iShares Trust


		JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares International Equity Factor ETF | INTF | NYSE Arca

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

· iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca

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

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of January 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(0.44)%	(8.22)%

U.S. small cap equities (Russell 2000^® Index)	3.25	(3.38)

International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)

Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		39
Statements of Operations		40
Statements of Changes in Net Assets		41
Financial Highlights		43
Notes to Financial Statements		47
Statement Regarding Liquidity Risk Management Program		56
Supplemental Information		57
General Information		58
Glossary of Terms Used in this Report		59


		3


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

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		8.86	%		(1.76	)%		0.60	%		3.80%		(1.76	)%		3.02	%		33.57	%
Fund Market		9.00			(1.69	)		0.62			3.81		(1.69	)		3.16			33.73
Index		8.83			(1.44	)		0.59			3.84		(1.44	)		2.97			33.93

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	20.8	%
Industrials	13.1
Consumer Discretionary	12.3
Health Care	10.4
Consumer Staples	8.7
Materials	8.6
Information Technology	8.2
Energy	5.7
Communication Services	5.4
Utilities	3.8
Real Estate	3.0

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Japan	21.8	%
United Kingdom	13.5
France	10.3
Switzerland	8.3
Australia	7.5
Canada	7.4
Germany	6.3
Netherlands	5.2
Hong Kong	2.9
Denmark	2.9


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years

Fund NAV		2.47	%		(6.11	)%		0.37	%		4.71%		(6.11	)%		1.84	%		58.52	%
Fund Market		2.52			(6.07	)		0.37			4.70		(6.07	)		1.88			58.30
Index		2.47			(5.85	)		0.29			4.71		(5.85	)		1.44			58.38

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Health Care	17.8	%
Financials	16.1
Consumer Staples	15.4
Industrials	14.1
Communication Services	9.8
Utilities	8.2
Consumer Discretionary	6.5
Materials	5.0
Information Technology	3.8
Real Estate	2.0
Energy	1.3

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Japan	27.1	%
Switzerland	14.8
United Kingdom	10.3
Hong Kong	7.9
France	7.2
Singapore	4.6
Australia	4.2
Netherlands	3.8
Denmark	3.4
Germany	3.4


F U N D S U M M A R Y		5


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

Investment Objective

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

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

Performance


				Average Annual Total Returns								Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		3.81	%		(5.67	)%		3.32	%		6.00%		(5.67	)%		17.74	%		57.22	%
Fund Market		3.69			(6.18	)		3.10			5.98		(6.18	)		16.50			56.93
Index		3.80			(5.53	)		3.43			6.19		(5.53	)		18.40			59.29

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	21.9	%
Financials	13.5
Health Care	11.4
Industrials	11.3
Consumer Discretionary	11.2
Consumer Staples	7.8
Materials	7.4
Energy	6.3
Real Estate	3.6
Communication Services	3.1
Utilities	2.5

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

United States	57.6	%
China	7.2
Japan	7.1
Canada	4.6
United Kingdom	3.8
India	2.8
Netherlands	1.9
Australia	1.8
South Korea	1.7
Switzerland	1.7


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

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

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

Performance


				Average Annual Total Returns								Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		4.62	%		(4.91	)%		1.76	%		5.97%		(4.91	)%		9.13	%		56.91	%
Fund Market		4.98			(4.66	)		1.63			6.00		(4.66	)		8.43			57.19
Index		4.72			(4.48	)		1.85			6.18		(4.48	)		9.62			59.16

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	24.6	%
Consumer Discretionary	13.4
Information Technology	11.0
Materials	9.4
Financials	9.1
Health Care	9.0
Energy	8.8
Real Estate	6.0
Consumer Staples	3.9
Communication Services	2.5
Utilities	2.3

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Japan	27.1	%
United Kingdom	15.6
Canada	14.1
Australia	10.5
France	5.6
Switzerland	5.6
Netherlands	4.2
Germany	3.8
Hong Kong	2.7
Singapore	2.7


F U N D S U M M A R Y		7

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2023

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.5%
AGL Energy Ltd.		253,052	$	1,372,370
ALS Ltd.		97,158		901,429
Alumina Ltd.		110,205		122,598
Aristocrat Leisure Ltd.		39,267		948,032
ASX Ltd.		39,599		1,937,782
Aurizon Holdings Ltd.		1,535,761		4,014,109
Australia & New Zealand Banking Group Ltd.		68,919		1,226,509
BHP Group Ltd.		272,954		9,559,431
BlueScope Steel Ltd.		103,922		1,417,130
carsales.com Ltd.		9,063		146,732
Commonwealth Bank of Australia		41,009		3,201,247
CSL Ltd.		15,664		3,307,460
Fortescue Metals Group Ltd.		214,547		3,388,889
Goodman Group		108,496		1,547,541
Harvey Norman Holdings Ltd.		196,848		624,941
JB Hi-Fi Ltd.		109,648		3,769,971
Macquarie Group Ltd.		33,012		4,404,096
Metcash Ltd.		795,422		2,357,169
Mineral Resources Ltd.		26,478		1,676,324
Mirvac Group		154,149		249,044
New Hope Corp. Ltd.		551,022		2,283,659
Pro Medicus Ltd.		15,806		754,874
Rio Tinto Ltd.		64,190		5,760,235
Sims Ltd.		162,436		1,763,721
Sonic Healthcare Ltd.		2,797		62,646
South32 Ltd.		539,423		1,730,970
Stockland		786,765		2,198,432
Telstra Corp. Ltd.		513,853		1,485,129
Wesfarmers Ltd.		50,026		1,763,752
Whitehaven Coal Ltd.		383,652		2,281,247
Woodside Energy Group Ltd.		20,102		520,519
Woolworths Group Ltd.		102,834		2,628,174
Yancoal Australia Ltd., NVS		493,783		2,055,980


				71,462,142

Austria — 0.8%
BAWAG Group AG^(a)		15,634		968,445
OMV AG		55,620		2,786,019
Verbund AG		4,448		378,717
Wienerberger AG		108,031		3,248,599


				7,381,780

Belgium — 0.6%
Ageas SA/NV		71,704		3,500,730
D’ieteren Group		6,911		1,320,798
KBC Group NV		12,950		959,171
Solvay SA		2,090		243,551


				6,024,250

Canada — 7.4%
Bank of Montreal		65,330		6,574,489
BCE Inc.		15,895		751,415
Canadian Imperial Bank of Commerce		22,537		1,028,821
Canadian National Railway Co.		3,185		379,122
Canadian Natural Resources Ltd.		56,370		3,460,026
Canadian Pacific Railway Ltd.		19,130		1,509,926
CGI Inc.^(b)		30,534		2,617,036
Constellation Software Inc./Canada		1,833		3,238,481
Dollarama Inc.		13,427		802,966
Fairfax Financial Holdings Ltd.		828		548,165
Loblaw Companies Ltd.		37,803		3,386,658


Security	Shares		Value

Canada (continued)
Magna International Inc.		38,887	$	2,524,564
Manulife Financial Corp.		118,089		2,336,841
National Bank of Canada		49,043		3,684,076
Nutrien Ltd.		43,348		3,588,252
Power Corp. of Canada		75,240		2,040,819
Royal Bank of Canada		115,507		11,820,250
Sun Life Financial Inc.		4,720		237,180
Suncor Energy Inc.		56,228		1,951,531
Teck Resources Ltd., Class B		67,039		2,900,128
Thomson Reuters Corp.		59,525		7,080,994
Toronto-Dominion Bank (The)		116,334		8,049,083


				70,510,823

Denmark — 2.9%
AP Moller - Maersk A/S, Class B, NVS		445		968,005
Carlsberg A/S, Class B		22,875		3,247,372
Coloplast A/S, Class B		6,915		834,879
Danske Bank A/S		25,182		524,631
Demant A/S^(b)		5,691		161,093
Genmab A/S^(b)		3,616		1,417,098
GN Store Nord A/S		22,562		556,295
ISS A/S^(b)		19,591		428,332
Jyske Bank A/S, Registered^(b)		4,388		316,477
Novo Nordisk A/S, Class B		109,361		15,134,443
Pandora A/S		31,904		2,656,675
Ringkjoebing Landbobank A/S		4,244		617,598
Royal Unibrew A/S		13,163		924,332


				27,787,230

Finland — 1.3%
Fortum OYJ		89,393		1,343,777
Kesko OYJ, Class B		69,200		1,611,909
Kone OYJ, Class B		11,705		638,345
Nokia OYJ		81,388		385,903
Nordea Bank Abp, New		362,576		4,247,478
Orion OYJ, Class B		31,783		1,702,762
Valmet OYJ		92,990		2,920,149


				12,850,323

France — 10.2%
Air Liquide SA		1,168		185,976
Airbus SE		5,778		724,364
ArcelorMittal SA		33,528		1,040,137
AXA SA		4,071		127,011
BNP Paribas SA		106,391		7,307,134
Bollore SE		104,140		582,702
Bouygues SA		81,381		2,681,011
Capgemini SE		7,188		1,364,179
Carrefour SA		116,083		2,208,011
Christian Dior SE, NVS		4,495		3,884,088
Cie. de Saint-Gobain		31,031		1,782,146
Cie. Generale des Etablissements Michelin SCA		31,022		980,910
Credit Agricole SA		407,294		4,904,323
Danone SA		1,851		101,507
Dassault Systemes SE		44,324		1,648,449
Edenred		4,857		264,558
Eiffage SA		20,539		2,193,782
Engie SA		141,283		2,006,199
EssilorLuxottica SA		1,729		317,236
Euronext NV^(a)		1,120		90,756
Gaztransport Et Technigaz SA		6,023		665,880
Hermes International		73		136,620


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Kering SA		6,434	$	4,014,537
Klepierre SA		11,630		295,173
La Francaise des Jeux SAEM^(a)		93,766		4,012,059
Legrand SA		9,925		884,953
L’Oreal SA		17,083		7,053,769
LVMH Moet Hennessy Louis Vuitton SE		13,879		12,116,029
Orange SA		187,929		1,988,806
Pernod Ricard SA		5,236		1,084,009
Publicis Groupe SA		50,384		3,554,069
Renault SA^(b)		14,028		570,371
Sanofi		63,598		6,227,798
Sartorius Stedim Biotech		3,179		1,108,925
Schneider Electric SE		33,302		5,402,102
SES SA		13,016		101,006
Societe Generale SA		73,516		2,188,319
Sodexo SA		1,591		157,720
TotalEnergies SE		137,642		8,509,132
Vinci SA		16,099		1,819,019
Vivendi SE		135,231		1,452,350


				97,737,125

Germany — 5.1%
adidas AG		7,095		1,142,410
AIXTRON SE		59,012		1,758,294
Allianz SE, Registered		22,162		5,299,240
Aurubis AG		7,032		743,682
BASF SE^(c)		18,918		1,084,672
Bayer AG, Registered		27,607		1,718,396
Bayerische Motoren Werke AG		27,252		2,776,015
Commerzbank AG^(b)		100,274		1,146,275
Covestro AG^(a)		17,729		816,323
Deutsche Bank AG, Registered		28,795		384,290
Deutsche Boerse AG		7,449		1,332,941
Deutsche Post AG, Registered		69,007		2,971,213
Deutsche Telekom AG, Registered		104,941		2,337,960
E.ON SE		85,785		935,306
Evonik Industries AG		11,973		266,142
GEA Group AG		21,018		948,330
Hannover Rueck SE		3,885		788,921
HelloFresh SE^(b)		43,125		1,048,424
Hugo Boss AG		11,134		756,112
Knorr-Bremse AG		11,764		773,224
Mercedes-Benz Group AG		67,888		5,051,684
Merck KGaA		3,708		773,964
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		8,951		3,233,167
Rheinmetall AG		551		128,745
SAP SE		44,290		5,250,135
Siemens AG, Registered		20,205		3,156,128
Telefonica Deutschland Holding AG		439,468		1,294,397
Wacker Chemie AG		2,163		326,915


				48,243,305

Hong Kong — 2.9%
AIA Group Ltd.		606,000		6,852,433
CK Asset Holdings Ltd.		220,000		1,406,572
CK Hutchison Holdings Ltd.		308,500		1,963,279
CLP Holdings Ltd.		148,500		1,103,344
ESR Group Ltd.^(a)		97,000		194,202
Hang Seng Bank Ltd.		66,000		1,099,112
Henderson Land Development Co. Ltd.		79,000		291,826


Security	Shares		Value

Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		2,249,000	$	1,554,582
HKT Trust & HKT Ltd., Class SS		71,000		93,022
Hong Kong Exchanges & Clearing Ltd.		84,400		3,796,108
Link REIT		149,800		1,199,053
Pacific Basin Shipping Ltd.		2,102,000		741,773
PCCW Ltd.		729,000		358,204
SITC International Holdings Co. Ltd.		785,000		1,714,910
Swire Properties Ltd.		751,200		2,111,290
Techtronic Industries Co. Ltd.		47,500		612,360
WH Group Ltd.^(a)		2,833,000		1,744,744
Wharf Real Estate Investment Co. Ltd.		196,000		1,122,034


				27,958,848

Ireland — 1.1%
AIB Group PLC		133,609		561,237
Bank of Ireland Group PLC		110,507		1,180,640
CRH PLC		41,822		1,954,030
Linde PLC, New, NVS^(b)(c)		20,089		6,645,834


				10,341,741

Italy — 2.0%
A2A SpA		1,532,667		2,307,403
Enel SpA		416,743		2,453,833
Eni SpA		265,270		4,082,035
Hera SpA		245,940		706,491
Intesa Sanpaolo SpA		246,592		648,357
Italgas SpA		281,044		1,645,148
Mediobanca Banca di Credito Finanziario SpA		49,403		531,080
Poste Italiane SpA^(a)		80,590		861,026
Recordati Industria Chimica e Farmaceutica SpA		9,023		395,284
Snam SpA		386,787		1,970,111
Stellantis NV		45,127		709,441
Terna - Rete Elettrica Nazionale		115,493		913,764
UniCredit SpA		111,624		2,180,144


				19,404,117

Japan — 21.7%
ADEKA Corp.		56,800		961,126
Advance Residence Investment Corp.		208		508,094
Advantest Corp.		28,700		2,057,244
Amada Co. Ltd.		19,800		177,859
Aozora Bank Ltd.		38,100		761,779
Asics Corp.		38,400		913,940
Astellas Pharma Inc.		178,000		2,620,183
Azbil Corp.		24,900		702,142
Bandai Namco Holdings Inc.		11,000		735,611
BayCurrent Consulting Inc.		51,600		2,193,493
BIPROGY Inc.		69,600		1,818,419
Bridgestone Corp.		4,300		160,533
Canon Inc.		26,200		581,439
Capcom Co. Ltd.		81,200		2,631,189
Chubu Electric Power Co. Inc.		132,700		1,429,321
Chugai Pharmaceutical Co. Ltd.		51,900		1,345,512
Cosmo Energy Holdings Co. Ltd.		69,800		1,957,469
Dai Nippon Printing Co. Ltd.		66,200		1,562,958
Daicel Corp.		74,000		545,993
Dai-ichi Life Holdings Inc.		105,100		2,465,937
Daiichi Sankyo Co. Ltd.		108,700		3,413,933
Daikin Industries Ltd.		2,300		399,498
Daiwa Securities Group Inc.		313,300		1,478,493
Ebara Corp.		37,700		1,600,726
Eisai Co. Ltd.		14,500		897,114


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Fast Retailing Co. Ltd.		2,200	$	1,336,191
Frontier Real Estate Investment Corp.		506		1,951,230
Fuji Electric Co. Ltd.		8,000		323,824
FUJIFILM Holdings Corp.		24,500		1,296,568
Fujikura Ltd.		277,800		2,111,657
Fujitsu Ltd.		21,300		3,032,680
GMO Payment Gateway Inc.		5,300		490,419
Hikari Tsushin Inc.		1,100		157,012
Hirose Electric Co. Ltd.		2,100		273,387
Hitachi Ltd.		50,400		2,643,099
Honda Motor Co. Ltd.		99,400		2,458,809
Hoya Corp.		38,400		4,222,922
Ibiden Co. Ltd.		39,700		1,549,447
IHI Corp.		13,700		416,270
Inpex Corp.		23,100		253,838
Internet Initiative Japan Inc.		147,400		2,766,074
ITOCHU Corp.		111,700		3,610,347
Japan Exchange Group Inc.		28,900		442,302
Japan Post Bank Co. Ltd.		126,700		1,125,713
Japan Post Holdings Co. Ltd.		112,100		984,177
Japan Post Insurance Co. Ltd.		199,200		3,553,720
Japan Real Estate Investment Corp.		310		1,329,122
Japan Tobacco Inc.		5,700		116,234
Jeol Ltd.		12,700		372,923
Kagome Co. Ltd.		86,100		2,102,943
KDDI Corp.		57,300		1,790,249
Keyence Corp.		7,000		3,222,581
Kikkoman Corp.		5,600		296,196
Kirin Holdings Co. Ltd.		12,500		192,622
Koei Tecmo Holdings Co. Ltd.		59,600		1,083,895
Konami Group Corp.		22,900		1,126,073
LaSalle Logiport REIT		1,353		1,639,299
Marubeni Corp.		64,600		792,550
Maruichi Steel Tube Ltd.		11,100		239,008
Mitsubishi Corp.		102,300		3,425,613
Mitsubishi Estate Co. Ltd.		78,800		1,012,826
Mitsubishi Gas Chemical Co. Inc.		110,500		1,614,682
Mitsubishi Heavy Industries Ltd.		18,600		729,305
Mitsubishi Logistics Corp.		22,200		518,401
Mitsubishi UFJ Financial Group Inc.		769,500		5,636,496
Mitsui & Co. Ltd.		60,300		1,779,015
Mitsui Chemicals Inc.		23,600		555,509
Mitsui High-Tec Inc.		25,200		1,328,858
MS&AD Insurance Group Holdings Inc.		94,500		3,030,966
Nihon Kohden Corp.		10,000		262,710
Nintendo Co. Ltd.		90,600		3,928,214
Nippon Accommodations Fund Inc.		330		1,481,179
Nippon Express Holdings Inc.		39,100		2,269,079
Nippon Gas Co. Ltd.		115,100		1,837,149
Nippon Sanso Holdings Corp.		20,100		327,848
Nippon Telegraph & Telephone Corp.		228,600		6,854,689
Nissan Chemical Corp.		42,400		2,001,689
Nissan Motor Co. Ltd.		149,000		535,348
Nissin Foods Holdings Co. Ltd.		10,800		844,318
Nitto Denko Corp.		19,100		1,234,575
NOF Corp.		9,200		391,894
Nomura Holdings Inc.		748,300		2,986,338
Nomura Real Estate Holdings Inc.		116,700		2,572,120
Nomura Research Institute Ltd.		122,900		2,950,531
Obic Co. Ltd.		7,500		1,202,450


Security	Shares		Value

Japan (continued)
Olympus Corp.		151,500	$	2,848,141
Omron Corp.		2,800		162,010
ORIX Corp.		146,600		2,577,665
Osaka Gas Co. Ltd.		65,200		1,052,125
Panasonic Holdings Corp.		65,200		604,624
Persol Holdings Co. Ltd.		52,900		1,159,859
Recruit Holdings Co. Ltd.		78,800		2,534,229
Rohto Pharmaceutical Co. Ltd.		21,800		402,241
Sanrio Co. Ltd.		47,500		1,811,756
Sanwa Holdings Corp.		123,400		1,306,364
SBI Holdings Inc.		121,300		2,571,474
SCSK Corp.		142,600		2,322,585
Sega Sammy Holdings Inc.		61,200		969,072
Sekisui House Ltd.		23,600		446,023
Seven & i Holdings Co. Ltd.		4,700		221,901
Shimadzu Corp.		6,600		202,825
Shimamura Co. Ltd.		2,600		243,890
Shin-Etsu Chemical Co. Ltd.		10,200		1,503,715
Shinko Electric Industries Co. Ltd.		3,000		84,408
Shionogi & Co. Ltd.		15,800		752,941
Shiseido Co. Ltd.		9,700		504,167
SHO-BOND Holdings Co. Ltd.		47,400		2,022,374
SMC Corp.		600		304,746
SoftBank Corp.		112,800		1,290,668
SoftBank Group Corp.		42,500		2,012,037
Sohgo Security Services Co. Ltd.		58,700		1,616,121
Sompo Holdings Inc.		29,500		1,269,942
Sony Group Corp.		66,500		5,941,877
Sumitomo Mitsui Financial Group Inc.		24,400		1,060,450
Sumitomo Mitsui Trust Holdings Inc.		17,300		630,215
Sumitomo Realty & Development Co. Ltd.		30,000		731,314
T&D Holdings Inc.		153,100		2,450,557
TDK Corp.		4,000		142,905
TIS Inc.		83,600		2,410,635
Tokio Marine Holdings Inc.		134,100		2,808,685
Tokyo Electric Power Co. Holdings Inc.^(b)		183,100		685,671
Tokyo Electron Ltd.		11,600		4,054,480
Tokyo Ohka Kogyo Co. Ltd.		23,300		1,148,375
Tokyo Tatemono Co. Ltd.		154,500		1,915,415
Toyo Suisan Kaisha Ltd.		17,300		714,850
Toyota Motor Corp.		661,100		9,708,725
Trend Micro Inc./Japan^(b)		19,000		940,766
Ulvac Inc.		49,000		2,292,316
Yakult Honsha Co. Ltd.		3,800		271,274
Yamada Holdings Co. Ltd.		105,000		381,252
Yamato Holdings Co. Ltd.		5,400		94,483
Yokohama Rubber Co. Ltd. (The)		21,600		354,863
Zenkoku Hosho Co. Ltd.		7,400		288,213
Zensho Holdings Co. Ltd.		39,400		1,005,692
ZOZO Inc.		9,700		251,455


				207,617,559

Netherlands — 5.2%
ABN AMRO Bank NV, CVA^(a)		71,914		1,193,596
Adyen NV^(a)(b)		3,031		4,582,590
Akzo Nobel NV		22,923		1,707,419
ASM International NV		6,439		2,177,708
ASML Holding NV^(c)		18,235		12,065,145
ASR Nederland NV		51,506		2,437,856
BE Semiconductor Industries NV		12,848		918,971
EXOR NV, NVS^(b)		21,327		1,695,254


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Netherlands (continued)
ING Groep NV^(b)		180,955	$	2,620,275
Koninklijke Ahold Delhaize NV		201,889		6,025,773
Koninklijke KPN NV		313,879		1,073,103
Koninklijke Philips NV		37,725		651,339
NN Group NV		70,830		3,077,427
OCI NV		121,028		4,119,848
QIAGEN NV^(b)		9,432		460,122
Randstad NV		32,375		2,075,184
Signify NV^(a)(c)		52,721		1,908,785
Universal Music Group NV		32,883		840,567


				49,630,962

New Zealand — 0.6%
Fisher & Paykel Healthcare Corp. Ltd.		57,260		939,704
Fletcher Building Ltd.		726,723		2,393,061
Mainfreight Ltd.		12,458		576,617
Meridian Energy Ltd.		190,407		658,086
Spark New Zealand Ltd.		222,316		749,591


				5,317,059

Norway — 1.0%
DNB Bank ASA		96,321		1,801,161
Equinor ASA		32,106		978,483
Gjensidige Forsikring ASA		5,264		94,612
Kongsberg Gruppen ASA		69,518		2,767,630
Orkla ASA		265,873		1,984,933
Telenor ASA		114,966		1,203,534
Yara International ASA		17,595		781,768


				9,612,121

Poland — 0.3%
LPP SA		781		1,829,407
Polski Koncern Naftowy ORLEN SA		60,853		913,989


				2,743,396

Portugal — 0.1%
Galp Energia SGPS SA		72,958		998,652
Jeronimo Martins SGPS SA		7,538		163,656


				1,162,308

Singapore — 1.7%
Capitaland Investment Ltd/Singapore		319,700		968,566
DBS Group Holdings Ltd.		52,400		1,434,517
Jardine Cycle & Carriage Ltd.		42,800		948,860
NetLink NBN Trust		2,695,900		1,797,934
Oversea-Chinese Banking Corp. Ltd.		179,700		1,775,499
Sembcorp Industries Ltd.		830,000		2,288,869
Singapore Technologies Engineering Ltd.		452,800		1,273,066
STMicroelectronics NV , New		45,219		2,128,625
United Overseas Bank Ltd.		128,100		2,911,793
Wilmar International Ltd.^(c)		265,800		826,378
Yangzijiang Shipbuilding Holdings Ltd.		331,200		326,514


				16,680,621

Spain — 2.0%
Acciona SA		11,920		2,325,592
Banco Bilbao Vizcaya Argentaria SA		313,790		2,216,541
Banco de Sabadell SA		1,398,161		1,827,905
Banco Santander SA		73,993		258,601
Bankinter SA		31,348		226,176
CaixaBank SA		122,176		542,090
Corp. ACCIONA Energias Renovables SA		20,624		843,400
Endesa SA		85,914		1,712,843
Iberdrola SA		208,930		2,451,118
Iberdrola SA, NVS		3,383		39,523


Security	Shares		Value

Spain (continued)
Naturgy Energy Group SA		8,734	$	247,716
Red Electrica Corp. SA		6,608		116,954
Repsol SA		300,634		4,938,465
Telefonica SA		414,813		1,575,883


				19,322,807

Sweden — 2.2%
Axfood AB		105,417		2,715,092
EQT AB		58,356		1,316,789
Getinge AB, Class B		31,012		698,625
H & M Hennes & Mauritz AB, Class B		7,081		87,212
Husqvarna AB, Class B		89,652		762,749
Kindred Group PLC		228,286		2,300,489
Kinnevik AB, Class B^(b)		76,382		1,180,648
Millicom International Cellular SA, SDR^(b)		5,405		92,606
Sandvik AB		24,392		504,125
Skandinaviska Enskilda Banken AB, Class A		144,774		1,752,606
SKF AB, Class B		11,108		196,593
SSAB AB, Class B		540,515		3,683,428
Svenska Handelsbanken AB, Class A		48,167		502,286
Swedbank AB, Class A		54,250		1,043,576
Telefonaktiebolaget LM Ericsson, Class B		285,029		1,653,299
Thule Group AB^(a)		13,143		314,956
Volvo AB, Class B		92,443		1,834,393


				20,639,472

Switzerland — 8.2%
ABB Ltd., Registered		47,693		1,660,463
Adecco Group AG, Registered		47,407		1,760,729
Alcon Inc.		34,046		2,569,060
Bucher Industries AG, Registered		6,602		3,008,310
Cie. Financiere Richemont SA, Class A, Registered		21,767		3,355,540
Coca-Cola HBC AG, Class DI		116,114		2,821,729
Galenica AG^(a)		6,613		517,187
Georg Fischer Ltd.		13,915		959,405
Givaudan SA, Registered		34		110,236
Julius Baer Group Ltd.		17,896		1,147,927
Kuehne + Nagel International AG, Registered		8,136		1,940,083
Logitech International SA, Registered		14,428		844,280
Lonza Group AG, Registered		342		195,091
Nestle SA, Registered		146,429		17,865,662
Novartis AG, Registered		128,183		11,588,901
PSP Swiss Property AG, Registered		15,034		1,874,194
Roche Holding AG, NVS		36,098		11,268,726
Sika AG, Registered		6,380		1,812,857
Sonova Holding AG, Registered		3,981		995,535
Straumann Holding AG		11,095		1,452,746
Swiss Life Holding AG, Registered		3,908		2,312,941
Swiss Re AG		12,021		1,258,730
Swisscom AG, Registered		245		144,760
Tecan Group AG, Registered		1,339		561,943
UBS Group AG, Registered		279,718		5,970,685
VAT Group AG^(a)		2,185		680,199
Zurich Insurance Group AG		286		141,435


				78,819,354

United Kingdom — 13.5%
3i Group PLC		91,756		1,790,135
Anglo American PLC		94,447		4,073,535
AstraZeneca PLC		65,230		8,545,942
B&M European Value Retail SA		135,142		747,378
BAE Systems PLC		182,645		1,933,487


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Barclays PLC		516,041	$	1,186,270
Barratt Developments PLC		87,243		495,865
Berkeley Group Holdings PLC		28,916		1,480,720
BP PLC		1,026,034		6,197,499
British American Tobacco PLC		39,343		1,508,167
Bunzl PLC		10,903		400,262
Burberry Group PLC		97,068		2,956,779
CNH Industrial NV		102,307		1,809,949
Computacenter PLC		74,156		2,037,988
Diageo PLC		112,713		4,928,497
Drax Group PLC		154,572		1,234,485
Entain PLC		5,316		98,031
Ferguson PLC		38,381		5,407,689
Glencore PLC		334,367		2,239,216
Grafton Group PLC		107,418		1,219,296
Greggs PLC		62,086		2,073,173
GSK PLC		232,978		4,092,262
Haleon PLC^(b)		222,766		892,708
Harbour Energy PLC		44,280		171,266
Howden Joinery Group PLC		218,569		1,865,001
HSBC Holdings PLC		698,994		5,150,430
IG Group Holdings PLC		32,798		322,479
IMI PLC		92,160		1,650,133
Imperial Brands PLC		103,593		2,598,757
Inchcape PLC		207,698		2,341,737
Indivior PLC, NVS^(b)		138,883		3,334,774
Intermediate Capital Group PLC		132,860		2,286,178
International Distributions Services PLC		681,129		1,927,933
Investec PLC		374,341		2,388,756
JD Sports Fashion PLC		1,303,430		2,627,218
Kingfisher PLC		635,275		2,191,646
Land Securities Group PLC		30,528		267,450
Legal & General Group PLC		520,831		1,639,023
Lloyds Banking Group PLC		1,045,885		680,657
M&G PLC		147,886		369,319
Man Group PLC/Jersey		630,780		1,940,566
Marks & Spencer Group PLC^(b)		141,091		254,502
Next PLC		31,948		2,615,716
OSB Group PLC		66,931		451,241
Pearson PLC		54,254		618,722
Persimmon PLC		22,374		390,769
Prudential PLC		20,198		335,591
Reckitt Benckiser Group PLC		20,626		1,469,827
Rentokil Initial PLC		159,981		970,033
Rightmove PLC		196,724		1,429,374
Rio Tinto PLC		58,712		4,597,222
RS GROUP PLC		43,919		510,596
Safestore Holdings PLC		143,346		1,784,900


Security	Shares		Value

United Kingdom (continued)
Sage Group PLC (The)		151,030	$	1,451,046
Shell PLC		310,051		9,093,224
Softcat PLC		31,531		471,827
Tesco PLC		87,387		265,602
Unilever PLC		102,769		5,230,845
United Utilities Group PLC		41,682		545,412
Vodafone Group PLC		2,596,820		2,996,244
WPP PLC		199,346		2,329,106


				128,914,455


Total Common Stocks — 98.3% (Cost: $897,006,875)				940,161,798


Preferred Stocks

Germany — 1.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		85,867		10,209,477
Volkswagen AG, Preference Shares, NVS		9,326		1,293,429


				11,502,906


Total Preferred Stocks — 1.2% (Cost: $10,078,213)				11,502,906


Total Long-Term Investments — 99.5% (Cost: $907,085,088)				951,664,704


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		3,228,934		3,230,871
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		390,000		390,000


Total Short-Term Securities — 0.4% (Cost: $3,618,802)				3,620,871


Total Investments — 99.9% (Cost: $910,703,890)				955,285,575

Other Assets Less Liabilities — 0.1%				834,656


Net Assets — 100.0%			$	956,120,231

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

Affiliates

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




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,549,608	$	—		$	(2,319,235	)^(a)	$	(1,441	)	$	1,939	$	3,230,871		3,228,934	$	56,908	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		210,000	^(a)		—			—			—		390,000		390,000		6,275			—


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

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		6		03/09/23	$	915	$	24,967
SPI 200 Index		5		03/16/23		659		25,126
Euro STOXX 50 Index		32		03/17/23		1,458		92,555
FTSE 100 Index		13		03/17/23		1,247		43,958


							$	186,606

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	186,606	$	—	$	—	$	—	$	186,606

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	329,387	$	—	$	—	$	—	$	329,387


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	6,063	$	—	$	—	$	—	$	6,063

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	4,787,364


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® International Equity Factor ETF

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	71,462,142	$	—	$	71,462,142
Austria		—		7,381,780		—		7,381,780
Belgium		—		6,024,250		—		6,024,250
Canada		70,510,823		—		—		70,510,823
Denmark		—		27,787,230		—		27,787,230
Finland		—		12,850,323		—		12,850,323
France		—		97,737,125		—		97,737,125
Germany		—		48,243,305		—		48,243,305
Hong Kong		—		27,958,848		—		27,958,848
Ireland		—		10,341,741		—		10,341,741
Italy		—		19,404,117		—		19,404,117
Japan		243,890		207,373,669		—		207,617,559
Netherlands		—		49,630,962		—		49,630,962
New Zealand		—		5,317,059		—		5,317,059
Norway		—		9,612,121		—		9,612,121
Poland		—		2,743,396		—		2,743,396
Portugal		—		1,162,308		—		1,162,308
Singapore		—		16,680,621		—		16,680,621
Spain		—		19,322,807		—		19,322,807
Sweden		—		20,639,472		—		20,639,472
Switzerland		—		78,819,354		—		78,819,354
United Kingdom		2,388,756		126,525,699		—		128,914,455
Preferred Stocks		—		11,502,906		—		11,502,906
Short-Term Securities
Money Market Funds		3,620,871		—		—		3,620,871


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

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	186,606	$	—	$	186,606

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited)

January 31, 2023

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.1%
Brambles Ltd.		1,029,037	$	8,750,468
Cochlear Ltd.		31,256		4,722,051
Coles Group Ltd.		1,545,632		19,440,379
Commonwealth Bank of Australia		328,341		25,630,975
CSL Ltd.		107,654		22,731,187
Medibank Pvt Ltd.		4,996,410		10,408,937
Newcrest Mining Ltd.		1,909,276		30,336,667
Sonic Healthcare Ltd.		609,640		13,654,445
Telstra Corp. Ltd.		8,473,145		24,488,935
Transurban Group		1,959,575		19,211,942
Wesfarmers Ltd.		2,272,458		80,119,362
Woolworths Group Ltd.		1,815,092		46,389,110


				305,884,458

Belgium — 1.6%
Groupe Bruxelles Lambert NV		750,372		64,190,735
UCB SA		679,334		55,776,448


				119,967,183

Denmark — 3.4%
Carlsberg A/S, Class B		79,769		11,324,136
Chr Hansen Holding A/S		399,014		29,461,164
Genmab A/S^(a)		82,358		32,275,808
Novo Nordisk A/S, Class B		900,226		124,582,066
Novozymes A/S, Class B		422,062		21,962,648
Tryg A/S		1,338,053		30,705,768


				250,311,590

Finland — 2.5%
Elisa OYJ		1,192,440		67,937,029
Kone OYJ, Class B		962,785		52,506,519
Nokia OYJ		1,925,786		9,131,145
Orion OYJ, Class B		800,643		42,894,150
Sampo OYJ, Class A		299,672		15,732,622


				188,201,465

France — 7.1%
Air Liquide SA		352,107		56,064,647
BioMerieux		119,903		12,223,617
Carrefour SA		2,220,310		42,232,443
Danone SA		516,165		28,306,103
Eurofins Scientific SE^(b)		79,698		5,716,719
Getlink SE		622,424		10,527,534
Hermes International		10,198		19,085,650
Ipsen SA		146,082		15,343,722
La Francaise des Jeux SAEM^(c)		387,497		16,580,219
L’Oreal SA		120,255		49,654,685
Orange SA		7,725,745		81,759,633
Pernod Ricard SA		167,551		34,688,078
Sanofi		1,162,408		113,828,134
SEB SA		165,731		17,331,483
Thales SA		60,137		7,953,679
TotalEnergies SE		257,009		15,888,491


				527,184,837

Germany — 3.4%
Beiersdorf AG		381,369		46,365,930
Deutsche Boerse AG		139,279		24,922,902
Deutsche Telekom AG, Registered		2,509,316		55,904,549
Henkel AG & Co. KGaA		46,253		3,090,544
Merck KGaA		256,536		53,546,293
Symrise AG		561,579		59,701,272


Security	Shares		Value

Germany (continued)
Telefonica Deutschland Holding AG		1,645,708	$	4,847,222


				248,378,712

Hong Kong — 7.9%
BOC Hong Kong Holdings Ltd.		15,764,500		55,095,148
CK Infrastructure Holdings Ltd.		5,277,000		29,358,863
CLP Holdings Ltd.		9,469,500		70,357,714
Hang Seng Bank Ltd.		6,105,100		101,669,532
HK Electric Investments & HK Electric Investments Ltd., Class SS^(b)		26,691,000		18,449,691
HKT Trust & HKT Ltd., Class SS		33,740,349		44,205,793
Hong Kong & China Gas Co. Ltd.^(b)		14,913,799		14,973,750
Jardine Matheson Holdings Ltd.		672,700		35,757,753
Link REIT		5,651,000		45,232,640
MTR Corp. Ltd.		14,930,248		79,899,328
Power Assets Holdings Ltd.		13,693,500		77,480,113
Sun Hung Kai Properties Ltd.		679,500		9,636,411


				582,116,736

Ireland — 0.7%
Kerry Group PLC, Class A		542,926		50,872,212


Israel — 2.1%
Azrieli Group Ltd.		67,327		4,336,707
Bank Hapoalim BM		4,223,106		38,010,300
Bank Leumi Le-Israel BM		5,114,965		45,202,897
Check Point Software Technologies Ltd.^(a)(b)		247,312		31,458,086
ICL Group Ltd.		1,843,428		14,636,147
Isracard Ltd.		2		6
Mizrahi Tefahot Bank Ltd.		570,265		18,836,236


				152,480,379

Italy — 2.3%
Eni SpA		994,803		15,308,254
Ferrari NV		188,385		47,074,429
Infrastrutture Wireless Italiane SpA^(c)		2,270,215		24,878,781
Recordati Industria Chimica e Farmaceutica SpA		658,989		28,869,308
Snam SpA		7,125,993		36,296,457
Terna - Rete Elettrica Nazionale		2,148,546		16,998,996


				169,426,225

Japan — 26.9%
Astellas Pharma Inc.		344,200		5,066,669
Bandai Namco Holdings Inc.		122,800		8,212,096
Bridgestone Corp.		471,400		17,598,866
Canon Inc.		2,340,500		51,941,178
Central Japan Railway Co.		158,900		19,381,788
Chiba Bank Ltd. (The)		3,083,100		23,327,977
Chubu Electric Power Co. Inc.		3,388,400		36,496,697
Chugai Pharmaceutical Co. Ltd.		1,017,100		26,368,400
Concordia Financial Group Ltd.		3,286,400		14,441,632
East Japan Railway Co.		747,900		41,701,563
ENEOS Holdings Inc.		8,219,400		29,427,066
Fast Retailing Co. Ltd.		8,400		5,101,818
FUJIFILM Holdings Corp.		517,000		27,360,229
Hamamatsu Photonics KK		86,900		4,643,091
Hankyu Hanshin Holdings Inc.		320,700		9,531,984
Hikari Tsushin Inc.		55,700		7,950,522
Hirose Electric Co. Ltd.		283,200		36,868,188
Idemitsu Kosan Co. Ltd.		1,369,600		34,241,052
ITOCHU Corp.		1,939,400		62,684,933
Itochu Techno-Solutions Corp.		282,400		6,991,518
Japan Post Bank Co. Ltd.		4,101,800		36,443,974
Japan Post Holdings Co. Ltd.		4,952,100		43,476,755


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Tobacco Inc.		1,754,700	$	35,781,676
Kao Corp.		169,300		6,843,417
KDDI Corp.		1,283,300		40,094,697
Keio Corp.		410,800		15,078,200
Keisei Electric Railway Co. Ltd.		194,700		5,679,199
Kintetsu Group Holdings Co. Ltd.		987,700		32,164,426
Kirin Holdings Co. Ltd.		335,600		5,171,503
Kobayashi Pharmaceutical Co. Ltd.		143,000		10,266,271
Kyowa Kirin Co. Ltd.		426,000		9,500,203
McDonald’s Holdings Co. Japan Ltd.^(b)		877,800		34,679,574
MEIJI Holdings Co. Ltd.		738,300		38,076,109
Mitsubishi Corp.		937,800		31,403,126
Mitsubishi UFJ Financial Group Inc.		4,776,900		34,990,223
Mizuho Financial Group Inc.		5,578,920		87,145,238
MS&AD Insurance Group Holdings Inc.		219,800		7,049,802
NEC Corp.		552,700		19,967,728
Nippon Express Holdings Inc.		68,800		3,992,651
Nippon Prologis REIT Inc.		10,275		23,315,422
Nippon Shinyaku Co. Ltd.		174,500		8,980,838
Nippon Telegraph & Telephone Corp.		2,472,500		74,139,193
Nissin Foods Holdings Co. Ltd.		511,200		39,964,407
Nitori Holdings Co. Ltd.		397,400		52,598,153
Nitto Denko Corp.		54,200		3,503,348
Nomura Research Institute Ltd.		236,900		5,687,394
Obayashi Corp.		1,666,900		12,929,681
Obic Co. Ltd.		197,300		31,632,448
Odakyu Electric Railway Co. Ltd.		737,500		9,696,183
Ono Pharmaceutical Co. Ltd.		1,754,800		38,076,850
Oracle Corp. Japan		108,000		7,398,737
Oriental Land Co. Ltd./Japan		155,900		25,976,034
Osaka Gas Co. Ltd.		1,949,900		31,465,310
Otsuka Corp.		359,900		11,840,543
Otsuka Holdings Co. Ltd.		2,680,200		85,981,910
Pan Pacific International Holdings Corp.		1,333,200		24,655,032
Secom Co. Ltd.		631,600		37,628,051
Sekisui Chemical Co. Ltd.		387,200		5,424,008
Sekisui House Ltd.		1,600,200		30,242,595
Seven & i Holdings Co. Ltd.		217,200		10,254,641
SG Holdings Co. Ltd.		2,053,500		31,688,209
Shionogi & Co. Ltd.		204,700		9,754,874
Shizuoka Financial Group Inc., NVS		4,133,700		35,019,193
SoftBank Corp.		7,643,000		87,451,916
Sumitomo Mitsui Financial Group Inc.		346,700		15,067,951
Suntory Beverage & Food Ltd.		1,013,500		34,223,607
Takeda Pharmaceutical Co. Ltd.		1,379,600		43,370,993
Tobu Railway Co. Ltd.		1,214,700		28,500,625
Tokio Marine Holdings Inc.		748,300		15,672,921
Tokyo Gas Co. Ltd.		1,213,000		25,399,849
Tokyu Corp.		311,000		3,999,268
Trend Micro Inc./Japan^(a)		183,900		9,105,628
USS Co. Ltd.		2,003,000		32,945,672
Welcia Holdings Co. Ltd.		918,800		20,535,786
West Japan Railway Co.		394,500		16,521,068
Yakult Honsha Co. Ltd.		402,400		28,726,492
Yamato Holdings Co. Ltd.		595,500		10,419,426


				1,986,936,295

Netherlands — 3.8%
Davide Campari-Milano NV		482,986		5,181,029
Heineken NV		164,160		16,405,970
JDE Peet’s NV		335,863		10,066,799


Security	Shares		Value

Netherlands (continued)
Koninklijke Ahold Delhaize NV		3,410,096	$	101,781,009
Koninklijke DSM NV		79,639		10,241,734
Koninklijke KPN NV		7,840,092		26,804,045
OCI NV		106,826		3,636,405
QIAGEN NV^(a)		1,314,952		64,147,427
Wolters Kluwer NV		380,988		41,536,462


				279,800,880

New Zealand — 0.6%
Auckland International Airport Ltd.^(a)		2,427,502		13,359,844
Fisher & Paykel Healthcare Corp. Ltd.		530,475		8,705,724
Spark New Zealand Ltd.		6,165,805		20,789,460


				42,855,028

Norway — 0.2%
Telenor ASA		1,492,246		15,621,742


Portugal — 0.6%
Jeronimo Martins SGPS SA		2,148,638		46,648,492


Singapore — 4.6%
DBS Group Holdings Ltd.^(b)		2,817,000		77,118,956
Oversea-Chinese Banking Corp. Ltd.^(b)		5,876,299		58,059,878
Singapore Exchange Ltd.		7,772,700		54,747,141
Singapore Technologies Engineering Ltd.		14,500,800		40,769,598
Singapore Telecommunications Ltd.		11,457,200		21,942,387
United Overseas Bank Ltd.		3,114,800		70,801,360
Venture Corp. Ltd.		877,700		12,394,310


				335,833,630

Spain — 2.4%
Aena SME SA^(a)(c)		101,652		15,273,108
Enagas SA		342,777		6,146,434
Endesa SA		976,114		19,460,511
Grifols SA^(a)(b)		787,410		10,423,772
Iberdrola SA		2,147,605		25,195,198
Iberdrola SA, NVS		45,371		530,002
Industria de Diseno Textil SA		1,436,498		44,848,628
Naturgy Energy Group SA		364,986		10,351,810
Red Electrica Corp. SA		2,348,586		41,567,375


				173,796,838

Sweden — 0.2%
Telia Co. AB		5,483,487		14,161,875


Switzerland — 14.7%
Alcon Inc.		63,837		4,817,044
Baloise Holding AG, Registered		136,422		22,437,718
Banque Cantonale Vaudoise, Registered		282,489		26,852,575
Barry Callebaut AG, Registered		18,827		39,335,864
BKW AG		162,005		23,296,686
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		942		10,345,721
EMS-Chemie Holding AG, Registered		68,505		51,069,118
Geberit AG, Registered		68,923		39,215,969
Givaudan SA, Registered		18,221		59,076,671
Kuehne + Nagel International AG, Registered		203,287		48,475,119
Lonza Group AG, Registered		6,479		3,695,889
Nestle SA, Registered		874,305		106,673,118
Novartis AG, Registered		1,211,625		109,541,848
Roche Holding AG, Bearer		206,842		75,712,613
Roche Holding AG, NVS		323,708		101,052,047
Schindler Holding AG, Participation Certificates, NVS		104,633		22,301,196
Schindler Holding AG, Registered		198,228		40,099,327


S C H E D U L E O F I N V E S T M E N T S			17

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
SGS SA, Registered		22,171	$	54,066,955
Swatch Group AG (The), Registered		137,521		9,036,182
Swiss Prime Site AG, Registered		757,452		67,495,212
Swisscom AG, Registered		189,418		111,918,677
Zurich Insurance Group AG		121,987		60,326,047


				1,086,841,596

United Kingdom — 10.3%
Admiral Group PLC		236,743		6,435,933
AstraZeneca PLC		564,218		73,919,586
BAE Systems PLC		4,812,187		50,941,998
British American Tobacco PLC		248,135		9,511,957
Bunzl PLC		655,098		24,049,432
Croda International PLC		219,157		18,680,227
DCC PLC		113,045		6,438,806
Diageo PLC		161,730		7,071,817
GSK PLC		4,720,553		82,916,584
Halma PLC		126,163		3,358,967
Hikma Pharmaceuticals PLC		726,865		15,376,175
HSBC Holdings PLC		8,302,630		61,176,649
J Sainsbury PLC		8,548,719		27,724,177
National Grid PLC		6,939,177		88,217,022
Reckitt Benckiser Group PLC		778,126		55,449,959
RELX PLC		1,595,830		47,410,357
Rio Tinto PLC		92,914		7,275,280
Sage Group PLC (The)		725,632		6,971,632
Severn Trent PLC		557,963		19,417,605
Tesco PLC		15,273,828		46,422,962
Unilever PLC		1,655,317		84,254,072
United Utilities Group PLC		1,081,881		14,156,484


				757,177,681


Total Long-Term Investments — 99.4% (Cost: $7,200,215,243)				7,334,497,854


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		20,100,937	$	20,112,998
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		1,360,000		1,360,000


Total Short-Term Securities — 0.3% (Cost: $21,468,283)				21,472,998


Total Investments — 99.7% (Cost: $7,221,683,526)				7,355,970,852

Other Assets Less Liabilities — 0.3%				21,471,997


Net Assets — 100.0%			$	7,377,442,849

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,760,113	$	17,344,661	^(a)	$	—	$	4,172	$	4,052	$	20,112,998		20,100,937	$	37,511	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		980,000		380,000	^(a)		—		—		—		1,360,000		1,360,000		50,213			1


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

^(a)

Represents net amount purchased (sold).

^(b)


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Min Vol Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		74		03/09/23	$	11,290	$	306,977
SPI 200 Index		62		03/16/23		8,173		364,405
Euro STOXX 50 Index		161		03/17/23		7,335		465,810
FTSE 100 Index		65		03/17/23		6,234		237,738
2-Year U.S. Treasury Note		39		03/31/23		8,024		16,400


							$	1,391,330

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,374,930	$	—	$	16,400	$	—	$	1,391,330

^(a)

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,772,130	$	—	$	(244,070	)	$	—	$	2,528,060

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	488,927	$	—	$	33,218		$	—	$	522,145

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts

Average notional value of contracts — long	$	43,497,002

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	305,884,458	$	—	$	305,884,458
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% (Cost: $114,324,626)				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% (Cost: $342,561)				189,457


Total Long-Term Investments — 99.7% (Cost: $114,667,187)				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% (Cost: $362,761)				362,786


Total Investments — 100.0% (Cost: $115,029,948)				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




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	$	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)

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)

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




	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% (Cost: $519,576,615)				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% (Cost: $1,578,462)				1,741,329


Total Long-Term Investments — 99.6% (Cost: $521,155,077)				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% (Cost: $9,321,416)				9,325,984


Total Investments — 101.3% (Cost: $530,476,493)				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




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)

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

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)

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




	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

Financial Highlights

(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 (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		$	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.


52		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)

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:




	Six Months Ended 01/31/23						Year Ended 07/31/22


iShares ETF	Shares			Amount			Shares			Amount


International Equity Factor
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	)


		2,400,000		$	64,124,882			3,700,000		$	102,005,132

MSCI EAFE Min Vol Factor
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	)


		20,100,000		$	1,051,278,750			(21,400,000	)	$	(1,526,195,378	)


54		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)




	Six Months Ended 01/31/23				Year Ended 07/31/22


iShares ETF	Shares		Amount		Shares			Amount


MSCI Global Multifactor
Shares sold		—	$	8		800,000		$	30,535,806
Shares redeemed		—		—		(700,000	)		(26,637,726	)


		—	$	8		100,000		$	3,898,080

MSCI Intl Small-Cap Multifactor
Shares sold		10,300,000	$	306,940,413		2,600,000		$	85,244,456
Shares redeemed		—		1		(500,000	)		(16,381,092	)


		10,300,000	$	306,940,414		2,100,000		$	68,863,364

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:

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

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

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.

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


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI 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

General Information

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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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		59

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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.

iS-SAR-719-0123