iShares Trust


		JULY 31, 2022



		2022 Annual Report

iShares Trust

iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. 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 weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(7.81	)%		(4.64	)%

U.S. small cap equities (Russell 2000^® Index)		(6.42	)		(14.29	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.27	)		(14.32	)

Emerging market equities (MSCI Emerging Markets Index)		(16.24	)		(20.09	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.21			0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.38	)		(10.00	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.14	)		(9.12	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.95	)		(6.93	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(6.58	)		(8.03	)

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		48
Report of Independent Registered Public Accounting Firm		57
Important Tax Information		58
Board Review and Approval of Investment Advisory Contract		59
Supplemental Information		63
Trustee and Officer Information		64
General Information		67
Glossary of Terms Used in this Report		68


		3

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.

For the first five months of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022, which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses.

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.


4		2 0 2 2 I S H A R E S 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 July 31, 2022		iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(16.09	)%		4.10	%		5.07	%		(16.09	)%		22.24	%		45.22	%

Fund Market		(16.21	)		4.01			5.07			(16.21	)		21.73			45.24

Index		(16.18	)		4.19			5.26			(16.18	)		22.81			47.24

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 872.10	$ 1.39			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.


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


Fund Summary as of July 31, 2022 (continued)		iShares^® MSCI Intl Momentum Factor ETF

Portfolio Management Commentary

International developed stocks with relatively higher momentum characteristics declined during the reporting period amid soaring inflation, rising interest rates, and Russia’s invasion of Ukraine. Stocks in Japan detracted the most from the Index’s performance, due in part to the weakness of the Japanese yen, which declined to a 24-year low against the U.S. dollar in July 2022. The Japanese information technology sector detracted as higher U.S. Treasury yields, rising commodities prices, and concerns over China’s coronavirus-related lockdowns drove declines for electronic equipment and instruments makers. Japanese professional services companies were similarly affected by the pessimistic economic news and declining investor sentiment, further detracting from the Index’s performance.

Equities in France also detracted significantly from the Index’s return, led by the consumer discretionary sector. The imposition of new lockdowns in major Chinese cities affected retail operations of French apparel accessories and luxury goods companies. The French industrials sector also declined, as supply-chain blockages led airplane manufacturers to decrease production in the aerospace and defense industry.

Swiss stocks further detracted from the Index’s performance. Swiss healthcare companies declined, as a failed drug trial for a promising lung cancer treatment weighed on the pharmaceuticals industry. The industrials sector declined amid recession fears and a resurgence of COVID-19 cases in China, which pressured machinery manufacturers.

Stocks in Sweden and the Netherlands were notable detractors. The decline in global markets lowered the valuations of Swedish venture capital firms’ portfolios, weighing on the diversified financial services industry. In the Netherlands, the information technology sector detracted, driven by the semiconductor equipment industry. A leading Dutch supplier of semiconductor manufacturing technology faced worsening supply-chain constraints as it attempted to meet demand in the midst of a global semiconductor shortage.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI World ex USA Index. The momentum factor led to outperformance early in the reporting period due to favorable industry allocations, particularly an overweight in the semiconductors industry. However, stock selection in the healthcare, industrials, and financials sectors led to underperformance from December 2021 through May 2022. The most recent rebalance, in the spring of 2022, led to overweight positions in the energy and healthcare sectors and underweight positions in the consumer discretionary, information technology, and industrials sectors. The Index underperformed the broader market for the remainder of the reporting period.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Health Care	18.9	%
Financials	16.9
Energy	13.9
Consumer Staples	12.2
Industrials	10.4
Materials	9.0
Consumer Discretionary	5.4
Communication Services	5.3
Utilities	4.4
Information Technology	2.7
Real Estate	0.9

GEOGRAPHIC ALLOCATION



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

United Kingdom	18.9	%
Canada	16.1
Japan	16.0
Switzerland	13.4
Australia	8.5
France	8.2
Denmark	5.0
Germany	3.1
Norway	1.6
Singapore	1.4

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S 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 July 31, 2022		iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(13.78	)%		5.62	%		5.96	%		(13.78	)%		31.47	%		54.77	%

Fund Market		(13.65	)		5.61			6.00			(13.65	)		31.36			55.28

Index		(14.14	)		5.61			6.06			(14.14	)		31.39			55.89

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 896.90	$ 1.41			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)


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


Fund Summary as of July 31, 2022 (continued)		iShares^® MSCI Intl Quality Factor ETF

Portfolio Management Commentary

Stocks featuring high quality characteristics from international developed markets declined for the reporting period. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict lockdown policies to control the spread of COVID-19 slowed global economic growth and drove down equity prices. In particular, central bank interest rate increases negatively impacted stocks with high quality characteristics, which usually exhibit a growth-oriented bias. Value stocks outperformed growth stocks for the reporting period.

Stocks in Switzerland detracted from the Index’s performance. Pharmaceutical companies in the healthcare sector experienced disruptions in clinical trials due to the war between Russia and Ukraine, as a significant number of patients in the trials come from those two countries. In the industrials sector, production slowed during the reporting period. Rising production costs and weakening demand raised the likelihood of limited production for the remainder of 2022.

Stocks in the U.K also detracted from the Index’s performance, driven by the financials sector. Interest rate increases weighed on the insurance industry, as did a court ruling that forced coverage of business clients’ financial losses incurred during the coronavirus pandemic. In addition, amid the turmoil in global equity markets, the asset management industry’s revenue base decreased as investors late in the reporting period withdrew assets from U.K. mutual funds at the fastest pace since 2018.

Stocks in Japan, the Netherlands, and Germany also detracted from the Index’s performance. In Japan, industrial output declined throughout the first half of 2022 amid weak demand for the country’s exports, partially tied to tariffs the U.S. and China placed on one another. In the Netherlands, ongoing supply-chain difficulties tied to pandemic-related disruptions left makers of semiconductor equipment short of necessary production materials. In Germany, the industrials sector encountered declining production during the reporting period.

In terms of relative performance, the Index marginally underperformed the broader global market, as measured by the MSCI World ex USA Index. The Index trailed the broader market primarily due to its positioning within the financials sector, namely the banks and capital markets industries. Positioning with the energy sector also detracted from relative returns. On the upside, an underweight position in German stocks contributed to relative performance, as Germany’s stock market declined 19% between an all-time high in early January 2022 and the end of the reporting period. An overweight position in Denmark also contributed to relative performance.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	19.4	%
Industrials	14.9
Health Care	11.8
Consumer Discretionary	10.8
Consumer Staples	10.3
Information Technology	8.0
Materials	7.5
Energy	6.8
Communication Services	4.5
Utilities	3.4
Real Estate	2.6

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
United Kingdom	14.2	%
Switzerland	13.3
Japan	12.9
France	9.8
Australia	7.5
Canada	6.5
Denmark	6.0
Netherlands	5.9
Hong Kong	5.6
Germany	4.0

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S 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 July 31, 2022		iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(14.94	)%		1.99	%		3.33	%		(14.94	)%		10.37	%		26.26	%

Fund Market		(15.13	)		1.85			3.26			(15.13	)		9.62			25.66

Index		(15.13	)		1.92			3.32			(15.13	)		9.98			26.18

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 892.50	$ 1.41			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of July 31, 2022 (continued)		iShares^® MSCI Intl Size Factor ETF

Portfolio Management Commentary

International developed market stocks with smaller-than-average capitalization declined for the reporting period. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict lockdown policies to control the spread of COVID-19 slowed global economic growth and drove down equity prices. In that environment, smaller-capitalization stocks, which tend to be more exposed to economic cycles, trailed their large-capitalization counterparts.

Stocks in Japan, which represented approximately 29% of the Index on average, detracted the most from the Index’s performance. The Japanese yen weakened relative to the U.S. dollar, increasing costs for imported raw materials as the country’s exports continued a long-term downward trend. Within Japan, the industrials sector drove the decline as China’s latest round of coronavirus-related lockdowns disrupted production for Japanese industrial manufacturers while inflation raised prices for key raw materials. Similarly, in the consumer discretionary sector, supply constraints weighed on the retail industry, as did declining disposable incomes, tied to rising inflation.

Stocks in Germany, Sweden, and France also detracted from the Index’s performance. Concerns about recession increased across the E.U. in the first half of 2022, pushing the value of the euro to a 20-year low relative to the U.S. dollar. Interest rate increases by the Fed and the ECB heightened those concerns, as did surging natural gas costs. After invading Ukraine, Russia responded to global sanctions on its economy by drastically reducing gas shipments to the E.U., which normally relies on Russia for 40% of its gas needs, raising natural gas prices. Stocks in the U.K. also detracted from the Index’s performance. The homebuilding declined as an uncertain business outlook and weakening consumer demand halted growth in construction.

Due to its tilt toward smaller-than-average capitalization stocks, the Index underperformed the broader market, as measured by the MSCI World ex USA Index, on a relative performance basis. The size factor inherent in the Index historically tends to be sensitive to broader market cycles, outperforming as broader markets advance and underperforming as markets decline. Underweight positions in the pharmaceuticals, banking, and oil, gas, and consumable fuels industries also detracted from relative performance, while a small underweight in metals and mining contributed to relative performance.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Industrials	19.7	%
Financials	15.0
Consumer Discretionary	11.2
Information Technology	8.4
Consumer Staples	8.4
Materials	8.2
Health Care	7.3
Real Estate	6.8
Communication Services	6.4
Utilities	5.2
Energy	3.4

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Japan	27.9	%
Canada	9.9
United Kingdom	9.3
France	7.0
Australia	6.8
Germany	6.0
Switzerland	4.6
Sweden	4.6
Hong Kong	3.9
Netherlands	3.1

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S 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 July 31, 2022		iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(8.02	)%		1.27	%		1.72	%		(8.02	)%		6.52	%		12.90	%

Fund Market		(7.85	)		1.16			1.73			(7.85	)		5.94			13.00

Index		(8.35	)		1.24			1.72			(8.35	)		6.38			12.88

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 884.90	$ 1.40			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

(a)


F U N D S U M M A R Y		11


Fund Summary as of July 31, 2022 (continued)		iShares^® MSCI Intl Value Factor ETF

Portfolio Management Commentary

International developed market stocks declined during the reporting period; however, international DM equities with value exposure outperformed broad international developed markets on a relative basis. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict policies aimed at controlling the spread of COVID-19 all contributed to widespread equity declines in international developed markets.

Japanese stocks detracted the most from the Index’s performance, driven by the information technology sector. Technology hardware and equipment companies declined as global shipments of personal computers decreased in the first half of 2022. Moreover, analysts concluded that many companies planned to decrease their technology hardware budgets, reducing demand expectations for hardware components. Manufacturing shutdowns and other impacts of pandemic-related lockdowns in China also weighed on the industry. The consumer discretionary sector also detracted as large automobiles manufacturers reduced vehicle production due to similar supply shortages and logistics problems.

German stocks also detracted significantly from the Index’s performance. In the consumer discretionary sector, automakers encountered supply disruptions. Sales of cars manufactured in Germany declined to a 30-year low in 2021, and the weak sales extended into the first half of 2022, as monthly sales at the end of the reporting period declined 13 – 18% from the same periods in the prior year.

French stocks also detracted from the Index’s return. The French financials sector drove the decline as large banks reconsidered their exposure to Russia in the wake of its Ukraine invasion, with some ultimately choosing to leave Russia altogether. France’s inflation reached a record high late in the reporting period, heightening recession fears across the E.U.

On the upside, stocks in the U.K. contributed to the Index’s return. Oil, gas, and consumable fuels companies within the energy sector benefited from surging oil and gas prices. The consumer staples sector also contributed as demand for tobacco products persisted despite rising inflation.

The Index outperformed the broader market as measured by the MSCI World ex USA Index. Value stocks, which generally have modest long-term growth expectations and relatively predictable cash flows, generally perform well relative to the broader market amid high or rising inflation. Stock selection in the IT services industry and an underweight position in the textile, apparel, and luxury goods industry contributed to relative performance, whereas an overweight in automobiles detracted from relative performance. From a country perspective, an underweight position in the Netherlands contributed to relative performance, while an overweight position in Italy detracted.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	19.7	%
Industrials	14.8
Health Care	11.5
Consumer Discretionary	10.5
Consumer Staples	9.9
Information Technology	8.1
Materials	7.9
Energy	6.5
Communication Services	4.7
Utilities	3.6
Real Estate	2.8

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Japan	34.3	%
United Kingdom	16.5
France	10.8
Germany	8.3
Switzerland	5.7
Australia	4.6
Italy	3.2
Canada	3.1
Hong Kong	2.6
Spain	2.3

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S 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

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 a 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.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13

Schedule of Investments

July 31, 2022

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.5%
Ampol Ltd.		23,138	$	548,174
APA Group		183,465		1,504,294
ASX Ltd.		19,294		1,199,214
Aurizon Holdings Ltd.		174,635		494,269
BHP Group Ltd.		515,098		14,095,840
Coles Group Ltd.		125,761		1,656,315
Commonwealth Bank of Australia		129,311		9,183,331
Computershare Ltd.		107,514		1,899,448
Endeavour Group Ltd./Australia		148,080		825,018
Fortescue Metals Group Ltd.		192,201		2,473,350
Glencore PLC		1,478,172		8,377,834
Goodman Group		173,457		2,538,554
Lottery Corp. Ltd. (The)^(a)(b)		167,829		532,370
Macquarie Group Ltd.		34,456		4,409,795
Mineral Resources Ltd.		23,393		891,369
National Australia Bank Ltd.		331,678		7,163,087
Orica Ltd.		37,230		441,258
Origin Energy Ltd.		281,094		1,180,135
QBE Insurance Group Ltd.		124,963		1,010,416
Ramsay Health Care Ltd.		18,450		911,462
Rio Tinto Ltd.		31,569		2,187,244
South32 Ltd.		753,639		2,054,129
Telstra Corp. Ltd.		405,823		1,109,118
WiseTech Global Ltd.		10,166		360,025
Woodside Energy Group Ltd.		126,841		2,864,131


				69,910,180

Austria — 0.2%
OMV AG		9,120		388,420
Verbund AG		7,856		863,889


				1,252,309

Belgium — 0.3%
D’ieteren Group		2,980		489,096
Elia Group SA/NV		6,675		1,013,343
UCB SA		13,923		1,087,926


				2,590,365

Canada — 16.0%
Alimentation Couche-Tard Inc.		119,801		5,352,243
AltaGas Ltd.		29,820		664,374
ARC Resources Ltd.		123,749		1,735,607
Bank of Montreal		51,267		5,110,886
Bank of Nova Scotia (The)		71,627		4,363,455
Barrick Gold Corp.		172,116		2,712,351
BCE Inc.		7,665		387,275
Brookfield Asset Management Inc., Class A		68,791		3,413,362
Cameco Corp.		41,709		1,074,197
Canadian Imperial Bank of Commerce		52,528		2,657,267
Canadian National Railway Co.		34,238		4,337,535
Canadian Natural Resources Ltd.		197,462		10,903,548
Cenovus Energy Inc.		242,952		4,629,283
Constellation Software Inc.		1,115		1,896,741
Dollarama Inc.		41,404		2,509,363
Emera Inc.		24,435		1,158,447
Empire Co. Ltd., Class A, NVS		14,772		448,276
Enbridge Inc.		198,267		8,904,248
Fairfax Financial Holdings Ltd.		3,587		1,932,226
First Quantum Minerals Ltd.		51,743		945,520
Fortis Inc.		53,696		2,536,466
George Weston Ltd.		13,584		1,621,318


Security	Shares		Value

Canada (continued)
Gildan Activewear Inc.		9,269	$	271,653
Great-West Lifeco Inc.		12,731		309,390
Hydro One Ltd.^(c)		43,521		1,215,006
Imperial Oil Ltd.		39,685		1,901,893
Intact Financial Corp.		14,900		2,217,750
Ivanhoe Mines Ltd., Class A^(a)		43,047		267,584
Loblaw Companies Ltd.		34,255		3,118,274
Metro Inc.		35,001		1,938,168
Nutrien Ltd.		113,272		9,696,518
Pembina Pipeline Corp.		56,852		2,170,547
RioCan REIT		12,065		193,617
Rogers Communications Inc., Class B, NVS		46,091		2,118,915
Royal Bank of Canada		102,970		10,040,088
Shaw Communications Inc., Class B, NVS		34,262		926,817
Suncor Energy Inc.		203,193		6,896,074
Teck Resources Ltd., Class B		76,473		2,248,415
TELUS Corp.		63,072		1,452,003
Toromont Industries Ltd.		7,112		598,984
Toronto-Dominion Bank (The)		137,065		8,903,258
Tourmaline Oil Corp.		64,416		4,035,841
Wheaton Precious Metals Corp.		38,195		1,310,600
WSP Global Inc.		6,521		786,767


				131,912,150

Denmark — 5.0%
AP Moller - Maersk A/S, Class A		344		921,567
AP Moller - Maersk A/S, Class B, NVS		540		1,474,380
Demant A/S^(a)		5,185		197,526
Novo Nordisk A/S, Class B		320,327		37,309,688
Tryg A/S		38,677		881,888


				40,785,049

Finland — 0.7%
Elisa OYJ		13,458		744,296
Nokia OYJ		389,060		2,026,450
Nordea Bank Abp		193,030		1,903,269
Stora Enso OYJ, Class R		65,023		1,005,625


				5,679,640

France — 8.2%
Aeroports de Paris^(a)		2,733		377,624
Air Liquide SA		60,917		8,375,013
Airbus SE		31,198		3,363,821
ArcelorMittal SA		36,073		890,063
AXA SA		122,267		2,817,338
Bureau Veritas SA		19,799		546,068
Capgemini SE		12,918		2,463,938
Carrefour SA		84,489		1,439,865
Cie. de Saint-Gobain		26,251		1,224,079
Dassault Aviation SA		5,063		724,124
EssilorLuxottica SA		17,758		2,784,141
Eurazeo SE		2,090		149,284
Getlink SE		60,351		1,207,884
Hermes International		1,549		2,125,141
Ipsen SA		3,166		320,264
Orange SA		207,111		2,116,350
Pernod Ricard SA		15,843		3,112,268
Publicis Groupe SA		13,220		703,507
Remy Cointreau SA		1,896		374,568
Sanofi		126,730		12,593,606
Schneider Electric SE		25,188		3,483,597
Teleperformance		3,233		1,081,118


14		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Thales SA		18,180	$	2,260,858
TotalEnergies SE		224,240		11,453,586
Veolia Environnement SA		41,416		1,035,849
Vivendi SE		64,227		609,728


				67,633,682

Germany — 3.0%
Bayer AG, Registered		111,084		6,479,556
Deutsche Boerse AG		19,201		3,351,828
Deutsche Telekom AG, Registered		279,244		5,305,350
Mercedes-Benz Group AG		43,328		2,555,225
Merck KGaA		7,479		1,424,455
Nemetschek SE		2,706		181,157
Rheinmetall AG		8,805		1,614,635
RWE AG		73,252		3,013,437
Siemens Healthineers AG^(c)		12,850		658,481
Telefonica Deutschland Holding AG		116,845		310,647


				24,894,771

Hong Kong — 0.4%
BOC Hong Kong Holdings Ltd.		308,000		1,114,133
CK Asset Holdings Ltd.		166,000		1,175,235
CK Infrastructure Holdings Ltd.		60,500		379,382
Power Assets Holdings Ltd.		142,500		933,053


				3,601,803

Ireland — 0.1%
Kingspan Group PLC		9,053		585,983


Israel — 1.1%
Azrieli Group Ltd.		3,316		265,800
Bank Hapoalim BM		99,509		927,424
Bank Leumi Le-Israel BM		236,351		2,298,185
CyberArk Software Ltd.^(a)(b)		1,888		245,685
Elbit Systems Ltd.		5,389		1,243,422
ICL Group Ltd.		122,132		1,112,918
Israel Discount Bank Ltd., Class A		123,672		703,182
Mizrahi Tefahot Bank Ltd.		17,922		666,269
Tower Semiconductor Ltd.^(a)		20,658		984,724
ZIM Integrated Shipping Services Ltd.		8,202		408,624


				8,856,233

Italy — 1.1%
Assicurazioni Generali SpA		65,212		974,896
Atlantia SpA		63,196		1,460,500
Eni SpA		245,392		2,949,754
Mediobanca Banca di Credito Finanziario SpA		28,527		244,668
Snam SpA		173,740		871,746
Tenaris SA		73,800		1,032,760
Terna - Rete Elettrica Nazionale		190,855		1,461,148


				8,995,472

Japan — 16.0%
Ajinomoto Co. Inc.		59,000		1,552,643
Asahi Group Holdings Ltd.		23,300		810,056
Astellas Pharma Inc.		157,200		2,461,970
Bridgestone Corp.		31,000		1,209,181
Canon Inc.		98,100		2,320,832
Dai Nippon Printing Co. Ltd.		16,700		368,524
Dai-ichi Life Holdings Inc.		95,600		1,662,950
Daiwa Securities Group Inc.		84,300		389,148
Denso Corp.		26,200		1,433,011
Dentsu Group Inc.		21,500		751,028
Fuji Electric Co. Ltd.		8,800		397,460


Security	Shares		Value

Japan (continued)
Fujitsu Ltd.		10,400	$	1,394,248
Hitachi Ltd.		53,600		2,713,663
Idemitsu Kosan Co. Ltd.		23,200		603,311
Inpex Corp.		213,800		2,450,527
Isuzu Motors Ltd.		46,800		513,330
ITOCHU Corp.		134,300		3,909,427
JFE Holdings Inc.		25,200		284,126
KDDI Corp.		233,300		7,480,139
Konami Group Corp.		10,100		596,965
Marubeni Corp.		277,900		2,585,100
Mazda Motor Corp.		28,400		239,400
Mitsubishi Corp.		196,600		5,842,810
Mitsubishi Heavy Industries Ltd.		51,900		1,927,175
Mitsubishi UFJ Financial Group Inc.		1,466,500		8,262,982
Mitsui & Co. Ltd.		187,700		4,141,087
Mitsui OSK Lines Ltd.		52,400		1,436,855
MS&AD Insurance Group Holdings Inc.		42,600		1,381,575
Nexon Co. Ltd.		47,500		1,078,350
Nippon Sanso Holdings Corp.		8,200		138,274
Nippon Steel Corp.		50,200		746,987
Nippon Telegraph & Telephone Corp.		200,800		5,735,916
Nippon Yusen KK		24,800		1,948,072
Nissin Foods Holdings Co. Ltd.		5,200		376,616
Nomura Real Estate Holdings Inc.		9,900		240,168
NTT Data Corp.		66,500		1,006,477
Ono Pharmaceutical Co. Ltd.		52,200		1,467,806
Oriental Land Co. Ltd./Japan		20,800		3,158,037
ORIX Corp.		109,300		1,947,925
Osaka Gas Co. Ltd.		48,500		871,938
Persol Holdings Co. Ltd.		10,100		209,088
Renesas Electronics Corp.^(a)		74,800		712,459
Resona Holdings Inc.		277,200		1,077,268
Secom Co. Ltd.		20,200		1,349,159
Seven & i Holdings Co. Ltd.		91,600		3,733,635
Shimadzu Corp.		12,600		448,294
Shionogi & Co. Ltd.		21,300		1,092,508
Sompo Holdings Inc.		27,300		1,218,432
Sumitomo Chemical Co. Ltd.		71,800		282,169
Sumitomo Corp.		166,200		2,336,764
Sumitomo Metal Mining Co. Ltd.		25,500		801,817
Suntory Beverage & Food Ltd.		19,300		761,529
T&D Holdings Inc.		48,300		546,661
Takeda Pharmaceutical Co. Ltd.		127,400		3,737,940
Tokio Marine Holdings Inc.		79,900		4,677,340
Tokyo Electric Power Co. Holdings Inc.^(a)		211,000		830,362
Tokyo Electron Ltd.		10,600		3,648,450
Tokyo Gas Co. Ltd.		49,600		974,189
Toppan Inc.		23,800		404,968
Toshiba Corp.		32,300		1,310,331
Toyota Motor Corp.		1,279,400		20,765,972
Toyota Tsusho Corp.		11,100		378,837
Trend Micro Inc/Japan		14,900		865,902
USS Co. Ltd.		21,400		419,922
Yakult Honsha Co. Ltd.		15,600		950,032


				131,370,117

Netherlands — 1.2%
Aegon NV		155,928		684,868
Davide Campari-Milano NV		23,961		266,012
IMCD NV		2,984		477,884
Koninklijke Ahold Delhaize NV		99,560		2,741,755


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 (continued)

July 31, 2022

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Netherlands (continued)
Koninklijke KPN NV		378,978	$	1,250,245
NN Group NV		20,262		950,742
OCI NV		16,755		581,677
Wolters Kluwer NV		29,527		3,206,699


				10,159,882

New Zealand — 0.1%
Spark New Zealand Ltd.		159,378		512,492


Norway — 1.6%
Aker BP ASA		32,546		1,130,855
Equinor ASA		200,716		7,728,345
Kongsberg Gruppen ASA		18,077		666,114
Mowi ASA		42,332		976,815
Norsk Hydro ASA		183,532		1,243,472
Salmar ASA		7,156		512,575
Yara International ASA		13,617		580,320


				12,838,496

Portugal — 0.1%
Galp Energia SGPS SA		52,232		551,339
Jeronimo Martins SGPS SA		27,679		640,684


				1,192,023

Singapore — 1.4%
Capitaland Investment Ltd/Singapore		430,400		1,224,629
City Developments Ltd.		33,700		189,334
DBS Group Holdings Ltd.		152,900		3,488,925
Keppel Corp. Ltd.		206,400		1,031,212
Oversea-Chinese Banking Corp. Ltd.		213,500		1,809,348
Singapore Airlines Ltd.^(a)(b)		99,600		394,033
Singapore Telecommunications Ltd.		739,200		1,397,881
United Overseas Bank Ltd.		110,100		2,196,642


				11,732,004

Spain — 1.1%
Acciona SA		3,554		731,308
CaixaBank SA		474,113		1,423,635
EDP Renovaveis SA		16,990		441,898
Naturgy Energy Group SA		27,128		795,721
Red Electrica Corp. SA		18,676		367,177
Repsol SA		188,440		2,347,634
Telefonica SA		692,192		3,089,731


				9,197,104

Sweden — 1.4%
Boliden AB		36,771		1,228,845
Epiroc AB, Class A		35,821		633,376
Epiroc AB, Class B		18,902		300,231
Hexagon AB, Class B		109,621		1,290,737
Holmen AB, Class B		19,818		814,360
Investor AB, Class A		41,163		846,322
Investor AB, Class B		98,738		1,842,621
Lifco AB, Class B		10,677		207,838
Nibe Industrier AB, Class B		71,298		718,264
Svenska Cellulosa AB SCA, Class B		99,091		1,448,669
Tele2 AB, Class B		63,429		724,590
Telia Co. AB		316,639		1,169,774
Volvo Car AB, Class B^(a)(b)		50,418		375,401


				11,601,028

Switzerland — 13.3%
ABB Ltd., Registered		83,273		2,531,466
Baloise Holding AG, Registered		4,286		682,884
Barry Callebaut AG, Registered		335		742,247


Security	Shares		Value

Switzerland (continued)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		109	$	1,205,394
Chocoladefabriken Lindt & Spruengli AG, Registered		13		1,499,187
Cie. Financiere Richemont SA, Class A, Registered		42,086		5,074,625
Kuehne + Nagel International AG, Registered		2,566		691,079
Nestle SA, Registered		283,319		34,714,304
Novartis AG, Registered		233,132		20,032,946
Roche Holding AG, Bearer		2,468		1,006,116
Roche Holding AG, NVS		67,244		22,325,312
Sika AG, Registered		9,228		2,280,123
Sonova Holding AG, Registered		4,297		1,547,701
Swiss Life Holding AG, Registered		3,403		1,802,693
Swisscom AG, Registered		3,422		1,850,061
UBS Group AG, Registered		264,553		4,322,881
Vifor Pharma AG ^(a)		6,451		1,127,070
Zurich Insurance Group AG		14,276		6,231,878


				109,667,967

United Kingdom — 18.8%
3i Group PLC		48,251		749,712
Anglo American PLC		118,474		4,282,225
AstraZeneca PLC		201,084		26,450,832
Aviva PLC		207,609		1,005,414
BAE Systems PLC		534,126		5,020,110
BP PLC		1,734,532		8,489,250
British American Tobacco PLC		298,428		11,693,493
BT Group PLC		618,764		1,221,640
Bunzl PLC		43,820		1,644,593
CNH Industrial NV		84,666		1,090,723
Diageo PLC		253,170		11,993,133
Ferguson PLC		11,136		1,400,894
GSK PLC		604,490		12,700,457
Haleon PLC^(a)		755,613		2,685,101
HSBC Holdings PLC		1,715,205		10,743,970
National Grid PLC		600,798		8,272,744
NatWest Group PLC		339,904		1,032,376
Pearson PLC		56,006		518,350
RELX PLC		192,871		5,710,802
Segro PLC		138,836		1,857,345
Severn Trent PLC		33,712		1,212,008
Shell PLC		1,097,047		29,265,169
SSE PLC		110,763		2,392,303
Tesco PLC		692,862		2,222,102
United Utilities Group PLC		72,535		963,739
WPP PLC		53,993		582,713


				155,201,198


Total Common Stocks — 99.6% (Cost: $834,795,387)				820,169,948


Preferred Stocks

Germany — 0.0%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,944		223,523


Total Preferred Stocks — 0.0% (Cost: $253,640)				223,523


Total Long-Term Investments — 99.6% (Cost: $835,049,027)				820,393,471


16		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(d)(e)(f)		1,219,248	$	1,219,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(d)(e)		190,000		190,000


Total Short-Term Securities — 0.2% (Cost: $1,409,069)				1,409,126


Total Investments in Securities — 99.8% (Cost: $836,458,096)				821,802,597

Other Assets Less Liabilities — 0.2%				1,604,505


Net Assets — 100.0%			$	823,407,102

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,219,198	^(a)	$	—		$	(129	)	$	57	$	1,219,126		1,219,248	$	14,988	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		—			(110,000	)^(a)		—			—		190,000		190,000		7,770			—

									$	(129	)	$	57	$	1,409,126			$	22,758		$	—

^(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
Mini TOPIX Index		54		09/08/22	$	785	$	10,812
Euro STOXX 50 Index		11		09/16/22		415		26,553
FTSE 100 Index		18		09/16/22		1,616		48,437

							$	85,802


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 (continued)

July 31, 2022

iShares^® MSCI Intl Momentum Factor 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)	$	—	$	—	$	85,802	$	—	$	—	$	—	$	85,802

^(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 July 31, 2022, 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	$	—	$	—	$	(287,301	)	$	—	$	—	$	—	$	(287,301	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	103,667		$	—	$	—	$	—	$	103,667

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	3,244,790

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
Investments
Assets
Common Stocks	$	136,911,000	$	683,258,948	$	—	$	820,169,948
Preferred Stocks		—		223,523		—		223,523
Money Market Funds		1,409,126		—		—		1,409,126

	$	138,320,126	$	683,482,471	$	—	$	821,802,597

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	85,802	$	—	$	85,802

^(a)

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

See notes to financial statements.


18		2 0 2 2 I S H A R E S 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

July 31, 2022

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.5%
Aristocrat Leisure Ltd.		330,989	$	8,257,530
ASX Ltd.		168,686		10,484,638
BHP Group Ltd.		3,471,616		95,002,008
Brambles Ltd.		771,371		6,208,535
Dexus		656,190		4,409,600
Fortescue Metals Group Ltd.		1,078,793		13,882,510
Goodman Group		1,649,628		24,142,406
Insurance Australia Group Ltd.		1,703,554		5,360,341
Medibank Pvt Ltd.		2,873,462		6,909,331
Mirvac Group		2,251,170		3,410,491
REA Group Ltd.		50,883		4,489,118
Rio Tinto Ltd.		278,685		19,308,564
Rio Tinto PLC		828,314		50,004,883
Stockland		1,310,704		3,551,597
Washington H Soul Pattinson & Co. Ltd.		233,496		4,227,365
Wesfarmers Ltd.		827,930		27,127,550
Woodside Energy Group Ltd.		610,080		13,775,898


				300,552,365

Austria — 0.3%
OMV AG		193,245		8,230,290
Verbund AG		45,509		5,004,419


				13,234,709

Belgium — 0.4%
Ageas SA/NV		102,635		4,479,535
Proximus SADP		82,023		1,136,592
Sofina SA		15,941		3,733,210
Umicore SA		83,111		3,010,477
Warehouses De Pauw CVA		79,275		2,694,890


				15,054,704

Canada — 6.4%
Alimentation Couche-Tard Inc.		342,572		15,304,786
ARC Resources Ltd.		972,296		13,636,669
Canadian National Railway Co.		340,709		43,163,657
Canadian Tire Corp. Ltd., Class A, NVS		29,068		3,734,315
CCL Industries Inc., Class B, NVS		59,774		3,002,820
CGI Inc.^(a)		89,728		7,693,674
Constellation Software Inc.		11,938		20,307,885
Franco-Nevada Corp.		68,609		8,785,145
Great-West Lifeco Inc.		209,226		5,084,622
iA Financial Corp. Inc.		85,940		4,728,697
IGM Financial Inc.		58,264		1,691,660
Intact Financial Corp.		143,774		21,399,652
Magna International Inc.		137,808		8,799,782
Manulife Financial Corp.		1,571,341		28,762,823
Onex Corp.		41,549		2,220,619
Power Corp. of Canada		393,216		10,685,968
Sun Life Financial Inc.		469,117		21,782,591
TMX Group Ltd.		41,480		4,256,028
Toromont Industries Ltd.		48,360		4,072,958
Tourmaline Oil Corp.		429,508		26,909,864
West Fraser Timber Co. Ltd.		32,579		3,050,171


				259,074,386

Denmark — 6.0%
AP Moller - Maersk A/S, Class A		2,125		5,692,822
AP Moller - Maersk A/S, Class B, NVS		3,593		9,810,087
Chr Hansen Holding A/S		36,216		2,370,439
Coloplast A/S, Class B		100,019		11,706,115


Security	Shares		Value

Denmark (continued)
DSV A/S		96,172	$	16,205,069
Novo Nordisk A/S, Class B		1,404,947		163,639,450
Novozymes A/S, Class B		113,344		7,240,444
Orsted A/S^(b)		81,623		9,502,274
Pandora A/S		88,140		6,548,071
Rockwool A/S, Class B		5,184		1,284,590
Tryg A/S		235,286		5,364,837


				239,364,198

Finland — 2.1%
Elisa OYJ		119,584		6,613,602
Kesko OYJ, Class B		107,215		2,651,766
Kone OYJ, Class B		308,446		14,096,424
Neste OYJ		776,777		39,942,870
Orion OYJ, Class B		70,184		3,350,408
Sampo OYJ, Class A		384,857		16,626,874


				83,281,944

France — 9.7%
Amundi SA^(b)		38,574		2,094,368
AXA SA		1,285,153		29,613,150
BioMerieux		21,485		2,325,479
Hermes International		25,350		34,778,776
Ipsen SA		20,617		2,085,557
Kering SA		49,453		28,311,395
La Francaise des Jeux SAEM^(b)		96,841		3,458,969
L’Oreal SA		112,785		42,639,195
LVMH Moet Hennessy Louis Vuitton SE		180,626		125,418,384
Sartorius Stedim Biotech		16,890		6,756,665
TotalEnergies SE		2,212,200		112,993,322


				390,475,260

Germany — 3.9%
adidas AG		86,970		15,045,068
Allianz SE, Registered		323,847		58,812,586
Bechtle AG		33,426		1,546,082
Beiersdorf AG		37,045		3,820,255
Brenntag SE		78,734		5,530,677
Deutsche Boerse AG		148,110		25,854,866
Deutsche Post AG, Registered		607,952		24,281,519
Hannover Rueck SE		44,087		6,253,610
Henkel AG & Co. KGaA		34,650		2,184,849
Knorr-Bremse AG		48,647		2,898,172
Nemetschek SE		29,159		1,952,095
Rational AG		3,481		2,426,414
Rheinmetall AG		23,842		4,372,076


				154,978,269

Hong Kong — 5.6%
AIA Group Ltd.		8,958,400		90,001,852
Chow Tai Fook Jewellery Group Ltd.		1,355,000		2,679,862
CK Asset Holdings Ltd.		1,061,500		7,515,130
CK Infrastructure Holdings Ltd.		362,500		2,273,155
CLP Holdings Ltd.		924,000		7,835,122
Hang Seng Bank Ltd.		527,500		8,508,900
Henderson Land Development Co. Ltd.		741,000		2,579,529
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,231,500		1,113,855
Hong Kong & China Gas Co. Ltd.		5,524,370		5,834,465
Hong Kong Exchanges & Clearing Ltd.		1,322,800		60,703,866
Power Assets Holdings Ltd.		903,500		5,915,887
Sino Land Co. Ltd.		1,884,000		2,799,317
SITC International Holdings Co. Ltd.		1,147,000		3,905,450


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 (continued)

July 31, 2022

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Sun Hung Kai Properties Ltd.		795,500	$	9,495,987
Swire Properties Ltd.		599,400		1,428,208
Techtronic Industries Co. Ltd.		866,500		9,615,222
Xinyi Glass Holdings Ltd.		1,463,000		2,885,523


				225,091,330

Ireland — 0.4%
James Hardie Industries PLC		280,900		6,937,305
Kingspan Group PLC		92,945		6,016,151
Smurfit Kappa Group PLC		79,559		2,883,807


				15,837,263

Israel — 0.6%
Azrieli Group Ltd.		18,585		1,489,717
Bank Hapoalim BM		750,422		6,993,936
Bank Leumi Le-Israel BM		985,441		9,582,043
Check Point Software Technologies Ltd.^(a)		60,976		7,597,609


				25,663,305

Italy — 2.5%
Assicurazioni Generali SpA		687,600		10,279,376
DiaSorin SpA		11,405		1,585,779
Enel SpA		3,635,873		18,329,396
Ferrari NV		107,181		22,761,196
FinecoBank Banca Fineco SpA		521,828		6,485,260
Moncler SpA		120,302		6,030,603
Recordati Industria Chimica e Farmaceutica SpA		62,903		2,789,704
Snam SpA		1,126,681		5,653,158
Stellantis NV		1,832,735		26,318,537


				100,233,009

Japan — 12.9%
Advantest Corp.		115,300		6,857,696
Bandai Namco Holdings Inc.		121,000		9,452,811
Capcom Co. Ltd.		162,200		4,508,759
Chugai Pharmaceutical Co. Ltd.		441,500		12,402,964
CyberAgent Inc.		406,900		4,060,211
Daifuku Co. Ltd.		50,500		3,220,209
Daito Trust Construction Co. Ltd.		58,100		5,508,029
Daiwa House Industry Co. Ltd.		367,400		9,077,745
Disco Corp.		14,200		3,469,482
Hakuhodo DY Holdings Inc.		142,500		1,465,705
Hoya Corp.		209,200		20,960,090
Idemitsu Kosan Co. Ltd.		224,300		5,832,877
Itochu Techno-Solutions Corp.		39,300		1,053,228
Japan Exchange Group Inc.		455,400		7,241,193
Japan Real Estate Investment Corp.		603		2,911,864
Japan Tobacco Inc.		398,600		7,157,107
Kakaku.com Inc.		135,100		2,646,155
Kao Corp.		159,700		6,946,055
KDDI Corp.		1,054,400		33,806,508
Kikkoman Corp.		56,500		3,350,151
Kobayashi Pharmaceutical Co. Ltd.		19,500		1,299,088
Kobe Bussan Co. Ltd.		83,500		2,380,180
Koei Tecmo Holdings Co. Ltd.		38,490		1,343,699
Koito Manufacturing Co. Ltd.		51,200		1,683,031
Konami Group Corp.		61,300		3,623,163
Lasertec Corp.		52,800		7,559,379
M3 Inc.		220,700		7,689,168
Makita Corp.		114,100		2,788,427
McDonald’s Holdings Co. Japan Ltd.		53,900		2,023,160
MEIJI Holdings Co. Ltd.		42,600		2,224,146
MISUMI Group Inc.		167,400		4,164,627


Security	Shares		Value

Japan (continued)
MonotaRO Co. Ltd.		218,000	$	3,892,463
MS&AD Insurance Group Holdings Inc.		350,000		11,350,968
Nexon Co. Ltd.		316,900		7,194,296
Nihon M&A Center Holdings Inc.		237,900		3,183,586
Nintendo Co. Ltd.		100,100		44,762,022
Nippon Building Fund Inc.		709		3,761,065
Nippon Prologis REIT Inc.		1,035		2,691,524
Nippon Telegraph & Telephone Corp.		640,800		18,304,656
Nissan Chemical Corp.		67,800		3,466,826
Nitori Holdings Co. Ltd.		47,600		5,036,012
Nitto Denko Corp.		50,500		3,251,961
Nomura Research Institute Ltd.		129,900		3,902,754
Obic Co. Ltd.		29,100		4,652,206
Open House Group Co. Ltd.		46,400		2,024,210
Oracle Corp. Japan		30,000		1,871,046
Osaka Gas Co. Ltd.		189,500		3,406,849
Otsuka Corp.		44,500		1,387,763
Recruit Holdings Co. Ltd.		861,400		32,193,129
SCSK Corp.		56,900		1,002,023
Secom Co. Ltd.		103,400		6,906,093
Sekisui Chemical Co. Ltd.		181,300		2,550,793
Sekisui House Ltd.		299,500		5,304,563
SG Holdings Co. Ltd.		190,600		3,637,512
Shimadzu Corp.		92,000		3,273,261
Shimano Inc.		51,000		8,519,357
Shin-Etsu Chemical Co. Ltd.		154,000		19,726,512
SMC Corp.		32,000		15,770,760
Sompo Holdings Inc.		265,800		11,862,975
Square Enix Holdings Co. Ltd.		68,500		3,178,386
T&D Holdings Inc.		394,700		4,467,230
Tokio Marine Holdings Inc.		494,300		28,936,282
Tokyo Electron Ltd.		99,700		34,316,086
Tosoh Corp.		108,700		1,416,926
Trend Micro Inc/Japan		54,200		3,149,790
Unicharm Corp.		161,000		5,831,780
USS Co. Ltd.		136,300		2,674,549
Welcia Holdings Co. Ltd.		39,700		886,696
Yamaha Corp.		76,000		3,241,708
Yamaha Motor Co. Ltd.		148,000		2,858,935
ZOZO Inc.		125,600		2,713,171


				517,265,631

Netherlands — 5.9%
Adyen NV^(a)(b)		12,304		22,132,088
ASM International NV		24,351		7,479,937
ASML Holding NV		279,041		160,381,013
Euronext NV^(b)		59,109		4,816,116
NN Group NV		184,192		8,642,730
Randstad NV		66,863		3,379,455
Universal Music Group NV		510,575		11,557,630
Wolters Kluwer NV		174,801		18,983,784


				237,372,753

New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		447,273		5,981,214
Mercury NZ Ltd.		341,181		1,304,989
Meridian Energy Ltd.		679,679		2,132,999
Spark New Zealand Ltd.		1,424,282		4,579,885


				13,999,087

Norway — 1.4%
Aker BP ASA		227,996		7,922,028


20		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Equinor ASA		997,854	$	38,421,254
Gjensidige Forsikring ASA		220,949		4,621,314
Mowi ASA		130,525		3,011,876
Orkla ASA		249,707		2,155,539
Salmar ASA		24,340		1,743,443


				57,875,454

Singapore — 0.8%
Ascendas Real Estate Investment Trust		1,663,500		3,580,615
Oversea-Chinese Banking Corp. Ltd.		2,275,400		19,283,326
Singapore Exchange Ltd.		958,800		6,873,245
Singapore Technologies Engineering Ltd.		1,034,600		3,016,645


				32,753,831

Spain — 1.5%
EDP Renovaveis SA		138,256		3,595,939
Enagas SA		30,251		597,114
Endesa SA		291,694		5,346,582
Iberdrola SA		3,002,342		32,060,429
Iberdrola SA, NVS		83,398		889,025
Industria de Diseno Textil SA		683,597		16,602,489
Red Electrica Corp. SA		120,954		2,378,002


				61,469,580

Sweden — 3.8%
Alfa Laval AB		160,371		4,795,383
Assa Abloy AB, Class B		556,983		13,159,292
Atlas Copco AB, Class A		2,090,860		24,440,814
Atlas Copco AB, Class B		1,210,713		12,576,509
Boliden AB		122,733		4,101,598
Electrolux AB, Class B		144,994		2,091,367
Epiroc AB, Class A		500,445		8,848,711
Epiroc AB, Class B		301,682		4,791,790
EQT AB		317,766		8,625,216
Evolution AB^(b)		129,024		12,519,299
Husqvarna AB, Class B		231,426		1,844,403
Indutrade AB		168,316		3,956,024
Investment AB Latour, Class B		72,547		1,805,066
Kinnevik AB, Class B^(a)		185,981		3,349,866
Lifco AB, Class B		147,902		2,879,060
Nibe Industrier AB, Class B		820,770		8,268,523
Sagax AB, Class B		140,196		3,613,144
Sandvik AB		609,864		11,237,463
SKF AB, Class B		214,897		3,616,596
Volvo AB, Class A		108,993		2,030,924
Volvo AB, Class B		813,820		14,611,343


				153,162,391

Switzerland — 13.3%
ABB Ltd., Registered		923,509		28,074,304
Baloise Holding AG, Registered		31,344		4,994,010
EMS-Chemie Holding AG, Registered		4,989		3,961,688
Geberit AG, Registered		34,142		17,981,794
Givaudan SA, Registered		3,338		11,668,168
Kuehne + Nagel International AG, Registered		46,040		12,399,554
Logitech International SA, Registered		112,295		6,317,960
Nestle SA, Registered		1,164,290		142,657,278
Partners Group Holding AG		28,000		30,568,886
Roche Holding AG, Bearer		17,582		7,167,559
Roche Holding AG, NVS		458,161		152,111,521
Schindler Holding AG, Participation Certificates, NVS		27,773		5,428,478
Schindler Holding AG, Registered		15,611		2,964,322
Sonova Holding AG, Registered		28,332		10,204,670


Security	Shares		Value

Switzerland (continued)
Straumann Holding AG		68,148	$	9,217,050
Swiss Re AG		218,051		16,361,849
Swisscom AG, Registered		15,679		8,476,653
Temenos AG, Registered		29,102		2,309,899
VAT Group AG^(b)		23,198		6,754,593
Zurich Insurance Group AG		121,937		53,228,955


				532,849,191

United Kingdom — 14.1%
abrdn PLC		1,404,053		2,846,608
Admiral Group PLC		219,915		5,139,761
Anglo American PLC		751,036		27,146,083
Ashtead Group PLC		249,403		14,038,822
Auto Trader Group PLC^(b)		1,120,072		8,635,210
Aviva PLC		1,959,570		9,489,852
BAE Systems PLC		1,776,471		16,696,586
Barratt Developments PLC		566,418		3,473,103
Berkeley Group Holdings PLC		70,202		3,638,110
British Land Co. PLC (The)		435,662		2,619,521
Bunzl PLC		198,555		7,451,898
Burberry Group PLC		279,754		6,149,988
Croda International PLC		59,729		5,462,217
Diageo PLC		1,053,340		49,898,671
Experian PLC		578,004		20,237,223
Ferguson PLC		190,852		24,008,932
GSK PLC		2,462,744		51,742,751
Haleon PLC^(a)		3,078,431		10,939,328
Halma PLC		166,308		4,683,712
Hargreaves Lansdown PLC		474,939		4,916,931
Hikma Pharmaceuticals PLC		82,523		1,744,288
Imperial Brands PLC		465,796		10,227,171
Intertek Group PLC		110,430		5,901,953
JD Sports Fashion PLC		1,394,854		2,215,533
Johnson Matthey PLC		78,145		2,043,061
London Stock Exchange Group PLC		226,387		22,093,713
Mondi PLC		190,767		3,620,226
National Grid PLC		1,620,983		22,320,277
Next PLC		88,858		7,397,588
Persimmon PLC		250,054		5,767,798
Prudential PLC		2,040,748		25,171,373
Reckitt Benckiser Group PLC		323,456		26,237,047
RELX PLC		1,319,661		39,074,424
Rentokil Initial PLC		1,044,050		6,893,819
Sage Group PLC (The)		428,102		3,689,431
Schroders PLC		104,366		3,785,532
Segro PLC		620,526		8,301,384
Spirax-Sarco Engineering PLC		52,063		7,596,457
St. James’s Place PLC		531,811		7,988,369
Taylor Wimpey PLC		1,986,402		3,091,792
Unilever PLC		1,359,675		66,220,098
WPP PLC		704,057		7,598,453


				568,195,094


Total Common Stocks — 99.4% (Cost: $3,970,272,179)				3,997,783,754


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 (continued)

July 31, 2022

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Germany — 0.1%
Henkel AG & Co. KGaA, Preference Shares, NVS		56,906	$	3,635,343


Total Preferred Stocks — 0.1% (Cost: $5,370,562)				3,635,343

Total Long-Term Investments — 99.5% (Cost: $3,975,642,741)				4,001,419,097


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(c)(d)		910,000		910,000


Total Short-Term Securities — 0.0% (Cost: $910,000)				910,000


Total Investments in Securities — 99.5% (Cost: $3,976,552,741)				4,002,329,097

Other Assets Less Liabilities — 0.5%				19,547,811


Net Assets — 100.0%			$	4,021,876,908

^(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)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	6,850	^(b)	$	—		$	(6,850	)	$	—	$	—		—	$	73,094	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,880,000		—			(970,000	)^(b)		—			—		910,000		910,000		9,324			—


									$	(6,850	)	$	—	$	910,000			$	82,418		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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		27		09/08/22	$	3,923	$	(8,124	)
SPI 200 Index		31		09/15/22		3,710		191,161
Euro STOXX 50 Index		194		09/16/22		7,323		444,986
FTSE 100 Index		54		09/16/22		4,848		148,035

							$	776,058


22		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Quality Factor 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)	$	—	$	—	$	784,182	$	—	$	—	$	—	$	784,182

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	8,124	$	—	$	—	$	—	$	8,124

^(a)

For the period ended July 31, 2022, 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	$	—	$	—	$	(667,563	)	$	—	$	—	$	—	$	(667,563	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	900,055		$	—	$	—	$	—	$	900,055

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	21,339,848

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
Investments
Assets
Common Stocks	$	278,725,178	$	3,719,058,576		$	—	$	3,997,783,754
Preferred Stocks		—		3,635,343			—		3,635,343
Money Market Funds		910,000		—			—		910,000

	$	279,635,178	$	3,722,693,919		$	—	$	4,002,329,097


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	784,182		$	—	$	784,182
Liabilities
Futures Contracts		—		(8,124	)		—		(8,124	)

	$	—	$	776,058		$	—	$	776,058

^(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		23

Schedule of Investments

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.8%
Ampol Ltd.		742	$	17,579
APA Group		2,146		17,596
Aristocrat Leisure Ltd.		708		17,663
ASX Ltd.		312		19,392
Aurizon Holdings Ltd.		6,282		17,780
Australia & New Zealand Banking Group Ltd.		891		14,400
Australia & New Zealand Banking Group Ltd., New		59		944
BHP Group Ltd.		478		13,081
BlueScope Steel Ltd.		1,359		15,963
Brambles Ltd.		2,224		17,900
Cochlear Ltd.		117		17,635
Coles Group Ltd.		1,512		19,914
Commonwealth Bank of Australia		216		15,340
Computershare Ltd.		1,050		18,550
CSL Ltd.		81		16,493
Dexus		2,301		15,463
Domino’s Pizza Enterprises Ltd.		367		18,765
Endeavour Group Ltd./Australia		3,214		17,907
Evolution Mining Ltd.		6,948		12,835
Fortescue Metals Group Ltd.		1,206		15,519
Glencore PLC		2,583		14,640
Goodman Group		1,232		18,030
GPT Group (The)		4,938		15,886
IDP Education Ltd.		1,026		20,643
Insurance Australia Group Ltd.		5,736		18,049
Lendlease Corp. Ltd.		2,586		18,735
Lottery Corp. Ltd. (The)^(a)		5,757		18,262
Macquarie Group Ltd.		132		16,894
Medibank Pvt Ltd.		8,532		20,515
Mineral Resources Ltd.		423		16,118
Mirvac Group		11,597		17,569
National Australia Bank Ltd.		742		16,025
Newcrest Mining Ltd.		978		13,180
Northern Star Resources Ltd.		2,697		14,822
Orica Ltd.		1,623		19,236
Origin Energy Ltd.		3,621		15,202
Qantas Airways Ltd.^(a)		5,022		16,183
QBE Insurance Group Ltd.		1,966		15,896
Ramsay Health Care Ltd.		312		15,413
REA Group Ltd.		180		15,880
Reece Ltd.		1,311		14,159
Rio Tinto Ltd.		199		13,788
Rio Tinto PLC		276		16,662
Santos Ltd.		2,941		15,288
Scentre Group		8,166		16,734
SEEK Ltd.		834		13,508
Sonic Healthcare Ltd.		729		17,555
South32 Ltd.		5,248		14,304
Stockland		6,453		17,486
Suncorp Group Ltd.		2,056		16,237
Telstra Corp. Ltd.		6,852		18,727
Transurban Group		1,845		18,859
Treasury Wine Estates Ltd.		2,433		20,972
Vicinity Centres		13,722		20,078
Washington H Soul Pattinson & Co. Ltd.		891		16,131
Wesfarmers Ltd.		465		15,236
Westpac Banking Corp.		984		14,901
WiseTech Global Ltd.		561		19,868


Security	Shares		Value

Australia (continued)
Woodside Energy Group Ltd.		1,299	$	29,332
Woolworths Group Ltd.		666		17,522


				1,005,244

Austria — 0.4%
Erste Group Bank AG		549		13,919
OMV AG		309		13,160
Verbund AG		207		22,763
voestalpine AG		519		11,686


				61,528

Belgium — 1.3%
Ageas SA/NV		399		17,414
Anheuser-Busch InBev SA/NV		312		16,713
D’ieteren Group		99		16,248
Elia Group SA/NV		114		17,307
Groupe Bruxelles Lambert SA		192		16,995
KBC Group NV		261		13,670
Proximus SADP		1,023		14,176
Sofina SA		72		16,862
Solvay SA		174		15,283
UCB SA		180		14,065
Umicore SA		447		16,191
Warehouses De Pauw CVA		384		13,054


				187,978

Canada — 9.9%
Agnico Eagle Mines Ltd.		313		13,458
Air Canada^(a)		1,149		15,604
Algonquin Power & Utilities Corp.		1,443		20,182
Alimentation Couche-Tard Inc.		372		16,620
AltaGas Ltd.		772		17,200
ARC Resources Ltd.		300		4,208
Bank of Montreal		180		17,944
Bank of Nova Scotia (The)		255		15,534
Barrick Gold Corp.		802		12,639
Bausch Health Companies Inc.^(a)		1,668		7,685
BCE Inc.		313		15,814
BlackBerry Ltd.^(a)		2,865		17,608
Brookfield Asset Management Inc., Class A		343		17,019
Brookfield Renewable Corp., Class A		495		19,366
BRP Inc.		207		15,745
CAE Inc.^(a)		672		17,779
Cameco Corp.		813		20,938
Canadian Apartment Properties REIT		444		16,820
Canadian Imperial Bank of Commerce		300		15,176
Canadian National Railway Co.		153		19,383
Canadian Natural Resources Ltd.		261		14,412
Canadian Pacific Railway Ltd.		255		20,106
Canadian Tire Corp. Ltd., Class A, NVS		156		20,041
Canadian Utilities Ltd., Class A, NVS		522		16,897
CCL Industries Inc., Class B, NVS		390		19,592
Cenovus Energy Inc.		781		14,881
CGI Inc.^(a)		243		20,836
Constellation Software Inc.		12		20,413
Dollarama Inc.		334		20,243
Emera Inc.		315		14,934
Empire Co. Ltd., Class A, NVS		555		16,842
Enbridge Inc.		444		19,940
Fairfax Financial Holdings Ltd.		31		16,699
First Quantum Minerals Ltd.		598		10,927
FirstService Corp.		117		15,652


24		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Fortis Inc.		342	$	16,155
Franco-Nevada Corp.		129		16,518
George Weston Ltd.		159		18,977
GFL Environmental Inc.		507		14,032
Gildan Activewear Inc.		513		15,035
Great-West Lifeco Inc.		588		14,290
Hydro One Ltd.^(b)		627		17,504
iA Financial Corp. Inc.		324		17,828
IGM Financial Inc.		617		17,914
Imperial Oil Ltd.		327		15,671
Intact Financial Corp.		123		18,308
Ivanhoe Mines Ltd., Class A^(a)		2,349		14,602
Keyera Corp.		684		17,728
Kinross Gold Corp.		3,013		10,329
Lightspeed Commerce Inc.^(a)		816		17,511
Loblaw Companies Ltd.		195		17,751
Lundin Mining Corp.		2,200		12,404
Magna International Inc.		234		14,942
Manulife Financial Corp.		969		17,737
Metro Inc.		325		17,997
National Bank of Canada		243		17,050
Northland Power Inc.		597		19,571
Nutrien Ltd.		160		13,697
Nuvei Corp.^(a)(b)		354		12,374
Onex Corp.		315		16,835
Open Text Corp.		408		16,689
Pan American Silver Corp.		813		16,545
Parkland Corp.		711		19,949
Pembina Pipeline Corp.		432		16,493
Power Corp. of Canada		525		14,267
Quebecor Inc., Class B		798		17,729
Restaurant Brands International Inc.		375		20,104
RioCan REIT		999		16,032
Ritchie Bros Auctioneers Inc.		300		21,623
Rogers Communications Inc., Class B, NVS		378		17,378
Royal Bank of Canada		171		16,673
Saputo Inc.		855		21,119
Shaw Communications Inc., Class B, NVS		618		16,717
Shopify Inc., Class A^(a)		420		14,631
Sun Life Financial Inc.		357		16,577
Suncor Energy Inc.		430		14,594
TC Energy Corp.		286		15,248
Teck Resources Ltd., Class B		423		12,437
TELUS Corp.		696		16,023
TFI International Inc.		201		20,076
Thomson Reuters Corp.		162		18,191
TMX Group Ltd.		177		18,161
Toromont Industries Ltd.		246		20,719
Toronto-Dominion Bank (The)		240		15,590
Tourmaline Oil Corp.		303		18,984
West Fraser Timber Co. Ltd.		210		19,661
Wheaton Precious Metals Corp.		471		16,162
WSP Global Inc.		150		18,098


				1,468,367

Denmark — 1.9%
AP Moller - Maersk A/S, Class A		3		8,037
AP Moller - Maersk A/S, Class B, NVS		3		8,191
Carlsberg A/S, Class B		117		15,133
Chr Hansen Holding A/S		228		14,923
Coloplast A/S, Class B		114		13,342


Security	Shares		Value

Denmark (continued)
Danske Bank A/S		1,032	$	14,432
Demant A/S^(a)		366		13,943
DSV A/S		102		17,187
Genmab A/S^(a)		60		21,349
GN Store Nord A/S		591		20,581
Novo Nordisk A/S, Class B		165		19,218
Novozymes A/S, Class B		249		15,906
Orsted A/S^(b)		153		17,812
Pandora A/S		240		17,830
Rockwool A/S, Class B		78		19,328
Tryg A/S		858		19,564
Vestas Wind Systems A/S		813		21,369


				278,145

Finland — 1.4%
Elisa OYJ		297		16,426
Fortum OYJ		819		9,193
Kesko OYJ, Class B		621		15,359
Kone OYJ, Class B		381		17,412
Neste OYJ		459		23,602
Nokia OYJ		3,576		18,626
Nordea Bank Abp		1,638		16,151
Orion OYJ, Class B		483		23,057
Sampo OYJ, Class A		363		15,683
Stora Enso OYJ, Class R		913		14,120
UPM-Kymmene OYJ		552		17,493
Wartsila OYJ Abp		2,403		21,114


				208,236

France — 7.0%
Accor SA^(a)		594		15,414
Aeroports de Paris^(a)		118		16,304
Air Liquide SA		124		17,048
Airbus SE		153		16,497
Alstom SA		726		17,254
Amundi SA^(b)		302		16,397
ArcelorMittal SA		543		13,398
Arkema SA		156		14,779
AXA SA		645		14,862
BioMerieux		171		18,509
BNP Paribas SA		279		13,182
Bollore SE		3,516		17,752
Bouygues SA		507		15,327
Bureau Veritas SA		588		16,217
Capgemini SE		84		16,022
Carrefour SA		832		14,179
Cie Generale des Etablissements Michelin SCA		540		15,112
Cie. de Saint-Gobain		297		13,849
Covivio		222		14,040
Credit Agricole SA		1,152		10,614
Danone SA		309		17,038
Dassault Aviation SA		105		15,017
Dassault Systemes SE		408		17,500
Edenred		414		21,251
Eiffage SA^(c)		183		17,173
Electricite de France SA		1,713		20,803
Engie SA		1,335		16,517
EssilorLuxottica SA		90		14,110
Eurazeo SE		219		15,643
Eurofins Scientific SE		171		13,331
Gecina SA		129		13,227


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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Getlink SE		922	$	18,453
Hermes International		15		20,579
Ipsen SA		186		18,815
Kering SA		36		20,610
Klepierre SA		852		18,932
La Francaise des Jeux SAEM^(b)		486		17,359
Legrand SA		177		14,491
L’Oreal SA		42		15,878
LVMH Moet Hennessy Louis Vuitton SE		21		14,581
Orange SA		1,389		14,193
Pernod Ricard SA		78		15,323
Publicis Groupe SA		273		14,528
Remy Cointreau SA		99		19,558
Renault SA^(a)		681		20,133
Safran SA		153		16,817
Sanofi		148		14,707
Sartorius Stedim Biotech		54		21,602
Schneider Electric SE		126		17,426
SEB SA		165		13,891
Societe Generale SA		594		13,309
Sodexo SA		225		18,282
Teleperformance		51		17,054
Thales SA		153		19,027
TotalEnergies SE		288		14,710
Ubisoft Entertainment SA^(a)(c)		369		15,710
Unibail-Rodamco-Westfield^(a)		270		15,332
Valeo		930		19,976
Veolia Environnement SA		543		13,581
Vinci SA		168		16,104
Vivendi SE		1,566		14,867
Wendel SE		192		17,672
Worldline SA/France^(a)(b)		483		21,319


				1,033,185

Germany — 5.5%
adidas AG		90		15,569
Allianz SE, Registered		87		15,800
Aroundtown SA^(c)		3,543		11,362
BASF SE		285		12,701
Bayer AG, Registered		241		14,058
Bayerische Motoren Werke AG		129		10,541
Bechtle AG		414		19,149
Beiersdorf AG		195		20,109
Brenntag SE		225		15,805
Carl Zeiss Meditec AG, Bearer		132		19,264
Commerzbank AG^(a)		2,280		15,621
Continental AG		261		18,594
Covestro AG^(b)		429		14,468
Daimler Truck Holding AG^(a)		438		11,968
Delivery Hero SE^(a)(b)		597		28,803
Deutsche Bank AG, Registered		1,734		15,167
Deutsche Boerse AG		99		17,282
Deutsche Lufthansa AG, Registered^(a)(c)		2,667		16,418
Deutsche Post AG, Registered		351		14,019
Deutsche Telekom AG, Registered		729		13,850
E.ON SE		1,683		15,129
Evonik Industries AG		582		12,414
Fresenius Medical Care AG & Co. KGaA		306		11,344
Fresenius SE & Co. KGaA		477		12,206
GEA Group AG		426		15,902
Hannover Rueck SE		114		16,171


Security	Shares		Value

Germany (continued)
HeidelbergCement AG		285	$	14,517
HelloFresh SE^(a)		564		15,589
Henkel AG & Co. KGaA		84		5,297
Infineon Technologies AG		930		25,505
KION Group AG		426		19,431
Knorr-Bremse AG		267		15,907
LEG Immobilien SE		129		11,719
Mercedes-Benz Group AG		186		10,969
Merck KGaA		66		12,570
MTU Aero Engines AG		87		16,818
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		72		16,323
Nemetschek SE		291		19,481
Puma SE		262		17,691
QIAGEN NV^(a)		330		16,538
Rational AG		36		25,094
Rheinmetall AG		81		14,853
RWE AG		372		15,303
SAP SE		165		15,390
Scout24 SE^(b)		300		17,151
Siemens AG, Registered		126		14,055
Siemens Healthineers AG^(b)		261		13,375
Symrise AG		135		15,753
Telefonica Deutschland Holding AG		5,463		14,524
Uniper SE^(c)		657		4,390
United Internet AG, Registered		549		14,461
Volkswagen AG		12		2,377
Vonovia SE		411		13,694
Zalando SE^(a)(b)		564		15,878


				818,367

Hong Kong — 3.9%
AIA Group Ltd.		1,800		18,084
BOC Hong Kong Holdings Ltd.		4,500		16,278
Budweiser Brewing Co. APAC Ltd.^(b)		6,900		19,106
Chow Tai Fook Jewellery Group Ltd.		9,000		17,800
CK Asset Holdings Ltd.		3,000		21,239
CK Hutchison Holdings Ltd.		3,000		19,900
CK Infrastructure Holdings Ltd.		3,000		18,812
CLP Holdings Ltd.		1,500		12,719
ESR Group Ltd.^(a)(b)		6,000		15,603
Futu Holdings Ltd., ADR^(a)(c)		489		20,342
Galaxy Entertainment Group Ltd.		3,000		17,847
Hang Lung Properties Ltd.		9,000		16,420
Hang Seng Bank Ltd.		1,200		19,357
Henderson Land Development Co. Ltd.		3,464		12,059
HK Electric Investments & HK Electric Investments Ltd., Class SS		16,500		14,924
HKT Trust & HKT Ltd., Class SS		9,000		12,610
Hong Kong & China Gas Co. Ltd.		12,676		13,387
Hong Kong Exchanges & Clearing Ltd.		300		13,767
Hongkong Land Holdings Ltd.^(c)		3,600		18,713
Jardine Matheson Holdings Ltd.		300		15,845
Link REIT		2,100		17,586
MTR Corp. Ltd.		3,000		15,886
New World Development Co. Ltd.		6,000		20,063
Power Assets Holdings Ltd.		3,000		19,643
Sands China Ltd.^(a)		8,400		19,703
Sino Land Co. Ltd.		12,000		17,830
SITC International Holdings Co. Ltd.		6,000		20,430
Sun Hung Kai Properties Ltd.		1,500		17,906


26		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Swire Pacific Ltd., Class A		3,000	$	17,085
Swire Properties Ltd.		7,200		17,156
Techtronic Industries Co. Ltd.		1,500		16,645
WH Group Ltd.^(b)		28,500		21,584
Wharf Real Estate Investment Co. Ltd.		3,000		13,354
Xinyi Glass Holdings Ltd.		6,000		11,834


				581,517

Ireland — 0.6%
CRH PLC		438		16,808
Flutter Entertainment PLC, Class DI^(a)		162		16,265
James Hardie Industries PLC		531		13,114
Kerry Group PLC, Class A		169		17,838
Kingspan Group PLC		252		16,311
Smurfit Kappa Group PLC		384		13,919


				94,255

Israel — 1.7%
Azrieli Group Ltd.		189		15,150
Bank Hapoalim BM		1,845		17,196
Bank Leumi Le-Israel BM		1,759		17,104
Check Point Software Technologies Ltd.^(a)		142		17,693
CyberArk Software Ltd.^(a)		144		18,739
Elbit Systems Ltd.		96		22,150
ICL Group Ltd.		1,515		13,805
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		2,641		15,016
Kornit Digital Ltd.^(a)		471		12,816
Mizrahi Tefahot Bank Ltd.		543		20,187
Nice Ltd.^(a)		69		14,731
Teva Pharmaceutical Industries Ltd., ADR^(a)		2,235		20,964
Tower Semiconductor Ltd.^(a)		363		17,304
Wix.com Ltd.^(a)(c)		297		17,621
ZIM Integrated Shipping Services Ltd.		267		13,302


				253,781

Italy — 2.4%
Amplifon SpA		513		16,964
Assicurazioni Generali SpA		912		13,634
Atlantia SpA		703		16,247
DiaSorin SpA		150		20,856
Enel SpA		2,490		12,553
Eni SpA		1,120		13,463
Ferrari NV		102		21,661
FinecoBank Banca Fineco SpA		1,209		15,025
Infrastrutture Wireless Italiane SpA^(b)		1,893		19,892
Intesa Sanpaolo SpA		6,588		11,699
Mediobanca Banca di Credito Finanziario SpA		1,557		13,354
Moncler SpA		465		23,310
Nexi SpA^(a)(b)		2,175		19,754
Poste Italiane SpA^(b)		1,320		11,088
Prysmian SpA		528		16,789
Recordati Industria Chimica e Farmaceutica SpA		327		14,502
Snam SpA		2,940		14,752
Stellantis NV		1,293		18,568
Telecom Italia SpA/Milano^(a)		58,110		12,892
Tenaris SA		1,066		14,918
Terna - Rete Elettrica Nazionale		2,004		15,342
UniCredit SpA		1,539		15,220


				352,483

Japan — 27.8%
Advantest Corp.		300		17,843


Security	Shares		Value

Japan (continued)
Aeon Co. Ltd.		900	$	18,150
AGC Inc.		600		21,872
Aisin Corp.		600		17,819
Ajinomoto Co. Inc.		900		23,684
ANA Holdings Inc.^(a)		900		16,802
Asahi Group Holdings Ltd.		600		20,860
Asahi Intecc Co. Ltd.		1,200		22,200
Asahi Kasei Corp.		2,400		19,254
Astellas Pharma Inc.		1,200		18,794
Azbil Corp.		600		18,062
Bandai Namco Holdings Inc.		300		23,437
Bridgestone Corp.		300		11,702
Brother Industries Ltd.		1,200		22,478
Canon Inc.		600		14,195
Capcom Co. Ltd.		900		25,018
Chiba Bank Ltd. (The)		3,900		21,633
Chubu Electric Power Co. Inc.		1,800		19,201
Chugai Pharmaceutical Co. Ltd.		600		16,856
Concordia Financial Group Ltd.		5,700		19,391
CyberAgent Inc.		1,800		17,961
Dai Nippon Printing Co. Ltd.		900		19,861
Daifuku Co. Ltd.		300		19,130
Dai-ichi Life Holdings Inc.		900		15,655
Daiichi Sankyo Co. Ltd.		600		15,909
Daito Trust Construction Co. Ltd.		300		28,441
Daiwa House Industry Co. Ltd.		600		14,825
Daiwa House REIT Investment Corp.		9		21,661
Daiwa Securities Group Inc.		3,600		16,618
Denso Corp.		300		16,409
Dentsu Group Inc.		600		20,959
East Japan Railway Co.		300		15,662
Eisai Co. Ltd.		300		13,738
ENEOS Holdings Inc.		4,350		16,828
Fuji Electric Co. Ltd.		300		13,550
FUJIFILM Holdings Corp.		300		17,137
GLP J-Reit		12		15,782
GMO Payment Gateway Inc.		300		24,931
Hakuhodo DY Holdings Inc.		1,800		18,514
Hamamatsu Photonics KK		300		13,632
Hankyu Hanshin Holdings Inc.		600		17,404
Hikari Tsushin Inc.		300		33,056
Hitachi Construction Machinery Co. Ltd.		900		19,856
Hitachi Ltd.		300		15,188
Hitachi Metals Ltd.^(a)		1,200		18,452
Honda Motor Co. Ltd.		600		15,376
Hoshizaki Corp.		600		17,899
Hoya Corp.		300		30,058
Hulic Co. Ltd.		2,100		16,842
Ibiden Co. Ltd.		600		17,707
Idemitsu Kosan Co. Ltd.		664		17,267
Iida Group Holdings Co. Ltd.		900		14,735
Inpex Corp.		1,500		17,193
Isuzu Motors Ltd.		1,500		16,453
Ito En Ltd.		300		14,136
ITOCHU Corp.		600		17,466
Itochu Techno-Solutions Corp.		900		24,120
Japan Airlines Co. Ltd.^(a)		1,200		20,788
Japan Exchange Group Inc.		1,500		23,851
Japan Metropolitan Fund Invest		24		19,557
Japan Post Bank Co. Ltd.		2,100		16,799


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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		2,400	$	17,280
Japan Post Insurance Co. Ltd.		1,200		19,401
Japan Real Estate Investment Corp.		3		14,487
Japan Tobacco Inc.		900		16,160
JFE Holdings Inc.		1,500		16,912
JSR Corp.		600		16,619
Kajima Corp.		1,800		20,548
Kakaku.com Inc.		900		17,628
Kansai Electric Power Co. Inc. (The)		1,800		18,250
Kao Corp.		400		17,398
KDDI Corp.		600		19,237
Keio Corp.		600		22,974
Keisei Electric Railway Co. Ltd.		600		16,450
Kikkoman Corp.		300		17,788
Kintetsu Group Holdings Co. Ltd.		600		19,828
Kirin Holdings Co. Ltd.		1,200		19,738
Kobayashi Pharmaceutical Co. Ltd.		300		19,986
Kobe Bussan Co. Ltd.		900		25,655
Koei Tecmo Holdings Co. Ltd.		550		19,201
Koito Manufacturing Co. Ltd.		600		19,723
Komatsu Ltd.		900		20,807
Konami Group Corp.		300		17,732
Kose Corp.		200		17,852
Kubota Corp.		900		14,943
Kurita Water Industries Ltd.		600		24,336
Kyocera Corp.		300		16,677
Kyowa Kirin Co. Ltd.		600		14,145
Lixil Corp.		900		18,626
M3 Inc.		600		20,904
Makita Corp.		600		14,663
Marubeni Corp.		1,600		14,884
Mazda Motor Corp.		2,100		17,702
McDonald’s Holdings Co. Japan Ltd.		600		22,521
MEIJI Holdings Co. Ltd.		300		15,663
MINEBEA MITSUMI Inc.		900		16,189
MISUMI Group Inc.		900		22,391
Mitsubishi Chemical Group Corp.		3,000		16,871
Mitsubishi Corp.		600		17,832
Mitsubishi Electric Corp.		1,500		15,831
Mitsubishi Estate Co. Ltd.		1,200		17,822
Mitsubishi HC Capital Inc.		3,600		17,445
Mitsubishi Heavy Industries Ltd.		600		22,280
Mitsubishi UFJ Financial Group Inc.		3,000		16,904
Mitsui & Co. Ltd.		900		19,856
Mitsui Chemicals Inc.		600		12,639
Mitsui Fudosan Co. Ltd.		900		20,114
Mitsui OSK Lines Ltd.		600		16,453
Mizuho Financial Group Inc.		1,500		17,890
MonotaRO Co. Ltd.		1,200		21,426
MS&AD Insurance Group Holdings Inc.		600		19,459
Murata Manufacturing Co. Ltd.		300		17,523
NEC Corp.		300		11,074
Nexon Co. Ltd.		900		20,432
NGK Insulators Ltd.		1,200		17,551
Nidec Corp.		300		20,848
Nihon M&A Center Holdings Inc.		1,800		24,088
Nippon Building Fund Inc.		3		15,914
Nippon Express Holdings Inc.		300		17,927
Nippon Paint Holdings Co. Ltd.		2,400		18,346
Nippon Prologis REIT Inc.		6		15,603


Security	Shares		Value

Japan (continued)
Nippon Sanso Holdings Corp.		900	$	15,176
Nippon Shinyaku Co. Ltd.		300		18,567
Nippon Steel Corp.		1,200		17,856
Nippon Telegraph & Telephone Corp.		600		17,139
Nippon Yusen KK		300		23,565
Nissan Chemical Corp.		300		15,340
Nissan Motor Co. Ltd.		4,500		17,113
Nisshin Seifun Group Inc.		1,500		18,464
Nissin Foods Holdings Co. Ltd.		300		21,728
Nitori Holdings Co. Ltd.		300		31,740
Nitto Denko Corp.		300		19,319
Nomura Holdings Inc.		5,100		19,459
Nomura Real Estate Holdings Inc.		600		14,556
Nomura Real Estate Master Fund Inc.		15		18,792
Nomura Research Institute Ltd.		660		19,829
NTT Data Corp.		1,200		18,162
Obayashi Corp.		2,700		19,857
Odakyu Electric Railway Co. Ltd.		1,200		17,211
Oji Holdings Corp.		4,500		18,761
Olympus Corp.		900		19,262
Omron Corp.		300		16,778
Ono Pharmaceutical Co. Ltd.		900		25,307
Open House Group Co. Ltd.		300		13,088
Oracle Corp. Japan		300		18,710
ORIX Corp.		900		16,040
Osaka Gas Co. Ltd.		900		16,180
Otsuka Corp.		600		18,711
Otsuka Holdings Co. Ltd.		600		21,434
Pan Pacific International Holdings Corp.		1,200		18,685
Panasonic Holdings Corp.		1,800		14,861
Persol Holdings Co. Ltd.		900		18,632
Rakuten Group Inc.		3,000		14,873
Recruit Holdings Co. Ltd.		600		22,424
Renesas Electronics Corp.^(a)		1,800		17,145
Resona Holdings Inc.		4,800		18,654
Ricoh Co. Ltd.		2,400		19,303
Rohm Co. Ltd.		300		22,263
SBI Holdings Inc/Japan		900		18,259
SCSK Corp.		1,200		21,132
Secom Co. Ltd.		300		20,037
Seiko Epson Corp.		1,200		18,027
Sekisui Chemical Co. Ltd.		1,200		16,883
Sekisui House Ltd.		900		15,940
Seven & i Holdings Co. Ltd.		600		24,456
SG Holdings Co. Ltd.		900		17,176
Sharp Corp./Japan		2,400		19,318
Shimadzu Corp.		600		21,347
Shimizu Corp.		3,600		20,407
Shionogi & Co. Ltd.		300		15,387
Shiseido Co. Ltd.		300		12,340
Shizuoka Bank Ltd. (The)		3,000		18,154
SoftBank Corp.		1,500		17,343
SoftBank Group Corp.		300		12,602
Sompo Holdings Inc.		300		13,389
Sony Group Corp.		300		25,448
Square Enix Holdings Co. Ltd.		300		13,920
Subaru Corp.		1,200		20,881
SUMCO Corp.		1,500		20,989
Sumitomo Chemical Co. Ltd.		4,200		16,506
Sumitomo Corp.		1,200		16,872


28		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Sumitomo Electric Industries Ltd.		1,500	$	16,723
Sumitomo Metal Mining Co. Ltd.		400		12,578
Sumitomo Mitsui Financial Group Inc.		600		18,823
Sumitomo Mitsui Trust Holdings Inc.		600		19,710
Sumitomo Realty & Development Co. Ltd.		600		16,568
Suntory Beverage & Food Ltd.		600		23,674
Suzuki Motor Corp.		600		19,668
Sysmex Corp.		300		21,004
T&D Holdings Inc.		1,800		20,373
Taisei Corp.		600		19,144
Takeda Pharmaceutical Co. Ltd.		651		19,100
TDK Corp.		600		18,897
Terumo Corp.		600		20,486
TIS Inc.		900		25,519
Tobu Railway Co. Ltd.		900		21,370
Toho Co. Ltd./Tokyo.		600		23,826
Tokio Marine Holdings Inc.		300		17,562
Tokyo Electric Power Co. Holdings Inc.^(a)		4,500		17,709
Tokyo Gas Co. Ltd.		900		17,677
Tokyu Corp.		1,500		18,392
Toppan Inc.		900		15,314
Toray Industries Inc.		3,600		19,718
Toshiba Corp.		300		12,170
Tosoh Corp.		1,500		19,553
TOTO Ltd.		600		20,437
Toyota Industries Corp.		300		18,267
Toyota Motor Corp.		900		14,608
Toyota Tsusho Corp.		300		10,239
Trend Micro Inc/Japan		300		17,434
Unicharm Corp.		600		21,733
USS Co. Ltd.		900		17,660
Welcia Holdings Co. Ltd.		600		13,401
West Japan Railway Co.		600		22,038
Yakult Honsha Co. Ltd.		300		18,270
Yamaha Corp.		400		17,062
Yamaha Motor Co. Ltd.		900		17,385
Yamato Holdings Co. Ltd.		900		15,749
Yaskawa Electric Corp.		600		21,014
Yokogawa Electric Corp.		1,200		21,280
Z Holdings Corp.		5,400		19,085
ZOZO Inc.		900		19,442


				4,120,542

Netherlands — 3.1%
ABN AMRO Bank NV, CVA^(b)		1,476		15,052
Adyen NV^(a)(b)		12		21,585
Aegon NV		3,717		16,326
AerCap Holdings NV^(a)		387		17,361
Akzo Nobel NV		177		11,912
Argenx SE^(a)		54		19,726
ASM International NV		69		21,195
ASML Holding NV		30		17,243
Davide Campari-Milano NV		1,539		17,086
Euronext NV^(b)		204		16,622
EXOR NV		219		15,403
Heineken Holding NV		192		15,171
Heineken NV		153		15,084
IMCD NV		114		18,257
ING Groep NV		1,479		14,367
JDE Peet’s NV		615		17,836
Just Eat Takeaway.com NV^(a)(b)		1,017		18,641


Security	Shares		Value

Netherlands (continued)
Koninklijke Ahold Delhaize NV		519	$	14,293
Koninklijke DSM NV		90		14,413
Koninklijke KPN NV		4,924		16,244
Koninklijke Philips NV		717		14,839
NN Group NV		369		17,314
OCI NV		414		14,373
Prosus NV, Class N		390		25,442
Randstad NV		294		14,860
Universal Music Group NV		768		17,385
Wolters Kluwer NV		183		19,874


				457,904

New Zealand — 0.7%
Auckland International Airport Ltd.^(a)		3,159		14,834
Fisher & Paykel Healthcare Corp. Ltd.		1,044		13,961
Mercury NZ Ltd.		5,154		19,713
Meridian Energy Ltd.		6,582		20,656
Spark New Zealand Ltd.		6,342		20,393
Xero Ltd.^(a)		282		18,578


				108,135

Norway — 1.5%
Adevinta ASA^(a)		3,003		22,836
Aker BP ASA		821		28,527
DNB Bank ASA		888		17,516
Equinor ASA		463		17,827
Gjensidige Forsikring ASA		873		18,259
Kongsberg Gruppen ASA		375		13,818
Mowi ASA		702		16,199
Norsk Hydro ASA		2,301		15,590
Orkla ASA		2,347		20,260
Salmar ASA		246		17,621
Telenor ASA		1,167		14,172
Yara International ASA		366		15,598


				218,223

Portugal — 0.4%
EDP - Energias de Portugal SA		3,400		17,200
Galp Energia SGPS SA		1,540		16,256
Jeronimo Martins SGPS SA		894		20,693


				54,149

Singapore — 2.3%
Ascendas Real Estate Investment Trust		9,007		19,387
CapitaLand Integrated Commercial Trust		10,849		17,139
Capitaland Investment Ltd/Singapore		6,300		17,926
City Developments Ltd.		3,300		18,540
DBS Group Holdings Ltd.		600		13,691
Genting Singapore Ltd.		35,700		20,850
Grab Holdings Ltd., Class A^(a)		5,514		16,266
Keppel Corp. Ltd.		3,600		17,986
Mapletree Commercial Trust		13,800		19,009
Mapletree Logistics Trust		15,090		19,259
Oversea-Chinese Banking Corp. Ltd.		2,100		17,797
Sea Ltd., ADR^(a)		162		12,364
Singapore Airlines Ltd.^(a)		4,500		17,803
Singapore Exchange Ltd.		1,700		12,187
Singapore Technologies Engineering Ltd.		6,600		19,244
Singapore Telecommunications Ltd.		8,400		15,885
United Overseas Bank Ltd.		900		17,956
UOL Group Ltd.		3,600		19,451
Venture Corp. Ltd.		1,500		19,110


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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Singapore (continued)
Wilmar International Ltd.		5,700	$	16,609


				348,459

Spain — 2.2%
Acciona SA		90		18,519
ACS Actividades de Construccion y Servicios SA		819		19,687
Aena SME SA^(a)(b)		123		15,558
Amadeus IT Group SA^(a)		288		16,793
Banco Bilbao Vizcaya Argentaria SA		3,246		14,710
Banco Santander SA		5,952		14,891
CaixaBank SA		5,086		15,272
Cellnex Telecom SA^(b)		396		17,713
EDP Renovaveis SA		811		21,094
Enagas SA		290		5,724
Endesa SA		930		17,046
Ferrovial SA		772		20,673
Grifols SA^(c)		828		12,082
Iberdrola SA		1,414		15,099
Iberdrola SA, NVS		39		419
Industria de Diseno Textil SA		786		19,090
Naturgy Energy Group SA		786		23,055
Red Electrica Corp. SA		383		7,530
Repsol SA		1,105		13,766
Siemens Gamesa Renewable Energy SA^(a)		1,050		19,319
Telefonica SA		3,484		15,552


				323,592

Sweden — 4.6%
Alfa Laval AB		729		21,798
Assa Abloy AB, Class B		825		19,491
Atlas Copco AB, Class A		792		9,258
Atlas Copco AB, Class B		1,200		12,465
Boliden AB		444		14,838
Electrolux AB, Class B		1,296		18,693
Embracer Group AB^(a)		2,232		17,009
Epiroc AB, Class A		678		11,988
Epiroc AB, Class B		306		4,860
EQT AB		699		18,973
Essity AB, Class B		561		14,280
Evolution AB^(b)		180		17,466
Fastighets AB Balder, Class B^(a)		2,410		15,395
Getinge AB, Class B		573		12,930
H & M Hennes & Mauritz AB, Class B		1,356		17,349
Hexagon AB, Class B		1,803		21,229
Holmen AB, Class B		243		9,985
Husqvarna AB, Class B		2,160		17,215
Industrivarden AB, Class A		291		7,593
Industrivarden AB, Class C		357		9,211
Indutrade AB		819		19,249
Investment AB Latour, Class B		741		18,437
Investor AB, Class A		339		6,970
Investor AB, Class B		600		11,197
Kinnevik AB, Class B^(a)		1,059		19,075
L E Lundbergforetagen AB, Class B		303		14,380
Lifco AB, Class B		807		15,709
Nibe Industrier AB, Class B		2,127		21,428
Sagax AB, Class B		642		16,546
Sandvik AB		870		16,031
Securitas AB, Class B		1,359		13,743
Sinch AB^(a)(b)		4,008		10,162
Skandinaviska Enskilda Banken AB, Class A		1,386		15,015


Security	Shares		Value

Sweden (continued)
Skanska AB, Class B		1,002	$	17,094
SKF AB, Class B		957		16,106
Svenska Cellulosa AB SCA, Class B		1,092		15,965
Svenska Handelsbanken AB, Class A		1,611		14,486
Swedbank AB, Class A		1,083		15,000
Swedish Match AB		1,683		17,619
Swedish Orphan Biovitrum AB^(a)		795		17,459
Tele2 AB, Class B		1,338		15,285
Telefonaktiebolaget LM Ericsson, Class B		2,250		17,114
Telia Co. AB		3,874		14,312
Volvo AB, Class B		792		14,220
Volvo Car AB, Class B^(a)(c)		1,986		14,787


				679,415

Switzerland — 4.6%
ABB Ltd., Registered		522		15,869
Adecco Group AG, Registered		471		16,592
Alcon Inc.		228		17,944
Bachem Holding AG, Class A		240		16,184
Baloise Holding AG, Registered		106		16,889
Barry Callebaut AG, Registered		9		19,941
Cie. Financiere Richemont SA, Class A, Registered		147		17,725
Clariant AG, Registered		954		17,874
Coca-Cola HBC AG, Class DI		771		18,976
Credit Suisse Group AG, Registered		2,553		14,850
EMS-Chemie Holding AG, Registered		21		16,676
Geberit AG, Registered		42		22,120
Givaudan SA, Registered		6		20,973
Holcim AG		402		18,849
Julius Baer Group Ltd.		365		18,874
Kuehne + Nagel International AG, Registered		60		16,159
Logitech International SA, Registered		324		18,229
Lonza Group AG, Registered		30		18,233
Nestle SA, Registered		130		15,929
Novartis AG, Registered		175		15,038
Partners Group Holding AG		18		19,651
Roche Holding AG, NVS		48		15,936
Schindler Holding AG, Participation Certificates, NVS		54		10,555
Schindler Holding AG, Registered		18		3,418
SGS SA, Registered		6		14,643
Siemens Energy AG^(a)		1,068		17,747
Sika AG, Registered		75		18,532
Sonova Holding AG, Registered		51		18,369
STMicroelectronics NV		585		22,138
Straumann Holding AG		135		18,259
Swatch Group AG (The), Bearer		54		14,376
Swatch Group AG (The), Registered		78		3,895
Swiss Life Holding AG, Registered		33		17,481
Swiss Prime Site AG, Registered		186		16,938
Swiss Re AG		216		16,208
Swisscom AG, Registered		33		17,841
Temenos AG, Registered		174		13,811
UBS Group AG, Registered		909		14,853
VAT Group AG^(b)		69		20,091
Vifor Pharma AG^(a)		100		17,471
Zurich Insurance Group AG		36		15,715


				681,852

United Kingdom — 9.2%
3i Group PLC		1,150		17,868
abrdn PLC		4,132		8,377


30		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Admiral Group PLC		615	$	14,374
Anglo American PLC		376		13,590
Antofagasta PLC		984		14,001
Ashtead Group PLC		375		21,107
Associated British Foods PLC		732		14,951
AstraZeneca PLC		144		18,942
Auto Trader Group PLC^(b)		2,502		19,289
AVEVA Group PLC		738		21,351
Aviva PLC		2,773		13,429
BAE Systems PLC		1,792		16,843
Barclays PLC		7,794		14,930
Barratt Developments PLC		3,393		20,805
Berkeley Group Holdings PLC		342		17,724
BP PLC		2,817		13,787
British American Tobacco PLC		372		14,576
British Land Co. PLC (The)		2,991		17,984
BT Group PLC		7,737		15,275
Bunzl PLC		489		18,353
Burberry Group PLC		846		18,598
CNH Industrial NV		1,098		14,145
Coca-Cola Europacific Partners PLC		351		18,996
Compass Group PLC		954		22,358
Croda International PLC		228		20,851
DCC PLC		228		14,886
Diageo PLC		351		16,628
Entain PLC^(a)		1,044		15,363
Experian PLC		444		15,545
Ferguson PLC		132		16,605
GSK PLC		628		13,194
Haleon PLC^(a)		786		2,793
Halma PLC		759		21,376
Hargreaves Lansdown PLC		1,851		19,163
Hikma Pharmaceuticals PLC		669		14,141
HSBC Holdings PLC		2,604		16,311
Imperial Brands PLC		819		17,982
Informa PLC^(a)		2,571		18,698
InterContinental Hotels Group PLC		300		17,783
Intertek Group PLC		297		15,873
J Sainsbury PLC		4,836		13,045
JD Sports Fashion PLC		14,289		22,696
Johnson Matthey PLC		624		16,314
Kingfisher PLC		5,244		16,591
Land Securities Group PLC		2,115		18,900
Legal & General Group PLC		3,326		10,622
Lloyds Banking Group PLC		28,929		16,017
London Stock Exchange Group PLC		192		18,738
M&G PLC		6,930		18,064
Melrose Industries PLC		13,062		25,712
Mondi PLC		843		15,998
National Grid PLC		1,081		14,885
NatWest Group PLC		6,216		18,880
Next PLC		180		14,985
Ocado Group PLC^(a)		2,028		20,848
Pearson PLC		1,911		17,687
Persimmon PLC		759		17,507
Phoenix Group Holdings PLC		2,088		16,451
Prudential PLC		1,350		16,651
Reckitt Benckiser Group PLC		228		18,494
RELX PLC		594		17,588
Rentokil Initial PLC		2,655		17,531


Security	Shares		Value

United Kingdom (continued)
Rolls-Royce Holdings PLC^(a)		16,575	$	18,116
Sage Group PLC (The)		1,977		17,038
Schroders PLC		502		18,208
Segro PLC		1,212		16,214
Severn Trent PLC		525		18,875
Shell PLC		531		14,165
Smith & Nephew PLC		1,017		13,039
Smiths Group PLC		1,074		20,269
Spirax-Sarco Engineering PLC		144		21,011
SSE PLC		711		15,356
St. James’s Place PLC		1,171		17,590
Standard Chartered PLC		2,295		15,819
Taylor Wimpey PLC		12,741		19,831
Tesco PLC		4,881		15,654
Unilever PLC		378		18,410
United Utilities Group PLC		1,452		19,292
Vodafone Group PLC		11,040		16,269
Whitbread PLC		510		16,233
WPP PLC		1,257		13,566


				1,368,004


Total Common Stocks — 99.2% (Cost: $16,673,841)				14,703,361


Preferred Stocks

Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		30		2,278
Henkel AG & Co. KGaA, Preference Shares, NVS		144		9,199
Porsche Automobil Holding SE, Preference Shares, NVS		243		17,589
Sartorius AG, Preference Shares, NVS		45		20,128
Volkswagen AG, Preference Shares, NVS		90		12,725


				61,919


Total Preferred Stocks — 0.4% (Cost: $75,559)				61,919

Total Long-Term Investments — 99.6% (Cost: $16,749,400)				14,765,280


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(d)(e)(f)		115,989		115,977


Total Short-Term Securities — 0.8% (Cost: $115,973)				115,977


Total Investments in Securities — 100.4% (Cost: $16,865,373)				14,881,257

Liabilities in Excess of Other Assets — (0.4)%				(62,190	)


Net Assets — 100.0%			$	14,819,067

^(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)	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		31

Schedule of Investments (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	36,183	$	79,856	^(a)	$	—		$	(66	)	$	4	$	115,977		115,989	$	2,179	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—			0	^(a)		—			—		—		—		9			—


									$	(66	)	$	4	$	115,977			$	2,188		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.

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
Mini TOPIX Index		1		09/08/22	$	15	$	(19	)
Euro STOXX 50 Index		1		09/16/22		38		2,287


							$	2,268

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)	$	—	$	—	$	2,287	$	—	$	—	$	—	$	2,287

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	19	$	—	$	—	$	—	$	19

^(a)

For the period ended July 31, 2022, 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	$	—	$	—	$	(2,778	)	$	—	$	—	$	—	$	(2,778	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,521		$	—	$	—	$	—	$	2,521


32		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Size Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	74,084

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

Investments
Assets
Common Stocks	$	1,708,281	$	12,995,080		$	—	$	14,703,361
Preferred Stocks		—		61,919			—		61,919
Money Market Funds		115,977		—			—		115,977


	$	1,824,258	$	13,056,999		$	—	$	14,881,257

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	2,287		$	—	$	2,287
Liabilities
Futures Contracts		—		(19	)		—		(19	)


	$	—	$	2,268		$	—	$	2,268

^(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		33

Schedule of Investments

July 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.6%
Aurizon Holdings Ltd.		337,761	$	955,963
BHP Group Ltd.		536,700		14,686,987
BlueScope Steel Ltd.		123,441		1,449,985
Dexus		177,763		1,194,568
Fortescue Metals Group Ltd.		320,020		4,118,196
Glencore PLC		2,024,478		11,474,132
Lendlease Corp. Ltd.		93,582		677,968
Origin Energy Ltd.		417,086		1,751,079
Rio Tinto Ltd.		61,563		4,265,365
Rio Tinto PLC		229,061		13,828,293
Santos Ltd.		258,930		1,346,016
Sonic Healthcare Ltd.		69,334		1,669,668
South32 Ltd.		1,039,543		2,833,393
Stockland		637,737		1,728,067
Vicinity Centres		635,498		929,857
Woodside Energy Group Ltd.		97,036		2,191,119


				65,100,656

Austria — 0.2%
Erste Group Bank AG		59,931		1,519,411
OMV AG		27,656		1,177,867
voestalpine AG		32,032		721,253


				3,418,531

Belgium — 0.9%
Ageas SA/NV		19,099		833,581
Anheuser-Busch InBev SA/NV		145,399		7,788,704
Proximus SADP		23,046		319,348
Sofina SA		4,185		980,082
Solvay SA		10,102		887,288
UCB SA		20,411		1,594,890


				12,403,893

Canada — 3.1%
AltaGas Ltd.		72,597		1,617,424
Bausch Health Companies Inc.^(a)		121,570		560,121
Canadian Tire Corp. Ltd., Class A, NVS		8,214		1,055,238
CGI Inc.^(a)		41,937		3,595,863
Empire Co. Ltd., Class A, NVS		39,251		1,191,124
Fairfax Financial Holdings Ltd.		4,461		2,403,028
George Weston Ltd.		13,760		1,642,324
iA Financial Corp. Inc.		15,776		868,047
Kinross Gold Corp.		236,448		810,594
Loblaw Companies Ltd.		29,062		2,645,549
Lundin Mining Corp.		114,863		647,621
Magna International Inc.		49,168		3,139,641
Manulife Financial Corp.		374,903		6,862,460
Metro Inc.		39,503		2,187,465
Open Text Corp.		83,877		3,430,930
Power Corp. of Canada		75,557		2,053,324
Saputo Inc.		35,662		880,863
Teck Resources Ltd., Class B		133,890		3,936,557
Tourmaline Oil Corp.		24,295		1,522,149
West Fraser Timber Co. Ltd.		23,595		2,209,054


				43,259,376

Denmark — 0.9%
AP Moller - Maersk A/S, Class A		1,338		3,584,469
AP Moller - Maersk A/S, Class B, NVS		2,392		6,530,957
Danske Bank A/S		189,191		2,645,703


				12,761,129


Security	Shares		Value

Finland — 0.9%
Fortum OYJ		99,671	$	1,118,736
Nokia OYJ		2,118,184		11,032,731


				12,151,467

France — 10.8%
Alstom SA		48,552		1,153,872
ArcelorMittal SA		278,692		6,876,428
AXA SA		287,781		6,631,196
BNP Paribas SA		301,244		14,232,962
Bollore SE		118,954		600,582
Bouygues SA		60,251		1,821,372
Capgemini SE		30,486		5,814,803
Carrefour SA		229,392		3,909,308
Cie Generale des Etablissements Michelin SCA		113,491		3,175,996
Cie. de Saint-Gobain		126,368		5,892,517
Credit Agricole SA		347,124		3,198,341
Danone SA		102,541		5,654,024
Dassault Aviation SA		4,620		660,765
Eiffage SA^(b)		18,666		1,751,598
Electricite de France SA		286,335		3,477,324
Engie SA		766,665		9,485,438
Ipsen SA		8,575		867,423
Orange SA		438,510		4,480,884
Publicis Groupe SA		38,007		2,022,555
Renault SA^(a)		90,229		2,667,564
Sanofi		263,183		26,153,421
Societe Generale SA		337,247		7,556,488
Thales SA		14,757		1,835,175
TotalEnergies SE		406,171		20,746,140
Valeo		31,763		682,270
Vinci SA		75,156		7,204,360
Vivendi SE		103,700		984,459
Worldline SA/France^(a)(c)		48,379		2,135,358


				151,672,623

Germany — 7.0%
Aroundtown SA^(b)		91,699		294,082
BASF SE		81,590		3,636,072
Bayer AG, Registered		318,315		18,567,389
Bayerische Motoren Werke AG		108,493		8,865,324
Commerzbank AG^(a)		418,461		2,866,930
Continental AG		19,949		1,421,190
Covestro AG^(c)		36,708		1,237,991
Daimler Truck Holding AG^(a)		103,044		2,815,673
Deutsche Bank AG, Registered		797,477		6,975,493
Deutsche Telekom AG, Registered		403,260		7,661,527
Evonik Industries AG		24,912		531,365
Fresenius Medical Care AG & Co. KGaA		50,006		1,853,896
Fresenius SE & Co. KGaA		141,358		3,617,204
HeidelbergCement AG		40,477		2,061,777
Henkel AG & Co. KGaA		24,104		1,519,873
KION Group AG		6,447		294,064
Mercedes-Benz Group AG		212,440		12,528,433
Merck KGaA		15,859		3,020,515
RWE AG		123,792		5,092,548
Siemens AG, Registered		97,834		10,912,792
Uniper SE^(b)		32,786		219,056
United Internet AG, Registered		14,083		370,963
Volkswagen AG		9,535		1,888,574


				98,252,731


34		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong — 2.6%
BOC Hong Kong Holdings Ltd.		446,500	$	1,615,131
CK Asset Holdings Ltd.		1,089,000		7,709,823
CK Hutchison Holdings Ltd.		1,475,000		9,784,083
CK Infrastructure Holdings Ltd.		163,500		1,025,271
Hongkong Land Holdings Ltd.		214,700		1,116,023
Jardine Matheson Holdings Ltd.		73,900		3,903,089
New World Development Co. Ltd.		228,000		762,409
Sino Land Co. Ltd.		1,344,000		1,996,965
SITC International Holdings Co. Ltd.		230,000		783,133
Sun Hung Kai Properties Ltd.		243,500		2,906,691
Swire Pacific Ltd., Class A		134,500		765,994
WH Group Ltd.^(c)		4,564,500		3,456,864
Xinyi Glass Holdings Ltd.^(b)		368,000		725,819


				36,551,295

Israel — 0.9%
Bank Hapoalim BM		169,359		1,578,426
Bank Leumi Le-Israel BM		180,280		1,752,972
Check Point Software Technologies Ltd.^(a)		17,006		2,118,948
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		162,114		921,757
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		542,347		5,087,215
ZIM Integrated Shipping Services Ltd.		23,027		1,147,205


				12,606,529

Italy — 3.1%
Enel SpA		1,698,280		8,561,478
Eni SpA		362,468		4,357,075
Intesa Sanpaolo SpA		3,438,548		6,106,202
Mediobanca Banca di Credito Finanziario SpA		109,261		937,100
Nexi SpA^(a)(c)		83,960		762,528
Stellantis NV		973,574		13,980,768
Telecom Italia SpA/Milano^(a)(b)		3,566,202		791,196
UniCredit SpA		875,000		8,653,475


				44,149,822

Japan — 34.2%
AGC Inc.		61,900		2,256,455
Aisin Corp.		51,200		1,520,567
Asahi Group Holdings Ltd.		121,700		4,231,064
Asahi Kasei Corp.		230,000		1,845,153
Astellas Pharma Inc.		351,900		5,511,241
Bridgestone Corp.		96,800		3,775,767
Brother Industries Ltd.		138,300		2,590,557
Canon Inc.		484,600		11,464,579
Central Japan Railway Co.		33,200		3,887,616
Chiba Bank Ltd. (The)		139,400		773,232
Chubu Electric Power Co. Inc.		379,000		4,042,949
Concordia Financial Group Ltd.		310,600		1,056,660
Dai Nippon Printing Co. Ltd.		69,100		1,524,852
Dai-ichi Life Holdings Inc.		122,300		2,127,394
Daito Trust Construction Co. Ltd.		34,900		3,308,609
Daiwa House Industry Co. Ltd.		295,200		7,293,822
Daiwa House REIT Investment Corp.		338		813,497
Daiwa Securities Group Inc.		262,500		1,211,759
Denso Corp.		57,000		3,117,619
Dentsu Group Inc.		28,100		981,577
ENEOS Holdings Inc.		725,000		2,804,592
Fuji Electric Co. Ltd.		20,900		943,967
FUJIFILM Holdings Corp.		153,500		8,768,230
Fujitsu Ltd.		61,500		8,244,834
Hankyu Hanshin Holdings Inc.		41,200		1,195,077


Security	Shares		Value

Japan (continued)
Hirose Electric Co. Ltd.		7,100	$	1,020,025
Hitachi Construction Machinery Co. Ltd.		22,500		496,392
Hitachi Ltd.		276,300		13,988,529
Honda Motor Co. Ltd.		502,100		12,867,406
Hulic Co. Ltd.		174,800		1,401,912
Ibiden Co. Ltd.		22,400		661,059
Idemitsu Kosan Co. Ltd.		34,500		897,166
Iida Group Holdings Co. Ltd.		51,800		848,091
Inpex Corp.		246,100		2,820,742
Isuzu Motors Ltd.		137,000		1,502,698
ITOCHU Corp.		363,100		10,569,718
Japan Post Bank Co. Ltd.^(b)		153,400		1,227,148
Japan Post Holdings Co. Ltd.		950,900		6,846,319
Japan Post Insurance Co. Ltd.		54,500		881,148
Japan Tobacco Inc.		407,700		7,320,503
JFE Holdings Inc.		201,200		2,268,499
Kajima Corp.		180,100		2,055,968
Kansai Electric Power Co. Inc. (The)		369,000		3,741,191
KDDI Corp.		233,400		7,483,345
Kirin Holdings Co. Ltd.		190,000		3,125,186
Koito Manufacturing Co. Ltd.		12,400		407,609
Komatsu Ltd.		184,000		4,253,780
Kubota Corp.		155,000		2,573,518
Kurita Water Industries Ltd.		12,300		498,882
Kyocera Corp.		150,000		8,338,330
Lixil Corp.		61,100		1,264,479
Marubeni Corp.		673,400		6,264,146
Mazda Motor Corp.		182,200		1,535,868
MEIJI Holdings Co. Ltd.		29,500		1,540,195
MINEBEA MITSUMI Inc.		59,700		1,073,891
Mitsubishi Chemical Group Corp.		299,300		1,683,121
Mitsubishi Corp.		445,900		13,251,826
Mitsubishi Electric Corp.		455,200		4,804,284
Mitsubishi Estate Co. Ltd.		242,600		3,603,000
Mitsubishi HC Capital Inc.		149,900		726,401
Mitsubishi Heavy Industries Ltd.		86,800		3,223,098
Mitsubishi UFJ Financial Group Inc.		3,495,600		19,695,929
Mitsui & Co. Ltd.		575,100		12,688,007
Mitsui Chemicals Inc.		48,700		1,025,828
Mitsui OSK Lines Ltd.		88,100		2,415,782
Mizuho Financial Group Inc.		880,670		10,503,199
MS&AD Insurance Group Holdings Inc.		52,300		1,696,159
Murata Manufacturing Co. Ltd.		111,200		6,495,269
NEC Corp.		110,900		4,093,810
NGK Insulators Ltd.		73,000		1,067,714
Nippon Building Fund Inc.		259		1,373,929
Nippon Express Holdings Inc.		21,700		1,296,692
Nippon Steel Corp.		287,900		4,284,018
Nippon Telegraph & Telephone Corp.		220,400		6,295,796
Nippon Yusen KK		82,000		6,441,208
Nissan Motor Co. Ltd.		653,800		2,486,310
Nisshin Seifun Group Inc.		43,700		537,923
Nomura Holdings Inc.		872,700		3,329,797
NTT Data Corp.		144,700		2,190,034
Obayashi Corp.		259,500		1,908,476
Oji Holdings Corp.		214,100		892,616
Ono Pharmaceutical Co. Ltd.		62,900		1,768,679
ORIX Corp.		225,000		4,009,909
Osaka Gas Co. Ltd.		148,700		2,673,343
Otsuka Holdings Co. Ltd.		99,900		3,568,723


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 (continued)

July 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Panasonic Holdings Corp.		408,900	$	3,375,934
Renesas Electronics Corp.^(a)		357,500		3,405,133
Resona Holdings Inc.		687,600		2,672,183
Ricoh Co. Ltd.		401,700		3,230,897
Rohm Co. Ltd.		33,200		2,463,792
SBI Holdings Inc/Japan		30,400		616,738
SCSK Corp.		32,600		574,094
Secom Co. Ltd.		26,700		1,783,295
Seiko Epson Corp.		151,900		2,281,944
Sekisui Chemical Co. Ltd.		60,200		846,982
Sekisui House Ltd.		126,800		2,245,805
Seven & i Holdings Co. Ltd.		195,700		7,976,773
Shimizu Corp.		215,000		1,218,758
Shionogi & Co. Ltd.		44,000		2,256,824
Shizuoka Bank Ltd. (The)		130,200		787,894
SoftBank Group Corp.		234,800		9,863,191
Subaru Corp.		154,500		2,688,440
SUMCO Corp.		127,300		1,781,273
Sumitomo Chemical Co. Ltd.		374,000		1,469,794
Sumitomo Corp.		447,300		6,289,016
Sumitomo Electric Industries Ltd.		186,900		2,083,708
Sumitomo Metal Mining Co. Ltd.		43,400		1,364,661
Sumitomo Mitsui Financial Group Inc.		460,300		14,440,573
Sumitomo Mitsui Trust Holdings Inc.		96,600		3,173,237
Suntory Beverage & Food Ltd.		27,000		1,065,351
Suzuki Motor Corp.		68,500		2,245,384
T&D Holdings Inc.		64,600		731,145
Taisei Corp.		65,900		2,102,658
Takeda Pharmaceutical Co. Ltd.		371,100		10,888,145
TDK Corp.		165,800		5,221,812
TIS Inc.		52,800		1,497,098
Tokyo Electric Power Co. Holdings Inc.^(a)		1,209,700		4,760,610
Tokyo Gas Co. Ltd.		128,300		2,519,928
Toppan Inc.		98,100		1,669,216
Toray Industries Inc.		273,400		1,497,504
Toshiba Corp.		63,600		2,580,094
Tosoh Corp.		72,800		948,962
Toyota Industries Corp.		40,200		2,447,756
Toyota Motor Corp.		1,983,000		32,186,120
Toyota Tsusho Corp.		68,400		2,334,454
Yamaha Motor Co. Ltd.		64,800		1,251,750
Yamato Holdings Co. Ltd.		34,800		608,965
Yokogawa Electric Corp.		55,900		991,290


				481,535,473

Netherlands — 2.2%
ABN AMRO Bank NV, CVA^(c)		92,440		942,693
Aegon NV		724,910		3,183,953
AerCap Holdings NV^(a)		21,454		962,427
EXOR NV		19,115		1,344,404
ING Groep NV		820,486		7,970,057
JDE Peet’s NV		22,195		643,708
Koninklijke Ahold Delhaize NV		298,795		8,228,433
Koninklijke Philips NV		116,320		2,407,388
NN Group NV		94,679		4,442,565
OCI NV		9,722		337,515
Randstad NV		22,296		1,126,906


				31,590,049

Norway — 0.5%
Adevinta ASA^(a)		20,700		157,410


Security	Shares		Value

Norway (continued)
Equinor ASA		89,803	$	3,457,764
Norsk Hydro ASA		224,260		1,519,413
Orkla ASA		125,645		1,084,602
Yara International ASA		21,536		917,807


				7,136,996

Singapore — 0.6%
Capitaland Investment Ltd/Singapore		332,400		945,787
City Developments Ltd.		38,700		217,426
Keppel Corp. Ltd.		351,100		1,754,160
Singapore Telecommunications Ltd.		909,900		1,720,687
UOL Group Ltd.		78,200		422,505
Venture Corp. Ltd.		91,800		1,169,552
Wilmar International Ltd.		680,000		1,981,456


				8,211,573

Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		62,873		1,511,319
Banco Bilbao Vizcaya Argentaria SA		1,429,082		6,476,127
Banco Santander SA		5,166,181		12,925,115
CaixaBank SA		955,030		2,867,701
Grifols SA		29,030		423,595
Repsol SA		291,272		3,628,741
Telefonica SA		955,232		4,263,860


				32,096,458

Sweden — 1.4%
Boliden AB		36,797		1,229,714
Electrolux AB, Class B		24,860		358,576
Investor AB, Class A		173,908		3,575,596
Securitas AB, Class B		52,283		528,702
Sinch AB^(a)(c)		62,588		158,685
Skanska AB, Class B		59,157		1,009,216
SKF AB, Class B		69,687		1,172,793
Swedbank AB, Class A		99,883		1,383,395
Telefonaktiebolaget LM Ericsson, Class B		768,654		5,846,569
Telia Co. AB		229,870		849,220
Volvo AB, Class B		223,713		4,016,548


				20,129,014

Switzerland — 5.7%
Adecco Group AG, Registered		31,813		1,120,677
Coca-Cola HBC AG, Class DI		19,329		475,718
Credit Suisse Group AG, Registered		889,631		5,174,597
Holcim AG		84,617		3,967,576
Novartis AG, Registered		399,994		34,371,336
Roche Holding AG, NVS		69,627		23,116,478
Siemens Energy AG^(a)		74,354		1,235,577
STMicroelectronics NV		62,779		2,375,779
Swatch Group AG (The), Registered		7,612		380,133
UBS Group AG, Registered		484,447		7,916,020


				80,133,891

United Kingdom — 16.5%
3i Group PLC		192,640		2,993,192
Anglo American PLC		267,667		9,674,783
Associated British Foods PLC		104,541		2,135,288
AVEVA Group PLC		12,213		353,328
Aviva PLC		571,211		2,766,274
BAE Systems PLC		498,454		4,684,839
Barclays PLC		6,183,030		11,843,981
Barratt Developments PLC		252,863		1,550,479
Berkeley Group Holdings PLC		16,484		854,258
BP PLC		2,945,286		14,414,995


36		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
British American Tobacco PLC		1,076,898	$	42,196,775
BT Group PLC		1,834,063		3,621,032
CNH Industrial NV		164,915		2,124,543
Coca-Cola Europacific Partners PLC		34,128		1,847,007
DCC PLC		15,829		1,033,464
GSK PLC		581,373		12,214,765
Haleon PLC^(a)		726,717		2,582,418
Hikma Pharmaceuticals PLC		20,230		427,602
HSBC Holdings PLC		3,464,491		21,701,422
Imperial Brands PLC		433,463		9,517,257
Informa PLC^(a)		145,318		1,056,846
J Sainsbury PLC		911,643		2,459,221
Kingfisher PLC		483,652		1,530,212
Lloyds Banking Group PLC		16,961,771		9,391,022
M&G PLC		392,554		1,023,271
Melrose Industries PLC		1,073,273		2,112,694
NatWest Group PLC		1,331,315		4,043,545
Pearson PLC		84,789		784,744
Persimmon PLC		49,677		1,145,860
Phoenix Group Holdings PLC		96,513		760,389
Shell PLC		1,175,290		31,352,403
Smith & Nephew PLC		99,100		1,270,576
Standard Chartered PLC		882,512		6,082,881
Taylor Wimpey PLC		769,867		1,198,281
Tesco PLC		2,231,846		7,157,833
Vodafone Group PLC		6,822,411		10,053,895
WPP PLC		150,367		1,622,818


				231,584,193


Total Common Stocks — 98.4% (Cost: $1,506,371,243)				1,384,745,699


Preferred Stocks

Germany — 1.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		22,130		1,680,223


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		33,140	$	2,117,093
Porsche Automobil Holding SE, Preference Shares, NVS		56,591		4,096,153
Volkswagen AG, Preference Shares, NVS		67,399		9,529,534


				17,423,003


Total Preferred Stocks — 1.2% (Cost: $23,080,677)				17,423,003


Total Long-Term Investments — 99.6% (Cost: $1,529,451,920)				1,402,168,702


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(d)(e)(f)		2,832,246		2,831,962
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(d)(e)		330,000		330,000


Total Short-Term Securities — 0.2% (Cost: $3,162,023)				3,161,962


Total Investments in Securities — 99.8% (Cost: $1,532,613,943)				1,405,330,664

Other Assets Less Liabilities — 0.2%				2,557,466


Net Assets — 100.0%			$	1,407,888,130

^(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 07/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	2,835,231	^(a)	$	—	$	(3,208	)	$	(61	)	$	2,831,962		2,832,246	$	106,353	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		20,000	^(a)		—		—			—			330,000		330,000		2,564			—


								$	(3,208	)	$	(61	)	$	3,161,962			$	108,917		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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 (continued)

July 31, 2022

iShares^® MSCI Intl Value 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		12		09/08/22	$	1,750	$	3,500
Euro STOXX 50 Index		49		09/16/22		1,864		118,138
FTSE 100 Index		19		09/16/22		1,711		52,721

							$	174,359

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)	$	—	$	—	$	174,359	$	—	$	—	$	—	$	174,359

^(a)

For the period ended July 31, 2022, 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	$	—	$	—	$	(6,478	)	$	—	$	—	$	—	$	(6,478	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	231,875		$	—	$	—	$	—	$	231,875

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	8,127,285

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


38		2 0 2 2 I S H A R E S 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 (continued)

July 31, 2022

iShares^® MSCI Intl Value Factor ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	57,004,596	$	1,327,741,103	$	—	$	1,384,745,699
Preferred Stocks		—		17,423,003		—		17,423,003
Money Market Funds		3,161,962		—		—		3,161,962


	$	60,166,558	$	1,345,164,106	$	—	$	1,405,330,664

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	174,359	$	—	$	174,359

^(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		39

Statements of Assets and Liabilities

July 31, 2022


	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	820,393,471		$	4,001,419,097		$	14,765,280		$	1,402,168,702
Investments, at value — affiliated^(c)		1,409,126			910,000			115,977			3,161,962
Cash		744			1,575			3,394			8,657
Foreign currency, at value^(d)		927,963			7,647,971			26,390			2,064,723
Foreign currency collateral pledged for futures contracts^(e)		176,140			1,566,582			4,718			374,534
Receivables:
Securities lending income — affiliated		2,348			46			116			3,480
Variation margin on futures contracts		29,225			316,778			715			35,536
Dividends — unaffiliated		980,794			2,123,703			15,139			2,117,198
Dividends — affiliated		318			898			—			591
Tax reclaims		924,317			8,861,147			7,437			1,133,106

Total assets		824,844,446			4,022,847,797			14,939,166			1,411,068,489


LIABILITIES
Collateral on securities loaned, at value		1,219,186			—			116,037			2,832,582
Payables:
Investments purchased		19,575			—			459			—
Investment advisory fees		198,583			970,889			3,603			347,777

Total liabilities		1,437,344			970,889			120,099			3,180,359


NET ASSETS	$	823,407,102		$	4,021,876,908		$	14,819,067		$	1,407,888,130


NET ASSETS CONSIST OF
Paid-in capital	$	908,177,704		$	4,101,263,581		$	17,635,639		$	1,608,472,419
Accumulated loss		(84,770,602	)		(79,386,673	)		(2,816,572	)		(200,584,289	)


NET ASSETS	$	823,407,102		$	4,021,876,908		$	14,819,067		$	1,407,888,130


NET ASSET VALUE

Shares outstanding		26,700,000			122,600,000			600,000			62,200,000


Net asset value	$	30.84		$	32.80		$	24.70		$	22.63


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	835,049,027		$	3,975,642,741		$	16,749,400		$	1,529,451,920
^(b)Securities loaned, at value	$	1,074,005		$	—		$	95,093		$	2,609,821
^(c)Investments, at cost — affiliated	$	1,409,069		$	910,000		$	115,973		$	3,162,023
^(d) Foreign currency, at cost	$	913,856		$	7,547,900		$	25,772		$	2,034,218
^(e)Foreign currency collateral pledged, at cost	$	179,655		$	1,606,883		$	5,016		$	386,298

See notes to financial statements.


40		2 0 2 2 I S H A R E S 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 Operations

Year Ended July 31, 2022


	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	27,776,134		$	134,758,270		$	501,182		$	58,838,164
Dividends — affiliated		7,770			9,324			12			2,767
Securities lending income — affiliated — net		14,988			73,094			2,176			106,150
Foreign taxes withheld		(2,962,308	)		(11,148,099	)		(52,765	)		(4,944,979	)

Total investment income		24,836,584			123,692,589			450,605			54,002,102


EXPENSES
Investment advisory fees		2,527,890			12,151,659			49,682			3,802,861
Professional fees		217			217			217			217

Total expenses		2,528,107			12,151,876			49,899			3,803,078

Net investment income		22,308,477			111,540,713			400,706			50,199,024


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(65,106,541	)		(82,261,205	)		(360,402	)		(32,626,659	)
Investments — affiliated		(129	)		(6,850	)		(66	)		(3,208	)
In-kind redemptions — unaffiliated^(a)		6,477,589			7,667,203			2,559,050			4,045,625
Futures contracts		(287,301	)		(667,563	)		(2,778	)		(6,478	)
Foreign currency transactions		(576,607	)		(1,361,798	)		(8,482	)		(1,291,778	)

		(59,492,989	)		(76,630,213	)		2,187,322			(29,882,498	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(108,889,802	)		(667,967,010	)		(4,976,472	)		(147,698,822	)
Investments — affiliated		57			—			4			(61	)
Futures contracts		103,667			900,055			2,521			231,875
Foreign currency translations		(54,573	)		(389,352	)		(290	)		(65,148	)


		(108,840,651	)		(667,456,307	)		(4,974,237	)		(147,532,156	)


Net realized and unrealized loss		(168,333,640	)		(744,086,520	)		(2,786,915	)		(177,414,654	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(146,025,163	)	$	(632,545,807	)	$	(2,386,209	)	$	(127,215,630	)

^(a) See Note 2 of the Notes to Financial Statements.

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


	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	22,308,477		$	7,839,164		$	111,540,713		$	59,105,585
Net realized gain (loss)		(59,492,989	)		80,817,827			(76,630,213	)		97,333,007
Net change in unrealized appreciation (depreciation)		(108,840,651	)		29,564,717			(667,456,307	)		550,619,860

Net increase (decrease) in net assets resulting from operations		(146,025,163	)		118,221,708			(632,545,807	)		707,058,452


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(52,594,725	)		(8,730,181	)		(129,032,411	)		(57,477,491	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		190,109,882			316,672,682			1,038,985,420			1,439,257,212


NET ASSETS
Total increase (decrease) in net assets		(8,510,006	)		426,164,209			277,407,202			2,088,838,173
Beginning of year		831,917,108			405,752,899			3,744,469,706			1,655,631,533

End of year	$	823,407,102		$	831,917,108		$	4,021,876,908		$	3,744,469,706

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


42		2 0 2 2 I S H A R E S 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 (continued)


	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	400,706		$	550,060		$	50,199,024		$	23,127,366
Net realized gain (loss)		2,187,322			3,916,961			(29,882,498	)		54,972,396
Net change in unrealized appreciation (depreciation)		(4,974,237	)		3,038,530			(147,532,156	)		89,508,826

Net increase (decrease) in net assets resulting from operations		(2,386,209	)		7,505,551			(127,215,630	)		167,608,588


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(610,420	)		(608,671	)		(57,061,791	)		(21,160,486	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,568,781	)		(1,198,400	)		466,997,525			527,226,102


NET ASSETS
Total increase (decrease) in net assets		(10,565,410	)		5,698,480			282,720,104			673,674,204
Beginning of year		25,384,477			19,685,997			1,125,168,026			451,493,822

End of year	$	14,819,067		$	25,384,477		$	1,407,888,130		$	1,125,168,026

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Intl Momentum Factor ETF

	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 year	$	39.06		$	32.99		$	29.44		$	30.00		$	28.78

Net investment income^(a)		0.94			0.43			0.46			0.69			0.67
Net realized and unrealized gain (loss)^(b)		(6.94	)		6.09			3.52			(0.57	)		1.17

Net increase (decrease) from investment operations		(6.00	)		6.52			3.98			0.12			1.84


Distributions^(c)
From net investment income		(1.11	)		(0.45	)		(0.43	)		(0.68	)		(0.59	)
From net realized gain		(1.11	)		—			—			—			(0.03	)

Total distributions		(2.22	)		(0.45	)		(0.43	)		(0.68	)		(0.62	)


Net asset value, end of year	$	30.84		$	39.06		$	32.99		$	29.44		$	30.00


Total Return^(d)
Based on net asset value		(16.09	)%		19.80	%		13.65	%		0.55	%		6.41	%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		2.65	%		1.16	%		1.53	%		2.44	%		2.19	%


Supplemental Data
Net assets, end of year (000)	$	823,407		$	831,917		$	405,753		$	164,888		$	141,021

Portfolio turnover rate^(f)		100	%		104	%		125	%		105	%		131	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


44		2 0 2 2 I S H A R E S 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 Intl Quality Factor ETF

	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 year	$	39.29		$	30.32		$	29.79		$	29.62		$	28.07

Net investment income^(a)		1.00			0.78			0.70			0.96			0.99
Net realized and unrealized gain (loss)^(b)		(6.37	)		8.90			0.44			(0.12	)		1.23

Net increase (decrease) from investment operations		(5.37	)		9.68			1.14			0.84			2.22

Distributions from net investment income^(c)		(1.12	)		(0.71	)		(0.61	)		(0.67	)		(0.67	)


Net asset value, end of year	$	32.80		$	39.29		$	30.32		$	29.79		$	29.62


Total Return^(d)
Based on net asset value		(13.78	)%		32.03	%		3.86	%		2.99	%		7.97	%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		2.75	%		2.18	%		2.38	%		3.31	%		3.36	%


Supplemental Data
Net assets, end of year (000)	$	4,021,877		$	3,744,470		$	1,655,632		$	822,240		$	94,784

Portfolio turnover rate^(f)		32	%		37	%		26	%		29	%		21	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	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 Size Factor ETF

	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 year	$	31.73		$	24.61		$	26.01		$	27.58		$	26.81

Net investment income^(a)		0.70			0.62			0.48			0.72			0.76
Net realized and unrealized gain (loss)^(b)		(5.18	)		7.19			(1.57	)		(1.56	)		0.81

Net increase (decrease) from investment operations		(4.48	)		7.81			(1.09	)		(0.84	)		1.57

Distributions from net investment income^(c)		(2.55	)		(0.69	)		(0.31	)		(0.73	)		(0.80	)


Net asset value, end of year	$	24.70		$	31.73		$	24.61		$	26.01		$	27.58


Total Return^(d)
Based on net asset value		(14.94	)%		31.83	%		(4.25	)%		(2.93	)%		5.89	%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		2.42	%		2.11	%		1.91	%		2.78	%		2.73	%


Supplemental Data
Net assets, end of year (000)	$	14,819		$	25,384		$	19,686		$	5,202		$	5,517

Portfolio turnover rate^(f)		25	%		25	%		42	%		26	%		13	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


46		2 0 2 2 I S H A R E S 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 Intl Value Factor ETF

	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 year	$	25.69		$	19.05		$	22.61		$	25.67		$	24.84

Net investment income^(a)		0.99			0.76			0.58			0.86			0.73
Net realized and unrealized gain (loss)^(b)		(2.99	)		6.44			(3.57	)		(3.14	)		0.88

Net increase (decrease) from investment operations		(2.00	)		7.20			(2.99	)		(2.28	)		1.61

Distributions from net investment income^(c)		(1.06	)		(0.56	)		(0.57	)		(0.78	)		(0.78	)


Net asset value, end of year	$	22.63		$	25.69		$	19.05		$	22.61		$	25.67


Total Return^(d)
Based on net asset value		(8.02	)%		37.95	%		(13.57	)%		(8.80	)%		6.50	%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		3.96	%		3.18	%		2.76	%		3.63	%		2.81	%


Supplemental Data
Net assets, end of year (000)	$	1,407,888		$	1,125,168		$	451,494		$	314,222		$	233,633

Portfolio turnover rate^(f)		17	%		24	%		18	%		20	%		16	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	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		47

Notes to Financial Statements

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
MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		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 July 31, 2022, 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.


48		2 0 2 2 I S H A R E S 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 (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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.


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 (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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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


MSCI Intl Momentum Factor
BofA Securities, Inc.	$	468,533	$	(468,533	)	$	—		$	—
Jefferies LLC		366,814		(366,814	)		—			—
Wells Fargo Bank N.A		238,658		(238,658	)		—			—

	$	1,074,005	$	(1,074,005	)	$	—		$	—


MSCI Intl Size Factor
BNP Paribas SA	$	11,261	$	(11,261	)	$	—		$	—
BofA Securities, Inc.		6,714		(6,714	)		—			—
Citigroup Global Markets, Inc.		46,800		(46,800	)		—			—
HSBC Bank PLC		21,466		(21,466	)		—			—
J.P. Morgan Securities LLC		4,343		(4,343	)		—			—
UBS Securities LLC		4,509		(4,509	)		—			—

	$	95,093	$	(95,093	)	$	—		$	—


MSCI Intl Value Factor
BNP Paribas SA	$	6,663	$	(6,663	)	$	—		$	—
BofA Securities, Inc.		108,302		(108,302	)		—			—
Citigroup Global Markets, Inc.		1,506,017		(1,506,017	)		—			—
J.P. Morgan Securities LLC		216,865		(216,865	)		—			—
Wells Fargo Bank N.A		771,974		(771,974	)		—			—

	$	2,609,821	$	(2,609,821	)	$	—		$	—

^(a)

Collateral received 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 statement 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 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.


50		2 0 2 2 I S H A R E S 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 (continued)

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 Company, 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, BFA is 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

MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30

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.


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 (continued)

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 year ended July 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

MSCI Intl Momentum Factor	$	3,532
MSCI Intl Quality Factor		17,106
MSCI Intl Size Factor		511
MSCI Intl Value Factor		23,912

Officers and Trustees: Certain officers and/or trustees of the Company 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 year ended July 31, 2022, 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)

MSCI Intl Momentum Factor	$	354,052,018	$	392,852,291	$	(45,098,247	)
MSCI Intl Quality Factor		462,147,190		361,143,718		(29,136,054	)
MSCI Intl Value Factor		109,283,212		95,696,380		(10,412,994	)

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.

7. PURCHASES AND SALES

For the year ended July 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI Intl Momentum Factor	$	839,620,156	$	842,999,957
MSCI Intl Quality Factor		1,401,168,857		1,306,334,343
MSCI Intl Size Factor		4,179,636		4,467,638
MSCI Intl Value Factor		241,646,157		214,953,082

For the year ended July 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Intl Momentum Factor	$	205,130,809	$	42,522,762
MSCI Intl Quality Factor		969,913,914		32,087,865
MSCI Intl Size Factor		15,770,933		23,141,277
MSCI Intl Value Factor		462,621,320		25,454,892

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’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 July 31, 2022, 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.


52		2 0 2 2 I S H A R E S 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 (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions and undistributed capital gains were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI Intl Momentum Factor	$	6,182,902	$	(6,182,902)
MSCI Intl Quality Factor		7,596,620		(7,596,620	)
MSCI Intl Size Factor		2,374,143		(2,374,143	)
MSCI Intl Value Factor		3,532,970		(3,532,970	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 07/31/22		Year Ended 07/31/21
MSCI Intl Momentum Factor
Ordinary income	$	27,261,587	$	8,730,181
Long-term capital gains		25,333,138		—

	$	52,594,725	$	8,730,181

MSCI Intl Quality Factor
Ordinary income	$	129,032,411	$	57,477,491

MSCI Intl Size Factor
Ordinary income	$	610,420	$	608,671

MSCI Intl Value Factor
Ordinary income	$	57,061,791	$	21,160,486

As of July 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total

MSCI Intl Momentum Factor	$	328,222	$	(68,033,903	)	$	(17,064,921	)	$	—		$	(84,770,602)
MSCI Intl Quality Factor		1,268,832		(79,690,917	)		(964,588	)		—			(79,386,673	)
MSCI Intl Size Factor		30,572		(778,700	)		(2,068,444	)		—			(2,816,572	)
MSCI Intl Value Factor		—		(59,732,811	)		(140,825,514	)		(25,964	)		(200,584,289	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 July 31, 2022, 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)

MSCI Intl Momentum Factor	$	838,848,638	$	33,598,128	$	(50,633,357	)	$	(17,035,229	)
MSCI Intl Quality Factor		4,003,223,007		279,080,501		(279,791,374	)		(710,873	)
MSCI Intl Size Factor		16,949,507		204,398		(2,272,667	)		(2,068,269	)
MSCI Intl Value Factor		1,546,109,048		37,805,719		(178,580,603	)		(140,774,884	)

9. 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


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 (continued)

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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.

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 the Manager 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.

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. The impact of these


54		2 0 2 2 I S H A R E S 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 (continued)

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 could 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.

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.

10.

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:


	Year Ended 07/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Intl Momentum Factor
Shares sold		6,600,000		$	232,970,183			12,000,000		$	424,231,139
Shares redeemed		(1,200,000	)		(42,860,301	)		(3,000,000	)		(107,558,457	)

		5,400,000		$	190,109,882			9,000,000		$	316,672,682


MSCI Intl Quality Factor
Shares sold		28,300,000		$	1,071,350,051			45,200,000		$	1,593,430,344
Shares redeemed		(1,000,000	)		(32,364,631	)		(4,500,000	)		(154,173,132	)

		27,300,000		$	1,038,985,420			40,700,000		$	1,439,257,212


MSCI Intl Size Factor
Shares sold		600,000		$	16,485,728			400,000		$	11,680,140
Shares redeemed		(800,000	)		(24,054,509	)		(400,000	)		(12,878,540	)

		(200,000	)	$	(7,568,781	)		—		$	(1,198,400	)


MSCI Intl Value Factor
Shares sold		19,500,000		$	492,584,472			30,800,000		$	795,071,169
Shares redeemed		(1,100,000	)		(25,586,947	)		(10,700,000	)		(267,845,067	)

		18,400,000		$	466,997,525			20,100,000		$	527,226,102

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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.


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

Notes to Financial Statements (continued)

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


56		2 0 2 2 I S H A R E S 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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Intl Momentum Factor ETF

iShares MSCI Intl Quality Factor ETF

iShares MSCI Intl Size Factor ETF

iShares MSCI Intl Value Factor ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		57


Important Tax Information (unaudited)


iShares ETF	Qualified Dividend Income
MSCI Intl Momentum Factor	$	29,262,479
MSCI Intl Quality Factor		138,377,430
MSCI Intl Size Factor		472,092
MSCI Intl Value Factor		57,779,302

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2022:


iShares ETF	20% Rate Long-Term Capital Gain Dividends
MSCI Intl Momentum Factor	$	25,333,138

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2022:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Intl Momentum Factor	$	31,728,444	$	2,682,961
MSCI Intl Quality Factor		147,613,149		9,987,428
MSCI Intl Size Factor		561,522		48,972
MSCI Intl Value Factor		61,298,837		4,766,455


58		2 0 2 2 I S H A R E S 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

Board Review and Approval of Investment Advisory Contract

iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Intl Size Factor ETF, iShares MSCI Intl Value Factor ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


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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.

July 31, 2022



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

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 Intl Momentum Factor	$	1.115797	$	1.105722	$	—	$	2.221519		50	%		50	%		—	%		100	%
MSCI Intl Quality Factor^(a)		1.113808		—		0.001942		1.115750		100			—			0	^(b)		100
MSCI Intl Size Factor^(a)		2.522781		—		0.027571		2.550352		99			—			1			100
MSCI Intl Value Factor^(a)		1.045443		—		0.013435		1.058878		99			—			1			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%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


S U P P L E M E N T A L I N F O R M A T I O N		63

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 384 funds as of July 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b)(52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


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Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (41)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		65

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


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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.


G E N E R A L I N F O R M A T I O N		67

Glossary of Terms Used in this Report


Portfolio Abbreviations

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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., 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-AR-711-0722