Fund Summary as of January 31,  2023    iShares® International Equity Factor ETF

 

Investment Objective

The iShares International Equity Factor ETF(the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
    

 

 

            
    

6-Month

Total Returns

     1 Year      5 Years    

Since   

Inception   

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    8.86      (1.76 )%       0.60     3.80%          (1.76 )%       3.02      33.57

Fund Market

    9.00        (1.69      0.62       3.81             (1.69      3.16        33.73  

Index

    8.83        (1.44      0.59       3.84                   (1.44      2.97        33.93  

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(08/01/22)

 

 

 

      

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning      

Account Value      

(08/01/22)      

 

 

 

   

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $     1,000.00            $     1,088.60            $      0.79        $      1,000.00              $      1,024.40           $        0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    20.8

Industrials

    13.1  

Consumer Discretionary

    12.3  

Health Care

    10.4  

Consumer Staples

    8.7  

Materials

    8.6  

Information Technology

    8.2  

Energy

    5.7  

Communication Services

    5.4  

Utilities

    3.8  

Real Estate

    3.0  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    21.8

United Kingdom

    13.5  

France

    10.3  

Switzerland

    8.3  

Australia

    7.5  

Canada

    7.4  

Germany

    6.3  

Netherlands

    5.2  

Hong Kong

    2.9  

Denmark

    2.9  

 

 

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Fund Summary as of January 31, 2023    iShares® MSCI EAFE Min Vol Factor ETF

 

Investment Objective

The iShares MSCI EAFE MinVol Factor ETF(the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
    

 

 

            
    

6-Month

Total Returns

     1 Year      5 Years     10 Years                1 Year      5 Years      10 Years  

Fund NAV

    2.47      (6.11 )%       0.37     4.71%          (6.11 )%       1.84      58.52

Fund Market

    2.52        (6.07      0.37       4.70             (6.07      1.88        58.30  

Index

    2.47        (5.85      0.29       4.71                   (5.85      1.44        58.38  

Past performance is not an indication 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” for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(08/01/22)

 

 

 

      

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning      

Account Value      

(08/01/22)      

 

 

 

   

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,024.70          $        1.02       $      1,000.00             $      1,024.20          $        1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Health Care

    17.8

Financials

    16.1  

Consumer Staples

    15.4  

Industrials

    14.1  

Communication Services

    9.8  

Utilities

    8.2  

Consumer Discretionary

    6.5  

Materials

    5.0  

Information Technology

    3.8  

Real Estate

    2.0  

Energy

    1.3  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    27.1

Switzerland

    14.8  

United Kingdom

    10.3  

Hong Kong

    7.9  

France

    7.2  

Singapore

    4.6  

Australia

    4.2  

Netherlands

    3.8  

Denmark

    3.4  

Germany

    3.4  

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of January 31, 2023    iShares® MSCI Global Multifactor ETF

 

Investment Objective

The iShares MSCI Global Multifactor ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI ACWI Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On December 12, 2022, the Board approved a proposal to change the Fund’s index to STOXX Global Equity Factor Index and change the name of the Fund to iShares Global Equity Factor ETF. The Board also approved a proposal to change the Fund’s ticker from ACWF to GLOF. These changes became effective on March 1, 2023.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
    

 

 

            
    

6-Month

Total Returns

     1 Year      5 Years    

Since   

Inception   

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    3.81      (5.67 )%       3.32     6.00%          (5.67 )%       17.74      57.22

Fund Market

    3.69        (6.18      3.10       5.98             (6.18      16.50        56.93  

Index

    3.80        (5.53      3.43       6.19                   (5.53      18.40        59.29  

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(08/01/22)

 

 

 

      

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning      

Account Value      

(08/01/22)      

 

 

 

   

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,038.10          $        1.59       $      1,000.00             $      1,023.60          $        1.58          0.31

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    21.9

Financials

    13.5  

Health Care

    11.4  

Industrials

    11.3  

Consumer Discretionary

    11.2  

Consumer Staples

    7.8  

Materials

    7.4  

Energy

    6.3  

Real Estate

    3.6  

Communication Services

    3.1  

Utilities

    2.5  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    57.6

China

    7.2  

Japan

    7.1  

Canada

    4.6  

United Kingdom

    3.8  

India

    2.8  

Netherlands

    1.9  

Australia

    1.8  

South Korea

    1.7  

Switzerland

    1.7  

 

 

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Fund Summary as of January 31, 2023    iShares® MSCI Intl Small-Cap Multifactor ETF

 

Investment Objective

The iShares MSCI Intl Small-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Small Cap Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On December 12, 2022, the Board approved a proposal to change the Fund’s index to STOXX International Small-Cap Equity Factor Index and change the name of the Fund to iShares International Small-Cap Equity Factor ETF. These changes became effective on March 1, 2023.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
    

 

 

            
    

6-Month

Total Returns

     1 Year      5 Years    

Since   

Inception   

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    4.62      (4.91 )%       1.76     5.97%          (4.91 )%       9.13      56.91

Fund Market

    4.98        (4.66      1.63       6.00             (4.66      8.43        57.19  

Index

    4.72        (4.48      1.85       6.18                   (4.48      9.62        59.16  

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(08/01/22)

 

 

 

      

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning      

Account Value      

(08/01/22)      

 

 

 

   

Ending

Account Value

(01/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,046.20          $        1.81       $      1,000.00             $      1,023.40          $        1.79          0.35

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    24.6

Consumer Discretionary

    13.4  

Information Technology

    11.0  

Materials

    9.4  

Financials

    9.1  

Health Care

    9.0  

Energy

    8.8  

Real Estate

    6.0  

Consumer Staples

    3.9  

Communication Services

    2.5  

Utilities

    2.3  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    27.1

United Kingdom

    15.6  

Canada

    14.1  

Australia

    10.5  

France

    5.6  

Switzerland

    5.6  

Netherlands

    4.2  

Germany

    3.8  

Hong Kong

    2.7  

Singapore

    2.7  

 

 

F U N D   S U M M A R Y

  7


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Disclosure of 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 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 the 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 the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

 

 

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Schedule of Investments (unaudited)

January 31, 2023

  

iShares® International Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 7.5%            

AGL Energy Ltd.

    253,052     $ 1,372,370  

ALS Ltd.

    97,158       901,429  

Alumina Ltd.

    110,205       122,598  

Aristocrat Leisure Ltd.

    39,267       948,032  

ASX Ltd.

    39,599       1,937,782  

Aurizon Holdings Ltd.

    1,535,761       4,014,109  

Australia & New Zealand Banking Group Ltd.

    68,919       1,226,509  

BHP Group Ltd.

    272,954       9,559,431  

BlueScope Steel Ltd.

    103,922       1,417,130  

carsales.com Ltd.

    9,063       146,732  

Commonwealth Bank of Australia

    41,009       3,201,247  

CSL Ltd.

    15,664       3,307,460  

Fortescue Metals Group Ltd.

    214,547       3,388,889  

Goodman Group

    108,496       1,547,541  

Harvey Norman Holdings Ltd.

    196,848       624,941  

JB Hi-Fi Ltd.

    109,648       3,769,971  

Macquarie Group Ltd.

    33,012       4,404,096  

Metcash Ltd.

    795,422       2,357,169  

Mineral Resources Ltd.

    26,478       1,676,324  

Mirvac Group

    154,149       249,044  

New Hope Corp. Ltd.

    551,022       2,283,659  

Pro Medicus Ltd.

    15,806       754,874  

Rio Tinto Ltd.

    64,190       5,760,235  

Sims Ltd.

    162,436       1,763,721  

Sonic Healthcare Ltd.

    2,797       62,646  

South32 Ltd.

    539,423       1,730,970  

Stockland

    786,765       2,198,432  

Telstra Corp. Ltd.

    513,853       1,485,129  

Wesfarmers Ltd.

    50,026       1,763,752  

Whitehaven Coal Ltd.

    383,652       2,281,247  

Woodside Energy Group Ltd.

    20,102       520,519  

Woolworths Group Ltd.

    102,834       2,628,174  

Yancoal Australia Ltd., NVS

    493,783       2,055,980  
   

 

 

 
          71,462,142  
Austria — 0.8%            

BAWAG Group AG(a)

    15,634       968,445  

OMV AG

    55,620       2,786,019  

Verbund AG

    4,448       378,717  

Wienerberger AG

    108,031       3,248,599  
   

 

 

 
      7,381,780  
Belgium — 0.6%            

Ageas SA/NV

    71,704       3,500,730  

D’ieteren Group

    6,911       1,320,798  

KBC Group NV

    12,950       959,171  

Solvay SA

    2,090       243,551  
   

 

 

 
      6,024,250  
Canada — 7.4%            

Bank of Montreal

    65,330       6,574,489  

BCE Inc.

    15,895       751,415  

Canadian Imperial Bank of Commerce

    22,537       1,028,821  

Canadian National Railway Co.

    3,185       379,122  

Canadian Natural Resources Ltd.

    56,370       3,460,026  

Canadian Pacific Railway Ltd.

    19,130       1,509,926  

CGI Inc.(b)

    30,534       2,617,036  

Constellation Software Inc./Canada

    1,833       3,238,481  

Dollarama Inc.

    13,427       802,966  

Fairfax Financial Holdings Ltd.

    828       548,165  

Loblaw Companies Ltd.

    37,803       3,386,658  
Security   Shares     Value  
Canada (continued)            

Magna International Inc.

    38,887     $ 2,524,564  

Manulife Financial Corp.

    118,089       2,336,841  

National Bank of Canada

    49,043       3,684,076  

Nutrien Ltd.

    43,348       3,588,252  

Power Corp. of Canada

    75,240       2,040,819  

Royal Bank of Canada

    115,507       11,820,250  

Sun Life Financial Inc.

    4,720       237,180  

Suncor Energy Inc.

    56,228       1,951,531  

Teck Resources Ltd., Class B

    67,039       2,900,128  

Thomson Reuters Corp.

    59,525       7,080,994  

Toronto-Dominion Bank (The)

    116,334       8,049,083  
   

 

 

 
      70,510,823  
Denmark — 2.9%            

AP Moller - Maersk A/S, Class B, NVS

    445       968,005  

Carlsberg A/S, Class B

    22,875       3,247,372  

Coloplast A/S, Class B

    6,915       834,879  

Danske Bank A/S

    25,182       524,631  

Demant A/S(b)

    5,691       161,093  

Genmab A/S(b)

    3,616       1,417,098  

GN Store Nord A/S

    22,562       556,295  

ISS A/S(b)

    19,591       428,332  

Jyske Bank A/S, Registered(b)

    4,388       316,477  

Novo Nordisk A/S, Class B

    109,361       15,134,443  

Pandora A/S

    31,904       2,656,675  

Ringkjoebing Landbobank A/S

    4,244       617,598  

Royal Unibrew A/S

    13,163       924,332  
   

 

 

 
      27,787,230  
Finland — 1.3%            

Fortum OYJ

    89,393       1,343,777  

Kesko OYJ, Class B

    69,200       1,611,909  

Kone OYJ, Class B

    11,705       638,345  

Nokia OYJ

    81,388       385,903  

Nordea Bank Abp, New

    362,576       4,247,478  

Orion OYJ, Class B

    31,783       1,702,762  

Valmet OYJ

    92,990       2,920,149  
   

 

 

 
          12,850,323  
France — 10.2%            

Air Liquide SA

    1,168       185,976  

Airbus SE

    5,778       724,364  

ArcelorMittal SA

    33,528       1,040,137  

AXA SA

    4,071       127,011  

BNP Paribas SA

    106,391       7,307,134  

Bollore SE

    104,140       582,702  

Bouygues SA

    81,381       2,681,011  

Capgemini SE

    7,188       1,364,179  

Carrefour SA

    116,083       2,208,011  

Christian Dior SE, NVS

    4,495       3,884,088  

Cie. de Saint-Gobain

    31,031       1,782,146  

Cie. Generale des Etablissements Michelin SCA

    31,022       980,910  

Credit Agricole SA

    407,294       4,904,323  

Danone SA

    1,851       101,507  

Dassault Systemes SE

    44,324       1,648,449  

Edenred

    4,857       264,558  

Eiffage SA

    20,539       2,193,782  

Engie SA

    141,283       2,006,199  

EssilorLuxottica SA

    1,729       317,236  

Euronext NV(a)

    1,120       90,756  

Gaztransport Et Technigaz SA

    6,023       665,880  

Hermes International

    73       136,620  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

iShares® International Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Kering SA

    6,434     $ 4,014,537  

Klepierre SA

    11,630       295,173  

La Francaise des Jeux SAEM(a)

    93,766       4,012,059  

Legrand SA

    9,925       884,953  

L’Oreal SA

    17,083       7,053,769  

LVMH Moet Hennessy Louis Vuitton SE

    13,879       12,116,029  

Orange SA

    187,929       1,988,806  

Pernod Ricard SA

    5,236       1,084,009  

Publicis Groupe SA

    50,384       3,554,069  

Renault SA(b)

    14,028       570,371  

Sanofi

    63,598       6,227,798  

Sartorius Stedim Biotech

    3,179       1,108,925  

Schneider Electric SE

    33,302       5,402,102  

SES SA

    13,016       101,006  

Societe Generale SA

    73,516       2,188,319  

Sodexo SA

    1,591       157,720  

TotalEnergies SE

    137,642       8,509,132  

Vinci SA

    16,099       1,819,019  

Vivendi SE

    135,231       1,452,350  
   

 

 

 
      97,737,125  
Germany — 5.1%            

adidas AG

    7,095       1,142,410  

AIXTRON SE

    59,012       1,758,294  

Allianz SE, Registered

    22,162       5,299,240  

Aurubis AG

    7,032       743,682  

BASF SE(c)

    18,918       1,084,672  

Bayer AG, Registered

    27,607       1,718,396  

Bayerische Motoren Werke AG

    27,252       2,776,015  

Commerzbank AG(b)

    100,274       1,146,275  

Covestro AG(a)

    17,729       816,323  

Deutsche Bank AG, Registered

    28,795       384,290  

Deutsche Boerse AG

    7,449       1,332,941  

Deutsche Post AG, Registered

    69,007       2,971,213  

Deutsche Telekom AG, Registered

    104,941       2,337,960  

E.ON SE

    85,785       935,306  

Evonik Industries AG

    11,973       266,142  

GEA Group AG

    21,018       948,330  

Hannover Rueck SE

    3,885       788,921  

HelloFresh SE(b)

    43,125       1,048,424  

Hugo Boss AG

    11,134       756,112  

Knorr-Bremse AG

    11,764       773,224  

Mercedes-Benz Group AG

    67,888       5,051,684  

Merck KGaA

    3,708       773,964  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    8,951       3,233,167  

Rheinmetall AG

    551       128,745  

SAP SE

    44,290       5,250,135  

Siemens AG, Registered

    20,205       3,156,128  

Telefonica Deutschland Holding AG

    439,468       1,294,397  

Wacker Chemie AG

    2,163       326,915  
   

 

 

 
          48,243,305  
Hong Kong — 2.9%            

AIA Group Ltd.

    606,000       6,852,433  

CK Asset Holdings Ltd.

    220,000       1,406,572  

CK Hutchison Holdings Ltd.

    308,500       1,963,279  

CLP Holdings Ltd.

    148,500       1,103,344  

ESR Group Ltd.(a)

    97,000       194,202  

Hang Seng Bank Ltd.

    66,000       1,099,112  

Henderson Land Development Co. Ltd.

    79,000       291,826  
Security   Shares     Value  
Hong Kong (continued)            

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

    2,249,000     $ 1,554,582  

HKT Trust & HKT Ltd., Class SS

    71,000       93,022  

Hong Kong Exchanges & Clearing Ltd.

    84,400       3,796,108  

Link REIT

    149,800       1,199,053  

Pacific Basin Shipping Ltd.

    2,102,000       741,773  

PCCW Ltd.

    729,000       358,204  

SITC International Holdings Co. Ltd.

    785,000       1,714,910  

Swire Properties Ltd.

    751,200       2,111,290  

Techtronic Industries Co. Ltd.

    47,500       612,360  

WH Group Ltd.(a)

    2,833,000       1,744,744  

Wharf Real Estate Investment Co. Ltd.

    196,000       1,122,034  
   

 

 

 
          27,958,848  
Ireland — 1.1%            

AIB Group PLC

    133,609       561,237  

Bank of Ireland Group PLC

    110,507       1,180,640  

CRH PLC

    41,822       1,954,030  

Linde PLC, New, NVS(b)(c)

    20,089       6,645,834  
   

 

 

 
      10,341,741  
Italy — 2.0%            

A2A SpA

    1,532,667       2,307,403  

Enel SpA

    416,743       2,453,833  

Eni SpA

    265,270       4,082,035  

Hera SpA

    245,940       706,491  

Intesa Sanpaolo SpA

    246,592       648,357  

Italgas SpA

    281,044       1,645,148  

Mediobanca Banca di Credito Finanziario SpA

    49,403       531,080  

Poste Italiane SpA(a)

    80,590       861,026  

Recordati Industria Chimica e Farmaceutica SpA

    9,023       395,284  

Snam SpA

    386,787       1,970,111  

Stellantis NV

    45,127       709,441  

Terna - Rete Elettrica Nazionale

    115,493       913,764  

UniCredit SpA

    111,624       2,180,144  
   

 

 

 
      19,404,117  
Japan — 21.7%            

ADEKA Corp.

    56,800       961,126  

Advance Residence Investment Corp.

    208       508,094  

Advantest Corp.

    28,700       2,057,244  

Amada Co. Ltd.

    19,800       177,859  

Aozora Bank Ltd.

    38,100       761,779  

Asics Corp.

    38,400       913,940  

Astellas Pharma Inc.

    178,000       2,620,183  

Azbil Corp.

    24,900       702,142  

Bandai Namco Holdings Inc.

    11,000       735,611  

BayCurrent Consulting Inc.

    51,600       2,193,493  

BIPROGY Inc.

    69,600       1,818,419  

Bridgestone Corp.

    4,300       160,533  

Canon Inc.

    26,200       581,439  

Capcom Co. Ltd.

    81,200       2,631,189  

Chubu Electric Power Co. Inc.

    132,700       1,429,321  

Chugai Pharmaceutical Co. Ltd.

    51,900       1,345,512  

Cosmo Energy Holdings Co. Ltd.

    69,800       1,957,469  

Dai Nippon Printing Co. Ltd.

    66,200       1,562,958  

Daicel Corp.

    74,000       545,993  

Dai-ichi Life Holdings Inc.

    105,100       2,465,937  

Daiichi Sankyo Co. Ltd.

    108,700       3,413,933  

Daikin Industries Ltd.

    2,300       399,498  

Daiwa Securities Group Inc.

    313,300       1,478,493  

Ebara Corp.

    37,700       1,600,726  

Eisai Co. Ltd.

    14,500       897,114  

 

 

10  

2 0 2 3   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, 2023

  

iShares® International Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Fast Retailing Co. Ltd.

    2,200     $     1,336,191  

Frontier Real Estate Investment Corp.

    506       1,951,230  

Fuji Electric Co. Ltd.

    8,000       323,824  

FUJIFILM Holdings Corp.

    24,500       1,296,568  

Fujikura Ltd.

    277,800       2,111,657  

Fujitsu Ltd.

    21,300       3,032,680  

GMO Payment Gateway Inc.

    5,300       490,419  

Hikari Tsushin Inc.

    1,100       157,012  

Hirose Electric Co. Ltd.

    2,100       273,387  

Hitachi Ltd.

    50,400       2,643,099  

Honda Motor Co. Ltd.

    99,400       2,458,809  

Hoya Corp.

    38,400       4,222,922  

Ibiden Co. Ltd.

    39,700       1,549,447  

IHI Corp.

    13,700       416,270  

Inpex Corp.

    23,100       253,838  

Internet Initiative Japan Inc.

    147,400       2,766,074  

ITOCHU Corp.

    111,700       3,610,347  

Japan Exchange Group Inc.

    28,900       442,302  

Japan Post Bank Co. Ltd.

    126,700       1,125,713  

Japan Post Holdings Co. Ltd.

    112,100       984,177  

Japan Post Insurance Co. Ltd.

    199,200       3,553,720  

Japan Real Estate Investment Corp.

    310       1,329,122  

Japan Tobacco Inc.

    5,700       116,234  

Jeol Ltd.

    12,700       372,923  

Kagome Co. Ltd.

    86,100       2,102,943  

KDDI Corp.

    57,300       1,790,249  

Keyence Corp.

    7,000       3,222,581  

Kikkoman Corp.

    5,600       296,196  

Kirin Holdings Co. Ltd.

    12,500       192,622  

Koei Tecmo Holdings Co. Ltd.

    59,600       1,083,895  

Konami Group Corp.

    22,900       1,126,073  

LaSalle Logiport REIT

    1,353       1,639,299  

Marubeni Corp.

    64,600       792,550  

Maruichi Steel Tube Ltd.

    11,100       239,008  

Mitsubishi Corp.

    102,300       3,425,613  

Mitsubishi Estate Co. Ltd.

    78,800       1,012,826  

Mitsubishi Gas Chemical Co. Inc.

    110,500       1,614,682  

Mitsubishi Heavy Industries Ltd.

    18,600       729,305  

Mitsubishi Logistics Corp.

    22,200       518,401  

Mitsubishi UFJ Financial Group Inc.

    769,500       5,636,496  

Mitsui & Co. Ltd.

    60,300       1,779,015  

Mitsui Chemicals Inc.

    23,600       555,509  

Mitsui High-Tec Inc.

    25,200       1,328,858  

MS&AD Insurance Group Holdings Inc.

    94,500       3,030,966  

Nihon Kohden Corp.

    10,000       262,710  

Nintendo Co. Ltd.

    90,600       3,928,214  

Nippon Accommodations Fund Inc.

    330       1,481,179  

Nippon Express Holdings Inc.

    39,100       2,269,079  

Nippon Gas Co. Ltd.

    115,100       1,837,149  

Nippon Sanso Holdings Corp.

    20,100       327,848  

Nippon Telegraph & Telephone Corp.

    228,600       6,854,689  

Nissan Chemical Corp.

    42,400       2,001,689  

Nissan Motor Co. Ltd.

    149,000       535,348  

Nissin Foods Holdings Co. Ltd.

    10,800       844,318  

Nitto Denko Corp.

    19,100       1,234,575  

NOF Corp.

    9,200       391,894  

Nomura Holdings Inc.

    748,300       2,986,338  

Nomura Real Estate Holdings Inc.

    116,700       2,572,120  

Nomura Research Institute Ltd.

    122,900       2,950,531  

Obic Co. Ltd.

    7,500       1,202,450  
Security   Shares     Value  
Japan (continued)            

Olympus Corp.

    151,500     $ 2,848,141  

Omron Corp.

    2,800       162,010  

ORIX Corp.

    146,600       2,577,665  

Osaka Gas Co. Ltd.

    65,200       1,052,125  

Panasonic Holdings Corp.

    65,200       604,624  

Persol Holdings Co. Ltd.

    52,900       1,159,859  

Recruit Holdings Co. Ltd.

    78,800       2,534,229  

Rohto Pharmaceutical Co. Ltd.

    21,800       402,241  

Sanrio Co. Ltd.

    47,500       1,811,756  

Sanwa Holdings Corp.

    123,400       1,306,364  

SBI Holdings Inc.

    121,300       2,571,474  

SCSK Corp.

    142,600       2,322,585  

Sega Sammy Holdings Inc.

    61,200       969,072  

Sekisui House Ltd.

    23,600       446,023  

Seven & i Holdings Co. Ltd.

    4,700       221,901  

Shimadzu Corp.

    6,600       202,825  

Shimamura Co. Ltd.

    2,600       243,890  

Shin-Etsu Chemical Co. Ltd.

    10,200       1,503,715  

Shinko Electric Industries Co. Ltd.

    3,000       84,408  

Shionogi & Co. Ltd.

    15,800       752,941  

Shiseido Co. Ltd.

    9,700       504,167  

SHO-BOND Holdings Co. Ltd.

    47,400       2,022,374  

SMC Corp.

    600       304,746  

SoftBank Corp.

    112,800       1,290,668  

SoftBank Group Corp.

    42,500       2,012,037  

Sohgo Security Services Co. Ltd.

    58,700       1,616,121  

Sompo Holdings Inc.

    29,500       1,269,942  

Sony Group Corp.

    66,500       5,941,877  

Sumitomo Mitsui Financial Group Inc.

    24,400       1,060,450  

Sumitomo Mitsui Trust Holdings Inc.

    17,300       630,215  

Sumitomo Realty & Development Co. Ltd.

    30,000       731,314  

T&D Holdings Inc.

    153,100       2,450,557  

TDK Corp.

    4,000       142,905  

TIS Inc.

    83,600       2,410,635  

Tokio Marine Holdings Inc.

    134,100       2,808,685  

Tokyo Electric Power Co. Holdings Inc.(b)

    183,100       685,671  

Tokyo Electron Ltd.

    11,600       4,054,480  

Tokyo Ohka Kogyo Co. Ltd.

    23,300       1,148,375  

Tokyo Tatemono Co. Ltd.

    154,500       1,915,415  

Toyo Suisan Kaisha Ltd.

    17,300       714,850  

Toyota Motor Corp.

    661,100       9,708,725  

Trend Micro Inc./Japan(b)

    19,000       940,766  

Ulvac Inc.

    49,000       2,292,316  

Yakult Honsha Co. Ltd.

    3,800       271,274  

Yamada Holdings Co. Ltd.

    105,000       381,252  

Yamato Holdings Co. Ltd.

    5,400       94,483  

Yokohama Rubber Co. Ltd. (The)

    21,600       354,863  

Zenkoku Hosho Co. Ltd.

    7,400       288,213  

Zensho Holdings Co. Ltd.

    39,400       1,005,692  

ZOZO Inc.

    9,700       251,455  
   

 

 

 
        207,617,559  
Netherlands — 5.2%            

ABN AMRO Bank NV, CVA(a)

    71,914       1,193,596  

Adyen NV(a)(b)

    3,031       4,582,590  

Akzo Nobel NV

    22,923       1,707,419  

ASM International NV

    6,439       2,177,708  

ASML Holding NV(c)

    18,235       12,065,145  

ASR Nederland NV

    51,506       2,437,856  

BE Semiconductor Industries NV

    12,848       918,971  

EXOR NV, NVS(b)

    21,327       1,695,254  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

iShares® International Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Netherlands (continued)            

ING Groep NV(b)

    180,955     $ 2,620,275  

Koninklijke Ahold Delhaize NV

    201,889       6,025,773  

Koninklijke KPN NV

    313,879       1,073,103  

Koninklijke Philips NV

    37,725       651,339  

NN Group NV

    70,830       3,077,427  

OCI NV

    121,028       4,119,848  

QIAGEN NV(b)

    9,432       460,122  

Randstad NV

    32,375       2,075,184  

Signify NV(a)(c)

    52,721       1,908,785  

Universal Music Group NV

    32,883       840,567  
   

 

 

 
          49,630,962  
New Zealand — 0.6%            

Fisher & Paykel Healthcare Corp. Ltd.

    57,260       939,704  

Fletcher Building Ltd.

    726,723       2,393,061  

Mainfreight Ltd.

    12,458       576,617  

Meridian Energy Ltd.

    190,407       658,086  

Spark New Zealand Ltd.

    222,316       749,591  
   

 

 

 
      5,317,059  
Norway — 1.0%            

DNB Bank ASA

    96,321       1,801,161  

Equinor ASA

    32,106       978,483  

Gjensidige Forsikring ASA

    5,264       94,612  

Kongsberg Gruppen ASA

    69,518       2,767,630  

Orkla ASA

    265,873       1,984,933  

Telenor ASA

    114,966       1,203,534  

Yara International ASA

    17,595       781,768  
   

 

 

 
      9,612,121  
Poland — 0.3%            

LPP SA

    781       1,829,407  

Polski Koncern Naftowy ORLEN SA

    60,853       913,989  
   

 

 

 
      2,743,396  
Portugal — 0.1%            

Galp Energia SGPS SA

    72,958       998,652  

Jeronimo Martins SGPS SA

    7,538       163,656  
   

 

 

 
      1,162,308  
Singapore — 1.7%            

Capitaland Investment Ltd/Singapore

    319,700       968,566  

DBS Group Holdings Ltd.

    52,400       1,434,517  

Jardine Cycle & Carriage Ltd.

    42,800       948,860  

NetLink NBN Trust

    2,695,900       1,797,934  

Oversea-Chinese Banking Corp. Ltd.

    179,700       1,775,499  

Sembcorp Industries Ltd.

    830,000       2,288,869  

Singapore Technologies Engineering Ltd.

    452,800       1,273,066  

STMicroelectronics NV , New

    45,219       2,128,625  

United Overseas Bank Ltd.

    128,100       2,911,793  

Wilmar International Ltd.(c)

    265,800       826,378  

Yangzijiang Shipbuilding Holdings Ltd.

    331,200       326,514  
   

 

 

 
      16,680,621  
Spain — 2.0%            

Acciona SA

    11,920       2,325,592  

Banco Bilbao Vizcaya Argentaria SA

    313,790       2,216,541  

Banco de Sabadell SA

    1,398,161       1,827,905  

Banco Santander SA

    73,993       258,601  

Bankinter SA

    31,348       226,176  

CaixaBank SA

    122,176       542,090  

Corp. ACCIONA Energias Renovables SA

    20,624       843,400  

Endesa SA

    85,914       1,712,843  

Iberdrola SA

    208,930       2,451,118  

Iberdrola SA, NVS

    3,383       39,523  
Security   Shares     Value  
Spain (continued)            

Naturgy Energy Group SA

    8,734     $ 247,716  

Red Electrica Corp. SA

    6,608       116,954  

Repsol SA

    300,634       4,938,465  

Telefonica SA

    414,813       1,575,883  
   

 

 

 
          19,322,807  
Sweden — 2.2%            

Axfood AB

    105,417       2,715,092  

EQT AB

    58,356       1,316,789  

Getinge AB, Class B

    31,012       698,625  

H & M Hennes & Mauritz AB, Class B

    7,081       87,212  

Husqvarna AB, Class B

    89,652       762,749  

Kindred Group PLC

    228,286       2,300,489  

Kinnevik AB, Class B(b)

    76,382       1,180,648  

Millicom International Cellular SA, SDR(b)

    5,405       92,606  

Sandvik AB

    24,392       504,125  

Skandinaviska Enskilda Banken AB, Class A

    144,774       1,752,606  

SKF AB, Class B

    11,108       196,593  

SSAB AB, Class B

    540,515       3,683,428  

Svenska Handelsbanken AB, Class A

    48,167       502,286  

Swedbank AB, Class A

    54,250       1,043,576  

Telefonaktiebolaget LM Ericsson, Class B

    285,029       1,653,299  

Thule Group AB(a)

    13,143       314,956  

Volvo AB, Class B

    92,443       1,834,393  
   

 

 

 
      20,639,472  
Switzerland — 8.2%            

ABB Ltd., Registered

    47,693       1,660,463  

Adecco Group AG, Registered

    47,407       1,760,729  

Alcon Inc.

    34,046       2,569,060  

Bucher Industries AG, Registered

    6,602       3,008,310  

Cie. Financiere Richemont SA, Class A, Registered

    21,767       3,355,540  

Coca-Cola HBC AG, Class DI

    116,114       2,821,729  

Galenica AG(a)

    6,613       517,187  

Georg Fischer Ltd.

    13,915       959,405  

Givaudan SA, Registered

    34       110,236  

Julius Baer Group Ltd.

    17,896       1,147,927  

Kuehne + Nagel International AG, Registered

    8,136       1,940,083  

Logitech International SA, Registered

    14,428       844,280  

Lonza Group AG, Registered

    342       195,091  

Nestle SA, Registered

    146,429       17,865,662  

Novartis AG, Registered

    128,183       11,588,901  

PSP Swiss Property AG, Registered

    15,034       1,874,194  

Roche Holding AG, NVS

    36,098       11,268,726  

Sika AG, Registered

    6,380       1,812,857  

Sonova Holding AG, Registered

    3,981       995,535  

Straumann Holding AG

    11,095       1,452,746  

Swiss Life Holding AG, Registered

    3,908       2,312,941  

Swiss Re AG

    12,021       1,258,730  

Swisscom AG, Registered

    245       144,760  

Tecan Group AG, Registered

    1,339       561,943  

UBS Group AG, Registered

    279,718       5,970,685  

VAT Group AG(a)

    2,185       680,199  

Zurich Insurance Group AG

    286       141,435  
   

 

 

 
      78,819,354  
United Kingdom — 13.5%            

3i Group PLC

    91,756       1,790,135  

Anglo American PLC

    94,447       4,073,535  

AstraZeneca PLC

    65,230       8,545,942  

B&M European Value Retail SA

    135,142       747,378  

BAE Systems PLC

    182,645       1,933,487  

 

 

12  

2 0 2 3   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, 2023

  

iShares® International Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Barclays PLC

    516,041     $ 1,186,270  

Barratt Developments PLC

    87,243       495,865  

Berkeley Group Holdings PLC

    28,916       1,480,720  

BP PLC

    1,026,034       6,197,499  

British American Tobacco PLC

    39,343       1,508,167  

Bunzl PLC

    10,903       400,262  

Burberry Group PLC

    97,068       2,956,779  

CNH Industrial NV

    102,307       1,809,949  

Computacenter PLC

    74,156       2,037,988  

Diageo PLC

    112,713       4,928,497  

Drax Group PLC

    154,572       1,234,485  

Entain PLC

    5,316       98,031  

Ferguson PLC

    38,381       5,407,689  

Glencore PLC

    334,367       2,239,216  

Grafton Group PLC

    107,418       1,219,296  

Greggs PLC

    62,086       2,073,173  

GSK PLC

    232,978       4,092,262  

Haleon PLC(b)

    222,766       892,708  

Harbour Energy PLC

    44,280       171,266  

Howden Joinery Group PLC

    218,569       1,865,001  

HSBC Holdings PLC

    698,994       5,150,430  

IG Group Holdings PLC

    32,798       322,479  

IMI PLC

    92,160       1,650,133  

Imperial Brands PLC

    103,593       2,598,757  

Inchcape PLC

    207,698       2,341,737  

Indivior PLC, NVS(b)

    138,883       3,334,774  

Intermediate Capital Group PLC

    132,860       2,286,178  

International Distributions Services PLC

    681,129       1,927,933  

Investec PLC

    374,341       2,388,756  

JD Sports Fashion PLC

    1,303,430       2,627,218  

Kingfisher PLC

    635,275       2,191,646  

Land Securities Group PLC

    30,528       267,450  

Legal & General Group PLC

    520,831       1,639,023  

Lloyds Banking Group PLC

    1,045,885       680,657  

M&G PLC

    147,886       369,319  

Man Group PLC/Jersey

    630,780       1,940,566  

Marks & Spencer Group PLC(b)

    141,091       254,502  

Next PLC

    31,948       2,615,716  

OSB Group PLC

    66,931       451,241  

Pearson PLC

    54,254       618,722  

Persimmon PLC

    22,374       390,769  

Prudential PLC

    20,198       335,591  

Reckitt Benckiser Group PLC

    20,626       1,469,827  

Rentokil Initial PLC

    159,981       970,033  

Rightmove PLC

    196,724       1,429,374  

Rio Tinto PLC

    58,712       4,597,222  

RS GROUP PLC

    43,919       510,596  

Safestore Holdings PLC

    143,346           1,784,900  
Security   Shares     Value  
United Kingdom (continued)            

Sage Group PLC (The)

    151,030     $ 1,451,046  

Shell PLC

    310,051       9,093,224  

Softcat PLC

    31,531       471,827  

Tesco PLC

    87,387       265,602  

Unilever PLC

    102,769       5,230,845  

United Utilities Group PLC

    41,682       545,412  

Vodafone Group PLC

    2,596,820       2,996,244  

WPP PLC

    199,346       2,329,106  
   

 

 

 
        128,914,455  
   

 

 

 

Total Common Stocks — 98.3%
(Cost: $897,006,875)

 

    940,161,798  
   

 

 

 

Preferred Stocks

 

 
Germany — 1.2%        

Dr Ing hc F Porsche AG, Preference Shares, NVS(b)

    85,867       10,209,477  

Volkswagen AG, Preference Shares, NVS

    9,326       1,293,429  
   

 

 

 
      11,502,906  
   

 

 

 

Total Preferred Stocks — 1.2%
(Cost: $10,078,213)

 

    11,502,906  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $907,085,088)

 

    951,664,704  
   

 

 

 

Short-Term Securities

 

 
Money Market Funds — 0.4%        

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)

    3,228,934       3,230,871  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)

    390,000       390,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $3,618,802)

 

    3,620,871  
   

 

 

 

Total Investments — 99.9%
(Cost: $910,703,890)

 

    955,285,575  

Other Assets Less Liabilities — 0.1%

 

    834,656  
   

 

 

 

Net Assets — 100.0%

 

  $ 956,120,231  
   

 

 

 

 

(a) 

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.

(b) 

Non-income producing security.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

 

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, 2023

   iShares® International Equity Factor ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   

Value at

07/31/22

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

01/31/23

    

Shares

Held at

01/31/23

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 5,549,608      $      $ (2,319,235 )(a)     $ (1,441    $ 1,939      $ 3,230,871        3,228,934      $ 56,908 (b)     $
 
 
 
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     180,000        210,000 (a)                            390,000        390,000        6,275         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (1,441    $ 1,939      $ 3,620,871         $ 63,183      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

   

Expiration

Date

   

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

         

TOPIX Index

     6       03/09/23     $ 915      $ 24,967  

SPI 200 Index

     5       03/16/23       659        25,126  

Euro STOXX 50 Index

     32       03/17/23       1,458        92,555  

FTSE 100 Index

     13       03/17/23       1,247        43,958  
         

 

 

 
          $ 186,606  
         

 

 

 

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:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 186,606      $      $      $      $ 186,606  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 329,387      $      $      $      $ 329,387  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 6,063      $      $      $      $ 6,063  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts

  

Average notional value of contracts — long

   $ 4,787,364       

 

 

 

 

14  

2 0 2 3   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, 2023

   iShares® International Equity Factor ETF

 

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  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

           

Australia

   $      $ 71,462,142      $      $ 71,462,142  

Austria

            7,381,780               7,381,780  

Belgium

            6,024,250               6,024,250  

Canada

     70,510,823                      70,510,823  

Denmark

            27,787,230               27,787,230  

Finland

            12,850,323               12,850,323  

France

            97,737,125               97,737,125  

Germany

            48,243,305               48,243,305  

Hong Kong

            27,958,848               27,958,848  

Ireland

            10,341,741               10,341,741  

Italy

            19,404,117               19,404,117  

Japan

     243,890        207,373,669               207,617,559  

Netherlands

            49,630,962               49,630,962  

New Zealand

            5,317,059               5,317,059  

Norway

            9,612,121               9,612,121  

Poland

            2,743,396               2,743,396  

Portugal

            1,162,308               1,162,308  

Singapore

            16,680,621               16,680,621  

Spain

            19,322,807               19,322,807  

Sweden

            20,639,472               20,639,472  

Switzerland

            78,819,354               78,819,354  

United Kingdom

     2,388,756        126,525,699               128,914,455  

Preferred Stocks

            11,502,906               11,502,906  

Short-Term Securities

           

Money Market Funds

     3,620,871                      3,620,871  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 76,764,340      $ 878,521,235      $      $ 955,285,575  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Assets

           

Equity Contracts

   $      $ 186,606      $      $ 186,606  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

  15


Schedule of Investments (unaudited) 

January 31, 2023

  

iShares® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Australia — 4.1%

   

Brambles Ltd.

    1,029,037     $ 8,750,468  

Cochlear Ltd.

    31,256       4,722,051  

Coles Group Ltd.

    1,545,632       19,440,379  

Commonwealth Bank of Australia

    328,341       25,630,975  

CSL Ltd.

    107,654       22,731,187  

Medibank Pvt Ltd.

    4,996,410       10,408,937  

Newcrest Mining Ltd.

    1,909,276       30,336,667  

Sonic Healthcare Ltd.

    609,640       13,654,445  

Telstra Corp. Ltd.

    8,473,145       24,488,935  

Transurban Group

    1,959,575       19,211,942  

Wesfarmers Ltd.

    2,272,458       80,119,362  

Woolworths Group Ltd.

    1,815,092       46,389,110  
   

 

 

 
      305,884,458  
Belgium — 1.6%            

Groupe Bruxelles Lambert NV

    750,372       64,190,735  

UCB SA

    679,334       55,776,448  
   

 

 

 
          119,967,183  
Denmark — 3.4%            

Carlsberg A/S, Class B

    79,769       11,324,136  

Chr Hansen Holding A/S

    399,014       29,461,164  

Genmab A/S(a)

    82,358       32,275,808  

Novo Nordisk A/S, Class B

    900,226       124,582,066  

Novozymes A/S, Class B

    422,062       21,962,648  

Tryg A/S

    1,338,053       30,705,768  
   

 

 

 
      250,311,590  
Finland — 2.5%            

Elisa OYJ

    1,192,440       67,937,029  

Kone OYJ, Class B

    962,785       52,506,519  

Nokia OYJ

    1,925,786       9,131,145  

Orion OYJ, Class B

    800,643       42,894,150  

Sampo OYJ, Class A

    299,672       15,732,622  
   

 

 

 
      188,201,465  
France — 7.1%            

Air Liquide SA

    352,107       56,064,647  

BioMerieux

    119,903       12,223,617  

Carrefour SA

    2,220,310       42,232,443  

Danone SA

    516,165       28,306,103  

Eurofins Scientific SE(b)

    79,698       5,716,719  

Getlink SE

    622,424       10,527,534  

Hermes International

    10,198       19,085,650  

Ipsen SA

    146,082       15,343,722  

La Francaise des Jeux SAEM(c)

    387,497       16,580,219  

L’Oreal SA

    120,255       49,654,685  

Orange SA

    7,725,745       81,759,633  

Pernod Ricard SA

    167,551       34,688,078  

Sanofi

    1,162,408       113,828,134  

SEB SA

    165,731       17,331,483  

Thales SA

    60,137       7,953,679  

TotalEnergies SE

    257,009       15,888,491  
   

 

 

 
      527,184,837  
Germany — 3.4%            

Beiersdorf AG

    381,369       46,365,930  

Deutsche Boerse AG

    139,279       24,922,902  

Deutsche Telekom AG, Registered

    2,509,316       55,904,549  

Henkel AG & Co. KGaA

    46,253       3,090,544  

Merck KGaA

    256,536       53,546,293  

Symrise AG

    561,579       59,701,272  
Security   Shares     Value  
Germany (continued)            

Telefonica Deutschland Holding AG

    1,645,708     $ 4,847,222  
   

 

 

 
      248,378,712  
Hong Kong — 7.9%            

BOC Hong Kong Holdings Ltd.

    15,764,500       55,095,148  

CK Infrastructure Holdings Ltd.

    5,277,000       29,358,863  

CLP Holdings Ltd.

    9,469,500       70,357,714  

Hang Seng Bank Ltd.

    6,105,100       101,669,532  

HK Electric Investments & HK Electric Investments Ltd., Class SS(b)

    26,691,000       18,449,691  

HKT Trust & HKT Ltd., Class SS

    33,740,349       44,205,793  

Hong Kong & China Gas Co. Ltd.(b)

    14,913,799       14,973,750  

Jardine Matheson Holdings Ltd.

    672,700       35,757,753  

Link REIT

    5,651,000       45,232,640  

MTR Corp. Ltd.

    14,930,248       79,899,328  

Power Assets Holdings Ltd.

    13,693,500       77,480,113  

Sun Hung Kai Properties Ltd.

    679,500       9,636,411  
   

 

 

 
      582,116,736  
Ireland — 0.7%            

Kerry Group PLC, Class A

    542,926       50,872,212  
   

 

 

 
Israel — 2.1%            

Azrieli Group Ltd.

    67,327       4,336,707  

Bank Hapoalim BM

    4,223,106       38,010,300  

Bank Leumi Le-Israel BM

    5,114,965       45,202,897  

Check Point Software Technologies Ltd.(a)(b)

    247,312       31,458,086  

ICL Group Ltd.

    1,843,428       14,636,147  

Isracard Ltd.

    2       6  

Mizrahi Tefahot Bank Ltd.

    570,265       18,836,236  
   

 

 

 
      152,480,379  
Italy — 2.3%            

Eni SpA

    994,803       15,308,254  

Ferrari NV

    188,385       47,074,429  

Infrastrutture Wireless Italiane SpA(c)

    2,270,215       24,878,781  

Recordati Industria Chimica e Farmaceutica SpA

    658,989       28,869,308  

Snam SpA

    7,125,993       36,296,457  

Terna - Rete Elettrica Nazionale

    2,148,546       16,998,996  
   

 

 

 
          169,426,225  
Japan — 26.9%            

Astellas Pharma Inc.

    344,200       5,066,669  

Bandai Namco Holdings Inc.

    122,800       8,212,096  

Bridgestone Corp.

    471,400       17,598,866  

Canon Inc.

    2,340,500       51,941,178  

Central Japan Railway Co.

    158,900       19,381,788  

Chiba Bank Ltd. (The)

    3,083,100       23,327,977  

Chubu Electric Power Co. Inc.

    3,388,400       36,496,697  

Chugai Pharmaceutical Co. Ltd.

    1,017,100       26,368,400  

Concordia Financial Group Ltd.

    3,286,400       14,441,632  

East Japan Railway Co.

    747,900       41,701,563  

ENEOS Holdings Inc.

    8,219,400       29,427,066  

Fast Retailing Co. Ltd.

    8,400       5,101,818  

FUJIFILM Holdings Corp.

    517,000       27,360,229  

Hamamatsu Photonics KK

    86,900       4,643,091  

Hankyu Hanshin Holdings Inc.

    320,700       9,531,984  

Hikari Tsushin Inc.

    55,700       7,950,522  

Hirose Electric Co. Ltd.

    283,200       36,868,188  

Idemitsu Kosan Co. Ltd.

    1,369,600       34,241,052  

ITOCHU Corp.

    1,939,400       62,684,933  

Itochu Techno-Solutions Corp.

    282,400       6,991,518  

Japan Post Bank Co. Ltd.

    4,101,800       36,443,974  

Japan Post Holdings Co. Ltd.

    4,952,100       43,476,755  

 

 

16  

2 0 2 3   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, 2023

  

iShares® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Japan Tobacco Inc.

    1,754,700     $ 35,781,676  

Kao Corp.

    169,300       6,843,417  

KDDI Corp.

    1,283,300       40,094,697  

Keio Corp.

    410,800       15,078,200  

Keisei Electric Railway Co. Ltd.

    194,700       5,679,199  

Kintetsu Group Holdings Co. Ltd.

    987,700       32,164,426  

Kirin Holdings Co. Ltd.

    335,600       5,171,503  

Kobayashi Pharmaceutical Co. Ltd.

    143,000       10,266,271  

Kyowa Kirin Co. Ltd.

    426,000       9,500,203  

McDonald’s Holdings Co. Japan Ltd.(b)

    877,800       34,679,574  

MEIJI Holdings Co. Ltd.

    738,300       38,076,109  

Mitsubishi Corp.

    937,800       31,403,126  

Mitsubishi UFJ Financial Group Inc.

    4,776,900       34,990,223  

Mizuho Financial Group Inc.

    5,578,920       87,145,238  

MS&AD Insurance Group Holdings Inc.

    219,800       7,049,802  

NEC Corp.

    552,700       19,967,728  

Nippon Express Holdings Inc.

    68,800       3,992,651  

Nippon Prologis REIT Inc.

    10,275       23,315,422  

Nippon Shinyaku Co. Ltd.

    174,500       8,980,838  

Nippon Telegraph & Telephone Corp.

    2,472,500       74,139,193  

Nissin Foods Holdings Co. Ltd.

    511,200       39,964,407  

Nitori Holdings Co. Ltd.

    397,400       52,598,153  

Nitto Denko Corp.

    54,200       3,503,348  

Nomura Research Institute Ltd.

    236,900       5,687,394  

Obayashi Corp.

    1,666,900       12,929,681  

Obic Co. Ltd.

    197,300       31,632,448  

Odakyu Electric Railway Co. Ltd.

    737,500       9,696,183  

Ono Pharmaceutical Co. Ltd.

    1,754,800       38,076,850  

Oracle Corp. Japan

    108,000       7,398,737  

Oriental Land Co. Ltd./Japan

    155,900       25,976,034  

Osaka Gas Co. Ltd.

    1,949,900       31,465,310  

Otsuka Corp.

    359,900       11,840,543  

Otsuka Holdings Co. Ltd.

    2,680,200       85,981,910  

Pan Pacific International Holdings Corp.

    1,333,200       24,655,032  

Secom Co. Ltd.

    631,600       37,628,051  

Sekisui Chemical Co. Ltd.

    387,200       5,424,008  

Sekisui House Ltd.

    1,600,200       30,242,595  

Seven & i Holdings Co. Ltd.

    217,200       10,254,641  

SG Holdings Co. Ltd.

    2,053,500       31,688,209  

Shionogi & Co. Ltd.

    204,700       9,754,874  

Shizuoka Financial Group Inc., NVS

    4,133,700       35,019,193  

SoftBank Corp.

    7,643,000       87,451,916  

Sumitomo Mitsui Financial Group Inc.

    346,700       15,067,951  

Suntory Beverage & Food Ltd.

    1,013,500       34,223,607  

Takeda Pharmaceutical Co. Ltd.

    1,379,600       43,370,993  

Tobu Railway Co. Ltd.

    1,214,700       28,500,625  

Tokio Marine Holdings Inc.

    748,300       15,672,921  

Tokyo Gas Co. Ltd.

    1,213,000       25,399,849  

Tokyu Corp.

    311,000       3,999,268  

Trend Micro Inc./Japan(a)

    183,900       9,105,628  

USS Co. Ltd.

    2,003,000       32,945,672  

Welcia Holdings Co. Ltd.

    918,800       20,535,786  

West Japan Railway Co.

    394,500       16,521,068  

Yakult Honsha Co. Ltd.

    402,400       28,726,492  

Yamato Holdings Co. Ltd.

    595,500       10,419,426  
   

 

 

 
        1,986,936,295  
Netherlands — 3.8%            

Davide Campari-Milano NV

    482,986       5,181,029  

Heineken NV

    164,160       16,405,970  

JDE Peet’s NV

    335,863       10,066,799  
Security   Shares     Value  
Netherlands (continued)            

Koninklijke Ahold Delhaize NV

    3,410,096     $ 101,781,009  

Koninklijke DSM NV

    79,639       10,241,734  

Koninklijke KPN NV

    7,840,092       26,804,045  

OCI NV

    106,826       3,636,405  

QIAGEN NV(a)

    1,314,952       64,147,427  

Wolters Kluwer NV

    380,988       41,536,462  
   

 

 

 
      279,800,880  
New Zealand — 0.6%            

Auckland International Airport Ltd.(a)

    2,427,502       13,359,844  

Fisher & Paykel Healthcare Corp. Ltd.

    530,475       8,705,724  

Spark New Zealand Ltd.

    6,165,805       20,789,460  
   

 

 

 
      42,855,028  
Norway — 0.2%            

Telenor ASA

    1,492,246       15,621,742  
   

 

 

 
Portugal — 0.6%            

Jeronimo Martins SGPS SA

    2,148,638       46,648,492  
   

 

 

 
Singapore — 4.6%            

DBS Group Holdings Ltd.(b)

    2,817,000       77,118,956  

Oversea-Chinese Banking Corp. Ltd.(b)

    5,876,299       58,059,878  

Singapore Exchange Ltd.

    7,772,700       54,747,141  

Singapore Technologies Engineering Ltd.

    14,500,800       40,769,598  

Singapore Telecommunications Ltd.

    11,457,200       21,942,387  

United Overseas Bank Ltd.

    3,114,800       70,801,360  

Venture Corp. Ltd.

    877,700       12,394,310  
   

 

 

 
        335,833,630  
Spain — 2.4%            

Aena SME SA(a)(c)

    101,652       15,273,108  

Enagas SA

    342,777       6,146,434  

Endesa SA

    976,114       19,460,511  

Grifols SA(a)(b)

    787,410       10,423,772  

Iberdrola SA

    2,147,605       25,195,198  

Iberdrola SA, NVS

    45,371       530,002  

Industria de Diseno Textil SA

    1,436,498       44,848,628  

Naturgy Energy Group SA

    364,986       10,351,810  

Red Electrica Corp. SA

    2,348,586       41,567,375  
   

 

 

 
      173,796,838  
Sweden — 0.2%            

Telia Co. AB

    5,483,487       14,161,875  
   

 

 

 
Switzerland — 14.7%            

Alcon Inc.

    63,837       4,817,044  

Baloise Holding AG, Registered

    136,422       22,437,718  

Banque Cantonale Vaudoise, Registered

    282,489       26,852,575  

Barry Callebaut AG, Registered

    18,827       39,335,864  

BKW AG

    162,005       23,296,686  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    942       10,345,721  

EMS-Chemie Holding AG, Registered

    68,505       51,069,118  

Geberit AG, Registered

    68,923       39,215,969  

Givaudan SA, Registered

    18,221       59,076,671  

Kuehne + Nagel International AG, Registered

    203,287       48,475,119  

Lonza Group AG, Registered

    6,479       3,695,889  

Nestle SA, Registered

    874,305       106,673,118  

Novartis AG, Registered

    1,211,625       109,541,848  

Roche Holding AG, Bearer

    206,842       75,712,613  

Roche Holding AG, NVS

    323,708       101,052,047  

Schindler Holding AG, Participation Certificates, NVS

    104,633       22,301,196  

Schindler Holding AG, Registered

    198,228       40,099,327  

 

 

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

    17  


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

iShares® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Switzerland (continued)            

SGS SA, Registered

    22,171     $ 54,066,955  

Swatch Group AG (The), Registered

    137,521       9,036,182  

Swiss Prime Site AG, Registered

    757,452       67,495,212  

Swisscom AG, Registered

    189,418       111,918,677  

Zurich Insurance Group AG

    121,987       60,326,047  
   

 

 

 
      1,086,841,596  
United Kingdom — 10.3%            

Admiral Group PLC

    236,743       6,435,933  

AstraZeneca PLC

    564,218       73,919,586  

BAE Systems PLC

    4,812,187       50,941,998  

British American Tobacco PLC

    248,135       9,511,957  

Bunzl PLC

    655,098       24,049,432  

Croda International PLC

    219,157       18,680,227  

DCC PLC

    113,045       6,438,806  

Diageo PLC

    161,730       7,071,817  

GSK PLC

    4,720,553       82,916,584  

Halma PLC

    126,163       3,358,967  

Hikma Pharmaceuticals PLC

    726,865       15,376,175  

HSBC Holdings PLC

    8,302,630       61,176,649  

J Sainsbury PLC

    8,548,719       27,724,177  

National Grid PLC

    6,939,177       88,217,022  

Reckitt Benckiser Group PLC

    778,126       55,449,959  

RELX PLC

    1,595,830       47,410,357  

Rio Tinto PLC

    92,914       7,275,280  

Sage Group PLC (The)

    725,632       6,971,632  

Severn Trent PLC

    557,963       19,417,605  

Tesco PLC

    15,273,828       46,422,962  

Unilever PLC

    1,655,317       84,254,072  

United Utilities Group PLC

    1,081,881       14,156,484  
   

 

 

 
      757,177,681  
   

 

 

 

Total Long-Term Investments — 99.4% (Cost: $7,200,215,243)

      7,334,497,854  
   

 

 

 
Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 0.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)

    20,100,937     $ 20,112,998  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)

    1,360,000       1,360,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $21,468,283)

 

    21,472,998  
   

 

 

 

Total Investments — 99.7%
(Cost: $7,221,683,526)

 

    7,355,970,852  

Other Assets Less Liabilities — 0.3%

      21,471,997  
   

 

 

 

Net Assets — 100.0%

    $ 7,377,442,849  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   

Value at

07/31/22

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

01/31/23

    

Shares

Held at

01/31/23

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 2,760,113      $ 17,344,661 (a)     $      $ 4,172      $ 4,052      $ 20,112,998        20,100,937      $ 37,511 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     980,000        380,000 (a)                            1,360,000        1,360,000        50,213        1  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ 4,172      $ 4,052      $ 21,472,998         $ 87,724      $ 1  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

 

18  

2 0 2 3   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, 2023

  

iShares® MSCI EAFE Min Vol Factor ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

           

TOPIX Index

     74        03/09/23      $ 11,290      $ 306,977  

SPI 200 Index

     62        03/16/23        8,173        364,405  

Euro STOXX 50 Index

     161        03/17/23        7,335        465,810  

FTSE 100 Index

     65        03/17/23        6,234        237,738  

2-Year U.S. Treasury Note

     39        03/31/23        8,024        16,400  
           

 

 

 
            $ 1,391,330  
           

 

 

 

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:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 1,374,930      $      $ 16,400      $      $ 1,391,330  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 2,772,130      $      $ (244,070    $      $ 2,528,060  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 488,927      $      $ 33,218      $      $ 522,145  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts

  

Average notional value of contracts — long

   $ 43,497,002      

 

 

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  

 

 

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

                 

Australia

   $        $ 305,884,458        $        $ 305,884,458  

Belgium

              119,967,183                   119,967,183  

Denmark

              250,311,590                   250,311,590  

Finland

              188,201,465                   188,201,465  

France

              527,184,837                        —          527,184,837  

 

 

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, 2023

  

iShares® MSCI EAFE Min Vol Factor ETF

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                   

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Common Stocks (continued)

                 

Germany

   $        $ 248,378,712        $        $ 248,378,712  

Hong Kong

              582,116,736                   582,116,736  

Ireland

              50,872,212                   50,872,212  

Israel

     31,458,086          121,022,293                   152,480,379  

Italy

              169,426,225                   169,426,225  

Japan

              1,986,936,295                   1,986,936,295  

Netherlands

              279,800,880                   279,800,880  

New Zealand

              42,855,028                   42,855,028  

Norway

              15,621,742                   15,621,742  

Portugal

              46,648,492                   46,648,492  

Singapore

              335,833,630                   335,833,630  

Spain

              173,796,838                   173,796,838  

Sweden