iShares Trust


		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


4		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


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

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)

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.

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)

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


6		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


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.

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)

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.


8		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)

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




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)


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)

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	305,884,458	$	—	$	305,884,458