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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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 2,772,130 | $ | — | $ | (244,070 | ) | $ | — | $ | 2,528,060 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 488,927 | $ | — | $ | 33,218 | $ | — | $ | 522,145 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 43,497,002 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Australia |
$ | — | $ | 305,884,458 | $ | — | $ | 305,884,458 | ||||||||
Belgium |
— | 119,967,183 | — | 119,967,183 | ||||||||||||
Denmark |
— | 250,311,590 | — | 250,311,590 | ||||||||||||
Finland |
— | 188,201,465 | — | 188,201,465 | ||||||||||||
France |
— | 527,184,837 | — | 527,184,837 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI EAFE Min Vol Factor ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Common Stocks (continued) |
||||||||||||||||
Germany |
$ | — | $ | 248,378,712 | $ | — | $ | 248,378,712 | ||||||||
Hong Kong |
— | 582,116,736 | — | 582,116,736 | ||||||||||||
Ireland |
— | 50,872,212 | — | 50,872,212 | ||||||||||||
Israel |
31,458,086 | 121,022,293 | — | 152,480,379 | ||||||||||||
Italy |
— | 169,426,225 | — | 169,426,225 | ||||||||||||
Japan |
— | 1,986,936,295 | — | 1,986,936,295 | ||||||||||||
Netherlands |
— | 279,800,880 | — | 279,800,880 | ||||||||||||
New Zealand |
— | 42,855,028 | — | 42,855,028 | ||||||||||||
Norway |
— | 15,621,742 | — | 15,621,742 | ||||||||||||
Portugal |
— | 46,648,492 | — | 46,648,492 | ||||||||||||
Singapore |
— | 335,833,630 | — | 335,833,630 | ||||||||||||
Spain |
— | 173,796,838 | — | 173,796,838 | ||||||||||||
Sweden |
— | 14,161,875 | — | 14,161,875 | ||||||||||||
Switzerland |
— | 1,086,841,596 | — | 1,086,841,596 | ||||||||||||
United Kingdom |
— | 757,177,681 | — | 757,177,681 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
21,472,998 | — | — | 21,472,998 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 52,931,084 | $ | 7,303,039,768 | $ | — | $ | 7,355,970,852 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 1,374,930 | $ | — | $ | 1,374,930 | ||||||||
Interest Rate Contracts |
16,400 | — | — | 16,400 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 16,400 | $ | 1,374,930 | $ | — | 1,391,330 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
20 |
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® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 1.8% | ||||||||
Aurizon Holdings Ltd. |
22,824 | $ | 59,657 | |||||
BlueScope Steel Ltd. |
4,888 | 66,655 | ||||||
Brambles Ltd. |
12,744 | 108,369 | ||||||
Computershare Ltd. |
5,688 | 95,797 | ||||||
Dexus |
11,368 | 65,912 | ||||||
Endeavour Group Ltd./Australia |
15,840 | 74,378 | ||||||
GPT Group (The) |
24,336 | 78,886 | ||||||
IDP Education Ltd. |
2,664 | 59,283 | ||||||
James Hardie Industries PLC |
4,680 | 105,012 | ||||||
Medibank Pvt Ltd. |
28,712 | 59,815 | ||||||
Mirvac Group |
48,960 | 79,100 | ||||||
REA Group Ltd. |
648 | 58,107 | ||||||
Rio Tinto Ltd. |
7,560 | 678,414 | ||||||
Sonic Healthcare Ltd. |
4,536 | 101,595 | ||||||
South32 Ltd. |
46,800 | 150,178 | ||||||
Stockland |
26,568 | 74,238 | ||||||
Treasury Wine Estates Ltd. |
8,496 | 87,515 | ||||||
Vicinity Ltd. |
48,744 | 71,315 | ||||||
WiseTech Global Ltd. |
1,757 | 76,183 | ||||||
|
|
|||||||
2,150,409 | ||||||||
Austria — 0.0% | ||||||||
voestalpine AG |
1,389 | 46,152 | ||||||
|
|
|||||||
Belgium — 0.0% | ||||||||
Sofina SA |
216 | 51,315 | ||||||
|
|
|||||||
Brazil — 0.6% | ||||||||
BB Seguridade Participacoes SA |
15,192 | 113,065 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
7,056 | 77,367 | ||||||
Hypera SA |
8,424 | 77,000 | ||||||
Petroleo Brasileiro SA |
73,368 | 425,787 | ||||||
Telefonica Brasil SA |
9,821 | 80,908 | ||||||
Tim SA |
9,576 | 22,241 | ||||||
|
|
|||||||
796,368 | ||||||||
Canada — 4.5% | ||||||||
Alimentation Couche-Tard Inc. |
16,272 | 743,063 | ||||||
ARC Resources Ltd. |
7,056 | 81,985 | ||||||
BRP Inc. |
504 | 42,057 | ||||||
CAE Inc.(a) |
3,384 | 76,426 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
792 | 94,167 | ||||||
CCL Industries Inc., Class B, NVS |
1,584 | 74,084 | ||||||
CGI Inc.(a) |
4,176 | 357,920 | ||||||
Constellation Software Inc./Canada |
396 | 699,639 | ||||||
Descartes Systems Group Inc. (The)(a) |
1,080 | 78,816 | ||||||
Dollarama Inc. |
2,808 | 167,925 | ||||||
Element Fleet Management Corp. |
4,608 | 65,109 | ||||||
George Weston Ltd. |
1,445 | 185,894 | ||||||
Gildan Activewear Inc. |
2,088 | 65,470 | ||||||
iA Financial Corp. Inc. |
1,368 | 84,442 | ||||||
Imperial Oil Ltd. |
4,453 | 243,375 | ||||||
Loblaw Companies Ltd. |
3,456 | 309,613 | ||||||
Lundin Mining Corp. |
8,496 | 64,300 | ||||||
Magna International Inc. |
5,760 | 373,942 | ||||||
Nutrien Ltd. |
11,016 | 911,880 | ||||||
Open Text Corp. |
2,664 | 89,357 | ||||||
RioCan REIT |
2,592 | 44,961 | ||||||
Ritchie Bros Auctioneers Inc. |
1,224 | 74,017 | ||||||
Saputo Inc. |
2,808 | 77,410 | ||||||
TFI International Inc. |
864 | 96,228 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Toromont Industries Ltd. |
936 | $ | 74,772 | |||||
Tourmaline Oil Corp. |
3,312 | 154,355 | ||||||
West Fraser Timber Co. Ltd. |
648 | 56,343 | ||||||
WSP Global Inc. |
1,296 | 165,274 | ||||||
|
|
|||||||
5,552,824 | ||||||||
Chile — 0.0% | ||||||||
Cencosud SA |
30,096 | 54,056 | ||||||
|
|
|||||||
China — 7.2% | ||||||||
360 DigiTech Inc. |
1,512 | 36,485 | ||||||
Agricultural Bank of China Ltd., Class A |
115,200 | 49,665 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
7,200 | 123,115 | ||||||
Autohome Inc., ADR |
1,080 | 37,649 | ||||||
Bank of China Ltd., Class H |
1,584,000 | 602,973 | ||||||
Bank of Communications Co. Ltd., Class A |
57,600 | 41,406 | ||||||
Bank of Communications Co. Ltd., Class H |
216,000 | 133,509 | ||||||
Beijing Tongrentang Co. Ltd., Class A |
7,200 | 50,378 | ||||||
CGN Power Co. Ltd., Class H(b) |
288,000 | 67,294 | ||||||
China CITIC Bank Corp. Ltd., Class H |
216,000 | 104,209 | ||||||
China Coal Energy Co. Ltd., Class H |
72,000 | 57,778 | ||||||
China Conch Venture Holdings Ltd. |
36,000 | 76,395 | ||||||
China Construction Bank Corp., Class H |
2,016,000 | 1,304,938 | ||||||
China Everbright Bank Co. Ltd., Class A |
108,000 | 49,157 | ||||||
China Gas Holdings Ltd. |
71,600 | 111,468 | ||||||
China Hongqiao Group Ltd. |
72,000 | 83,745 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
72,000 | 99,392 | ||||||
China National Building Material Co. Ltd., Class H |
74,000 | 67,899 | ||||||
China Oilfield Services Ltd., Class H |
44,000 | 53,329 | ||||||
China Overseas Land & Investment Ltd. |
78,000 | 210,621 | ||||||
China Petroleum & Chemical Corp., Class A |
14,400 | 9,660 | ||||||
China Petroleum & Chemical Corp., Class H |
576,000 | 311,022 | ||||||
China Railway Group Ltd., Class A |
36,000 | 30,449 | ||||||
China Railway Group Ltd., Class H |
72,000 | 39,278 | ||||||
China Renewable Energy Investment Ltd.(c) |
659 | — | ||||||
China Resources Gas Group Ltd. |
29,200 | 122,793 | ||||||
China Shenhua Energy Co. Ltd., Class A |
7,200 | 30,339 | ||||||
China Shenhua Energy Co. Ltd., Class H |
72,000 | 224,109 | ||||||
China Tower Corp. Ltd., Class H(b) |
1,008,000 | 114,530 | ||||||
China United Network Communications Ltd., Class A |
86,400 | 67,012 | ||||||
CITIC Ltd. |
144,000 | 168,505 | ||||||
CRRC Corp. Ltd., Class A |
72,000 | 57,136 | ||||||
CRRC Corp. Ltd., Class H |
152,000 | 68,896 | ||||||
CSPC Pharmaceutical Group Ltd. |
144,000 | 164,189 | ||||||
Dali Foods Group Co. Ltd.(b) |
108,000 | 48,160 | ||||||
Daqin Railway Co. Ltd., Class A |
36,000 | 35,752 | ||||||
Daqo New Energy Corp., ADR(a) |
713 | 32,449 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
144,000 | 85,855 | ||||||
ENN Energy Holdings Ltd. |
14,400 | 216,961 | ||||||
Fosun International Ltd. |
72,000 | 66,848 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
43,200 | 60,974 | ||||||
GF Securities Co. Ltd., Class H |
43,200 | 70,743 | ||||||
Guangdong Investment Ltd. |
144,000 | 156,444 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
800 | 15,622 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
79,200 | 50,701 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
1,152,000 | 616,226 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
21,600 | 32,464 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
22,000 | 21,667 | ||||||
Jiumaojiu International Holdings Ltd.(b) |
9,000 | 23,060 | ||||||
Jizhong Energy Resources Co. Ltd. |
2,500 | 2,444 | ||||||
Kingboard Holdings Ltd. |
21,000 | 85,782 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kunlun Energy Co. Ltd. |
144,000 | $ | 113,566 | |||||
Lenovo Group Ltd. |
144,000 | 115,498 | ||||||
Lufax Holding Ltd., ADR |
18,648 | 56,876 | ||||||
Metallurgical Corp. of China Ltd., Class A |
57,600 | 28,815 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
288,000 | 97,092 | ||||||
PetroChina Co. Ltd., Class A |
21,600 | 16,612 | ||||||
PetroChina Co. Ltd., Class H |
432,000 | 231,098 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
144,000 | 135,382 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
21,600 | 62,656 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
57,600 | 95,753 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
13,680 | 42,878 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
21,600 | 17,310 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
28,800 | 50,780 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
8,200 | 33,053 | ||||||
Sinopharm Group Co. Ltd., Class H |
28,800 | 70,589 | ||||||
Tongcheng Travel Holdings Ltd.(a) |
28,800 | 65,255 | ||||||
Vipshop Holdings Ltd., ADR(a) |
4,896 | 75,741 | ||||||
Want Want China Holdings Ltd. |
144,000 | 93,787 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
32,000 | 102,914 | ||||||
Yuexiu Property Co. Ltd. |
9,800 | 14,256 | ||||||
Yum China Holdings Inc. |
9,000 | 554,490 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(a) |
14,000 | 16,111 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
14,400 | 25,684 | ||||||
ZTO Express Cayman Inc., ADR |
9,288 | 264,801 | ||||||
|
|
|||||||
8,772,472 | ||||||||
Denmark — 0.3% | ||||||||
AP Moller - Maersk A/S, Class A |
72 | 153,428 | ||||||
Demant A/S(a) |
1,368 | 38,724 | ||||||
Pandora A/S |
1,211 | 100,841 | ||||||
Rockwool A/S, Class B |
119 | 34,119 | ||||||
|
|
|||||||
327,112 | ||||||||
Finland — 0.1% | ||||||||
Orion OYJ, Class B |
1,296 | 69,433 | ||||||
|
|
|||||||
France — 1.7% | ||||||||
Arkema SA |
648 | 65,570 | ||||||
BioMerieux |
432 | 44,041 | ||||||
Bollore SE |
10,584 | 59,221 | ||||||
Bouygues SA |
1,800 | 59,299 | ||||||
Carrefour SA |
5,832 | 110,930 | ||||||
Cie. de Saint-Gobain |
9,936 | 570,636 | ||||||
Cie. Generale des Etablissements Michelin SCA |
12,960 | 409,793 | ||||||
Covivio |
702 | 48,188 | ||||||
Dassault Aviation SA |
360 | 61,475 | ||||||
Eiffage SA |
368 | 39,306 | ||||||
Eurazeo SE |
648 | 45,455 | ||||||
Gecina SA |
620 | 73,439 | ||||||
Ipsen SA |
504 | 52,938 | ||||||
Klepierre SA |
2,502 | 63,502 | ||||||
La Francaise des Jeux SAEM(b) |
1,296 | 55,453 | ||||||
Publicis Groupe SA |
2,442 | 172,258 | ||||||
Valeo |
2,467 | 53,916 | ||||||
Vivendi SE |
7,584 | 81,450 | ||||||
|
|
|||||||
2,066,870 | ||||||||
Germany — 1.1% | ||||||||
Brenntag SE |
1,656 | 123,617 | ||||||
Continental AG |
1,193 | 83,767 | ||||||
Fresenius SE & Co. KGaA |
8,424 | 244,135 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
GEA Group AG |
1,656 | $ | 74,719 | |||||
Hannover Rueck SE |
1,152 | 233,935 | ||||||
HeidelbergCement AG |
1,152 | 79,047 | ||||||
Henkel AG & Co. KGaA |
1,944 | 129,895 | ||||||
Nemetschek SE |
792 | 42,344 | ||||||
Rational AG |
72 | 47,360 | ||||||
Rheinmetall AG |
504 | 117,763 | ||||||
Telefonica Deutschland Holding AG |
15,264 | 44,958 | ||||||
United Internet AG, Registered |
1,152 | 26,745 | ||||||
Volkswagen AG |
504 | 88,220 | ||||||
|
|
|||||||
1,336,505 | ||||||||
Greece — 0.1% | ||||||||
FF Group(a)(c) |
165 | — | ||||||
Hellenic Telecommunications Organization SA |
4,472 | 70,498 | ||||||
JUMBO SA |
1,080 | 19,394 | ||||||
|
|
|||||||
89,892 | ||||||||
Hong Kong — 1.1% | ||||||||
Chow Tai Fook Jewellery Group Ltd. |
43,200 | 92,477 | ||||||
CK Asset Holdings Ltd. |
48,500 | 310,085 | ||||||
CK Hutchison Holdings Ltd. |
61,000 | 388,201 | ||||||
Henderson Land Development Co. Ltd. |
30,000 | 110,820 | ||||||
Jardine Matheson Holdings Ltd. |
3,800 | 201,991 | ||||||
Power Assets Holdings Ltd. |
22,000 | 124,480 | ||||||
Swire Properties Ltd. |
28,800 | 80,944 | ||||||
WH Group Ltd.(b) |
108,000 | 66,513 | ||||||
|
|
|||||||
1,375,511 | ||||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC |
4,192 | 31,327 | ||||||
Richter Gedeon Nyrt |
1,872 | 42,273 | ||||||
|
|
|||||||
73,600 | ||||||||
India — 2.8% | ||||||||
ABB India Ltd. |
720 | 25,057 | ||||||
ACC Ltd. |
1,080 | 26,045 | ||||||
Adani Enterprises Ltd. |
5,400 | 196,936 | ||||||
Adani Total Gas Ltd. |
5,733 | 148,106 | ||||||
Adani Transmission Ltd.(a) |
5,616 | 122,312 | ||||||
Ambuja Cements Ltd. |
7,488 | 36,839 | ||||||
Balkrishna Industries Ltd. |
1,152 | 31,363 | ||||||
Bharat Electronics Ltd. |
46,368 | 53,951 | ||||||
Cipla Ltd. |
10,296 | 128,347 | ||||||
Coal India Ltd. |
28,728 | 79,299 | ||||||
Colgate-Palmolive India Ltd. |
2,304 | 40,938 | ||||||
Container Corp. of India Ltd. |
4,824 | 37,152 | ||||||
Dr. Reddy’s Laboratories Ltd. |
2,520 | 133,646 | ||||||
Eicher Motors Ltd. |
2,745 | 109,735 | ||||||
GAIL India Ltd. |
54,144 | 63,151 | ||||||
Havells India Ltd. |
3,168 | 45,874 | ||||||
HCL Technologies Ltd. |
21,024 | 289,913 | ||||||
Hero MotoCorp Ltd. |
1,440 | 48,759 | ||||||
ITC Ltd. |
62,502 | 269,735 | ||||||
Jindal Steel & Power Ltd. |
5,400 | 38,735 | ||||||
LTIMindtree Ltd.(b) |
1,142 | 61,378 | ||||||
Marico Ltd. |
8,136 | 49,597 | ||||||
NTPC Ltd. |
70,632 | 147,937 | ||||||
Oil & Natural Gas Corp. Ltd. |
50,976 | 90,832 | ||||||
Page Industries Ltd. |
72 | 35,288 | ||||||
Power Grid Corp. of India Ltd. |
56,448 | 149,799 | ||||||
Shriram Finance Ltd. |
2,338 | 36,883 | ||||||
Siemens Ltd. |
2,088 | 74,832 |
22 |
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 Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
SRF Ltd. |
2,160 | $ | 57,828 | |||||
Sun Pharmaceutical Industries Ltd. |
20,952 | 265,282 | ||||||
Tata Elxsi Ltd. |
360 | 29,358 | ||||||
Tata Steel Ltd. |
137,016 | 201,789 | ||||||
Tech Mahindra Ltd. |
12,168 | 151,936 | ||||||
Torrent Pharmaceuticals Ltd. |
1,584 | 29,499 | ||||||
United Spirits Ltd.(a) |
4,536 | 42,723 | ||||||
Varun Beverages Ltd. |
4,392 | 61,683 | ||||||
Vedanta Ltd. |
16,344 | 66,781 | ||||||
|
|
|||||||
3,479,318 | ||||||||
Indonesia — 0.2% | ||||||||
Adaro Energy Indonesia Tbk PT |
302,400 | 59,919 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
50,400 | 28,086 | ||||||
Indofood Sukses Makmur Tbk PT |
144,000 | 64,714 | ||||||
Sumber Alfaria Trijaya Tbk PT |
223,200 | 42,192 | ||||||
Unilever Indonesia Tbk PT |
172,800 | 53,789 | ||||||
|
|
|||||||
248,700 | ||||||||
Israel — 0.0% | ||||||||
Tower Semiconductor Ltd.(a) |
1,224 | 51,488 | ||||||
|
|
|||||||
Italy — 0.2% | ||||||||
DiaSorin SpA |
360 | 46,864 | ||||||
Moncler SpA |
2,088 | 130,683 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
1,656 | 72,547 | ||||||
|
|
|||||||
250,094 | ||||||||
Japan — 7.0% | ||||||||
AGC Inc. |
3,800 | 140,014 | ||||||
Astellas Pharma Inc. |
36,000 | 529,925 | ||||||
Azbil Corp. |
2,400 | 67,676 | ||||||
Bridgestone Corp. |
7,200 | 268,799 | ||||||
Brother Industries Ltd. |
7,200 | 111,832 | ||||||
Canon Inc. |
21,600 | 479,355 | ||||||
Daito Trust Construction Co. Ltd. |
1,200 | 118,582 | ||||||
Fuji Electric Co. Ltd. |
1,500 | 60,717 | ||||||
FUJIFILM Holdings Corp. |
7,200 | 381,032 | ||||||
Fujitsu Ltd. |
3,900 | 555,279 | ||||||
Hakuhodo DY Holdings Inc. |
7,200 | 77,813 | ||||||
Honda Motor Co. Ltd. |
36,000 | 890,514 | ||||||
Iida Group Holdings Co. Ltd. |
7,200 | 120,027 | ||||||
Inpex Corp. |
5,200 | 57,141 | ||||||
Isuzu Motors Ltd. |
7,200 | 91,047 | ||||||
Kajima Corp. |
7,200 | 88,425 | ||||||
Marubeni Corp. |
28,800 | 353,335 | ||||||
Mazda Motor Corp. |
7,200 | 57,312 | ||||||
MEIJI Holdings Co. Ltd. |
2,000 | 103,145 | ||||||
MISUMI Group Inc. |
2,200 | 55,368 | ||||||
Mitsubishi Electric Corp. |
43,200 | 476,097 | ||||||
NEC Corp. |
2,200 | 79,481 | ||||||
NGK Insulators Ltd. |
7,200 | 99,657 | ||||||
Nippon Telegraph & Telephone Corp. |
24,100 | 722,651 | ||||||
NTT Data Corp. |
14,400 | 223,364 | ||||||
Obayashi Corp. |
7,200 | 55,848 | ||||||
Oji Holdings Corp. |
14,400 | 59,512 | ||||||
Ono Pharmaceutical Co. Ltd. |
4,300 | 93,304 | ||||||
Otsuka Holdings Co. Ltd. |
8,300 | 266,267 | ||||||
Panasonic Holdings Corp. |
43,200 | 400,610 | ||||||
Ricoh Co. Ltd. |
7,200 | 55,891 | ||||||
Rohm Co. Ltd. |
1,000 | 80,132 | ||||||
SCSK Corp. |
7,200 | 117,269 | ||||||
Sekisui Chemical Co. Ltd. |
7,200 | 100,860 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Sekisui House Ltd. |
14,400 | $ | 272,149 | |||||
Shizuoka Financial Group Inc., NVS |
7,200 | 60,996 | ||||||
Subaru Corp. |
7,200 | 118,308 | ||||||
Sumitomo Electric Industries Ltd. |
7,200 | 86,516 | ||||||
Tokyo Gas Co. Ltd. |
7,200 | 150,766 | ||||||
Toppan Inc. |
7,200 | 116,008 | ||||||
Toray Industries Inc. |
14,400 | 88,474 | ||||||
Toyota Tsusho Corp. |
5,500 | 232,882 | ||||||
USS Co. Ltd. |
2,600 | 42,765 | ||||||
|
|
|||||||
8,607,145 | ||||||||
Kuwait — 0.1% | ||||||||
Mobile Telecommunications Co. KSCP |
42,336 | 77,012 | ||||||
|
|
|||||||
Malaysia — 0.1% | ||||||||
Petronas Gas Bhd |
21,600 | 85,170 | ||||||
Telekom Malaysia Bhd |
36,000 | 44,162 | ||||||
|
|
|||||||
129,332 | ||||||||
Mexico — 0.1% | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) |
50,400 | 108,399 | ||||||
|
|
|||||||
Netherlands — 1.9% | ||||||||
ABN AMRO Bank NV, CVA(b) |
4,104 | 68,116 | ||||||
Aegon NV |
21,240 | 117,155 | ||||||
AerCap Holdings NV(a)(d) |
1,584 | 100,125 | ||||||
ASM International NV |
504 | 170,456 | ||||||
EXOR NV, NVS(a) |
1,080 | 85,848 | ||||||
Heineken Holding NV |
1,872 | 154,563 | ||||||
IMCD NV |
576 | 91,314 | ||||||
Koninklijke Ahold Delhaize NV |
20,736 | 618,907 | ||||||
Koninklijke KPN NV |
34,367 | 117,495 | ||||||
NN Group NV |
2,736 | 118,874 | ||||||
OCI NV |
1,296 | 44,117 | ||||||
Randstad NV |
1,080 | 69,226 | ||||||
Wolters Kluwer NV |
5,256 | 573,025 | ||||||
|
|
|||||||
2,329,221 | ||||||||
Norway — 0.2% | ||||||||
Kongsberg Gruppen ASA |
1,368 | 54,462 | ||||||
Norsk Hydro ASA |
14,247 | 115,513 | ||||||
Orkla ASA |
9,504 | 70,954 | ||||||
Yara International ASA |
1,368 | 60,782 | ||||||
|
|
|||||||
301,711 | ||||||||
Philippines — 0.1% | ||||||||
Metropolitan Bank & Trust Co. |
22,320 | 23,450 | ||||||
PLDT Inc. |
2,160 | 53,532 | ||||||
|
|
|||||||
76,982 | ||||||||
Poland — 0.0% | ||||||||
Cyfrowy Polsat SA |
6,984 | 29,655 | ||||||
PGE Polska Grupa Energetyczna SA(a) |
10,224 | 17,704 | ||||||
|
|
|||||||
47,359 | ||||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. |
20,717 | 16,110 | ||||||
Industries Qatar QSC |
26,928 | 103,725 | ||||||
Ooredoo QPSC |
12,620 | 30,829 | ||||||
Qatar Electricity & Water Co. QSC |
7,848 | 38,094 | ||||||
|
|
|||||||
188,758 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(c) |
59,760 | 9 | ||||||
PhosAgro PJSC(c) |
1,025 | — | ||||||
PhosAgro PJSC, GDR(c) |
1 | — |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
PhosAgro PJSC, New(c) |
20 | $ | — | |||||
United Co. RUSAL International PJSC(a)(c) |
70,560 | 10 | ||||||
|
|
|||||||
19 | ||||||||
Saudi Arabia — 0.9% | ||||||||
Advanced Petrochemical Co. |
2,927 | 36,914 | ||||||
Almarai Co. JSC |
5,400 | 80,027 | ||||||
Arab National Bank |
12,528 | 92,620 | ||||||
Bank AlBilad(a) |
9,648 | 115,858 | ||||||
Banque Saudi Fransi |
11,880 | 129,906 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
720 | 30,038 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
2,016 | 126,006 | ||||||
Etihad Etisalat Co. |
6,336 | 59,858 | ||||||
Jarir Marketing Co. |
602 | 24,197 | ||||||
Mouwasat Medical Services Co. |
504 | 27,747 | ||||||
Reinet Investments SCA |
2,448 | 46,359 | ||||||
Riyad Bank |
28,008 | 231,021 | ||||||
Saudi Investment Bank (The) |
6,336 | 30,439 | ||||||
Saudi Research & Media Group(a) |
288 | 14,439 | ||||||
Yanbu National Petrochemical Co. |
3,456 | 40,954 | ||||||
|
|
|||||||
1,086,383 | ||||||||
Singapore — 0.3% | ||||||||
Singapore Exchange Ltd. |
15,800 | 111,287 | ||||||
Venture Corp. Ltd. |
7,200 | 101,674 | ||||||
Wilmar International Ltd. |
36,000 | 111,925 | ||||||
|
|
|||||||
324,886 | ||||||||
South Africa — 0.4% | ||||||||
Anglo American Platinum Ltd. |
720 | 53,547 | ||||||
Aspen Pharmacare Holdings Ltd. |
4,032 | 35,178 | ||||||
Exxaro Resources Ltd. |
3,528 | 44,276 | ||||||
Foschini Group Ltd. (The) |
3,384 | 21,153 | ||||||
Growthpoint Properties Ltd. |
30,960 | 24,946 | ||||||
Kumba Iron Ore Ltd. |
1,296 | 39,683 | ||||||
Mr. Price Group Ltd. |
3,744 | 35,430 | ||||||
Nedbank Group Ltd. |
5,328 | 68,949 | ||||||
Pepkor Holdings Ltd.(b) |
16,488 | 19,473 | ||||||
Remgro Ltd. |
6,333 | 50,955 | ||||||
Vodacom Group Ltd. |
10,584 | 74,383 | ||||||
|
|
|||||||
467,973 | ||||||||
South Korea — 1.7% | ||||||||
CJ CheilJedang Corp. |
144 | 40,401 | ||||||
Coway Co. Ltd. |
1,152 | 52,241 | ||||||
DB Insurance Co. Ltd. |
720 | 38,370 | ||||||
E-MART Inc.(a) |
288 | 24,476 | ||||||
F&F Co. Ltd./New |
360 | 44,659 | ||||||
GS Holdings Corp.(a) |
360 | 12,936 | ||||||
Hankook Tire & Technology Co. Ltd. |
1,296 | 34,201 | ||||||
Hanmi Pharm Co. Ltd. |
220 | 45,962 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
1,224 | 38,053 | ||||||
Hyundai Glovis Co. Ltd. |
216 | 29,232 | ||||||
Hyundai Mobis Co. Ltd. |
1,296 | 216,700 | ||||||
Kia Corp. |
5,256 | 286,357 | ||||||
Korea Zinc Co. Ltd. |
216 | 95,134 | ||||||
KT&G Corp.(a) |
2,232 | 167,426 | ||||||
Kumho Petrochemical Co. Ltd. |
216 | 25,979 | ||||||
LG Corp. |
1,944 | 130,917 | ||||||
LG Innotek Co. Ltd. |
216 | 48,122 | ||||||
Lotte Shopping Co. Ltd. |
216 | 16,553 | ||||||
POSCO Holdings Inc. |
1,440 | 353,847 | ||||||
S-1 Corp. |
288 | 13,475 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Samsung Electro-Mechanics Co. Ltd. |
1,296 | $ | 151,364 | |||||
Samsung Fire & Marine Insurance Co. Ltd. |
576 | 94,975 | ||||||
Samsung SDS Co. Ltd. |
648 | 66,080 | ||||||
Woori Financial Group Inc. |
10,440 | 108,898 | ||||||
|
|
|||||||
2,136,358 | ||||||||
Spain — 0.1% | ||||||||
Corp. ACCIONA Energias Renovables SA |
1,152 | 47,110 | ||||||
Red Electrica Corp. SA |
2,260 | 39,999 | ||||||
|
|
|||||||
87,109 | ||||||||
Sweden — 0.4% | ||||||||
Getinge AB, Class B |
2,520 | 56,770 | ||||||
Husqvarna AB, Class B |
4,968 | 42,267 | ||||||
Investment AB Latour, Class B |
2,376 | 50,131 | ||||||
Investor AB, Class A |
8,856 | 176,753 | ||||||
L E Lundbergforetagen AB, Class B |
792 | 36,675 | ||||||
Sagax AB, Class B |
2,376 | 59,103 | ||||||
Volvo AB, Class A |
2,952 | 61,324 | ||||||
|
|
|||||||
483,023 | ||||||||
Switzerland — 1.7% | ||||||||
BKW AG |
360 | 51,769 | ||||||
Coca-Cola HBC AG, Class DI |
2,304 | 55,990 | ||||||
Roche Holding AG, Bearer |
576 | 210,839 | ||||||
Schindler Holding AG, Registered |
432 | 87,389 | ||||||
Sonova Holding AG, Registered |
1,141 | 285,332 | ||||||
Swatch Group AG (The), Bearer |
360 | 130,345 | ||||||
Swisscom AG, Registered |
504 | 297,791 | ||||||
TE Connectivity Ltd. |
6,624 | 842,242 | ||||||
VAT Group AG(b) |
360 | 112,069 | ||||||
|
|
|||||||
2,073,766 | ||||||||
Taiwan — 0.5% | ||||||||
Compal Electronics Inc. |
144,000 | 108,703 | ||||||
Far Eastern New Century Corp. |
72,000 | 78,691 | ||||||
Inventec Corp. |
72,000 | 60,696 | ||||||
Lite-On Technology Corp. |
36,000 | 79,995 | ||||||
Pegatron Corp. |
42,000 | 90,537 | ||||||
Pou Chen Corp. |
72,000 | 82,609 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
77,278 | 120,101 | ||||||
Winbond Electronics Corp. |
36,000 | 26,081 | ||||||
|
|
|||||||
647,413 | ||||||||
Thailand — 0.2% | ||||||||
Bumrungrad Hospital PCL, NVDR |
10,700 | 70,518 | ||||||
PTT Exploration & Production PCL, NVDR |
36,000 | 187,923 | ||||||
|
|
|||||||
258,441 | ||||||||
Turkey — 0.2% | ||||||||
Akbank TAS |
34,848 | 31,575 | ||||||
BIM Birlesik Magazalar AS |
5,544 | 36,762 | ||||||
Ford Otomotiv Sanayi AS |
1,800 | 48,958 | ||||||
Turkcell Iletisim Hizmetleri AS |
15,336 | 29,728 | ||||||
Turkiye Is Bankasi AS, Class C |
75,456 | 43,765 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
18,576 | 39,222 | ||||||
Yapi ve Kredi Bankasi AS |
30,384 | 14,734 | ||||||
|
|
|||||||
244,744 | ||||||||
United Arab Emirates — 0.3% | ||||||||
Abu Dhabi Islamic Bank PJSC |
19,440 | 49,967 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
60,768 | 72,896 | ||||||
Emaar Properties PJSC |
53,064 | 80,632 | ||||||
Emirates Telecommunications Group Co. PJSC |
18,360 | 128,641 | ||||||
|
|
|||||||
332,136 |
24 |
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 Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom — 3.8% | ||||||||
3i Group PLC |
10,350 | $ | 201,926 | |||||
abrdn PLC |
26,331 | 69,351 | ||||||
Associated British Foods PLC |
7,783 | 178,663 | ||||||
Auto Trader Group PLC(b) |
10,008 | 77,647 | ||||||
Barratt Developments PLC |
10,413 | 59,185 | ||||||
British Land Co. PLC (The) |
12,696 | 69,484 | ||||||
BT Group PLC |
142,416 | 219,419 | ||||||
Burberry Group PLC |
4,320 | 131,591 | ||||||
Coca-Cola Europacific Partners PLC |
4,320 | 242,870 | ||||||
DCC PLC |
936 | 53,313 | ||||||
Haleon PLC(a) |
103,337 | 414,111 | ||||||
Halma PLC |
4,176 | 111,182 | ||||||
Hargreaves Lansdown PLC |
3,960 | 43,596 | ||||||
Hikma Pharmaceuticals PLC |
1,944 | 41,124 | ||||||
Imperial Brands PLC |
18,288 | 458,777 | ||||||
J Sainsbury PLC |
16,998 | 55,126 | ||||||
JD Sports Fashion PLC |
35,622 | 71,800 | ||||||
Kingfisher PLC |
22,896 | 78,989 | ||||||
Land Securities Group PLC |
8,429 | 73,845 | ||||||
Melrose Industries PLC |
43,753 | 77,144 | ||||||
Mondi PLC |
4,320 | 81,466 | ||||||
Pearson PLC |
7,140 | 81,426 | ||||||
Persimmon PLC |
2,965 | 51,785 | ||||||
Rio Tinto PLC |
17,496 | 1,369,958 | ||||||
Sage Group PLC (The) |
11,232 | 107,913 | ||||||
Smiths Group PLC |
3,744 | 79,923 | ||||||
Spirax-Sarco Engineering PLC |
792 | 113,131 | ||||||
Taylor Wimpey PLC |
42,644 | 61,873 | ||||||
|
|
|||||||
4,676,618 | ||||||||
United States — 57.5% | ||||||||
A O Smith Corp. |
1,512 | 102,362 | ||||||
Advance Auto Parts Inc. |
576 | 87,714 | ||||||
Aflac Inc. |
12,240 | 899,640 | ||||||
Agilent Technologies Inc. |
6,120 | 930,730 | ||||||
Akamai Technologies Inc.(a) |
1,593 | 141,697 | ||||||
Albemarle Corp. |
1,185 | 333,518 | ||||||
Allegion PLC |
936 | 110,027 | ||||||
Allstate Corp. (The) |
5,544 | 712,238 | ||||||
Ally Financial Inc. |
3,168 | 102,928 | ||||||
AMERCO |
1,350 | 83,417 | ||||||
American Financial Group Inc./OH |
792 | 112,931 | ||||||
Ameriprise Financial Inc. |
2,016 | 705,842 | ||||||
APA Corp. |
3,384 | 150,013 | ||||||
Apple Inc. |
17,286 | 2,494,197 | ||||||
Arch Capital Group Ltd.(a) |
3,888 | 250,193 | ||||||
Archer-Daniels-Midland Co. |
11,088 | 918,641 | ||||||
Arista Networks Inc.(a) |
2,520 | 317,570 | ||||||
Arrow Electronics Inc.(a) |
648 | 76,134 | ||||||
Aspen Technology Inc.(a) |
360 | 71,550 | ||||||
AutoZone Inc.(a) |
432 | 1,053,583 | ||||||
AvalonBay Communities Inc. |
2,808 | 498,252 | ||||||
Bath & Body Works Inc. |
2,376 | 109,320 | ||||||
Bentley Systems Inc., Class B |
2,232 | 87,160 | ||||||
Best Buy Co. Inc. |
2,160 | 191,635 | ||||||
Biogen Inc.(a) |
2,952 | 858,737 | ||||||
Bio-Techne Corp. |
1,800 | 143,388 | ||||||
Booz Allen Hamilton Holding Corp. |
1,366 | 129,278 | ||||||
BorgWarner Inc. |
3,024 | 142,975 | ||||||
Brown & Brown Inc. |
2,520 | 147,571 | ||||||
Bunge Ltd. |
1,584 | 156,974 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Cadence Design Systems Inc.(a) |
5,616 | $ | 1,026,773 | |||||
Camden Property Trust |
1,008 | 124,196 | ||||||
Capital One Financial Corp. |
7,560 | 899,640 | ||||||
Carlisle Companies Inc. |
547 | 137,220 | ||||||
Cboe Global Markets Inc. |
1,055 | 129,638 | ||||||
CBRE Group Inc., Class A(a) |
3,296 | 281,841 | ||||||
Celanese Corp. |
1,152 | 141,926 | ||||||
CF Industries Holdings Inc. |
2,088 | 176,854 | ||||||
CH Robinson Worldwide Inc. |
1,224 | 122,608 | ||||||
Cigna Corp. |
288 | 91,201 | ||||||
Cincinnati Financial Corp. |
1,584 | 179,230 | ||||||
Cintas Corp. |
1,872 | 830,681 | ||||||
Cisco Systems Inc. |
57,008 | 2,774,579 | ||||||
Citizens Financial Group Inc. |
4,968 | 215,214 | ||||||
Cognex Corp. |
1,872 | 102,473 | ||||||
Cognizant Technology Solutions Corp., Class A |
10,440 | 696,870 | ||||||
Constellation Energy Corp. |
3,261 | 278,359 | ||||||
Cooper Companies Inc. (The) |
504 | 175,861 | ||||||
Corning Inc. |
16,467 | 569,923 | ||||||
Corteva Inc. |
14,976 | 965,203 | ||||||
Darling Ingredients Inc.(a) |
1,728 | 114,549 | ||||||
DENTSPLY SIRONA Inc. |
2,448 | 90,160 | ||||||
Devon Energy Corp. |
12,600 | 796,824 | ||||||
Discover Financial Services |
2,880 | 336,182 | ||||||
Dover Corp. |
1,368 | 207,703 | ||||||
DR Horton Inc. |
3,384 | 333,967 | ||||||
Eastman Chemical Co. |
1,326 | 116,913 | ||||||
Electronic Arts Inc. |
5,544 | 713,402 | ||||||
Elevance Health Inc. |
4,896 | 2,447,951 | ||||||
EOG Resources Inc. |
11,880 | 1,571,130 | ||||||
EPAM Systems Inc.(a) |
576 | 191,606 | ||||||
EQT Corp. |
3,456 | 112,908 | ||||||
Equity Residential |
7,056 | 449,114 | ||||||
Essex Property Trust Inc. |
648 | 146,493 | ||||||
Everest Re Group Ltd. |
360 | 125,888 | ||||||
F5 Inc.(a) |
627 | 92,583 | ||||||
FactSet Research Systems Inc. |
432 | 182,710 | ||||||
Fair Isaac Corp.(a) |
238 | 158,496 | ||||||
Fastenal Co. |
5,688 | 287,528 | ||||||
Fidelity National Financial Inc. |
2,808 | 123,636 | ||||||
First Citizens BancShares Inc./NC, Class A |
144 | 111,986 | ||||||
FleetCor Technologies Inc.(a) |
720 | 150,343 | ||||||
Fortinet Inc.(a) |
13,896 | 727,317 | ||||||
Fortune Brands Home & Security Inc., NVS |
1,512 | 97,539 | ||||||
Fox Corp., Class A, NVS |
4,248 | 144,177 | ||||||
Franklin Resources Inc. |
3,168 | 98,842 | ||||||
Gaming and Leisure Properties Inc. |
2,841 | 152,164 | ||||||
Garmin Ltd. |
1,512 | 149,507 | ||||||
General Motors Co. |
25,632 | 1,007,850 | ||||||
Genuine Parts Co. |
1,512 | 253,744 | ||||||
Globe Life Inc. |
936 | 113,116 | ||||||
Hartford Financial Services Group Inc. (The) |
3,240 | 251,456 | ||||||
HCA Healthcare Inc. |
4,680 | 1,193,728 | ||||||
HEICO Corp. |
432 | 73,850 | ||||||
HEICO Corp., Class A |
720 | 96,250 | ||||||
Henry Schein Inc.(a) |
1,440 | 124,056 | ||||||
Hess Corp. |
5,728 | 860,116 | ||||||
Hewlett Packard Enterprise Co. |
13,032 | 210,206 | ||||||
Hologic Inc.(a) |
2,592 | 210,911 | ||||||
Howmet Aerospace Inc. |
3,816 | 155,273 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United States (continued) | ||||||||
HP Inc. |
21,168 | $ | 616,836 | |||||
Hubbell Inc. |
576 | 131,852 | ||||||
Humana Inc. |
2,592 | 1,326,326 | ||||||
Huntington Ingalls Industries Inc. |
361 | 79,615 | ||||||
IDEX Corp. |
720 | 172,570 | ||||||
Intel Corp. |
51,624 | 1,458,894 | ||||||
International Paper Co. |
3,384 | 141,519 | ||||||
Invesco Ltd. |
4,680 | 86,627 | ||||||
Jack Henry & Associates Inc. |
748 | 134,707 | ||||||
JB Hunt Transport Services Inc. |
792 | 149,728 | ||||||
JM Smucker Co. (The) |
1,152 | 176,026 | ||||||
Johnson Controls International PLC |
14,040 | 976,763 | ||||||
Juniper Networks Inc. |
3,168 | 102,326 | ||||||
Keysight Technologies Inc.(a) |
1,872 | 335,743 | ||||||
Knight-Swift Transportation Holdings Inc. |
1,512 | 89,359 | ||||||
Kroger Co. (The) |
13,752 | 613,752 | ||||||
Laboratory Corp. of America Holdings |
936 | 235,984 | ||||||
Lamb Weston Holdings Inc. |
1,656 | 165,418 | ||||||
Lear Corp. |
720 | 104,962 | ||||||
Lennar Corp., Class A |
2,591 | 265,318 | ||||||
Lennox International Inc. |
365 | 95,126 | ||||||
Lincoln National Corp. |
2,088 | 73,978 | ||||||
LKQ Corp. |
2,736 | 161,315 | ||||||
Loews Corp. |
1,368 | 84,105 | ||||||
LPL Financial Holdings Inc. |
864 | 204,872 | ||||||
M&T Bank Corp. |
1,728 | 269,568 | ||||||
Marathon Oil Corp. |
6,480 | 178,006 | ||||||
Masco Corp. |
2,247 | 119,540 | ||||||
Masimo Corp.(a) |
576 | 97,966 | ||||||
MetLife Inc. |
13,576 | 991,320 | ||||||
Mettler-Toledo International Inc.(a) |
216 | 331,111 | ||||||
Micron Technology Inc. |
22,176 | 1,337,213 | ||||||
Microsoft Corp. |
5,904 | 1,463,070 | ||||||
Mid-America Apartment Communities Inc. |
1,080 | 180,058 | ||||||
Molina Healthcare Inc.(a) |
603 | 188,033 | ||||||
Molson Coors Beverage Co., Class B |
1,944 | 102,216 | ||||||
Monolithic Power Systems Inc. |
504 | 214,986 | ||||||
Monster Beverage Corp.(a) |
7,992 | 831,807 | ||||||
Mosaic Co. (The) |
3,672 | 181,911 | ||||||
NetApp Inc. |
2,160 | 143,057 | ||||||
Newell Brands Inc., NVS |
3,960 | 63,202 | ||||||
News Corp., Class A, NVS |
3,672 | 74,395 | ||||||
Nordson Corp. |
504 | 122,623 | ||||||
NRG Energy Inc. |
2,448 | 83,771 | ||||||
Nucor Corp. |
5,328 | 900,539 | ||||||
NVR Inc.(a) |
37 | 194,990 | ||||||
Old Dominion Freight Line Inc. |
1,008 | 335,906 | ||||||
ON Semiconductor Corp.(a) |
4,608 | 338,458 | ||||||
Ovintiv Inc. |
2,448 | 120,515 | ||||||
Owens Corning |
1,008 | 97,423 | ||||||
Packaging Corp. of America |
936 | 133,567 | ||||||
Paychex Inc. |
6,624 | 767,457 | ||||||
Pentair PLC |
1,872 | 103,671 | ||||||
PPL Corp. |
14,544 | 430,502 | ||||||
Principal Financial Group Inc. |
2,448 | 226,562 | ||||||
Public Storage |
692 | 210,603 | ||||||
PulteGroup Inc. |
2,304 | 131,075 | ||||||
Qorvo Inc.(a) |
1,152 | 125,176 | ||||||
Quanta Services Inc.(d) |
1,512 | 230,111 | ||||||
Quest Diagnostics Inc. |
1,152 | 171,049 |
Security | Shares | Value | ||||||
|
||||||||
United States (continued) |
||||||||
Raymond James Financial Inc. |
1,923 | $ | 216,857 | |||||
Regency Centers Corp. |
1,640 | 109,273 | ||||||
Regions Financial Corp. |
9,144 | 215,250 | ||||||
ResMed Inc. |
2,952 | 674,148 | ||||||
Robert Half International Inc. |
1,152 | 96,722 | ||||||
Rollins Inc. |
2,330 | 84,812 | ||||||
RPM International Inc. |
1,368 | 122,997 | ||||||
Seagate Technology Holdings PLC |
1,944 | 131,764 | ||||||
SEI Investments Co. |
1,152 | 71,919 | ||||||
Skyworks Solutions Inc. |
1,656 | 181,614 | ||||||
Snap-on Inc. |
504 | 125,360 | ||||||
State Street Corp. |
7,488 | 683,879 | ||||||
Steel Dynamics Inc. |
1,944 | 234,524 | ||||||
STERIS PLC |
1,008 | 208,162 | ||||||
Synchrony Financial |
5,040 | 185,119 | ||||||
Synopsys Inc.(a) |
3,096 | 1,095,210 | ||||||
T Rowe Price Group Inc. |
4,680 | 545,080 | ||||||
Target Corp. |
9,360 | 1,611,230 | ||||||
Teleflex Inc. |
504 | 122,684 | ||||||
Teradyne Inc. |
1,728 | 175,738 | ||||||
Texas Instruments Inc. |
6,696 | 1,186,598 | ||||||
Texas Pacific Land Corp. |
74 | 147,693 | ||||||
Textron Inc. |
2,026 | 147,594 | ||||||
Tractor Supply Co. |
1,152 | 262,644 | ||||||
Tradeweb Markets Inc., Class A |
1,368 | 101,971 | ||||||
Trimble Inc.(a) |
2,952 | 171,393 | ||||||
Tyson Foods Inc., Class A |
5,760 | 378,720 | ||||||
UGI Corp. |
2,088 | 83,165 | ||||||
Ulta Beauty Inc.(a) |
504 | 259,036 | ||||||
United Rentals Inc.(a) |
720 | 317,484 | ||||||
UnitedHealth Group Inc. |
360 | 179,708 | ||||||
Universal Health Services Inc., Class B |
720 | 106,711 | ||||||
Valero Energy Corp. |
7,956 | 1,114,079 | ||||||
W R Berkley Corp. |
2,232 | 156,552 | ||||||
Walgreens Boots Alliance Inc. |
14,400 | 530,784 | ||||||
Waters Corp.(a) |
648 | 212,920 | ||||||
Webster Financial Corp. |
1,944 | 102,352 | ||||||
West Pharmaceutical Services Inc. |
792 | 210,355 | ||||||
Western Digital Corp.(a) |
3,168 | 139,234 | ||||||
Western Union Co. (The) |
4,630 | 65,607 | ||||||
Westlake Corp. |
504 | 61,866 | ||||||
Westrock Co. |
2,592 | 101,710 | ||||||
Weyerhaeuser Co. |
14,760 | 508,187 | ||||||
Whirlpool Corp. |
504 | 78,417 | ||||||
WW Grainger Inc. |
504 | 297,098 | ||||||
Zebra Technologies Corp., Class A(a) |
576 | 182,120 | ||||||
|
|
|||||||
70,294,197 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.5% |
|
121,771,104 | ||||||
|
|
|||||||
Preferred Stocks |
| |||||||
Germany — 0.2% |
||||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
3,168 | 189,436 | ||||||
|
|
26 |
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 Global Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(c) |
145,100 | $ | 21 | |||||
|
|
|||||||
Total
Preferred Stocks — 0.2% |
|
189,457 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
|
121,960,561 | ||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g) |
252,635 | 252,786 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f) |
110,000 | 110,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.3% |
|
362,786 | ||||||
|
|
|||||||
Total
Investments — 100.0% |
|
122,323,347 | ||||||
Other Assets Less Liabilities — 0.0% |
|
13,716 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 122,337,063 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of this security is on loan. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
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 from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 534,925 | $ | — | $ | (282,389 | )(a) | $ | 253 | $ | (3 | ) | $ | 252,786 | 252,635 | $ | 780 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
190,000 | — | (80,000 | )(a) | — | — | 110,000 | 110,000 | 2,871 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 253 | $ | (3 | ) | $ | 362,786 | $ | 3,651 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
MSCI EAFE Index |
2 | 03/17/23 | $ | 212 | $ | 13,141 | ||||||||||
MSCI Emerging Markets Index |
1 | 03/17/23 | 52 | 3,852 | ||||||||||||
|
|
|||||||||||||||
$ | 16,993 | |||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Global Multifactor ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
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) |
$ | — | $ | — | $ | 16,993 | $ | — | $ | — | $ | — | $ | 16,993 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | — | $ | (10,975 | ) | $ | — | $ | — | $ | — | $ | (10,975 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (21,179 | ) | $ | — | $ | — | $ | — | $ | (21,179 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 294,378 | ||
|
||||
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 |
$ | — | $ | 2,150,409 | $ | — | $ | 2,150,409 | ||||||||
Austria |
— | 46,152 | — | 46,152 | ||||||||||||
Belgium |
— | 51,315 | — | 51,315 | ||||||||||||
Brazil |
796,368 | — | — | 796,368 | ||||||||||||
Canada |
5,552,824 | — | — | 5,552,824 | ||||||||||||
Chile |
54,056 | — | — | 54,056 | ||||||||||||
China |
1,058,491 | 7,713,981 | — | 8,772,472 | ||||||||||||
Denmark |
— | 327,112 | — | 327,112 | ||||||||||||
Finland |
— | 69,433 | — | 69,433 | ||||||||||||
France |
— | 2,066,870 | — | 2,066,870 | ||||||||||||
Germany |
— | 1,336,505 | — | 1,336,505 | ||||||||||||
Greece |
— | 89,892 | — | 89,892 | ||||||||||||
Hong Kong |
— | 1,375,511 | — | 1,375,511 | ||||||||||||
Hungary |
— | 73,600 | — | 73,600 | ||||||||||||
India |
— | 3,479,318 | — | 3,479,318 | ||||||||||||
Indonesia |
— | 248,700 | — | 248,700 | ||||||||||||
Israel |
— | 51,488 | — | 51,488 | ||||||||||||
Italy |
— | 250,094 | — | 250,094 | ||||||||||||
Japan |
— | 8,607,145 | — | 8,607,145 | ||||||||||||
Kuwait |
— | 77,012 | — | 77,012 | ||||||||||||
Malaysia |
85,170 | 44,162 | — | 129,332 |
28 |
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 Global Multifactor ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Common Stocks (continued) |
||||||||||||||||
Mexico |
$ | 108,399 | $ | — | $ | — | $ | 108,399 | ||||||||
Netherlands |
100,125 | 2,229,096 | — | 2,329,221 | ||||||||||||
Norway |
— | 301,711 | — | 301,711 | ||||||||||||
Philippines |
— | 76,982 | — | 76,982 | ||||||||||||
Poland |
— | 47,359 | — | 47,359 | ||||||||||||
Qatar |
38,094 | 150,664 | — | 188,758 | ||||||||||||
Russia |
— | — | 19 | 19 | ||||||||||||
Saudi Arabia |
46,359 | 1,040,024 | — | 1,086,383 | ||||||||||||
Singapore |
— | 324,886 | — | 324,886 | ||||||||||||
South Africa |
164,323 | 303,650 | — | 467,973 | ||||||||||||
South Korea |
— | 2,136,358 | — | 2,136,358 | ||||||||||||
Spain |
— | 87,109 | — | 87,109 | ||||||||||||
Sweden |
— | 483,023 | — | 483,023 | ||||||||||||
Switzerland |
842,242 | 1,231,524 | — | 2,073,766 | ||||||||||||
Taiwan |
— | 647,413 | — | 647,413 | ||||||||||||
Thailand |
— | 258,441 | — | 258,441 | ||||||||||||
Turkey |
— | 244,744 | — | 244,744 | ||||||||||||
United Arab Emirates |
— | 332,136 | — | 332,136 | ||||||||||||
United Kingdom |
242,870 | 4,433,748 | — | 4,676,618 | ||||||||||||
United States |
70,294,197 | — | — | 70,294,197 | ||||||||||||
Preferred Stocks |
— | 189,436 | 21 | 189,457 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
362,786 | — | — | 362,786 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 79,746,304 | $ | 42,577,003 | $ | 40 | $ | 122,323,347 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 16,993 | $ | — | — | $ | 16,993 | |||||||||
|
|
|
|
|
|
|
|
(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 |
29 |
Schedule of Investments (unaudited) January 31, 2023 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 10.5% | ||||||||
Accent Group Ltd. |
351,699 | $ | 546,916 | |||||
Ansell Ltd. |
123,376 | 2,465,738 | ||||||
Arena REIT |
398,112 | 1,056,099 | ||||||
Argosy Minerals Ltd.(a) |
1,373,328 | 626,148 | ||||||
AUB Group Ltd. |
72,160 | 1,208,747 | ||||||
Austal Ltd. |
390,667 | 458,458 | ||||||
Australian Clinical Labs Ltd. |
118,976 | 261,191 | ||||||
Australian Ethical Investment Ltd. |
98,384 | 307,746 | ||||||
BWP Trust |
563,612 | 1,567,812 | ||||||
Charter Hall Social Infrastructure REIT |
389,664 | 961,540 | ||||||
Clinuvel Pharmaceuticals Ltd. |
46,288 | 829,763 | ||||||
Credit Corp. Group Ltd. |
80,608 | 1,244,770 | ||||||
CSR Ltd. |
565,840 | 2,117,653 | ||||||
Dexus Industria REIT |
256,256 | 560,038 | ||||||
Eclipx Group Ltd.(a) |
327,712 | 473,358 | ||||||
GrainCorp Ltd., Class A |
225,104 | 1,208,675 | ||||||
Grange Resources Ltd. |
609,312 | 439,673 | ||||||
Growthpoint Properties Australia Ltd. |
313,808 | 724,836 | ||||||
GWA Group Ltd. |
257,664 | 396,244 | ||||||
Hansen Technologies Ltd. |
156,640 | 591,859 | ||||||
Healius Ltd. |
489,698 | 1,117,169 | ||||||
Helia Group Ltd. |
442,414 | 877,127 | ||||||
Imdex Ltd. |
416,416 | 739,418 | ||||||
Integral Diagnostics Ltd. |
239,184 | 541,837 | ||||||
IPH Ltd. |
241,120 | 1,458,426 | ||||||
JB Hi-Fi Ltd. |
112,310 | 3,861,497 | ||||||
Jumbo Interactive Ltd. |
64,768 | 717,405 | ||||||
Lovisa Holdings Ltd. |
68,992 | 1,295,921 | ||||||
Magellan Financial Group Ltd. |
161,040 | 1,023,717 | ||||||
Mayne Pharma Group Ltd.(b) |
83,776 | 179,390 | ||||||
McMillan Shakespeare Ltd. |
80,080 | 801,744 | ||||||
Monadelphous Group Ltd. |
107,008 | 1,054,691 | ||||||
New Hope Corp. Ltd. |
442,464 | 1,833,751 | ||||||
nib holdings Ltd. |
442,579 | 2,467,224 | ||||||
Nick Scali Ltd. |
76,042 | 646,774 | ||||||
NRW Holdings Ltd. |
505,120 | 1,090,407 | ||||||
Objective Corp. Ltd. |
23,584 | 232,539 | ||||||
Perenti Global Ltd.(a) |
749,232 | 665,704 | ||||||
Perseus Mining Ltd. |
1,176,912 | 1,788,056 | ||||||
Platinum Asset Management Ltd. |
640,640 | 978,409 | ||||||
Pro Medicus Ltd. |
45,936 | 2,193,844 | ||||||
PWR Holdings Ltd. |
86,416 | 754,676 | ||||||
Rural Funds Group(b) |
455,312 | 807,480 | ||||||
Seven West Media Ltd.(a) |
1,119,536 | 358,125 | ||||||
Sigma Healthcare Ltd. |
1,268,080 | 569,872 | ||||||
SmartGroup Corp. Ltd. |
146,256 | 586,040 | ||||||
Super Retail Group Ltd. |
186,384 | 1,681,941 | ||||||
Tabcorp Holdings Ltd. |
2,636,304 | 1,960,868 | ||||||
Technology One Ltd. |
259,600 | 2,684,108 | ||||||
Terracom Ltd. |
648,736 | 397,300 | ||||||
Waypoint REIT Ltd. |
796,848 | 1,573,416 | ||||||
Whitehaven Coal Ltd. |
674,080 | 4,008,172 | ||||||
|
|
|||||||
58,994,312 | ||||||||
Austria — 0.0% | ||||||||
Semperit AG Holding(b) |
8,624 | 211,811 | ||||||
|
|
|||||||
Belgium — 0.6% | ||||||||
AGFA-Gevaert NV(a) |
147,488 | 462,298 | ||||||
Econocom Group SA/NV |
127,600 | 395,353 |
Security | Shares | Value | ||||||
Belgium (continued) | ||||||||
Intervest Offices & Warehouses NV |
25,382 | $ | 554,641 | |||||
Ion Beam Applications |
22,176 | 399,721 | ||||||
Tessenderlo Group SA(a) |
17,072 | 603,730 | ||||||
Van de Velde NV |
6,864 | 232,418 | ||||||
X-Fab Silicon Foundries SE(a)(b)(c) |
73,744 | 645,090 | ||||||
|
|
|||||||
3,293,251 | ||||||||
Canada — 14.1% | ||||||||
Advantage Energy Ltd.(a) |
221,408 | 1,381,148 | ||||||
Aecon Group Inc. |
54,560 | 459,673 | ||||||
Algoma Steel Group Inc. |
66,176 | 555,052 | ||||||
Andlauer Healthcare Group Inc. |
16,407 | 595,833 | ||||||
Artis REIT |
64,064 | 457,411 | ||||||
Athabasca Oil Corp.(a) |
690,624 | 1,520,821 | ||||||
Badger Infrastructure Solutions Ltd. |
34,496 | 821,858 | ||||||
Baytex Energy Corp.(a) |
547,712 | 2,535,723 | ||||||
Birchcliff Energy Ltd. |
311,344 | 1,995,990 | ||||||
Boardwalk REIT |
26,752 | 1,130,358 | ||||||
Calian Group Ltd. |
3,696 | 171,251 | ||||||
Canaccord Genuity Group Inc. |
103,136 | 892,184 | ||||||
Canfor Corp.(a) |
73,449 | 1,391,642 | ||||||
Cardinal Energy Ltd. |
159,984 | 921,031 | ||||||
Cascades Inc. |
81,840 | 566,492 | ||||||
Celestica Inc.(a) |
123,552 | 1,645,441 | ||||||
Centerra Gold Inc. |
248,046 | 1,592,058 | ||||||
CES Energy Solutions Corp. |
293,568 | 639,846 | ||||||
Cogeco Inc. |
5,104 | 227,514 | ||||||
Corby Spirit and Wine Ltd. |
14,432 | 176,692 | ||||||
Corus Entertainment Inc., Class B, NVS |
216,304 | 365,777 | ||||||
Crescent Point Energy Corp. |
668,624 | 4,995,019 | ||||||
Crew Energy Inc.(a) |
167,552 | 580,523 | ||||||
Dream Office REIT |
26,752 | 329,336 | ||||||
Dundee Precious Metals Inc. |
185,328 | 1,210,402 | ||||||
ECN Capital Corp. |
270,336 | 593,274 | ||||||
Enerplus Corp. |
275,264 | 4,884,434 | ||||||
Evertz Technologies Ltd. |
32,208 | 302,097 | ||||||
Extendicare Inc. |
92,400 | 465,976 | ||||||
Finning International Inc. |
96,324 | 2,717,675 | ||||||
Freehold Royalties Ltd. |
116,160 | 1,403,820 | ||||||
Frontera Energy Corp.(a) |
66,646 | 608,081 | ||||||
H&R Real Estate Investment Trust |
153,253 | 1,498,494 | ||||||
Home Capital Group Inc. |
47,087 | 1,501,207 | ||||||
Interfor Corp.(a) |
63,888 | 1,277,712 | ||||||
Kelt Exploration Ltd.(a) |
193,072 | 663,139 | ||||||
Labrador Iron Ore Royalty Corp. |
67,408 | 1,977,328 | ||||||
Lassonde Industries Inc., Class A |
3,696 | 324,586 | ||||||
Linamar Corp. |
51,568 | 2,633,532 | ||||||
Major Drilling Group International Inc.(a) |
89,760 | 744,093 | ||||||
Martinrea International Inc. |
80,608 | 779,696 | ||||||
Morguard Corp. |
5,984 | 527,634 | ||||||
Morguard North American Residential REIT |
22,880 | 312,105 | ||||||
Mullen Group Ltd. |
102,784 | 1,087,670 | ||||||
North West Co. Inc. (The) |
56,144 | 1,529,186 | ||||||
NuVista Energy Ltd.(a) |
212,608 | 1,781,654 | ||||||
Obsidian Energy Ltd.(a) |
83,424 | 553,004 | ||||||
Paramount Resources Ltd., Class A |
72,336 | 1,672,282 | ||||||
Parex Resources Inc. |
131,810 | 2,243,806 | ||||||
Pason Systems Inc. |
54,736 | 649,156 | ||||||
Peyto Exploration & Development Corp. |
200,288 | 1,825,932 | ||||||
Precision Drilling Corp.(a) |
16,016 | 1,276,658 | ||||||
Russel Metals Inc. |
74,800 | 1,822,004 |
30 |
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 Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
ShawCor Ltd.(a) |
81,840 | $ | 873,419 | |||||
Sleep Country Canada Holdings Inc.(c) |
41,536 | 808,212 | ||||||
Sprott Inc. |
23,241 | 919,299 | ||||||
Surge Energy Inc. |
85,712 | 628,724 | ||||||
Tamarack Valley Energy Ltd. |
394,240 | 1,428,159 | ||||||
Timbercreek Financial Corp. |
96,448 | 576,274 | ||||||
Topaz Energy Corp. |
1,437 | 22,345 | ||||||
Torex Gold Resources Inc.(a) |
99,325 | 1,365,341 | ||||||
Transcontinental Inc., Class A |
84,832 | 948,068 | ||||||
Trican Well Service Ltd.(a) |
254,144 | 657,063 | ||||||
Uni-Select Inc.(a) |
46,288 | 1,380,412 | ||||||
Vermilion Energy Inc. |
191,136 | 2,930,498 | ||||||
Westshore Terminals Investment Corp. |
47,344 | 872,122 | ||||||
Winpak Ltd. |
31,856 | 995,029 | ||||||
|
|
|||||||
79,220,275 | ||||||||
Denmark — 1.1% | ||||||||
cBrain A/S |
8,624 | 194,456 | ||||||
D/S Norden A/S |
26,048 | 1,404,127 | ||||||
Matas A/S |
47,696 | 519,041 | ||||||
Per Aarsleff Holding A/S |
20,768 | 861,957 | ||||||
Scandinavian Tobacco Group A/S, Class A(c) |
65,472 | 1,137,917 | ||||||
Solar A/S, Class B |
6,336 | 585,396 | ||||||
Spar Nord Bank A/S |
101,024 | 1,609,197 | ||||||
|
|
|||||||
6,312,091 | ||||||||
Finland — 0.4% | ||||||||
F-Secure OYJ(a) |
130,064 | 415,214 | ||||||
Marimekko OYJ |
30,800 | 308,793 | ||||||
Oriola OYJ, Class B |
133,936 | 251,321 | ||||||
Rovio Entertainment OYJ(c) |
48,576 | 388,677 | ||||||
Talenom OYJ |
26,928 | 266,108 | ||||||
Uponor OYJ |
51,920 | 924,669 | ||||||
|
|
|||||||
2,554,782 | ||||||||
France — 5.6% | ||||||||
ABC arbitrage |
46,640 | 328,566 | ||||||
AKWEL(b) |
10,560 | 180,930 | ||||||
Aubay |
8,976 | 462,487 | ||||||
Beneteau SA |
44,352 | 726,982 | ||||||
Boiron SA |
5,104 | 232,773 | ||||||
Bonduelle SCA |
14,256 | 191,533 | ||||||
Carmila SA |
68,640 | 1,036,058 | ||||||
Chargeurs SA |
22,704 | 379,394 | ||||||
Coface SA(a) |
123,200 | 1,722,691 | ||||||
Derichebourg SA |
94,512 | 648,659 | ||||||
Equasens |
3,696 | 298,134 | ||||||
Eramet SA |
9,152 | 914,679 | ||||||
Esker SA |
6,336 | 1,057,907 | ||||||
Etablissements Maurel et Prom SA |
72,160 | 289,963 | ||||||
Euroapi SA(a)(b) |
61,072 | 980,314 | ||||||
Eutelsat Communications SA(b) |
202,752 | 1,550,523 | ||||||
Fnac Darty SA |
18,656 | 692,387 | ||||||
IPSOS |
46,464 | 3,011,219 | ||||||
Maisons du Monde SA(c) |
34,144 | 419,899 | ||||||
Manitou BF SA(b) |
11,440 | 335,799 | ||||||
Mercialys SA |
89,584 | 994,903 | ||||||
Mersen SA |
20,416 | 906,312 | ||||||
Metropole Television SA |
30,624 | 487,748 | ||||||
Quadient SA |
39,776 | 701,476 | ||||||
Rubis SCA |
109,296 | 3,058,680 | ||||||
Seche Environnement SA, NVS |
2,288 | 249,238 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
SMCP SA(a)(c) |
48,400 | $ | 384,139 | |||||
Societe BIC SA |
28,864 | 2,095,692 | ||||||
Sopra Steria Group SACA |
18,128 | 3,015,104 | ||||||
Television Francaise 1 |
51,040 | 408,214 | ||||||
Trigano SA |
8,448 | 1,177,605 | ||||||
Vicat SA |
19,184 | 535,686 | ||||||
Vilmorin & Cie. SA |
6,864 | 345,127 | ||||||
Virbac SA |
4,070 | 1,235,140 | ||||||
Wavestone |
9,856 | 517,370 | ||||||
|
|
|||||||
31,573,331 | ||||||||
Germany — 3.6% | ||||||||
ADVA Optical Networking SE(a) |
20,416 | 499,393 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA(b) |
31,856 | 545,770 | ||||||
Basler AG |
10,424 | 385,853 | ||||||
Bertrandt AG |
6,512 | 318,412 | ||||||
Borussia Dortmund GmbH & Co. KGaA(a) |
79,200 | 353,425 | ||||||
Cewe Stiftung & Co. KGaA |
6,512 | 645,450 | ||||||
Deutz AG |
134,816 | 736,931 | ||||||
Draegerwerk AG & Co. KGaA |
3,344 | 134,875 | ||||||
Elmos Semiconductor SE |
9,328 | 633,720 | ||||||
ElringKlinger AG |
29,085 | 253,156 | ||||||
GFT Technologies SE |
20,592 | 859,789 | ||||||
Heidelberger Druckmaschinen AG(a) |
310,464 | 638,210 | ||||||
Hornbach Holding AG & Co. KGaA |
9,328 | 826,361 | ||||||
Indus Holding AG |
23,056 | 609,581 | ||||||
K+S AG, Registered |
224,659 | 5,377,537 | ||||||
Kloeckner & Co. SE |
87,648 | 926,216 | ||||||
PVA TePla AG(a) |
23,232 | 554,170 | ||||||
Salzgitter AG(b) |
35,552 | 1,450,923 | ||||||
Software AG(b) |
51,744 | 1,442,133 | ||||||
Stratec SE |
7,744 | 705,404 | ||||||
Takkt AG |
39,424 | 609,587 | ||||||
Vitesco Technologies Group AG(a) |
23,408 | 1,622,508 | ||||||
|
|
|||||||
20,129,404 | ||||||||
Hong Kong — 2.7% | ||||||||
Chow Sang Sang Holdings International Ltd. |
464,000 | 707,104 | ||||||
CITIC Telecom International Holdings Ltd. |
1,958,000 | 697,467 | ||||||
Cowell e Holdings Inc.(a) |
356,000 | 699,630 | ||||||
Dah Sing Banking Group Ltd. |
426,400 | 344,789 | ||||||
Dah Sing Financial Holdings Ltd.(b) |
176,800 | 468,604 | ||||||
E-Commodities Holdings Ltd. |
1,424,000 | 300,355 | ||||||
Far East Consortium International Ltd. |
1,341,900 | 351,305 | ||||||
First Pacific Co. Ltd. |
2,844,000 | 991,799 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. |
1,780,000 | 308,681 | ||||||
K Wah International Holdings Ltd. |
1,068,000 | 397,515 | ||||||
Luk Fook Holdings International Ltd. |
372,000 | 1,290,086 | ||||||
Pacific Basin Shipping Ltd. |
6,260,000 | 2,209,087 | ||||||
Pacific Textiles Holdings Ltd. |
1,068,000 | 384,482 | ||||||
PAX Global Technology Ltd. |
888,000 | 839,294 | ||||||
Perfect Medical Health Management Ltd. |
534,000 | 313,434 | ||||||
Prosperity REIT |
1,424,000 | 414,301 | ||||||
SmarTone Telecommunications Holdings Ltd. |
356,000 | 239,586 | ||||||
Stella International Holdings Ltd. |
623,000 | 628,470 | ||||||
Sun Hung Kai & Co. Ltd. |
712,000 | 304,281 | ||||||
Sunlight REIT |
1,246,000 | 551,733 | ||||||
Texhong Textile Group Ltd. |
268,500 | 245,272 | ||||||
United Laboratories International Holdings Ltd. (The) |
1,072,000 | 709,711 | ||||||
VSTECS Holdings Ltd. |
712,000 | 445,486 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
VTech Holdings Ltd. |
195,800 | $ | 1,294,394 | |||||
|
|
|||||||
15,136,866 | ||||||||
Ireland — 0.2% | ||||||||
Greencore Group PLC(a) |
593,472 | 584,232 | ||||||
Origin Enterprises PLC |
133,232 | 603,996 | ||||||
|
|
|||||||
1,188,228 | ||||||||
Israel — 0.4% | ||||||||
Carasso Motors Ltd. |
32,736 | 208,880 | ||||||
Equital Ltd.(a) |
2 | 46 | ||||||
IDI Insurance Co. Ltd. |
8,976 | 214,598 | ||||||
Isracard Ltd. |
239,008 | 805,700 | ||||||
Ituran Location and Control Ltd. |
18,657 | 409,521 | ||||||
Mehadrin Ltd.(a) |
1 | 24 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a) |
31,680 | 162,755 | ||||||
Tremor International Ltd.(a)(b) |
100,496 | 408,037 | ||||||
|
|
|||||||
2,209,561 | ||||||||
Italy — 1.0% | ||||||||
Banca IFIS SpA |
34,672 | 580,660 | ||||||
Biesse SpA |
17,072 | 275,208 | ||||||
Danieli & C Officine Meccaniche SpA |
14,784 | 383,119 | ||||||
Digital Bros. SpA |
5,984 | 141,563 | ||||||
El.En. SpA |
51,216 | 798,959 | ||||||
Esprinet SpA |
29,392 | 233,089 | ||||||
Iren SpA |
624,800 | 1,131,569 | ||||||
OVS SpA(c) |
252,784 | 608,610 | ||||||
Pharmanutra SpA |
4,048 | 259,573 | ||||||
RAI Way SpA(c) |
93,280 | 532,751 | ||||||
SOL SpA |
33,968 | 749,531 | ||||||
|
|
|||||||
5,694,632 | ||||||||
Japan — 27.0% | ||||||||
Adastria Co. Ltd. |
35,200 | 594,053 | ||||||
Ai Holdings Corp. |
35,200 | 594,641 | ||||||
Aichi Corp. |
35,200 | 210,853 | ||||||
Aida Engineering Ltd. |
52,800 | 331,525 | ||||||
Alpha Systems Inc. |
3,300 | 106,980 | ||||||
Alps Alpine Co. Ltd. |
228,800 | 2,344,281 | ||||||
AOKI Holdings Inc. |
35,200 | 185,597 | ||||||
Arata Corp. |
17,600 | 570,836 | ||||||
Arcs Co. Ltd. |
52,800 | 892,280 | ||||||
Argo Graphics Inc. |
17,600 | 550,378 | ||||||
Axial Retailing Inc. |
18,400 | 498,868 | ||||||
Belc Co. Ltd. |
9,900 | 426,562 | ||||||
Belluna Co. Ltd. |
52,800 | 283,849 | ||||||
BML Inc. |
23,000 | 571,924 | ||||||
Bunka Shutter Co. Ltd. |
52,800 | 472,964 | ||||||
C.I. Takiron Corp. |
35,800 | 144,270 | ||||||
Canon Electronics Inc. |
17,600 | 231,296 | ||||||
Canon Marketing Japan Inc. |
40,100 | 951,791 | ||||||
Cawachi Ltd. |
17,700 | 305,778 | ||||||
Central Glass Co. Ltd. |
24,700 | 545,471 | ||||||
Chofu Seisakusho Co. Ltd. |
17,600 | 286,444 | ||||||
Citizen Watch Co. Ltd. |
281,600 | 1,339,733 | ||||||
Daihen Corp. |
17,700 | 577,562 | ||||||
Daiho Corp. |
2,300 | 64,941 | ||||||
Daiken Corp. |
17,600 | 297,380 | ||||||
Daiki Aluminium Industry Co. Ltd. |
35,200 | 390,203 | ||||||
Daikokutenbussan Co. Ltd. |
4,800 | 201,034 | ||||||
Daiwa Industries Ltd. |
35,200 | 327,747 | ||||||
Daiwabo Holdings Co. Ltd. |
88,000 | 1,331,961 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
DCM Holdings Co. Ltd. |
123,200 | $ | 1,121,185 | |||||
Dexerials Corp. |
70,400 | 1,504,862 | ||||||
Doshisha Co. Ltd. |
35,200 | 460,921 | ||||||
DTS Corp. |
40,200 | 985,948 | ||||||
Duskin Co. Ltd. |
52,800 | 1,234,015 | ||||||
DyDo Group Holdings Inc. |
6,800 | 247,376 | ||||||
EDION Corp. |
88,000 | 869,165 | ||||||
Eiken Chemical Co. Ltd. |
35,400 | 433,486 | ||||||
Eizo Corp. |
17,700 | 494,758 | ||||||
Electric Power Development Co. Ltd. |
176,000 | 2,840,381 | ||||||
EM Systems Co. Ltd. |
35,200 | 255,573 | ||||||
Exedy Corp. |
35,200 | 473,479 | ||||||
FCC Co. Ltd. |
35,200 | 392,130 | ||||||
Ferrotec Holdings Corp. |
35,200 | 881,642 | ||||||
Financial Products Group Co. Ltd. |
70,400 | 576,310 | ||||||
Fujicco Co. Ltd. |
17,900 | 260,312 | ||||||
Fujimori Kogyo Co. Ltd. |
17,600 | 451,885 | ||||||
Fukui Computer Holdings Inc. |
12,400 | 285,955 | ||||||
Fukushima Galilei Co. Ltd. |
17,600 | 597,424 | ||||||
Fullcast Holdings Co. Ltd. |
25,600 | 556,047 | ||||||
Furukawa Co. Ltd. |
35,200 | 358,820 | ||||||
G-7 Holdings Inc. |
17,900 | 221,622 | ||||||
Geo Holdings Corp. |
35,200 | 514,217 | ||||||
GLOBERIDE Inc. |
17,600 | 360,852 | ||||||
Glory Ltd. |
52,800 | 923,478 | ||||||
GMO GlobalSign Holdings KK |
6,000 | 199,985 | ||||||
Goldcrest Co. Ltd. |
17,700 | 222,051 | ||||||
G-Tekt Corp. |
35,200 | 418,421 | ||||||
Gunze Ltd. |
17,600 | 579,590 | ||||||
H.U. Group Holdings Inc. |
56,800 | 1,205,581 | ||||||
Hakuto Co. Ltd. |
11,900 | 416,564 | ||||||
Halows Co. Ltd. |
4,800 | 117,577 | ||||||
Hamakyorex Co. Ltd. |
17,600 | 440,752 | ||||||
Heiwado Co. Ltd. |
35,200 | 588,310 | ||||||
Hioki E.E. Corp. |
10,000 | 571,769 | ||||||
Hogy Medical Co. Ltd. |
35,200 | 914,205 | ||||||
Hokuetsu Corp. |
123,200 | 793,094 | ||||||
Hosiden Corp. |
52,800 | 640,448 | ||||||
Idec Corp./Japan |
35,200 | 838,173 | ||||||
Iino Kaiun Kaisha Ltd. |
88,000 | 623,049 | ||||||
Inaba Denki Sangyo Co. Ltd. |
45,000 | 977,663 | ||||||
Inabata & Co. Ltd. |
46,900 | 910,362 | ||||||
Insource Co. Ltd. |
51,600 | 580,527 | ||||||
Itochu-Shokuhin Co. Ltd. |
2,800 | 108,670 | ||||||
Itoham Yonekyu Holdings Inc. |
158,400 | 869,684 | ||||||
JAC Recruitment Co. Ltd. |
17,700 | 321,686 | ||||||
Jaccs Co. Ltd. |
17,900 | 577,456 | ||||||
Japan Aviation Electronics Industry Ltd. |
55,800 | 958,630 | ||||||
Japan Lifeline Co. Ltd. |
70,400 | 517,415 | ||||||
Japan Pulp & Paper Co. Ltd. |
10,500 | 443,005 | ||||||
Japan Wool Textile Co. Ltd. (The) |
52,800 | 393,115 | ||||||
JDC Corp. |
52,800 | 226,145 | ||||||
Joshin Denki Co. Ltd. |
17,600 | 270,612 | ||||||
Joyful Honda Co. Ltd. |
53,100 | 762,867 | ||||||
Kaga Electronics Co. Ltd. |
17,600 | 586,255 | ||||||
Kaken Pharmaceutical Co. Ltd. |
28,200 | 818,530 | ||||||
Kanamoto Co. Ltd. |
35,400 | 615,709 | ||||||
Kandenko Co. Ltd. |
88,000 | 591,461 | ||||||
Kaneka Corp. |
52,800 | 1,386,231 | ||||||
Kanematsu Corp. |
88,400 | 1,080,975 |
32 |
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 Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Kanematsu Electronics Ltd. |
10,800 | $ | 515,778 | |||||
Kanto Denka Kogyo Co. Ltd. |
52,800 | 409,884 | ||||||
Katakura Industries Co. Ltd. |
17,900 | 243,114 | ||||||
KeePer Technical Laboratory Co. Ltd. |
17,600 | 453,360 | ||||||
Keiyo Bank Ltd. (The) |
123,200 | 585,190 | ||||||
Keiyo Co. Ltd. |
35,400 | 244,567 | ||||||
KFC Holdings Japan Ltd. |
17,600 | 378,840 | ||||||
Kissei Pharmaceutical Co. Ltd. |
35,200 | 693,464 | ||||||
Kitz Corp. |
70,400 | 445,819 | ||||||
Koa Corp. |
35,200 | 513,075 | ||||||
Kohnan Shoji Co. Ltd. |
20,100 | 517,845 | ||||||
Komeri Co. Ltd. |
35,200 | 722,090 | ||||||
Konica Minolta Inc. |
457,600 | 1,917,708 | ||||||
Konishi Co. Ltd. |
35,200 | 498,983 | ||||||
Konoike Transport Co. Ltd. |
35,200 | 417,604 | ||||||
K’s Holdings Corp. |
176,000 | 1,556,002 | ||||||
Kureha Corp. |
17,600 | 1,149,498 | ||||||
KYB Corp. |
17,600 | 498,770 | ||||||
Kyoei Steel Ltd. |
17,900 | 195,674 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
35,200 | 404,351 | ||||||
KYORIN Holdings Inc. |
35,200 | 466,566 | ||||||
Leopalace21 Corp.(a) |
193,600 | 480,498 | ||||||
Link And Motivation Inc. |
52,800 | 268,136 | ||||||
Macnica Holdings Inc. |
43,900 | 1,166,715 | ||||||
Makino Milling Machine Co. Ltd. |
27,100 | 972,835 | ||||||
MARUKA FURUSATO Corp. |
23,300 | 626,777 | ||||||
Maruzen Showa Unyu Co. Ltd. |
17,600 | 426,473 | ||||||
Matsuda Sangyo Co. Ltd. |
17,600 | 320,669 | ||||||
Max Co. Ltd. |
35,200 | 550,713 | ||||||
Maxell Ltd. |
52,800 | 576,227 | ||||||
MCJ Co. Ltd. |
70,400 | 547,586 | ||||||
Megachips Corp. |
17,600 | 367,486 | ||||||
Megmilk Snow Brand Co. Ltd. |
52,800 | 738,991 | ||||||
Meidensha Corp. |
35,200 | 522,913 | ||||||
Meiko Electronics Co. Ltd. |
17,600 | 394,542 | ||||||
Melco Holdings Inc. |
3,900 | 100,653 | ||||||
Micronics Japan Co. Ltd. |
35,200 | 377,580 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
17,600 | 349,094 | ||||||
Mitsubishi Pencil Co. Ltd. |
35,200 | 394,862 | ||||||
Mitsubishi Research Institute Inc. |
9,500 | 369,628 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
17,600 | 424,236 | ||||||
Mitsuboshi Belting Ltd. |
23,600 | 673,401 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
17,600 | 275,278 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
17,700 | 508,894 | ||||||
Mizuno Corp. |
17,700 | 401,604 | ||||||
Mochida Pharmaceutical Co. Ltd. |
23,700 | 636,574 | ||||||
Monogatari Corp. (The) |
10,600 | 531,116 | ||||||
Morita Holdings Corp. |
35,200 | 329,457 | ||||||
Musashino Bank Ltd. (The) |
17,600 | 308,869 | ||||||
Nachi-Fujikoshi Corp. |
17,600 | 532,142 | ||||||
Nafco Co. Ltd. |
17,600 | 220,792 | ||||||
Nagaileben Co. Ltd. |
17,600 | 266,635 | ||||||
Nagase & Co. Ltd. |
89,500 | 1,444,292 | ||||||
NHK Spring Co. Ltd. |
228,800 | 1,617,286 | ||||||
Nichiden Corp. |
17,600 | 244,209 | ||||||
Nichiha Corp. |
35,200 | 755,506 | ||||||
Nikkon Holdings Co. Ltd. |
61,300 | 1,180,252 | ||||||
Nippn Corp., New |
52,800 | 659,920 | ||||||
Nippon Ceramic Co. Ltd. |
17,600 | 328,051 | ||||||
Nippon Electric Glass Co. Ltd. |
88,000 | 1,634,194 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nippon Gas Co. Ltd. |
123,200 | $ | 1,966,436 | |||||
Nippon Light Metal Holdings Co. Ltd. |
52,800 | 605,188 | ||||||
Nippon Parking Development Co. Ltd. |
228,800 | 455,344 | ||||||
Nippon Road Co. Ltd. (The) |
3,700 | 176,618 | ||||||
Nippon Signal Company Ltd. |
52,800 | 424,053 | ||||||
Nippon Soda Co. Ltd. |
23,300 | 761,572 | ||||||
Nippon Television Holdings Inc. |
53,100 | 429,300 | ||||||
Nishimatsuya Chain Co. Ltd. |
35,400 | 420,369 | ||||||
Nishio Rent All Co. Ltd. |
21,100 | 508,992 | ||||||
Nissha Co. Ltd. |
52,800 | 785,586 | ||||||
Nisshinbo Holdings Inc. |
158,400 | 1,184,028 | ||||||
Nissin Electric Co. Ltd. |
52,800 | 547,439 | ||||||
Nitta Corp. |
17,900 | 395,807 | ||||||
Nittetsu Mining Co. Ltd. |
13,400 | 373,154 | ||||||
Nitto Kogyo Corp. |
35,200 | 658,929 | ||||||
Nojima Corp. |
70,400 | 755,735 | ||||||
Noritake Co. Ltd./Nagoya Japan |
9,500 | 308,003 | ||||||
Noritsu Koki Co. Ltd. |
17,600 | 318,777 | ||||||
Noritz Corp. |
31,800 | 367,628 | ||||||
NS United Kaiun Kaisha Ltd. |
9,800 | 295,142 | ||||||
Obara Group Inc. |
10,700 | 309,600 | ||||||
Oiles Corp. |
35,200 | 418,956 | ||||||
Okamura Corp. |
70,400 | 772,180 | ||||||
Okinawa Electric Power Co. Inc. (The) |
52,836 | 439,416 | ||||||
Optex Group Co. Ltd. |
35,200 | 577,085 | ||||||
Organo Corp. |
21,300 | 541,432 | ||||||
Osaka Soda Co. Ltd. |
17,600 | 575,241 | ||||||
Pacific Industrial Co. Ltd. |
52,800 | 437,712 | ||||||
Paramount Bed Holdings Co. Ltd. |
53,000 | 1,017,937 | ||||||
Pilot Corp. |
35,200 | 1,256,365 | ||||||
Piolax Inc. |
35,200 | 481,542 | ||||||
Pressance Corp. |
35,500 | 454,202 | ||||||
Prima Meat Packers Ltd. |
25,100 | 425,801 | ||||||
Raito Kogyo Co. Ltd. |
52,800 | 783,592 | ||||||
Raiznext Corp. |
35,200 | 357,897 | ||||||
Relia Inc. |
53,000 | 597,733 | ||||||
Riken Keiki Co. Ltd. |
13,500 | 481,569 | ||||||
Riken Vitamin Co. Ltd. |
17,600 | 260,909 | ||||||
Riso Kagaku Corp. |
23,300 | 388,755 | ||||||
Ryosan Co. Ltd. |
25,900 | 586,947 | ||||||
Sakata INX Corp. |
35,200 | 296,622 | ||||||
San-Ai Obbli Co. Ltd. |
53,100 | 552,465 | ||||||
Sanki Engineering Co. Ltd. |
35,200 | 422,651 | ||||||
Sanyo Chemical Industries Ltd. |
10,600 | 345,645 | ||||||
Sanyo Denki Co. Ltd. |
10,000 | 484,775 | ||||||
Seiko Group Corp. |
35,200 | 794,705 | ||||||
Seiren Co. Ltd. |
35,800 | 657,489 | ||||||
Sekisui Jushi Corp. |
35,200 | 534,257 | ||||||
Shibuya Corp. |
17,600 | 343,207 | ||||||
Shikoku Chemicals Corp. |
35,200 | 346,183 | ||||||
Shin Nippon Biomedical Laboratories Ltd. |
17,600 | 316,843 | ||||||
Shin-Etsu Polymer Co. Ltd. |
52,800 | 525,768 | ||||||
Shinmaywa Industries Ltd. |
70,400 | 585,536 | ||||||
Shizuoka Gas Co. Ltd. |
52,800 | 462,924 | ||||||
Shoei Co. Ltd. |
19,300 | 743,158 | ||||||
Siix Corp. |
35,200 | 380,417 | ||||||
SKY Perfect JSAT Holdings Inc. |
211,200 | 815,299 | ||||||
SPARX Group Co. Ltd. |
16,280 | 227,918 | ||||||
Star Micronics Co. Ltd. |
35,200 | 459,255 | ||||||
Starts Corp. Inc. |
35,200 | 699,970 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Sumitomo Densetsu Co. Ltd. |
17,700 | $ | 323,465 | |||||
Sumitomo Osaka Cement Co. Ltd. |
35,200 | 926,202 | ||||||
Sumitomo Riko Co. Ltd. |
35,200 | 173,054 | ||||||
Sumitomo Rubber Industries Ltd. |
17,600 | 156,249 | ||||||
Sun Frontier Fudousan Co. Ltd. |
35,600 | 306,883 | ||||||
T Hasegawa Co. Ltd. |
35,200 | 861,718 | ||||||
Taihei Dengyo Kaisha Ltd. |
17,600 | 471,566 | ||||||
Takamatsu Construction Group Co. Ltd. |
17,700 | 270,998 | ||||||
Takara Standard Co. Ltd. |
35,200 | 384,146 | ||||||
Takasago International Corp. |
17,600 | 349,030 | ||||||
Tama Home Co. Ltd.(b) |
17,600 | 432,026 | ||||||
Tamron Co. Ltd. |
17,600 | 426,662 | ||||||
Tenma Corp. |
17,600 | 300,516 | ||||||
T-Gaia Corp. |
17,900 | 228,676 | ||||||
TKC Corp. |
25,600 | 729,450 | ||||||
Toa Corp./Tokyo |
17,600 | 340,951 | ||||||
Toagosei Co. Ltd. |
105,600 | 958,313 | ||||||
TOC Co. Ltd. |
35,800 | 187,625 | ||||||
Tocalo Co. Ltd. |
70,400 | 674,393 | ||||||
Toenec Corp. |
3,700 | 98,334 | ||||||
Toho Holdings Co. Ltd. |
70,400 | 1,149,794 | ||||||
Toho Titanium Co. Ltd. |
35,200 | 656,930 | ||||||
Tokai Corp./Gifu |
17,900 | 269,360 | ||||||
TOKAI Holdings Corp. |
105,600 | 704,415 | ||||||
Tokai Rika Co. Ltd. |
52,800 | 612,881 | ||||||
Token Corp. |
5,300 | 320,523 | ||||||
Tokushu Tokai Paper Co. Ltd. |
8,700 | 194,944 | ||||||
TOMONY Holdings Inc. |
176,000 | 540,568 | ||||||
Tomy Co. Ltd. |
105,600 | 1,042,197 | ||||||
Topre Corp. |
52,800 | 515,062 | ||||||
Tosei Corp. |
35,400 | 404,155 | ||||||
Towa Pharmaceutical Co. Ltd. |
35,200 | 555,754 | ||||||
Toyo Construction Co. Ltd. |
70,400 | 462,595 | ||||||
Toyo Tanso Co. Ltd. |
17,600 | 562,108 | ||||||
Trancom Co. Ltd. |
6,000 | 343,784 | ||||||
TS Tech Co. Ltd. |
88,000 | 1,096,189 | ||||||
Tsubakimoto Chain Co. |
26,300 | 629,587 | ||||||
TV Asahi Holdings Corp. |
17,900 | 185,247 | ||||||
Union Tool Co. |
6,000 | 158,306 | ||||||
United Arrows Ltd. |
17,600 | 237,672 | ||||||
United Super Markets Holdings Inc. |
52,800 | 461,093 | ||||||
Valor Holdings Co. Ltd. |
35,200 | 507,267 | ||||||
VT Holdings Co. Ltd. |
88,000 | 338,787 | ||||||
Wakita & Co. Ltd. |
52,800 | 492,504 | ||||||
Weathernews Inc. |
6,300 | 343,112 | ||||||
WingArc1st Inc. |
17,600 | 267,438 | ||||||
YAMABIKO Corp. |
35,200 | 308,191 | ||||||
Yamazen Corp. |
70,400 | 576,653 | ||||||
Yellow Hat Ltd. |
35,200 | 482,593 | ||||||
Yodogawa Steel Works Ltd. |
22,300 | 475,164 | ||||||
Yokogawa Bridge Holdings Corp. |
35,200 | 543,307 | ||||||
Yokohama Rubber Co. Ltd. (The) |
140,800 | 2,313,180 | ||||||
Yokowo Co. Ltd. |
17,600 | 304,409 | ||||||
Yonex Co. Ltd. |
70,400 | 688,486 | ||||||
Yuasa Trading Co. Ltd. |
17,600 | 501,515 | ||||||
Yurtec Corp. |
52,800 | 310,998 | ||||||
Zenrin Co. Ltd. |
35,200 | 218,824 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
24,600 | 410,641 | ||||||
Zuken Inc. |
17,600 | 429,510 | ||||||
|
|
|||||||
151,966,938 |
Security | Shares | Value | ||||||
Netherlands — 4.2% | ||||||||
Aalberts NV |
45,898 | $ | 2,170,175 | |||||
Arcadis NV |
84,480 | 3,668,163 | ||||||
B&S Group Sarl(c) |
32,912 | 180,690 | ||||||
Brunel International NV |
23,760 | 271,222 | ||||||
Cementir Holding NV |
45,056 | 355,390 | ||||||
Eurocommercial Properties NV |
51,216 | 1,282,500 | ||||||
Fugro NV(a) |
127,424 | 1,696,756 | ||||||
Koninklijke BAM Groep NV(a) |
314,688 | 802,017 | ||||||
NSI NV |
22,352 | 583,200 | ||||||
Pharming Group NV(a) |
783,552 | 1,086,758 | ||||||
PostNL NV |
414,656 | 868,209 | ||||||
Signify NV(b)(c) |
150,567 | 5,451,339 | ||||||
Sligro Food Group NV |
25,168 | 483,749 | ||||||
TKH Group NV |
47,122 | 2,138,641 | ||||||
TomTom NV(a) |
87,472 | 621,681 | ||||||
Van Lanschot Kempen NV |
36,432 | 1,048,291 | ||||||
Vastned Retail NV |
12,496 | 288,003 | ||||||
Wereldhave NV |
39,072 | 586,935 | ||||||
|
|
|||||||
23,583,719 | ||||||||
Norway — 1.4% | ||||||||
BW LPG Ltd.(c) |
101,024 | 836,102 | ||||||
Cool Co. Ltd.(a) |
15,488 | 164,077 | ||||||
Elkem ASA(c) |
332,640 | 1,178,275 | ||||||
Europris ASA(c) |
156,992 | 1,011,436 | ||||||
Golden Ocean Group Ltd. |
153,398 | 1,467,510 | ||||||
Hoegh Autoliners ASA |
54,736 | 339,989 | ||||||
MPC Container Ships AS |
306,944 | 488,578 | ||||||
Norske Skog ASA(a)(c) |
70,576 | 486,007 | ||||||
Odfjell Drilling Ltd.(a) |
108,944 | 290,623 | ||||||
Stolt-Nielsen Ltd. |
20,592 | 541,422 | ||||||
Wallenius Wilhelmsen ASA |
124,784 | 1,184,210 | ||||||
|
|
|||||||
7,988,229 | ||||||||
Singapore — 2.7% | ||||||||
Bumitama Agri Ltd. |
457,600 | 211,657 | ||||||
Capitaland India Trust |
822,200 | 760,203 | ||||||
ComfortDelGro Corp. Ltd. |
2,094,400 | 1,918,785 | ||||||
First Resources Ltd. |
563,200 | 660,063 | ||||||
Frencken Group Ltd. |
369,600 | 332,349 | ||||||
Golden Agri-Resources Ltd. |
7,454,300 | 1,420,039 | ||||||
Hour Glass Ltd. (The) |
281,600 | 446,819 | ||||||
Hutchison Port Holdings Trust, Class U |
5,051,200 | 1,039,294 | ||||||
Keppel Pacific Oak US REIT |
775,700 | 415,621 | ||||||
Raffles Medical Group Ltd. |
924,000 | 1,022,039 | ||||||
Riverstone Holdings Ltd./Singapore(b) |
422,400 | 207,951 | ||||||
Sasseur Real Estate Investment Trust |
668,800 | 415,404 | ||||||
Sheng Siong Group Ltd. |
704,000 | 879,810 | ||||||
Silverlake Axis Ltd. |
915,200 | 251,686 | ||||||
Starhill Global REIT |
1,355,200 | 589,504 | ||||||
Yangzijiang Financial Holding Ltd.(a)(b) |
2,816,000 | 797,840 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
3,055,200 | 3,011,972 | ||||||
Yanlord Land Group Ltd. |
686,400 | 581,322 | ||||||
|
|
|||||||
14,962,358 | ||||||||
Spain — 0.8% | ||||||||
Applus Services SA |
167,904 | 1,288,622 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
118,272 | 440,920 | ||||||
Faes Farma SA |
363,968 | 1,364,263 | ||||||
Global Dominion Access SA(c) |
98,384 | 421,869 | ||||||
Indra Sistemas SA |
35,024 | 427,654 | ||||||
Lar Espana Real Estate Socimi SA |
63,407 | 316,402 |
34 |
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 Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Mediaset Espana Comunicacion SA(a) |
72,688 | $ | 260,437 | |||||
Miquel y Costas & Miquel SA |
17,600 | 234,198 | ||||||
|
|
|||||||
4,754,365 | ||||||||
Sweden — 1.7% | ||||||||
AcadeMedia AB(c) |
99,968 | 470,861 | ||||||
Ambea AB(c) |
81,840 | 307,216 | ||||||
Arjo AB, Class B |
208,560 | 809,317 | ||||||
Betsson AB |
136,048 | 1,127,737 | ||||||
Bilia AB, Class A |
77,045 | 890,208 | ||||||
Biotage AB |
63,360 | 979,225 | ||||||
Clas Ohlson AB, Class B |
45,408 | 302,776 | ||||||
GARO AB |
26,224 | 258,455 | ||||||
Inwido AB |
67,584 | 736,545 | ||||||
Kambi Group PLC, Class B(a) |
29,787 | 535,657 | ||||||
KNOW IT AB |
19,184 | 374,953 | ||||||
MEKO AB |
39,248 | 435,000 | ||||||
New Wave Group AB, Class B |
49,632 | 1,116,779 | ||||||
Nobia AB |
118,096 | 206,106 | ||||||
Orron Energy AB |
234,960 | 435,586 | ||||||
Platzer Fastigheter Holding AB, Class B |
3,872 | 33,967 | ||||||
Resurs Holding AB(c) |
150,480 | 400,688 | ||||||
|
|
|||||||
9,421,076 | ||||||||
Switzerland — 5.5% | ||||||||
Arbonia AG |
61,776 | 865,931 | ||||||
Autoneum Holding AG(b) |
3,168 | 422,751 | ||||||
Belimo Holding AG, Registered |
4,853 | 2,559,688 | ||||||
Bucher Industries AG, Registered |
6,434 | 2,931,758 | ||||||
Burckhardt Compression Holding AG |
3,520 | 2,179,390 | ||||||
Burkhalter Holding AG |
8,096 | 752,301 | ||||||
Coltene Holding AG, Registered |
3,168 | 261,261 | ||||||
Comet Holding AG, Registered |
6,688 | 1,546,002 | ||||||
Galenica AG(c) |
48,576 | 3,799,011 | ||||||
Huber + Suhner AG, Registered |
18,656 | 1,789,172 | ||||||
Implenia AG, Registered(a) |
14,608 | 613,631 | ||||||
Inficon Holding AG, Registered |
1,769 | 1,852,149 | ||||||
Intershop Holding AG |
1,322 | 886,768 | ||||||
Kardex Holding AG, Registered |
6,023 | 1,173,863 | ||||||
Medacta Group SA(c) |
7,040 | 750,233 | ||||||
Medartis Holding AG(a)(c) |
4,822 | 404,580 | ||||||
Metall Zug AG, Class B, Registered |
223 | 501,780 | ||||||
Mobilezone Holding AG, Registered |
49,031 | 890,306 | ||||||
Orior AG |
7,568 | 626,513 | ||||||
Sensirion Holding AG(a)(c) |
9,032 | 1,074,803 | ||||||
SFS Group AG |
16,368 | 1,883,211 | ||||||
Trifork Holding AG |
14,608 | 332,180 | ||||||
TX Group AG |
3,168 | 496,685 | ||||||
u-blox Holding AG |
7,920 | 947,319 | ||||||
Vetropack Holding AG, Registered |
11,968 | 552,119 | ||||||
V-ZUG Holding AG(a) |
2,464 | 248,155 | ||||||
Zehnder Group AG, Registered |
11,264 | 838,362 | ||||||
|
|
|||||||
31,179,922 | ||||||||
United Kingdom — 15.6% | ||||||||
Advanced Medical Solutions Group PLC |
255,904 | 801,347 | ||||||
AG Barr PLC |
112,992 | 764,190 | ||||||
AJ Bell PLC |
360,976 | 1,497,968 | ||||||
Alliance Pharma PLC |
599,104 | 465,321 | ||||||
Atalaya Mining PLC |
136,576 | 587,638 | ||||||
Balanced Commercial Property Trust Ltd. |
825,388 | 807,958 | ||||||
Bank of Georgia Group PLC |
42,416 | 1,396,211 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Bodycote PLC |
190,432 | $ | 1,528,379 | |||||
Centamin PLC |
1,369,984 | 1,878,062 | ||||||
Central Asia Metals PLC |
201,168 | 700,689 | ||||||
Civitas Social Housing PLC |
701,360 | 493,863 | ||||||
Clarkson PLC |
32,560 | 1,234,354 | ||||||
CLS Holdings PLC(b) |
189,200 | 347,550 | ||||||
CMC Markets PLC(c) |
154,352 | 460,509 | ||||||
Coats Group PLC |
1,103,520 | 992,281 | ||||||
Craneware PLC |
31,680 | 566,322 | ||||||
Currys PLC |
1,068,496 | 858,368 | ||||||
Custodian REIT PLC |
481,008 | 540,826 | ||||||
CVS Group PLC |
65,648 | 1,632,418 | ||||||
Drax Group PLC |
111,243 | 888,439 | ||||||
EMIS Group PLC |
67,760 | 1,568,841 | ||||||
Empiric Student Property PLC |
717,376 | 772,980 | ||||||
EnQuest PLC(a) |
1,816,496 | 491,124 | ||||||
Ergomed PLC(a) |
46,695 | 691,745 | ||||||
Ferrexpo PLC |
348,480 | 681,779 | ||||||
Firstgroup PLC |
887,744 | 1,186,389 | ||||||
Forterra PLC(c) |
253,264 | 666,625 | ||||||
Greggs PLC |
119,680 | 3,996,349 | ||||||
Gulf Keystone Petroleum Ltd. |
248,336 | 635,284 | ||||||
Halfords Group PLC |
266,464 | 674,103 | ||||||
IG Group Holdings PLC |
372,064 | 3,658,235 | ||||||
Impact Healthcare REIT PLC |
354,464 | 454,481 | ||||||
Impax Asset Management Group PLC |
84,656 | 813,933 | ||||||
Indivior PLC, NVS(a) |
162,384 | 3,899,066 | ||||||
Investec PLC |
806,025 | 5,143,430 | ||||||
IP Group PLC |
982,960 | 739,223 | ||||||
Johnson Service Group PLC |
489,984 | 680,190 | ||||||
Judges Scientific PLC |
6,336 | 654,590 | ||||||
Jupiter Fund Management PLC |
522,368 | 901,602 | ||||||
Keller Group PLC |
86,592 | 863,647 | ||||||
Man Group PLC/Jersey |
1,522,816 | 4,684,873 | ||||||
Mediclinic International PLC |
473,544 | 2,897,325 | ||||||
Moneysupermarket.com Group PLC |
374,880 | 1,103,663 | ||||||
Morgan Advanced Materials PLC |
330,352 | 1,282,112 | ||||||
Morgan Sindall Group PLC |
47,696 | 965,529 | ||||||
NCC Group PLC |
354,992 | 821,910 | ||||||
Pagegroup PLC |
385,792 | 2,171,862 | ||||||
Pan African Resources PLC |
2,105,488 | 437,212 | ||||||
Patisserie Holdings PLC, NVS(d) |
3,062 | — | ||||||
Pets at Home Group PLC |
495,792 | 2,156,805 | ||||||
Picton Property Income Ltd. (The) |
628,848 | 596,962 | ||||||
Plus500 Ltd. |
112,464 | 2,577,526 | ||||||
Polar Capital Holdings PLC |
87,120 | 556,362 | ||||||
Premier Foods PLC |
763,840 | 1,047,437 | ||||||
Reach PLC |
351,648 | 394,728 | ||||||
Redde Northgate PLC |
261,888 | 1,401,249 | ||||||
Renewi PLC(a) |
89,056 | 721,554 | ||||||
Safestore Holdings PLC |
190,608 | 2,373,392 | ||||||
Savills PLC |
168,256 | 2,024,216 | ||||||
Serica Energy PLC |
240,240 | 751,768 | ||||||
Spirent Communications PLC |
722,656 | 1,958,464 | ||||||
SThree PLC |
145,904 | 762,681 | ||||||
TBC Bank Group PLC |
48,576 | 1,425,308 | ||||||
Telecom Plus PLC |
74,272 | 1,829,277 | ||||||
TP ICAP Group PLC |
924,880 | 2,013,660 | ||||||
Tyman PLC |
225,456 | 722,679 | ||||||
Volution Group PLC |
227,404 | 1,060,497 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Warehouse REIT PLC |
226,576 | $ | 295,535 | |||||
Wickes Group PLC |
313,456 | 587,781 | ||||||
Wincanton PLC |
143,088 | 522,162 | ||||||
|
|
|||||||
87,760,838 | ||||||||
United States — 0.2% | ||||||||
Resolute Forest Products Inc.(a) |
54,384 | 1,177,560 | ||||||
|
|
|||||||
Total
Common Stocks — 99.3% |
559,313,549 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.2% | ||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
9,918 | 444,013 | ||||||
STO SE & Co. KGaA, Preference Shares, NVS |
2,992 | 502,604 | ||||||
|
|
|||||||
946,617 | ||||||||
Italy — 0.1% | ||||||||
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS |
42,618 | 794,712 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.3% |
1,741,329 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
561,054,878 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g) |
9,120,512 | 9,125,984 |
Security | Shares | Value | ||||||
|
||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f) |
200,000 | $ | 200,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 1.7% |
|
9,325,984 | ||||||
|
|
|||||||
Total
Investments — 101.3% |
|
570,380,862 | ||||||
Liabilities in Excess of Other Assets — (1.3)% |
(7,323,043 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 563,057,819 | ||||||
|
|
(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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
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 |
$ | 3,998,368 | $ | 5,123,043 | (a) | $ | — | $ | 456 | $ | 4,117 | $ | 9,125,984 | 9,120,512 | $ | 30,857 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
100,000 | 100,000 | (a) | — | — | — | 200,000 | 200,000 | 4,996 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 456 | $ | 4,117 | $ | 9,325,984 | $ | 35,853 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
Euro STOXX 50 Index |
22 | 03/17/23 | $ | 1,002 | $ | 62,195 |
36 |
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 Intl Small-Cap Multifactor ETF |
Futures Contracts (continued)
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
FTSE 100 Index |
8 | 03/17/23 | $ | 768 | $ | 22,182 | ||||||||||
|
|
|||||||||||||||
$ | 84,377 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 84,377 | $ | — | $ | — | $ | — | $ | 84,377 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | — | $ | 369,172 | $ | — | $ | — | $ | — | $ | 369,172 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 22,633 | $ | — | $ | — | $ | — | $ | 22,633 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 2,203,001 |
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 |
$ | — | $ | 58,994,312 | $ | — | $ | 58,994,312 | ||||||||
Austria |
— | 211,811 | — | 211,811 | ||||||||||||
Belgium |
1,349,715 | 1,943,536 | — | 3,293,251 | ||||||||||||
Canada |
79,220,275 | — | — | 79,220,275 | ||||||||||||
Denmark |
861,957 | 5,450,134 | — | 6,312,091 | ||||||||||||
Finland |
906,106 | 1,648,676 | — | 2,554,782 | ||||||||||||
France |
2,652,747 | 28,920,584 | — | 31,573,331 | ||||||||||||
Germany |
634,268 | 19,495,136 | — | 20,129,404 | ||||||||||||
Hong Kong |
628,470 | 14,508,396 | — | 15,136,866 | ||||||||||||
Ireland |
1,188,228 | — | — | 1,188,228 | ||||||||||||
Israel |
409,521 | 1,800,040 | — | 2,209,561 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) January 31, 2023 |
iShares® MSCI Intl Small-Cap Multifactor ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Common Stocks (continued) |
||||||||||||||||
Italy |
$ | — | $ | 5,694,632 | $ | — | $ | 5,694,632 | ||||||||
Japan |
— | 151,966,938 | — | 151,966,938 | ||||||||||||
Netherlands |
1,806,864 | 21,776,855 | — | 23,583,719 | ||||||||||||
Norway |
339,989 | 7,648,240 | — | 7,988,229 | ||||||||||||
Singapore |
— | 14,962,358 | — | 14,962,358 | ||||||||||||
Spain |
550,600 | 4,203,765 | — | 4,754,365 | ||||||||||||
Sweden |
— | 9,421,076 | — | 9,421,076 | ||||||||||||
Switzerland |
1,095,221 | 30,084,701 | — | 31,179,922 | ||||||||||||
United Kingdom |
39,923,503 | 47,837,335 | — | 87,760,838 | ||||||||||||
United States |
1,177,560 | — | — | 1,177,560 | ||||||||||||
Preferred Stocks |
— | 1,741,329 | — | 1,741,329 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
9,325,984 | — | — | 9,325,984 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 142,071,008 | $ | 428,309,854 | $ | — | $ | 570,380,862 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 84,377 | $ | — | $ | 84,377 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
38 |
2 0 2 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 |
Statements of Assets and Liabilities (unaudited)
January 31, 2023
iShares International Equity Factor ETF |
iShares MSCI EAFE Min Vol Factor ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 951,664,704 | $ | 7,334,497,854 | $ | 121,960,561 | $ | 561,054,878 | ||||||||
Investments, at value — affiliated(c) |
3,620,871 | 21,472,998 | 362,786 | 9,325,984 | ||||||||||||
Cash |
3,335 | 13,064 | 740 | 2,516 | ||||||||||||
Cash pledged for futures contracts |
— | 40,001 | 11,000 | — | ||||||||||||
Foreign currency collateral pledged for futures contracts |
311,560 | 2,214,099 | — | 145,487 | ||||||||||||
Foreign currency, at value(d) |
1,523,165 | 13,859,942 | 161,182 | 879,073 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
— | — | 105 | 180,509 | ||||||||||||
Securities lending income — affiliated |
7,024 | 4,760 | 89 | 6,411 | ||||||||||||
Capital shares sold |
261,518 | — | — | — | ||||||||||||
Dividends — unaffiliated |
762,441 | 7,763,305 | 125,148 | 578,086 | ||||||||||||
Dividends — affiliated |
1,109 | 4,147 | 422 | 471 | ||||||||||||
Tax reclaims |
1,559,029 | 18,794,371 | 21,706 | 202,042 | ||||||||||||
Variation margin on futures contracts |
17,426 | 127,634 | 977 | 7,427 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
959,732,182 | 7,398,792,175 | 122,644,716 | 572,382,884 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Cash received for futures contracts |
2,865 | — | — | — | ||||||||||||
Collateral on securities loaned, at value |
3,231,120 | 20,059,946 | 252,759 | 9,122,501 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
261,518 | — | — | 97,118 | ||||||||||||
Deferred foreign capital gain tax |
— | — | 34,699 | — | ||||||||||||
Investment advisory fees |
116,448 | 1,289,380 | 20,195 | 105,446 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
3,611,951 | 21,349,326 | 307,653 | 9,325,065 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 956,120,231 | $ | 7,377,442,849 | $ | 122,337,063 | $ | 563,057,819 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 1,078,087,003 | $ | 8,025,869,653 | $ | 124,171,621 | $ | 540,912,433 | ||||||||
Accumulated earnings (loss) |
(121,966,772 | ) | (648,426,804 | ) | (1,834,558 | ) | 22,145,386 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 956,120,231 | $ | 7,377,442,849 | $ | 122,337,063 | $ | 563,057,819 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETVALUE |
||||||||||||||||
Shares outstanding |
35,900,000 | 110,400,000 | 3,600,000 | 17,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 26.63 | $ | 66.82 | $ | 33.98 | $ | 31.99 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 907,085,088 | $ | 7,200,215,243 | $ | 114,667,187 | $ | 521,155,077 | ||||||||
(b) Securities loaned, at value |
$ | 2,997,407 | $ | 19,126,075 | $ | 251,303 | $ | 8,193,674 | ||||||||
(c) Investments, at cost — affiliated |
$ | 3,618,802 | $ | 21,468,283 | $ | 362,761 | $ | 9,321,416 | ||||||||
(d) Foreign currency, at cost |
$ | 1,498,940 | $ | 13,706,888 | $ | 157,986 | $ | 879,013 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
39 |
Statements of Operations (unaudited)
Six Months Ended January 31, 2023
iShares International Equity Factor ETF |
iShares MSCI EAFE Min Vol Factor ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 11,186,300 | $ | 72,091,147 | $ | 1,462,709 | $ | 7,069,449 | ||||||||
Dividends — affiliated |
6,275 | 50,213 | 2,871 | 4,996 | ||||||||||||
Interest — unaffiliated |
276 | 19,253 | 260 | 23 | ||||||||||||
Securities lending income — affiliated — net |
56,908 | 37,511 | 780 | 30,857 | ||||||||||||
Foreign taxes withheld |
(783,998 | ) | (5,230,587 | ) | (61,298 | ) | (506,207 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
10,465,761 | 66,967,537 | 1,405,322 | 6,599,118 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Commitment costs |
— | — | 491 | — | ||||||||||||
Investment advisory |
627,876 | 11,045,257 | 181,598 | 777,992 | ||||||||||||
Interest expense |
— | — | 797 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
627,876 | 11,045,257 | 182,886 | 777,992 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
— | (4,202,218 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
627,876 | 6,843,039 | 182,886 | 777,992 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
9,837,885 | 60,124,498 | 1,222,436 | 5,821,126 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
(12,920,150 | ) | (111,228,584 | ) | (2,648,619 | ) | (13,571,280 | ) | ||||||||
Investments — affiliated |
(1,441 | ) | 4,172 | 253 | 456 | |||||||||||
Capital gain distributions from underlying funds — affiliated |
— | 1 | — | — | ||||||||||||
Foreign currency transactions |
51,743 | 268,030 | 4,247 | 285,723 | ||||||||||||
Futures contracts |
329,387 | 2,528,060 | (10,975 | ) | 369,172 | |||||||||||
In-kind redemptions — unaffiliated(b) |
(1,987,310 | ) | 125,434,783 | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
(14,527,771 | ) | 17,006,462 | (2,655,094 | ) | (12,915,929 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
77,344,576 | 372,507,375 | 5,955,784 | 42,913,908 | ||||||||||||
Investments — affiliated |
1,939 | 4,052 | (3 | ) | 4,117 | |||||||||||
Foreign currency translations |
104,782 | 1,308,955 | 7,051 | 15,391 | ||||||||||||
Futures contracts |
6,063 | 522,145 | (21,179 | ) | 22,633 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
77,457,360 | 374,342,527 | 5,941,653 | 42,956,049 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain |
62,929,589 | 391,348,989 | 3,286,559 | 30,040,120 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 72,767,474 | $ | 451,473,487 | $ | 4,508,995 | $ | 35,861,246 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | — | $ | — | $ | (5,923 | ) | $ | — | |||||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of |
$ | — | $ | — | $ | 13,898 | $ | — |
See notes to financial statements.
40 |
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 |
Statements of Changes in Net Assets
iShares International Equity Factor ETF |
iShares MSCI EAFE Min Vol Factor ETF |
|||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
|
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
||||||||||||||||||||
|
||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||
Net investment income |
$ | 9,837,885 | $ | 31,172,824 | $ | 60,124,498 | $ | 176,070,182 | ||||||||||||||||
Net realized gain (loss) |
(14,527,771 | ) | 15,530,912 | 17,006,462 | 50,742,279 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
77,457,360 | (176,859,143 | ) | 374,342,527 | (1,227,024,162 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
72,767,474 | (130,155,407 | ) | 451,473,487 | (1,000,211,701 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(5,518,654 | ) | (44,913,686 | ) | (59,284,345 | )(b) | (170,963,661 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
64,124,882 | 102,005,132 | 1,051,278,750 | (1,526,195,378 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
131,373,702 | (73,063,961 | ) | 1,443,467,892 | (2,697,370,740 | ) | ||||||||||||||||||
Beginning of period |
824,746,529 | 897,810,490 | 5,933,974,957 | 8,631,345,697 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 956,120,231 | $ | 824,746,529 | $ | 7,377,442,849 | $ | 5,933,974,957 | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
41 |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Multifactor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
|||||||||||||||
|
|
|
|
|||||||||||||
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
|||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 1,222,436 | $ | 2,956,494 | $ | 5,821,126 | $ | 6,504,932 | ||||||||
Net realized gain (loss) |
(2,655,094 | ) | 4,508,549 | (12,915,929 | ) | 8,839,097 | ||||||||||
Net change in unrealized appreciation (depreciation) |
5,941,653 | (22,521,757 | ) | 42,956,049 | (44,172,773 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
4,508,995 | (15,056,714 | ) | 35,861,246 | (28,828,744 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,763,651 | ) | (2,712,880 | ) | (5,332,477 | ) | (9,265,089 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase in net assets derived from capital share transactions |
8 | 3,898,080 | 306,940,414 | 68,863,364 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase (decrease) in net assets |
2,745,352 | (13,871,514 | ) | 337,469,183 | 30,769,531 | |||||||||||
Beginning of period |
119,591,711 | 133,463,225 | 225,588,636 | 194,819,105 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 122,337,063 | $ | 119,591,711 | $ | 563,057,819 | $ | 225,588,636 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
42 |
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 |
(For a share outstanding throughout each period)
iShares International Equity Factor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.62 | $ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | $ | 27.06 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.28 | 0.98 | 0.79 | 0.60 | 0.86 | 0.83 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
1.89 | (5.09 | ) | 6.35 | (1.61 | ) | (2.66 | ) | 1.28 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
2.17 | (4.11 | ) | 7.14 | (1.01 | ) | (1.80 | ) | 2.11 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(c) |
(0.16 | ) | (1.40 | ) | (0.90 | ) | (0.78 | ) | (0.81 | ) | (0.88 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 26.63 | $ | 24.62 | $ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
8.86 | %(e) | (13.97 | )% | 29.97 | % | (4.03 | )% | (6.26 | )% | 7.84 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.15 | %(g) | 0.25 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.25 | % | N/A | N/A | 0.30 | % | N/A | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
2.35 | %(g) | 3.54 | % | 2.89 | % | 2.44 | % | 3.31 | % | 2.88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 956,120 | $ | 824,747 | $ | 897,810 | $ | 910,213 | $ | 1,271,005 | $ | 981,627 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
11 | % | 113 | % | 45 | % | 40 | % | 44 | % | 39 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
43 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE Min Vol Factor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 65.71 | $ | 77.27 | $ | 66.79 | $ | 71.90 | $ | 72.92 | $ | 70.34 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.55 | 1.72 | (b) | 1.79 | 1.86 | 2.15 | 2.15 | |||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
1.06 | (11.54 | ) | 9.96 | (4.26 | ) | (1.01 | ) | 2.28 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
1.61 | (9.82 | ) | 11.75 | (2.40 | ) | 1.14 | 4.43 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(d) |
(0.50 | )(e) | (1.74 | ) | (1.27 | ) | (2.71 | ) | (2.16 | ) | (1.85 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 66.82 | $ | 65.71 | $ | 77.27 | $ | 66.79 | $ | 71.90 | $ | 72.92 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(f) |
||||||||||||||||||||||||||||
Based on net asset value |
2.47 | %(g) | (12.76 | )%(b) | 17.61 | % | (3.51 | )% | 1.68 | % | 6.36 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||
Total expenses |
0.32 | %(i) | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived |
0.20 | %(i) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.32 | % | 0.32 | % | N/A | 0.32 | % | N/A | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
1.76 | %(i) | 2.36 | %(b) | 2.48 | % | 2.65 | % | 3.04 | % | 2.96 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 7,377,443 | $ | 5,933,975 | $ | 8,631,346 | $ | 10,559,196 | $ | 11,295,536 | $ | 8,852,315 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(j) |
13 | % | 23 | % | 25 | % | 23 | % | 22 | % | 23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2022: |
• |
Net investment income per share by $0.01. |
• |
Total return by 0.02%. |
• |
Ratio of net investment income to average net assets by 0.01%. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
44 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Multifactor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 33.22 | $ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | $ | 27.77 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.34 | 0.81 | 0.66 | 0.57 | 0.66 | 0.62 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.91 | (4.99 | ) | 8.73 | 0.28 | (1.36 | ) | 2.74 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
1.25 | (4.18 | ) | 9.39 | 0.85 | (0.70 | ) | 3.36 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(c) |
(0.49 | ) | (0.73 | ) | (0.65 | ) | (0.69 | ) | (0.64 | ) | (0.56 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 33.98 | $ | 33.22 | $ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
3.81 | %(e) | (11.08 | )% | 32.16 | % | 2.90 | % | (2.10 | )% | 12.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.31 | %(g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived |
0.31 | %(g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
2.09 | %(g) | 2.24 | % | 1.92 | % | 2.00 | % | 2.30 | % | 2.05 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 122,337 | $ | 119,592 | $ | 133,463 | $ | 114,623 | $ | 112,537 | $ | 67,250 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
24 | % | 51 | % | 48 | % | 43 | % | 43 | % | 46 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Intl Small-Cap Multifactor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 01/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.90 | $ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | $ | 29.27 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.39 | 1.08 | 0.78 | 0.68 | 0.77 | 0.65 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
1.02 | (6.15 | ) | 9.15 | (0.32 | ) | (2.97 | ) | 2.49 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
1.41 | (5.07 | ) | 9.93 | 0.36 | (2.20 | ) | 3.14 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(c) |
(0.32 | ) | (1.50 | ) | (0.90 | ) | (0.80 | ) | (0.65 | ) | (0.68 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 31.99 | $ | 30.90 | $ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
4.62 | %(e) | (13.81 | )% | 35.22 | % | 1.16 | % | (6.80 | )% | 10.75 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.35 | %(g) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
2.61 | %(g) | 3.16 | % | 2.31 | % | 2.44 | % | 2.67 | % | 2.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 563,058 | $ | 225,589 | $ | 194,819 | $ | 122,273 | $ | 77,964 | $ | 44,417 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
23 | % | 52 | % | 47 | % | 47 | % | 45 | % | 44 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
46 |
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 |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification |
|||
International Equity Factor |
Diversified | |||
MSCI EAFE Min Vol Factor |
Diversified | |||
MSCI Global Multifactor |
Diversified | |||
MSCI Intl Small-Cap Multifactor |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
47 |
Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
48 |
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 |
Notes to Financial Statements (unaudited) (continued)
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
International Equity Factor |
||||||||||||||||
BofA Securities, Inc. |
$ | 55,962 | $ | (55,962 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
20,842 | (20,842 | ) | — | — | |||||||||||
HSBC Bank PLC |
2,920,603 | (2,920,603 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,997,407 | $ | (2,997,407 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE Min Vol Factor |
||||||||||||||||
Goldman Sachs & Co. LLC |
$ | 4,094,732 | $ | (4,094,732 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC |
76,849 | (76,849 | ) | — | — | |||||||||||
Morgan Stanley |
14,868,447 | (14,868,447 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
86,047 | (86,047 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 19,126,075 | $ | (19,126,075 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Global Multifactor |
||||||||||||||||
SG Americas Securities LLC |
$ | 152,190 | $ | (152,190 | ) | $ | — | $ | — | |||||||
UBS AG |
99,113 | (99,113 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 251,303 | $ | (251,303 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Intl Small-Cap Multifactor |
||||||||||||||||
BofA Securities, Inc. |
$ | 1,831,313 | $ | (1,831,313 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
343,902 | (343,902 | ) | — | — | |||||||||||
HSBC Bank PLC |
2,457,906 | (2,457,906 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
2,610,316 | (2,610,316 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
751,908 | (751,908 | ) | — | — | |||||||||||
UBS AG |
198,329 | (198,329 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 8,193,674 | $ | (8,193,674 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the
N O T E S T O F I N A N C I A L S T A T E M E N T S |
49 |
Notes to Financial Statements (unaudited) (continued)
value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
International Equity Factor |
0.15 | % | ||
MSCI Global Multifactor |
0.20 | |||
MSCI Intl Small-Cap Multifactor |
0.23 |
Effective December 16, 2022, for its investment advisory services to the iShares MSCI Global Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Effective December 16, 2022, for its investment advisory services to the iShares MSCI Intl Small-Cap Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.23%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
For its investment advisory services to the iShares MSCI EAFE Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
Expense Waivers: The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expenses. For the iShares MSCI EAFE Min Vol Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.
A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations
50 |
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 |
Notes to Financial Statements (unaudited) (continued)
does not include acquired fund fees and expenses. For the iShares MSCI Global Multifactor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
iShares ETF | Amounts Waived | |||
MSCI EAFE Min Vol Factor |
$ | 4,202,218 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
International Equity Factor |
$ | 12,259 | ||
MSCI EAFE Min Vol Factor |
10,008 | |||
MSCI Global Multifactor |
284 | |||
MSCI Intl Small-Cap Multifactor |
6,968 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
International Equity Factor |
$ | 16,624,640 | $ | 23,653,327 | $ | (2,814,625 | ) | |||||
MSCI EAFE Min Vol Factor |
142,855,386 | 155,337,231 | (26,710,662 | ) | ||||||||
MSCI Global Multifactor |
10,522,862 | 9,957,087 | (1,124,297 | ) | ||||||||
MSCI Intl Small-Cap Multifactor |
1,733,503 | 4,818,553 | 531,939 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
51 |
Notes to Financial Statements (unaudited) (continued)
7. |
PURCHASES AND SALES |
For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
International Equity Factor |
$ | 97,101,079 | $ | 87,376,124 | ||||
MSCI EAFE Min Vol Factor |
931,070,883 | 872,715,082 | ||||||
MSCI Global Multifactor |
28,012,410 | 28,230,662 | ||||||
MSCI Intl Small-Cap Multifactor |
114,264,404 | 99,426,345 |
For the six months ended January 31, 2023, in-kind transactions were as follows:
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
International Equity Factor |
$ | 128,297,650 | $ | 68,826,462 | ||||
MSCI EAFE Min Vol Factor |
1,697,387,303 | 700,856,914 | ||||||
MSCI Intl Small-Cap Multifactor |
293,970,251 | — |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
International Equity Factor |
$ | 150,296,500 | ||
MSCI EAFE Min Vol Factor |
780,421,361 | |||
MSCI Global Multifactor |
6,229,255 | |||
MSCI Intl Small-Cap Multifactor |
1,891,910 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
International Equity Factor |
$ | 913,677,724 | $ | 80,268,611 | $ | (38,474,154 | ) | $ | 41,794,457 | |||||||
MSCI EAFE Min Vol Factor |
7,243,578,969 | 676,790,978 | (563,007,765 | ) | 113,783,213 | |||||||||||
MSCI Global Multifactor |
115,346,968 | 15,123,676 | (8,130,304 | ) | 6,993,372 | |||||||||||
MSCI Intl Small-Cap Multifactor |
533,589,973 | 56,653,038 | (19,777,772 | ) | 36,875,266 |
9. |
LINE OF CREDIT |
The iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
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Notes to Financial Statements (unaudited) (continued)
For the six months ended January 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
MSCI Global Multifactor |
$ | 602,000 | $ | 39,870 | 4.33 | % |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
Notes to Financial Statements (unaudited) (continued)
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 01/31/23 |
Year Ended 07/31/22 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
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International Equity Factor |
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Shares sold |
5,500,000 | $ | 133,358,179 | 4,600,000 | $ | 125,984,771 | ||||||||||||||
Shares redeemed |
(3,100,000 | ) | (69,233,297 | ) | (900,000 | ) | (23,979,639 | ) | ||||||||||||
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2,400,000 | $ | 64,124,882 | 3,700,000 | $ | 102,005,132 | |||||||||||||||
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MSCI EAFE Min Vol Factor |
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Shares sold |
30,900,000 | $ | 1,756,563,222 | 500,000 | $ | 34,875,532 | ||||||||||||||
Shares redeemed |
(10,800,000 | ) | (705,284,472 | ) | (21,900,000 | ) | (1,561,070,910 | ) | ||||||||||||
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20,100,000 | $ | 1,051,278,750 | (21,400,000 | ) | $ | (1,526,195,378 | ) | |||||||||||||
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Notes to Financial Statements (unaudited) (continued)
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Six Months Ended 01/31/23 |
Year Ended 07/31/22 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
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MSCI Global Multifactor |
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Shares sold |
— | $ | 8 | 800,000 | $ | 30,535,806 | ||||||||||||||
Shares redeemed |
— | — | (700,000 | ) | (26,637,726 | ) | ||||||||||||||
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— | $ | 8 | 100,000 | $ | 3,898,080 | |||||||||||||||
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MSCI Intl Small-Cap Multifactor |
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Shares sold |
10,300,000 | $ | 306,940,413 | 2,600,000 | $ | 85,244,456 | ||||||||||||||
Shares redeemed |
— | 1 | (500,000 | ) | (16,381,092 | ) | ||||||||||||||
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10,300,000 | $ | 306,940,414 | 2,100,000 | $ | 68,863,364 | |||||||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
On December 12, 2022, the Board approved a proposal to change MSCI International Small-Cap Multifactor’s index to STOXX International Small-Cap Equity Factor Index and MSCI Global Multifactor’s index to STOXX Global Equity Factor Index. The Board also approved a proposal to change the Funds’ names to iShares International Small-Cap Equity Factor ETF and iShares Global Equity Factor ETF, respectively. In addition to MSCI Global Multifactor’s name change, its ticker was updated from ACWF to GLOF. These changes became effective on March 1, 2023.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
55 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares International Equity Factor ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI Global Multifactor ETF and iShares MSCI Intl Small-Cap Multifactor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
January 31, 2023
Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
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MSCI EAFE Min Vol Factor(a) |
$ | 0.495282 | $ | — | $ | 0.001653 | $ | 0.496935 | 100 | % | — | % | 0 | %(b) | 100 | % |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) |
Rounds to less than 1%. |
S U P P L E M E N T A L I N F O R M A T I O N |
57 |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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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 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-719-0123
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