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JANUARY 31, 2023 |
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2023 Semi-Annual Report (Unaudited)
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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
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of January 31, 2023 | ||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
(0.44)% | (8.22)% | ||||||
U.S.
small cap equities |
3.25 | (3.38) | ||||||
International
equities |
9.52 | (2.83) | ||||||
Emerging
market equities |
4.92 | (12.12) | ||||||
3-month
Treasury bills |
1.58 | 1.79 | ||||||
U.S.
Treasury securities |
(5.60) | (11.62) | ||||||
U.S.
investment grade bonds |
(2.37) | (8.36) | ||||||
Tax-exempt
municipal bonds |
0.73 | (3.25) | ||||||
U.S.
high yield bonds |
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. |
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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 |
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Semi-Annual Report: |
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Financial Statements: |
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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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 | |||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/22) |
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Ending Account Value (01/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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.
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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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 |
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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 | ||||||
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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 | ||||||
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|
|||||||
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% |
|
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% |
|
11,502,906 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
|
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% |
|
3,620,871 | ||||||
|
|
|||||||
Total
Investments — 99.9% |
|
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% |
|
21,472,998 | ||||||
|
|
|||||||
Total
Investments — 99.7% |
|
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:
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Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
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Net Realized Gain (Loss) from |
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Futures contracts |
$ | — | $ | — | $ | 2,772,130 | $ | — | $ | (244,070 | ) | $ | — | $ | 2,528,060 | |||||||||||||
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Net Change in Unrealized Appreciation (Depreciation) on |
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Futures contracts |
$ | — | $ | — | $ | 488,927 | $ | — | $ | 33,218 | $ | — | $ | 522,145 | ||||||||||||||
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Average Quarterly Balances of Outstanding Derivative Financial Instruments
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Futures contracts |
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Average notional value of contracts — long |
$ | 43,497,002 | ||
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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.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Assets |
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Investments |
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Long-Term Investments |
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Common Stocks |
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Australia |
$ | — | $ | 305,884,458 | $ | — | $ | 305,884,458 | ||||||||