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JANUARY 31, 2024 |
2024 Semi-Annual Report (Unaudited)
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iShares Trust
· iShares Global Equity Factor ETF | GLOF | NYSE Arca
· iShares International Equity Factor ETF | INTF | NYSE Arca
· iShares International Small-Cap Equity Factor ETF | ISCF | NYSE Arca
· iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock Inc.
Rob Kapito
President, BlackRock Inc.
Total Returns as of January 31, 2024 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) |
6.43% | 20.82% | ||
U.S. small cap equities (Russell 2000® Index) |
(2.02) | 2.40 | ||
International equities (MSCI Europe, Australasia, Far East Index) |
3.15 | 10.01 | ||
Emerging market equities (MSCI Emerging Markets Index) |
(6.00) | (2.94) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.73 | 5.13 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
1.74 | (0.38) | ||
U.S.
investment grade bonds |
3.15 | 2.10 | ||
Tax-exempt
municipal bonds |
2.70 | 2.90 | ||
U.S.
high yield bonds |
6.18 | 9.28 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Fund Summary as of January 31, 2024 | iShares® Global Equity Factor ETF |
Investment Objective
The iShares Global Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the STOXX Global Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
6.24 | % | 15.99 | % | 8.62 | % | 7.10 | % | 15.99 | % | 51.17 | % | 82.35 | % | ||||||||||||||
Fund Market |
6.82 | 16.48 | 8.68 | 7.12 | 16.48 | 51.64 | 82.80 | |||||||||||||||||||||
Index |
6.72 | 16.60 | 8.85 | 7.33 | 16.60 | 52.82 | 85.74 |
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,062.40 | $ 1.04 | $ 1,000.00 | $ 1,024.10 | $ 1.02 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Information Technology |
25.5 | % | ||
Financials |
16.4 | |||
Consumer Discretionary |
12.7 | |||
Health Care |
11.4 | |||
Industrials |
7.9 | |||
Communication Services |
6.7 | |||
Consumer Staples |
6.4 | |||
Materials |
4.0 | |||
Energy |
3.9 | |||
Utilities |
3.2 | |||
Real Estate |
1.9 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
United States |
59.2 | % | ||
Japan |
7.0 | |||
France |
3.0 | |||
United Kingdom |
2.9 | |||
Canada |
2.9 | |||
China |
2.9 | |||
South Korea |
2.1 | |||
Australia |
2.1 | |||
India |
1.8 | |||
Taiwan |
1.7 |
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2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 | iShares® International Equity Factor ETF |
Investment Objective
The iShares International Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
3.31 | % | 9.49 | % | 5.36 | % | 4.43 | % | 9.49 | % | 29.81 | % | 46.24 | % | ||||||||||||||
Fund Market |
3.63 | 9.66 | 5.42 | 4.46 | 9.66 | 30.19 | 46.64 | |||||||||||||||||||||
Index |
4.14 | 10.83 | 5.59 | 4.61 | 10.83 | 31.23 | 48.44 |
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,033.10 | $ 0.82 | $ 1,000.00 | $ 1,024.30 | $ 0.81 | 0.16 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Financials |
21.2 | % | ||
Industrials |
14.8 | |||
Consumer Discretionary |
12.8 | |||
Health Care |
9.8 | |||
Information Technology |
8.8 | |||
Consumer Staples |
8.2 | |||
Materials |
7.3 | |||
Communication Services |
5.3 | |||
Energy |
5.0 | |||
Utilities |
3.7 | |||
Real Estate |
3.1 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
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Percent of Total Investments |
(a) | |
Japan |
24.2 | % | ||
United Kingdom |
11.8 | |||
France |
10.3 | |||
Switzerland |
8.3 | |||
Australia |
7.7 | |||
Canada |
6.6 | |||
Germany |
5.6 | |||
Netherlands |
5.2 | |||
Denmark |
4.0 | |||
Italy |
3.2 |
F U N D S U M M A R Y |
5 |
Fund Summary as of January 31, 2024 | iShares® International Small-Cap Equity Factor ETF |
Investment Objective
The iShares International Small-Cap Equity ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Small-Cap Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
0.13 | % | 2.15 | % | 5.56 | % | 5.53 | % | 2.15 | % | 31.09 | % | 60.28 | % | ||||||||||||||
Fund Market |
0.14 | 2.00 | 5.58 | 5.53 | 2.00 | 31.19 | 60.34 | |||||||||||||||||||||
Index |
0.95 | 3.67 | 6.02 | 5.89 | 3.67 | 33.97 | 64.99 |
The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,001.30 | $ 1.16 | $ 1,000.00 | $ 1,024.00 | $ 1.17 | 0.23 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Industrials |
19.1 | % | ||
Consumer Discretionary |
14.3 | |||
Financials |
13.7 | |||
Information Technology |
12.5 | |||
Materials |
10.2 | |||
Real Estate |
9.3 | |||
Health Care |
4.8 | |||
Consumer Staples |
4.6 | |||
Energy |
4.3 | |||
Communication Services |
4.3 | |||
Utilities |
2.9 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
Japan |
24.5 | % | ||
United Kingdom |
14.4 | |||
Canada |
10.3 | |||
Australia |
7.4 | |||
Switzerland |
6.7 | |||
Germany |
5.5 | |||
France |
5.4 | |||
Sweden |
3.7 | |||
Netherlands |
3.3 | |||
Italy |
3.0 |
(a) |
Excludes money market funds. |
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2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 | iShares® MSCI EAFE Min Vol Factor ETF |
Investment Objective
The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||
Fund NAV |
1.43 | % | 6.53 | % | 2.62 | % | 4.47 | % | 6.53 | % | 13.80 | % | 54.82 | % | ||||||||||||||
Fund Market |
1.15 | 6.41 | 2.57 | 4.50 | 6.41 | 13.50 | 55.25 | |||||||||||||||||||||
Index |
2.17 | 7.61 | 2.72 | 4.55 | 7.61 | 14.35 | 56.09 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (08/01/23) |
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Ending Account Value |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,014.30 | $ 1.01 | $ 1,000.00 | $ 1,024.10 | $ 1.02 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | |
Percent of Total Investments |
(a) | |
Health Care |
17.0 | % | ||
Financials |
16.4 | |||
Industrials |
16.1 | |||
Consumer Staples |
14.3 | |||
Communication Services |
9.2 | |||
Utilities |
8.3 | |||
Consumer Discretionary |
7.2 | |||
Information Technology |
4.6 | |||
Energy |
2.8 | |||
Materials |
2.6 | |||
Real Estate |
1.5 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Japan |
27.8 | % | ||
Switzerland |
14.4 | |||
United Kingdom |
10.3 | |||
France |
6.9 | |||
Hong Kong |
6.7 | |||
Netherlands |
4.6 | |||
Germany |
4.4 | |||
Singapore |
4.1 | |||
Spain |
3.9 | |||
Australia |
3.8 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
7 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
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2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
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Australia — 2.1% |
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AGL Energy Ltd. |
9,880 | $ | 55,802 | |||||
ALS Ltd. |
8,190 | 67,289 | ||||||
Aurizon Holdings Ltd. |
63,963 | 157,671 | ||||||
Bendigo & Adelaide Bank Ltd. |
14,310 | 91,426 | ||||||
BHP Group Ltd. |
11,956 | 365,782 | ||||||
BlueScope Steel Ltd. |
1,987 | 30,338 | ||||||
Fortescue Ltd. |
24,347 | 470,548 | ||||||
Goodman Group |
3,103 | 51,507 | ||||||
JB Hi-Fi Ltd. |
3,984 | 148,215 | ||||||
Lottery Corp. Ltd. (The) |
9,750 | 32,003 | ||||||
Macquarie Group Ltd. |
1,072 | 132,273 | ||||||
Mineral Resources Ltd. |
1,365 | 52,646 | ||||||
Mirvac Group |
10,239 | 14,390 | ||||||
Rio Tinto Ltd. |
4,275 | 367,852 | ||||||
South32 Ltd. |
71,897 | 155,673 | ||||||
Stockland |
61,146 | 180,571 | ||||||
Whitehaven Coal Ltd. |
30,810 | 168,430 | ||||||
Woolworths Group Ltd. |
1,303 | 30,601 | ||||||
Yancoal Australia Ltd., NVS |
17,876 | 69,736 | ||||||
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2,642,753 | ||||||||
Austria — 0.4% | ||||||||
OMV AG |
5,049 | 224,738 | ||||||
Raiffeisen Bank International AG |
4,745 | 98,930 | ||||||
Telekom Austria AG, Class A |
2,146 | 18,693 | ||||||
Verbund AG |
435 | 35,373 | ||||||
Wienerberger AG |
3,947 | 133,756 | ||||||
|
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511,490 | ||||||||
Belgium — 0.3% | ||||||||
Ageas SA/NV |
4,875 | 209,489 | ||||||
D’ieteren Group |
585 | 118,177 | ||||||
Shurgard Self Storage Ltd. |
715 | 33,163 | ||||||
|
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360,829 | ||||||||
Brazil — 0.4% | ||||||||
B3 SA - Brasil, Bolsa, Balcao |
7,020 | 18,547 | ||||||
Cia. Siderurgica Nacional SA |
7,345 | 26,285 | ||||||
CPFL Energia SA |
6,682 | 48,904 | ||||||
CSN Mineracao SA |
21,256 | 29,174 | ||||||
JBS SA |
28,405 | 134,331 | ||||||
Petroleo Brasileiro SA |
6,714 | 57,133 | ||||||
Suzano SA |
12,155 | 126,643 | ||||||
Telefonica Brasil SA |
1,300 | 13,477 | ||||||
Tim SA |
29,240 | 102,338 | ||||||
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556,832 | ||||||||
Canada — 2.9% | ||||||||
ARC Resources Ltd. |
11,830 | 183,726 | ||||||
Bank of Montreal |
1,848 | 174,072 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
1,719 | 182,710 | ||||||
Canadian Utilities Ltd., Class A, NVS |
1,690 | 38,515 | ||||||
CGI Inc.(a) |
715 | 80,070 | ||||||
Constellation Software Inc./Canada |
24 | 66,332 | ||||||
Element Fleet Management Corp. |
5,525 | 93,203 | ||||||
George Weston Ltd. |
188 | 23,954 | ||||||
Gildan Activewear Inc. |
1,693 | 55,911 | ||||||
Hydro One Ltd.(b) |
10,790 | 320,221 | ||||||
Imperial Oil Ltd. |
845 | 48,741 | ||||||
Loblaw Companies Ltd. |
4,745 | 474,165 | ||||||
Magna International Inc. |
902 | 51,264 | ||||||
Manulife Financial Corp. |
12,056 | 266,506 | ||||||
Nutrien Ltd. |
3,578 | 178,414 |
Security | Shares | Value | ||||||
Canada (continued) |
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Royal Bank of Canada |
4,420 | $ | 431,365 | |||||
Teck Resources Ltd., Class B |
715 | 28,617 | ||||||
Thomson Reuters Corp. |
3,016 | 447,784 | ||||||
Toronto-Dominion Bank (The) |
5,039 | 306,099 | ||||||
West Fraser Timber Co. Ltd. |
1,755 | 139,557 | ||||||
|
|
|||||||
3,591,226 | ||||||||
Chile — 0.1% | ||||||||
Cencosud SA |
24,765 | 43,098 | ||||||
Colbun SA |
108,355 | 15,378 | ||||||
Empresas CMPC SA |
36,660 | 59,733 | ||||||
|
|
|||||||
118,209 | ||||||||
China — 2.9% | ||||||||
Agricultural Bank of China Ltd., Class A |
240,500 | 130,146 | ||||||
Akeso Inc.(a)(b) |
14,000 | 71,088 | ||||||
Bank of China Ltd., Class A |
221,000 | 132,867 | ||||||
Bank of Communications Co. Ltd., Class H |
65,000 | 38,454 | ||||||
China CITIC Bank Corp. Ltd., Class A |
26,800 | 23,374 | ||||||
China Coal Energy Co. Ltd., Class H |
65,000 | 71,382 | ||||||
China Construction Bank Corp., Class H |
520,000 | 308,809 | ||||||
China Medical System Holdings Ltd. |
65,000 | 92,887 | ||||||
China Petroleum & Chemical Corp., Class A |
84,500 | 70,149 | ||||||
China Petroleum & Chemical Corp., Class H |
520,000 | 270,506 | ||||||
China Renewable Energy Investment Ltd.(c) |
659 | — | ||||||
China Resources Pharmaceutical Group Ltd.(b) |
65,000 | 39,632 | ||||||
China Shenhua Energy Co. Ltd., Class A |
26,000 | 134,631 | ||||||
China United Network Communications Ltd., Class A |
68,400 | 42,991 | ||||||
CNPC Capital Co. Ltd., NVS |
13,000 | 11,135 | ||||||
COSCO Shipping Holdings Co. Ltd., Class A |
71,700 | 99,230 | ||||||
Daqo New Energy Corp., ADR(a) |
845 | 15,252 | ||||||
Giant Biogene Holding Co. Ltd.(b)(d) |
13,000 | 52,653 | ||||||
Greentown China Holdings Ltd. |
32,500 | 24,484 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
253,500 | 182,336 | ||||||
Kingboard Holdings Ltd. |
21,000 | 37,378 | ||||||
Kingboard Laminates Holdings Ltd.(d) |
32,500 | 19,533 | ||||||
Kunlun Energy Co. Ltd. |
130,000 | 116,467 | ||||||
Lenovo Group Ltd. |
36,000 | 37,694 | ||||||
Meituan, Class B(a)(b) |
6,500 | 52,281 | ||||||
Nongfu Spring Co. Ltd., Class H(b) |
39,000 | 211,659 | ||||||
Orient Overseas International Ltd. |
2,000 | 29,856 | ||||||
PDD Holdings Inc., ADR(a) |
2,600 | 329,862 | ||||||
PetroChina Co. Ltd., Class A |
78,000 | 90,744 | ||||||
PetroChina Co. Ltd., Class H |
260,000 | 188,075 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
195,000 | 93,777 | ||||||
Qifu Technology Inc. |
4,420 | 63,427 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
19,500 | 65,711 | ||||||
Sinotrans Ltd., Class H |
65,000 | 27,116 | ||||||
Sinotruk Hong Kong Ltd. |
32,500 | 73,814 | ||||||
TAL Education Group, ADR(a) |
4,940 | 52,562 | ||||||
Want Want China Holdings Ltd. |
130,000 | 71,668 | ||||||
Yadea Group Holdings Ltd.(b) |
44,000 | 60,328 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
66,000 | 135,596 | ||||||
|
|
|||||||
3,569,554 | ||||||||
Colombia — 0.0% | ||||||||
Bancolombia SA |
1,820 | 15,312 | ||||||
|
|
|||||||
Denmark — 1.2% | ||||||||
Carlsberg A/S, Class B |
715 | 91,997 | ||||||
Coloplast A/S, Class B |
97 | 11,182 | ||||||
Novo Nordisk A/S |
9,360 | 1,069,889 | ||||||
Pandora A/S |
2,275 | 332,416 | ||||||
|
|
|||||||
1,505,484 |
S C H E D U L E O F I N V E S T M E N T S |
9 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Finland — 0.5% |
||||||||
Kesko OYJ, Class B |
3,510 | $ | 68,549 | |||||
Nordea Bank Abp |
27,712 | 341,478 | ||||||
Orion OYJ, Class B |
3,705 | 170,570 | ||||||
Stora Enso OYJ, Class R |
1,235 | 15,715 | ||||||
|
|
|||||||
596,312 | ||||||||
France — 3.0% | ||||||||
BNP Paribas SA |
5,200 | 349,358 | ||||||
Bollore SE |
16,965 | 112,054 | ||||||
Bouygues SA |
2,470 | 90,483 | ||||||
Carrefour SA |
9,555 | 163,126 | ||||||
Christian Dior SE, NVS |
130 | 102,984 | ||||||
Credit Agricole SA |
36,725 | 526,080 | ||||||
Eiffage SA |
2,015 | 210,830 | ||||||
Engie SA |
6,370 | 101,745 | ||||||
L’Oreal SA |
195 | 93,318 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
390 | 324,503 | ||||||
Orange SA |
9,295 | 110,535 | ||||||
Publicis Groupe SA |
6,500 | 651,258 | ||||||
Sanofi SA |
1,560 | 156,227 | ||||||
Schneider Electric SE |
455 | 89,385 | ||||||
Societe Generale SA |
3,965 | 101,920 | ||||||
TotalEnergies SE |
4,715 | 305,888 | ||||||
Unibail-Rodamco-Westfield, New(a) |
3,575 | 255,987 | ||||||
|
|
|||||||
3,745,681 | ||||||||
Germany — 1.0% | ||||||||
Bayerische Motoren Werke AG |
1,820 | 189,377 | ||||||
BioNTech SE, ADR(a) |
1,082 | 102,833 | ||||||
Commerzbank AG |
15,340 | 176,158 | ||||||
Deutsche Boerse AG |
195 | 38,832 | ||||||
Deutsche Post AG, Registered |
1,755 | 84,054 | ||||||
Deutsche Telekom AG, Registered |
3,627 | 89,035 | ||||||
E.ON SE |
8,255 | 111,684 | ||||||
Hapag-Lloyd AG(b)(d) |
195 | 29,200 | ||||||
Mercedes-Benz Group AG |
4,225 | 285,242 | ||||||
Volkswagen AG |
585 | 82,591 | ||||||
|
|
|||||||
1,189,006 | ||||||||
Greece — 0.1% | ||||||||
FF Group(c) |
165 | — | ||||||
Hellenic Telecommunications Organization SA |
6,600 | 91,640 | ||||||
National Bank of Greece SA(a) |
2,841 | 21,600 | ||||||
Piraeus Financial Holdings SA(a) |
10,836 | 43,883 | ||||||
|
|
|||||||
157,123 | ||||||||
Hong Kong — 0.1% | ||||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS |
65,000 | 40,316 | ||||||
SITC International Holdings Co. Ltd. |
20,000 | 30,347 | ||||||
Swire Properties Ltd. |
39,000 | 72,882 | ||||||
WH Group Ltd.(b) |
32,500 | 19,175 | ||||||
|
|
|||||||
162,720 | ||||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC |
10,544 | 86,414 | ||||||
|
|
|||||||
India — 1.8% | ||||||||
ABB India Ltd. |
650 | 36,608 | ||||||
AIA Engineering Ltd. |
865 | 42,725 | ||||||
Bharat Electronics Ltd. |
37,050 | 82,983 | ||||||
Coal India Ltd. |
43,485 | 212,918 | ||||||
Hindustan Aeronautics Ltd., NVS |
6,435 | 232,866 | ||||||
Indian Oil Corp. Ltd. |
19,370 | 34,302 | ||||||
Indian Railway Finance Corp. Ltd.(b) |
62,991 | 132,833 | ||||||
Mazagon Dock Shipbuilders Ltd. |
1,003 | 27,670 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
NHPC Ltd., NVS |
127,530 | $ | 139,793 | |||||
Oil & Natural Gas Corp. Ltd. |
21,190 | 64,369 | ||||||
Oil India Ltd. |
10,922 | 56,088 | ||||||
Power Finance Corp. Ltd. |
50,700 | 270,718 | ||||||
Power Grid Corp. of India Ltd. |
101,607 | 317,354 | ||||||
REC Ltd. |
45,825 | 275,278 | ||||||
Tata Consultancy Services Ltd. |
2,470 | 113,450 | ||||||
Tube Investments of India Ltd. |
2,015 | 94,715 | ||||||
Wipro Ltd. |
7,345 | 42,009 | ||||||
WNS Holdings Ltd.(a) |
845 | 58,601 | ||||||
|
|
|||||||
2,235,280 | ||||||||
Indonesia — 0.2% | ||||||||
Adaro Energy Indonesia Tbk PT |
513,500 | 77,860 | ||||||
Bukit Asam Tbk PT |
130,000 | 21,502 | ||||||
Indo Tambangraya Megah Tbk PT |
19,500 | 33,410 | ||||||
Perusahaan Gas Negara Tbk PT |
273,000 | 20,126 | ||||||
Sumber Alfaria Trijaya Tbk PT |
494,000 | 82,910 | ||||||
United Tractors Tbk PT |
26,000 | 37,768 | ||||||
|
|
|||||||
273,576 | ||||||||
Ireland — 0.2% | ||||||||
AIB Group PLC |
56,810 | 249,534 | ||||||
Smurfit Kappa Group PLC |
1,560 | 58,133 | ||||||
|
|
|||||||
307,667 | ||||||||
Israel — 0.4% | ||||||||
Bank Leumi Le-Israel BM |
23,677 | 179,831 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
89,310 | 118,136 | ||||||
Check Point Software Technologies Ltd.(a) |
455 | 72,313 | ||||||
Harel Insurance Investments & Financial Services Ltd. |
4,355 | 36,124 | ||||||
Israel Corp.Ltd.(a) |
130 | 29,793 | ||||||
Israel Discount Bank Ltd., Class A |
10,530 | 51,080 | ||||||
Phoenix Holdings Ltd. (The) |
6,480 | 65,905 | ||||||
|
|
|||||||
553,182 | ||||||||
Italy — 0.9% | ||||||||
Enel SpA |
16,911 | 115,390 | ||||||
Poste Italiane SpA(b) |
10,725 | 116,298 | ||||||
Prysmian SpA |
1,365 | 60,074 | ||||||
Snam SpA |
42,445 | 207,299 | ||||||
Stellantis NV |
17,355 | 382,272 | ||||||
Terna - Rete Elettrica Nazionale |
14,547 | 122,661 | ||||||
UniCredit SpA |
4,030 | 118,047 | ||||||
|
|
|||||||
1,122,041 | ||||||||
Japan — 7.0% | ||||||||
Advantest Corp. |
3,200 | 127,353 | ||||||
Amada Co. Ltd. |
6,500 | 70,146 | ||||||
Asics Corp. |
6,500 | 197,510 | ||||||
Bandai Namco Holdings Inc. |
4,400 | 95,271 | ||||||
BayCurrent Consulting Inc. |
3,100 | 72,072 | ||||||
Capcom Co. Ltd. |
6,500 | 247,902 | ||||||
Chubu Electric Power Co. Inc. |
6,500 | 84,323 | ||||||
Dai-ichi Life Holdings Inc. |
6,500 | 142,563 | ||||||
Daiichi Sankyo Co. Ltd. |
6,500 | 194,604 | ||||||
Disco Corp. |
300 | 80,952 | ||||||
Ebara Corp. |
3,100 | 194,144 | ||||||
Fuji Electric Co. Ltd. |
1,500 | 75,120 | ||||||
Hitachi Ltd. |
1,000 | 78,550 | ||||||
Horiba Ltd. |
1,500 | 120,351 | ||||||
Hoya Corp. |
1,700 | 215,949 | ||||||
Internet Initiative Japan Inc. |
6,500 | 126,044 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
13,000 | 152,000 | ||||||
ITOCHU Corp. |
10,800 | 490,148 | ||||||
Japan Post Bank Co. Ltd. |
6,500 | 67,599 |
10 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Japan Post Insurance Co. Ltd. |
6,500 | $ | 121,692 | |||||
Japan Real Estate Investment Corp. |
41 | 157,175 | ||||||
Kamigumi Co. Ltd. |
6,500 | 149,538 | ||||||
Lawson Inc. |
1,800 | 103,029 | ||||||
Mazda Motor Corp. |
6,500 | 78,802 | ||||||
Mitsubishi Heavy Industries Ltd. |
1,800 | 120,066 | ||||||
Mitsubishi UFJ Financial Group Inc. |
26,000 | 243,530 | ||||||
Mizuho Financial Group Inc. |
13,000 | 236,100 | ||||||
Nintendo Co. Ltd. |
4,900 | 273,767 | ||||||
Nippon Building Fund Inc. |
44 | 178,029 | ||||||
Nippon Express Holdings Inc. |
3,600 | 214,277 | ||||||
Nippon Telegraph & Telephone Corp. |
266,500 | 334,659 | ||||||
Nissan Motor Co. Ltd. |
32,500 | 127,589 | ||||||
Nomura Real Estate Holdings Inc. |
6,500 | 177,877 | ||||||
Nomura Research Institute Ltd. |
6,500 | 198,793 | ||||||
ORIX Corp. |
13,000 | 251,020 | ||||||
Osaka Gas Co. Ltd. |
6,500 | 136,870 | ||||||
Persol Holdings Co. Ltd. |
52,000 | 82,665 | ||||||
Recruit Holdings Co. Ltd. |
3,000 | 118,496 | ||||||
Sanrio Co. Ltd. |
2,500 | 104,393 | ||||||
Sanwa Holdings Corp. |
6,500 | 99,347 | ||||||
SBI Holdings Inc. |
6,500 | 159,677 | ||||||
SCREEN Holdings Co. Ltd. |
900 | 88,253 | ||||||
Sekisui House REIT Inc. |
130 | 69,146 | ||||||
Socionext Inc. |
6,700 | 153,551 | ||||||
Sony Group Corp. |
1,700 | 166,716 | ||||||
Sumitomo Mitsui Financial Group Inc. |
1,500 | 78,020 | ||||||
TIS Inc. |
6,500 | 144,572 | ||||||
Tokyo Electron Ltd. |
1,400 | 259,801 | ||||||
Tokyo Gas Co. Ltd. |
13,000 | 298,634 | ||||||
Tokyo Tatemono Co. Ltd. |
6,500 | 100,178 | ||||||
TOPPAN Holdings Inc. |
6,500 | 179,169 | ||||||
Toyota Motor Corp. |
13,000 | 259,582 | ||||||
Yakult Honsha Co. Ltd. |
3,600 | 78,630 | ||||||
Yamato Kogyo Co. Ltd. |
1,700 | 94,101 | ||||||
Zensho Holdings Co. Ltd. |
4,600 | 225,256 | ||||||
|
|
|||||||
8,695,601 | ||||||||
Malaysia — 0.2% | ||||||||
Petronas Gas Bhd |
6,500 | 24,378 | ||||||
YTL Corp. Bhd |
200,600 | 98,899 | ||||||
YTL Power International Bhd |
86,700 | 75,044 | ||||||
|
|
|||||||
198,321 | ||||||||
Mexico — 0.3% | ||||||||
Banco del Bajio SA(b) |
32,500 | 123,644 | ||||||
Coca-Cola Femsa SAB de CV |
13,000 | 123,765 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
6,500 | 101,193 | ||||||
Grupo Comercial Chedraui SA de CV |
6,580 | 44,477 | ||||||
|
|
|||||||
393,079 | ||||||||
Netherlands — 1.3% | ||||||||
Adyen NV(a)(b) |
130 | 163,044 | ||||||
ASM International NV |
132 | 73,159 | ||||||
ASML Holding NV |
520 | 451,146 | ||||||
ING Groep NV |
1,430 | 20,318 | ||||||
Koninklijke Ahold Delhaize NV |
17,160 | 482,593 | ||||||
NEPI Rockcastle NV |
16,055 | 108,117 | ||||||
NN Group NV |
4,940 | 202,482 | ||||||
Randstad NV |
1,430 | 81,310 | ||||||
|
|
|||||||
1,582,169 | ||||||||
New Zealand — 0.1% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. |
3,510 | 50,695 | ||||||
Fletcher Building Ltd. |
16,705 | 46,154 |
Security | Shares | Value | ||||||
New Zealand (continued) |
||||||||
Meridian Energy Ltd. |
16,770 | $ | 56,813 | |||||
|
|
|||||||
153,662 | ||||||||
Norway — 0.4% | ||||||||
DNB Bank ASA |
6,175 | 120,040 | ||||||
Hafnia Ltd. |
4,940 | 35,923 | ||||||
Kongsberg Gruppen ASA |
1,885 | 96,066 | ||||||
Orkla ASA |
19,045 | 149,182 | ||||||
Var Energi ASA |
15,665 | 45,439 | ||||||
|
|
|||||||
446,650 | ||||||||
Philippines — 0.1% | ||||||||
Bank of the Philippine Islands |
2,600 | 5,095 | ||||||
Manila Electric Co. |
7,150 | 46,007 | ||||||
Semirara Mining & Power Corp., Class A |
52,000 | 28,635 | ||||||
|
|
|||||||
79,737 | ||||||||
Poland — 0.3% | ||||||||
Budimex SA |
402 | 68,871 | ||||||
LPP SA |
42 | 163,316 | ||||||
Orange Polska SA |
26,000 | 55,535 | ||||||
PGE Polska Grupa Energetyczna SA(a) |
34,060 | 71,722 | ||||||
|
|
|||||||
359,444 | ||||||||
Portugal — 0.0% | ||||||||
Jeronimo Martins SGPS SA |
1,105 | 25,131 | ||||||
|
|
|||||||
Qatar — 0.2% | ||||||||
Industries Qatar QSC |
25,935 | 85,179 | ||||||
Mesaieed Petrochemical Holding Co. |
173,940 | 80,159 | ||||||
Ooredoo QPSC |
27,190 | 79,806 | ||||||
|
|
|||||||
245,144 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(c) |
59,760 | 7 | ||||||
PhosAgro PJSC(c) |
1,025 | — | ||||||
PhosAgro PJSC, GDR(a)(c)(e) |
1 | — | ||||||
PhosAgro PJSC, New(c) |
20 | — | ||||||
United Co. RUSAL International PJSC(a)(c) |
70,560 | 8 | ||||||
|
|
|||||||
15 | ||||||||
Saudi Arabia — 0.5% | ||||||||
Elm Co. |
975 | 234,043 | ||||||
Nahdi Medical Co. |
1,690 | 63,373 | ||||||
Riyadh Cables Group Co. |
1,923 | 54,021 | ||||||
SABIC Agri-Nutrients Co. |
5,135 | 175,082 | ||||||
Saudi Electricity Co. |
17,265 | 87,118 | ||||||
|
|
|||||||
613,637 | ||||||||
Singapore — 0.4% | ||||||||
CapitaLand Ascendas REIT |
13,000 | 28,174 | ||||||
Jardine Cycle & Carriage Ltd. |
2,200 | 42,451 | ||||||
Sea Ltd., ADR(a) |
390 | 14,875 | ||||||
Sembcorp Industries Ltd. |
32,500 | 136,776 | ||||||
STMicroelectronics NV , New(d) |
2,730 | 119,865 | ||||||
Wilmar International Ltd. |
26,000 | 63,666 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
110,500 | 137,950 | ||||||
|
|
|||||||
543,757 | ||||||||
South Africa — 0.3% | ||||||||
African Rainbow Minerals Ltd. |
4,355 | 43,144 | ||||||
Anglo American Platinum Ltd. |
2,080 | 88,059 | ||||||
Exxaro Resources Ltd. |
8,580 | 85,479 | ||||||
Impala Platinum Holdings Ltd. |
18,135 | 70,394 | ||||||
MTN Group Ltd. |
12,285 | 62,690 | ||||||
|
|
|||||||
349,766 | ||||||||
South Korea — 2.1% | ||||||||
DB HiTek Co. Ltd.(a) |
1,561 | 57,870 |
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
DB Insurance Co. Ltd.(a) |
1,755 | $ | 115,770 | |||||
Doosan Bobcat Inc. |
2,210 | 84,166 | ||||||
F&F Co. Ltd./New(a) |
455 | 24,163 | ||||||
Hana Financial Group Inc. |
8,060 | 288,205 | ||||||
Hanwha Aerospace Co. Ltd.(a) |
1,170 | 120,830 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.(a) |
1,950 | 49,526 | ||||||
Hyundai Rotem Co. Ltd.(a) |
2,665 | 56,200 | ||||||
KB Financial Group Inc. |
5,200 | 220,676 | ||||||
KCC Corp. |
130 | 23,944 | ||||||
Kia Corp.(a) |
3,510 | 269,607 | ||||||
Kumho Petrochemical Co. Ltd.(a) |
780 | 72,734 | ||||||
LG Innotek Co. Ltd. |
520 | 74,166 | ||||||
LG Uplus Corp. |
5,850 | 44,789 | ||||||
LS Corp.(a) |
536 | 36,463 | ||||||
Meritz Financial Group Inc.(a) |
2,154 | 110,587 | ||||||
POSCO Holdings Inc. |
130 | 41,246 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
195 | 122,747 | ||||||
Samsung Electronics Co. Ltd. |
2,990 | 162,467 | ||||||
Samsung Engineering Co. Ltd.(a) |
2,340 | 39,030 | ||||||
Samsung Fire & Marine Insurance Co. Ltd.(a) |
1,495 | 295,830 | ||||||
SD Biosensor Inc.(a) |
1,675 | 13,033 | ||||||
Seegene Inc. |
2,551 | 48,284 | ||||||
Shinhan Financial Group Co. Ltd. |
3,770 | 115,513 | ||||||
Woori Financial Group Inc. |
16,900 | 175,225 | ||||||
|
|
|||||||
2,663,071 | ||||||||
Spain — 0.6% | ||||||||
Acciona SA |
888 | 114,867 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
21,710 | 203,193 | ||||||
Corp. ACCIONA Energias Renovables SA |
2,015 | 52,360 | ||||||
Endesa SA |
6,241 | 123,647 | ||||||
Iberdrola SA |
3,256 | 39,205 | ||||||
Iberdrola SA, NVS |
54 | 655 | ||||||
Repsol SA |
16,055 | 237,105 | ||||||
Telefonica SA |
7,440 | 30,272 | ||||||
|
|
|||||||
801,304 | ||||||||
Sweden — 0.8% | ||||||||
Axfood AB |
3,835 | 97,030 | ||||||
Epiroc AB, Class B |
5,460 | 85,132 | ||||||
H & M Hennes & Mauritz AB, Class B |
3,575 | 50,439 | ||||||
Husqvarna AB, Class B |
2,015 | 15,674 | ||||||
Investor AB, Class B |
8,515 | 200,484 | ||||||
Kindred Group PLC |
7,865 | 92,525 | ||||||
Kinnevik AB, Class B(a) |
9,555 | 102,659 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
6,142 | 87,230 | ||||||
SSAB AB, Class A |
8,381 | 65,203 | ||||||
Swedbank AB, Class A |
4,745 | 96,693 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
18,070 | 100,171 | ||||||
Volvo AB, Class A |
515 | 12,661 | ||||||
|
|
|||||||
1,005,901 | ||||||||
Switzerland — 1.5% | ||||||||
Alcon Inc. |
975 | 73,393 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
780 | 115,857 | ||||||
Coca-Cola HBC AG, Class DI |
7,446 | 218,888 | ||||||
Kuehne + Nagel International AG, Registered |
325 | 110,136 | ||||||
Nestle SA, Registered |
2,275 | 259,237 | ||||||
Novartis AG, Registered |
3,250 | 336,095 | ||||||
Roche Holding AG, NVS |
1,105 | 314,612 | ||||||
UBS Group AG, Registered |
16,510 | 494,187 | ||||||
|
|
|||||||
1,922,405 | ||||||||
Taiwan — 1.7% | ||||||||
Chicony Electronics Co. Ltd. |
22,000 | 115,351 |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Gigabyte Technology Co. Ltd. |
18,000 | $ | 178,120 | |||||
Global Unichip Corp. |
3,000 | 147,290 | ||||||
King Slide Works Co. Ltd. |
2,000 | 66,418 | ||||||
Lite-On Technology Corp. |
33,000 | 114,283 | ||||||
Novatek Microelectronics Corp. |
18,000 | 293,215 | ||||||
President Chain Store Corp. |
12,000 | 101,176 | ||||||
Realtek SemiConductor Corp. |
11,000 | 164,619 | ||||||
Ruentex Industries Ltd. |
65,000 | 124,548 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
29,000 | 580,536 | ||||||
Uni-President Enterprises Corp. |
56,000 | 129,409 | ||||||
Wiwynn Corp. |
1,000 | 70,501 | ||||||
Yuanta Financial Holding Co. Ltd. |
67,040 | 57,795 | ||||||
|
|
|||||||
2,143,261 | ||||||||
Thailand — 0.1% | ||||||||
PTT Exploration & Production PCL, NVDR |
19,500 | 82,296 | ||||||
|
|
|||||||
Turkey — 0.5% | ||||||||
Akbank TAS |
45,045 | 58,635 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS |
7,280 | 33,772 | ||||||
BIM Birlesik Magazalar AS |
6,435 | 80,695 | ||||||
Ford Otomotiv Sanayi AS |
1,560 | 45,343 | ||||||
KOC Holding AS |
39,195 | 207,006 | ||||||
Tofas Turk Otomobil Fabrikasi AS |
5,200 | 42,182 | ||||||
Turk Traktor ve Ziraat Makineleri AS |
585 | 15,567 | ||||||
Turkcell Iletisim Hizmetleri AS |
38,805 | 87,661 | ||||||
Turkiye Garanti Bankasi AS |
19,370 | 40,539 | ||||||
Yapi ve Kredi Bankasi AS |
80,470 | 57,798 | ||||||
|
|
|||||||
669,198 | ||||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Islamic Bank PJSC |
31,590 | 96,328 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
23,790 | 22,994 | ||||||
Dubai Electricity & Water Authority PJSC |
97,119 | 66,368 | ||||||
Fertiglobe PLC |
41,082 | 31,206 | ||||||
|
|
|||||||
216,896 | ||||||||
United Kingdom — 2.9% | ||||||||
3i Group PLC |
5,210 | 163,099 | ||||||
Anglo American PLC |
4,541 | 108,247 | ||||||
AstraZeneca PLC |
1,921 | 254,680 | ||||||
BAE Systems PLC |
10,786 | 160,673 | ||||||
Barratt Developments PLC |
8,017 | 54,638 | ||||||
BP PLC |
66,675 | 389,410 | ||||||
British American Tobacco PLC |
1,446 | 42,633 | ||||||
Burberry Group PLC |
11,830 | 194,863 | ||||||
Centrica PLC |
199,355 | 348,881 | ||||||
Glencore PLC |
17,420 | 92,168 | ||||||
GSK PLC |
7,021 | 138,859 | ||||||
HSBC Holdings PLC |
20,500 | 160,058 | ||||||
JD Sports Fashion PLC |
85,699 | 126,639 | ||||||
Kingfisher PLC |
16,836 | 46,810 | ||||||
Legal & General Group PLC |
36,612 | 117,760 | ||||||
Next PLC |
195 | 20,818 | ||||||
Pearson PLC |
8,696 | 106,681 | ||||||
Rio Tinto PLC |
4,485 | 310,449 | ||||||
Shell PLC |
11,516 | 360,434 | ||||||
Vodafone Group PLC |
290,290 | 246,787 | ||||||
Wise PLC, Class A(a) |
12,675 | 129,284 | ||||||
WPP PLC |
4,960 | 47,966 | ||||||
|
|
|||||||
3,621,837 | ||||||||
United States — 59.1% | ||||||||
Abbott Laboratories |
3,071 | 347,484 | ||||||
AbbVie Inc. |
5,395 | 886,938 |
12 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Accenture PLC, Class A |
1,514 | $ | 550,914 | |||||
Adobe Inc.(a) |
536 | 331,130 | ||||||
Aflac Inc. |
2,266 | 191,114 | ||||||
Agilent Technologies Inc. |
2,304 | 299,750 | ||||||
Airbnb Inc.(a) |
2,015 | 290,442 | ||||||
Allstate Corp. (The) |
130 | 20,183 | ||||||
Ally Financial Inc. |
10,091 | 370,138 | ||||||
Alphabet Inc., Class C, NVS(a) |
20,867 | 2,958,941 | ||||||
Amazon.com Inc.(a) |
14,365 | 2,229,448 | ||||||
American Express Co. |
939 | 188,495 | ||||||
American Financial Group Inc./OH |
650 | 78,260 | ||||||
Ameriprise Financial Inc. |
1,365 | 528,023 | ||||||
Amgen Inc. |
1,040 | 326,830 | ||||||
Apple Inc. |
26,260 | 4,842,344 | ||||||
Applied Materials Inc. |
2,718 | 446,567 | ||||||
Arista Networks Inc.(a) |
875 | 226,345 | ||||||
AT&T Inc. |
12,415 | 219,621 | ||||||
Atlassian Corp., NVS(a) |
2,787 | 696,109 | ||||||
AutoZone Inc.(a) |
195 | 538,615 | ||||||
Bank of America Corp. |
6,630 | 225,486 | ||||||
Bank of New York Mellon Corp. (The) |
1,820 | 100,937 | ||||||
Berkshire Hathaway Inc., Class B(a) |
585 | 224,488 | ||||||
Best Buy Co. Inc. |
6,199 | 449,366 | ||||||
Biogen Inc.(a) |
200 | 49,332 | ||||||
BlackRock Inc.(f) |
156 | 120,792 | ||||||
Blackstone Inc., NVS |
834 | 103,791 | ||||||
Booking Holdings Inc.(a) |
153 | 536,643 | ||||||
Bristol-Myers Squibb Co. |
6,372 | 311,400 | ||||||
Broadcom Inc. |
1,105 | 1,303,900 | ||||||
Cadence Design Systems Inc.(a) |
2,991 | 862,784 | ||||||
Capital One Financial Corp. |
2,757 | 373,077 | ||||||
Caterpillar Inc. |
161 | 48,350 | ||||||
CDW Corp./DE |
845 | 191,578 | ||||||
Celanese Corp., Class A |
492 | 71,975 | ||||||
CF Industries Holdings Inc. |
1,052 | 79,437 | ||||||
Chevron Corp. |
472 | 69,587 | ||||||
Cintas Corp. |
815 | 492,725 | ||||||
Cisco Systems Inc. |
6,078 | 304,994 | ||||||
Citigroup Inc. |
1,586 | 89,086 | ||||||
Coca-Cola Co. (The) |
3,628 | 215,830 | ||||||
ConocoPhillips |
2,170 | 242,758 | ||||||
Costco Wholesale Corp. |
790 | 548,955 | ||||||
Crowdstrike Holdings Inc., Class A(a) |
1,495 | 437,287 | ||||||
CSX Corp. |
405 | 14,459 | ||||||
CVS Health Corp. |
2,688 | 199,907 | ||||||
Danaher Corp. |
344 | 82,529 | ||||||
DaVita Inc.(a) |
1,822 | 197,068 | ||||||
Deere & Co. |
385 | 151,528 | ||||||
Dell Technologies Inc., Class C |
3,770 | 312,458 | ||||||
Devon Energy Corp. |
2,818 | 118,412 | ||||||
Discover Financial Services |
2,061 | 217,477 | ||||||
DocuSign Inc., Class A(a) |
6,435 | 392,020 | ||||||
Domino’s Pizza Inc. |
65 | 27,704 | ||||||
Dow Inc. |
2,736 | 146,650 | ||||||
DTE Energy Co. |
1,040 | 109,637 | ||||||
Dynatrace Inc.(a) |
3,055 | 174,135 | ||||||
eBay Inc. |
3,250 | 133,478 | ||||||
Electronic Arts Inc. |
325 | 44,714 | ||||||
Elevance Health Inc. |
1,105 | 545,251 | ||||||
Eli Lilly & Co. |
1,560 | 1,007,152 | ||||||
Emerson Electric Co. |
2,145 | 196,761 | ||||||
Enphase Energy Inc.(a) |
432 | 44,984 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Estee Lauder Companies Inc. (The), Class A |
1,970 | $ | 260,020 | |||||
Etsy Inc.(a) |
4,269 | 284,145 | ||||||
Everest Group Ltd. |
390 | 150,138 | ||||||
Exxon Mobil Corp. |
2,069 | 212,714 | ||||||
Fair Isaac Corp.(a) |
585 | 701,316 | ||||||
Ferguson PLC |
2,582 | 485,055 | ||||||
Fidelity National Financial Inc. |
5,963 | 298,329 | ||||||
Ford Motor Co. |
3,754 | 43,997 | ||||||
Fortinet Inc.(a) |
10,096 | 651,091 | ||||||
Fox Corp., Class A, NVS |
6,631 | 214,181 | ||||||
Gartner Inc.(a) |
929 | 424,962 | ||||||
GE HealthCare Technologies Inc., NVS(a) |
2,175 | 159,558 | ||||||
General Motors Co. |
2,402 | 93,198 | ||||||
Gilead Sciences Inc. |
986 | 77,164 | ||||||
GoDaddy Inc., Class A(a) |
209 | 22,292 | ||||||
Goldman Sachs Group Inc. (The) |
304 | 116,739 | ||||||
Hartford Financial Services Group Inc. (The) |
261 | 22,697 | ||||||
Hershey Co. (The) |
1,125 | 217,732 | ||||||
Hewlett Packard Enterprise Co. |
21,986 | 336,166 | ||||||
Hologic Inc.(a) |
4,550 | 338,702 | ||||||
Home Depot Inc. (The) |
2,397 | 846,045 | ||||||
Howmet Aerospace Inc. |
267 | 15,021 | ||||||
HP Inc. |
11,441 | 328,471 | ||||||
HubSpot Inc.(a) |
385 | 235,235 | ||||||
Humana Inc. |
705 | 266,532 | ||||||
IDEXX Laboratories Inc.(a) |
351 | 180,793 | ||||||
International Business Machines Corp. |
586 | 107,625 | ||||||
Interpublic Group of Companies Inc. (The) |
5,142 | 169,635 | ||||||
Intuit Inc. |
1,122 | 708,352 | ||||||
Johnson & Johnson |
5,634 | 895,243 | ||||||
JPMorgan Chase & Co. |
5,593 | 975,195 | ||||||
Kenvue Inc. |
4,680 | 97,157 | ||||||
Keysight Technologies Inc.(a) |
420 | 64,369 | ||||||
KLA Corp. |
702 | 417,016 | ||||||
Kroger Co. (The) |
10,076 | 464,907 | ||||||
Lam Research Corp. |
410 | 338,320 | ||||||
Lennox International Inc. |
952 | 407,608 | ||||||
Liberty Global Ltd. |
849 | 16,725 | ||||||
Liberty Global Ltd., NVS(a)(d) |
7,085 | 148,360 | ||||||
Liberty Media Corp.-Liberty Formula One, NVS(d) |
782 | 47,772 | ||||||
Lowe’s Companies Inc. |
3,576 | 761,116 | ||||||
LPL Financial Holdings Inc. |
585 | 139,926 | ||||||
Lululemon Athletica Inc.(a) |
195 | 88,495 | ||||||
LyondellBasell Industries NV, Class A |
3,057 | 287,725 | ||||||
Marathon Oil Corp. |
8,060 | 184,171 | ||||||
Marathon Petroleum Corp. |
325 | 53,820 | ||||||
Masco Corp. |
3,124 | 210,214 | ||||||
Mastercard Inc., Class A |
1,453 | 652,731 | ||||||
Match Group Inc.(a) |
1,755 | 67,357 | ||||||
McDonald’s Corp. |
2,566 | 751,120 | ||||||
McKesson Corp. |
1,365 | 682,350 | ||||||
Medtronic PLC |
168 | 14,707 | ||||||
MercadoLibre Inc.(a) |
195 | 333,803 | ||||||
Merck & Co. Inc. |
6,235 | 753,063 | ||||||
Meta Platforms Inc, Class A(a) |
2,559 | 998,368 | ||||||
MetLife Inc. |
3,900 | 270,348 | ||||||
Mettler-Toledo International Inc.(a) |
260 | 311,269 | ||||||
Microsoft Corp. |
13,975 | 5,556,180 | ||||||
Moderna Inc.(a)(d) |
2,511 | 253,737 | ||||||
Molina Healthcare Inc.(a) |
1,040 | 370,698 | ||||||
Mondelez International Inc., Class A |
1,107 | 83,324 | ||||||
Moody’s Corp. |
85 | 33,323 |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United States (continued) |
||||||||
Morgan Stanley |
2,067 | $ | 180,325 | |||||
Mosaic Co. (The) |
758 | 23,278 | ||||||
Motorola Solutions Inc. |
1,848 | 590,436 | ||||||
MSCI Inc., Class A |
753 | 450,761 | ||||||
Nasdaq Inc. |
1,170 | 67,591 | ||||||
NetApp Inc. |
1,742 | 151,902 | ||||||
News Corp., Class B |
4,519 | 115,551 | ||||||
Nike Inc., Class B |
2,076 | 210,776 | ||||||
Northern Trust Corp. |
124 | 9,875 | ||||||
Nucor Corp. |
1,430 | 267,310 | ||||||
Nvidia Corp. |
4,030 | 2,479,538 | ||||||
NVR Inc.(a) |
25 | 176,882 | ||||||
Omnicom Group Inc |
184 | 16,630 | ||||||
Oracle Corp. |
4,619 | 515,942 | ||||||
O’Reilly Automotive Inc.(a) |
266 | 272,131 | ||||||
PACCAR Inc. |
179 | 17,970 | ||||||
Palo Alto Networks Inc.(a) |
1,229 | 416,029 | ||||||
Parker-Hannifin Corp. |
98 | 45,521 | ||||||
Paychex Inc. |
390 | 47,475 | ||||||
Pentair PLC |
1,042 | 76,243 | ||||||
PepsiCo Inc. |
1,984 | 334,364 | ||||||
Pfizer Inc. |
12,092 | 327,451 | ||||||
Philip Morris International Inc. |
2,927 | 265,918 | ||||||
Principal Financial Group Inc. |
1,652 | 130,673 | ||||||
Procter & Gamble Co. (The) |
6,110 | 960,125 | ||||||
Prologis Inc. |
130 | 16,470 | ||||||
Prudential Financial Inc. |
1,040 | 109,127 | ||||||
Public Storage |
910 | 257,703 | ||||||
PulteGroup Inc. |
2,600 | 271,856 | ||||||
Qorvo Inc.(a) |
650 | 64,831 | ||||||
Qualcomm Inc. |
3,944 | 585,723 | ||||||
Raymond James Financial Inc. |
2,523 | 277,984 | ||||||
Regency Centers Corp. |
1,040 | 65,177 | ||||||
Regions Financial Corp. |
3,214 | 60,005 | ||||||
Rockwell Automation Inc. |
390 | 98,779 | ||||||
S&P Global Inc. |
770 | 345,229 | ||||||
Seagate Technology Holdings PLC |
260 | 22,277 | ||||||
ServiceNow Inc.(a)(d) |
503 | 384,996 | ||||||
Simon Property Group Inc. |
766 | 106,175 | ||||||
Sirius XM Holdings Inc.(d) |
35,701 | 181,718 | ||||||
Starbucks Corp. |
1,757 | 163,454 | ||||||
State Street Corp. |
2,676 | 197,676 | ||||||
Steel Dynamics Inc. |
3,055 | 368,708 | ||||||
Synchrony Financial |
13,204 | 513,239 | ||||||
Synopsys Inc.(a) |
598 | 318,943 | ||||||
Target Corp. |
2,860 | 397,769 | ||||||
Tesla Inc.(a) |
2,665 | 499,128 | ||||||
Texas Instruments Inc. |
2,887 | 462,266 | ||||||
Thermo Fisher Scientific Inc |
898 | 484,004 | ||||||
TJX Companies Inc. (The) |
977 | 92,727 | ||||||
Tractor Supply Co. |
213 | 47,840 | ||||||
Trane Technologies PLC |
2,568 | 647,264 | ||||||
Travelers Cos. Inc. (The) |
823 | 173,949 | ||||||
U.S. Bancorp. |
1,170 | 48,602 | ||||||
Ulta Beauty Inc.(a) |
130 | 65,267 | ||||||
Union Pacific Corp. |
646 | 157,579 | ||||||
United Rentals Inc. |
195 | 121,953 | ||||||
UnitedHealth Group Inc. |
2,132 | 1,091,030 | ||||||
Valero Energy Corp. |
260 | 36,114 | ||||||
Veeva Systems Inc., Class A(a) |
130 | 26,963 | ||||||
Veralto Corp. |
7,800 | 598,182 | ||||||
VeriSign Inc.(a) |
195 | 38,782 |
Security | Shares | Value | ||||||
|
||||||||
United States (continued) |
||||||||
Verizon Communications Inc. |
3,510 | $ | 148,649 | |||||
Vertex Pharmaceuticals Inc.(a)(d) |
471 | 204,122 | ||||||
VICI Properties Inc., Class A |
13,325 | 401,349 | ||||||
Visa Inc., Class A(d) |
3,532 | 965,154 | ||||||
Vistra Corp. |
2,470 | 101,344 | ||||||
Walmart Inc. |
3,134 | 517,893 | ||||||
Waters Corp.(a) |
131 | 41,620 | ||||||
Wells Fargo & Co. |
3,287 | 164,942 | ||||||
Weyerhaeuser Co. |
848 | 27,789 | ||||||
Whirlpool Corp. |
1,173 | 128,467 | ||||||
WW Grainger Inc. |
292 | 261,527 | ||||||
Yum! Brands Inc. |
2,275 | 294,590 | ||||||
Zscaler Inc.(a) |
497 | 117,128 | ||||||
|
|
|||||||
73,761,755 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.2% |
|
123,874,728 | ||||||
|
|
|||||||
Preferred Stocks |
| |||||||
Brazil — 0.2% | ||||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
34,515 | 80,255 | ||||||
Gerdau SA, Preference Shares, NVS |
42,315 | 179,700 | ||||||
|
|
|||||||
259,955 | ||||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS |
2,145 | 92,106 | ||||||
|
|
|||||||
Germany — 0.3% | ||||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(b) |
4,225 | 358,711 | ||||||
|
|
|||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(c) |
145,100 | 16 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.6% |
|
710,788 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.8% |
|
124,585,516 | ||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 2.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h) |
2,423,463 | 2,424,917 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g) |
80,000 | 80,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 2.0% |
|
2,504,917 | ||||||
|
|
|||||||
Total
Investments — 101.8% |
|
127,090,433 | ||||||
Liabilities in Excess of Other Assets — (1.8)% |
|
(2,300,442 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 124,789,991 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of this security is on loan. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
14 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 1,228,857 | $ | 1,195,736 | (a) | $ | — | $ | 116 | $ | 208 | $ | 2,424,917 | 2,423,463 | $ | 25,273 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
100,000 | — | (20,000 | )(a) | — | — | 80,000 | 80,000 | 3,698 | — | ||||||||||||||||||||||||||
BlackRock Inc. |
119,694 | 3,198 | (6,464 | ) | (430 | ) | 4,794 | 120,792 | 156 | 1,570 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (314 | ) | $ | 5,002 | $ | 2,625,709 | $ | 30,541 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
1 | 03/15/24 | $ | 112 | $ | 3,862 | ||||||||||
MSCI Emerging Markets Index |
1 | 03/15/24 | 49 | (1,188 | ) | |||||||||||
|
|
|||||||||||||||
$ | 2,674 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 3,862 | $ | — | $ | — | $ | — | $ | 3,862 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 1,188 | $ | — | $ | — | $ | — | $ | 1,188 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Global Equity Factor ETF |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (792 | ) | $ | — | $ | — | $ | — | $ | (792 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (14,169 | ) | $ | — | $ | — | $ | — | $ | (14,169) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 208,632 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 80,639,082 | $ | 43,235,631 | $ | 15 | $ | 123,874,728 | ||||||||
Preferred Stocks |
259,955 | 450,817 | 16 | 710,788 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,504,917 | — | — | 2,504,917 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 83,403,954 | $ | 43,686,448 | $ | 31 | $ | 127,090,433 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 3,862 | $ | — | $ | — | $ | 3,862 | ||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
(1,188 | ) | — | — | (1,188 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,674 | $ | — | $ | — | 2,674 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 7.6% | ||||||||
ALS Ltd. |
93,663 | $ | 769,538 | |||||
ANZ Group Holdings Ltd. |
66,443 | 1,172,346 | ||||||
Aristocrat Leisure Ltd. |
37,917 | 1,093,170 | ||||||
ASX Ltd. |
23,544 | 1,006,561 | ||||||
Aurizon Holdings Ltd. |
1,492,840 | 3,679,897 | ||||||
BHP Group Ltd. |
293,135 | 8,968,175 | ||||||
BlueScope Steel Ltd. |
144,044 | 2,199,308 | ||||||
Brambles Ltd. |
276,310 | 2,634,551 | ||||||
Commonwealth Bank of Australia |
32,046 | 2,443,648 | ||||||
CSL Ltd. |
5,436 | 1,067,508 | ||||||
Fortescue Ltd. |
259,673 | 5,018,635 | ||||||
JB Hi-Fi Ltd. |
109,129 | 4,059,867 | ||||||
Lottery Corp. Ltd. (The) |
565,712 | 1,856,884 | ||||||
Macquarie Group Ltd. |
32,349 | 3,991,524 | ||||||
Metcash Ltd. |
761,308 | 1,805,947 | ||||||
Mineral Resources Ltd. |
26,197 | 1,010,387 | ||||||
New Hope Corp. Ltd. |
511,896 | 1,790,427 | ||||||
Orora Ltd. |
606,799 | 1,102,907 | ||||||
Pro Medicus Ltd. |
15,239 | 1,003,930 | ||||||
Rio Tinto Ltd. |
70,279 | 6,047,322 | ||||||
Sims Ltd. |
160,564 | 1,503,944 | ||||||
Sonic Healthcare Ltd. |
4,278 | 89,197 | ||||||
South32 Ltd. |
1,550,450 | 3,357,060 | ||||||
Stockland |
770,382 | 2,275,023 | ||||||
Telix Pharmaceuticals Ltd.(a) |
103,467 | 771,428 | ||||||
Telstra Corp. Ltd. |
1,145,638 | 3,021,429 | ||||||
Wesfarmers Ltd. |
49,411 | 1,870,549 | ||||||
Whitehaven Coal Ltd. |
831,115 | 4,543,494 | ||||||
Woodside Energy Group Ltd. |
5,172 | 108,179 | ||||||
Woolworths Group Ltd. |
101,104 | 2,374,423 | ||||||
Yancoal Australia Ltd., NVS |
495,184 | 1,931,748 | ||||||
|
|
|||||||
74,569,006 | ||||||||
Austria — 0.9% | ||||||||
ANDRITZ AG |
25,133 | 1,547,249 | ||||||
BAWAG Group AG(b) |
15,042 | 774,461 | ||||||
OMV AG |
55,628 | 2,476,080 | ||||||
Verbund AG |
4,280 | 348,043 | ||||||
Wienerberger AG |
97,032 | 3,288,217 | ||||||
|
|
|||||||
8,434,050 | ||||||||
Belgium — 0.5% | ||||||||
Ageas SA/NV |
69,487 | 2,985,995 | ||||||
D’ieteren Group |
6,664 | 1,346,211 | ||||||
KBC Group NV |
12,491 | 814,808 | ||||||
|
|
|||||||
5,147,014 | ||||||||
Canada — 6.6% | ||||||||
Bank of Montreal |
58,803 | 5,538,928 | ||||||
BCE Inc. |
16,844 | 679,673 | ||||||
Brookfield Asset Management Ltd. |
19,264 | 774,601 | ||||||
Canadian National Railway Co. |
3,053 | 378,727 | ||||||
Canadian Natural Resources Ltd. |
47,368 | 3,031,383 | ||||||
CGI Inc.(a) |
52,955 | 5,930,235 | ||||||
Constellation Software Inc./Canada |
1,791 | 4,950,058 | ||||||
Dollarama Inc. |
29,490 | 2,164,289 | ||||||
Fairfax Financial Holdings Ltd. |
813 | 847,480 | ||||||
Loblaw Companies Ltd. |
65,072 | 6,502,602 | ||||||
Magna International Inc. |
13,740 | 780,894 | ||||||
Manulife Financial Corp. |
113,841 | 2,516,534 | ||||||
National Bank of Canada |
1,672 | 127,883 | ||||||
Nutrien Ltd. |
54,943 | 2,739,692 | ||||||
Royal Bank of Canada |
98,799 | 9,642,173 |
Security | Shares | Value | ||||||
Canada (continued) |
||||||||
Sun Life Financial Inc. |
4,535 | $ | 235,073 | |||||
Suncor Energy Inc. |
54,162 | 1,793,516 | ||||||
Teck Resources Ltd., Class B |
33,970 | 1,359,609 | ||||||
Thomson Reuters Corp. |
51,778 | 7,687,461 | ||||||
Toronto-Dominion Bank (The) |
113,171 | 6,874,689 | ||||||
|
|
|||||||
64,555,500 | ||||||||
Denmark — 3.9% | ||||||||
AP Moller - Maersk A/S, Class B, NVS |
314 | 578,953 | ||||||
Carlsberg A/S, Class B |
22,193 | 2,855,516 | ||||||
Coloplast A/S, Class B |
6,668 | 768,632 | ||||||
ISS A/S |
142,745 | 2,701,018 | ||||||
Jyske Bank A/S, Registered |
4,214 | 322,778 | ||||||
Novo Nordisk A/S |
213,116 | 24,360,091 | ||||||
Pandora A/S |
30,655 | 4,479,214 | ||||||
Sydbank A/S |
53,342 | 2,367,274 | ||||||
|
|
|||||||
38,433,476 | ||||||||
Finland — 1.4% | ||||||||
Kesko OYJ, Class B |
68,764 | 1,342,934 | ||||||
Kone OYJ, Class B |
15,003 | 742,668 | ||||||
Konecranes OYJ |
50,676 | 2,176,357 | ||||||
Nokia OYJ |
78,993 | 285,577 | ||||||
Nordea Bank Abp |
481,241 | 5,930,040 | ||||||
Orion OYJ, Class B |
60,816 | 2,799,828 | ||||||
|
|
|||||||
13,277,404 | ||||||||
France — 10.3% | ||||||||
Air Liquide SA |
1,125 | 210,525 | ||||||
ArcelorMittal SA |
32,383 | 891,828 | ||||||
AXA SA |
3,919 | 131,542 | ||||||
BNP Paribas SA |
47,352 | 3,181,305 | ||||||
Bollore SE |
99,852 | 659,525 | ||||||
Bouygues SA |
79,786 | 2,922,768 | ||||||
Capgemini SE |
7,121 | 1,583,151 | ||||||
Carrefour SA |
124,850 | 2,131,476 | ||||||
Christian Dior SE, NVS |
4,514 | 3,575,929 | ||||||
Cie. de Saint-Gobain |
49,231 | 3,480,953 | ||||||
Credit Agricole SA |
323,809 | 4,638,516 | ||||||
Danone SA |
1,786 | 118,990 | ||||||
Dassault Systemes SE |
42,949 | 2,226,402 | ||||||
Edenred SE |
4,680 | 279,529 | ||||||
Eiffage SA |
23,551 | 2,464,145 | ||||||
Engie SA |
135,449 | 2,163,455 | ||||||
EssilorLuxottica SA |
3,060 | 599,677 | ||||||
Hermes International SCA |
834 | 1,759,456 | ||||||
Kering SA |
4,719 | 1,938,440 | ||||||
Klepierre SA |
11,164 | 289,043 | ||||||
La Francaise des Jeux SAEM(b) |
91,947 | 3,726,943 | ||||||
Legrand SA |
9,556 | 926,126 | ||||||
L’Oreal SA |
16,675 | 7,979,888 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
13,548 | 11,272,729 | ||||||
Orange SA |
160,691 | 1,910,925 | ||||||
Pernod Ricard SA |
5,224 | 856,661 | ||||||
Publicis Groupe SA |
48,960 | 4,905,475 | ||||||
Renault SA |
10,875 | 409,549 | ||||||
Rexel SA |
63,940 | 1,702,931 | ||||||
Sanofi SA |
61,915 | 6,200,511 | ||||||
Schneider Electric SE |
21,234 | 4,171,419 | ||||||
SES SA, Class A |
31,861 | 195,484 | ||||||
Societe Generale SA |
93,627 | 2,406,684 | ||||||
Sodexo SA |
1,537 | 173,387 | ||||||
TotalEnergies SE |
134,131 | 8,701,827 | ||||||
Unibail-Rodamco-Westfield, New(a) |
100,887 | 7,223,983 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) |
||||||||
Vinci SA |
15,786 | $ | 1,994,123 | |||||
Vivendi SE |
55,566 | 626,204 | ||||||
|
|
|||||||
100,631,504 | ||||||||
Germany — 4.9% | ||||||||
AIXTRON SE |
27,064 | 1,007,274 | ||||||
Allianz SE, Registered |
13,792 | 3,684,891 | ||||||
BASF SE |
18,901 | 903,543 | ||||||
Bayerische Motoren Werke AG |
26,388 | 2,745,753 | ||||||
Commerzbank AG |
195,500 | 2,245,042 | ||||||
Deutsche Bank AG, Registered |
27,565 | 356,077 | ||||||
Deutsche Boerse AG |
14,602 | 2,907,837 | ||||||
Deutsche Post AG, Registered |
66,974 | 3,207,663 | ||||||
Deutsche Telekom AG, Registered |
145,074 | 3,561,249 | ||||||
E.ON SE |
79,828 | 1,080,015 | ||||||
GEA Group AG |
43,046 | 1,723,951 | ||||||
Hannover Rueck SE |
483 | 115,783 | ||||||
Heidelberg Materials AG |
1,317 | 121,618 | ||||||
HelloFresh SE(a) |
5,937 | 78,515 | ||||||
Hugo Boss AG |
33,395 | 2,085,671 | ||||||
Mercedes-Benz Group AG |
78,299 | 5,286,183 | ||||||
Merck KGaA |
3,750 | 615,283 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
7,010 | 2,984,290 | ||||||
RWE AG |
6,298 | 232,558 | ||||||
SAP SE |
43,001 | 7,449,776 | ||||||
Siemens AG, Registered |
26,338 | 4,715,130 | ||||||
Wacker Chemie AG |
7,589 | 822,805 | ||||||
|
|
|||||||
47,930,907 | ||||||||
Hong Kong — 1.3% | ||||||||
AIA Group Ltd. |
493,400 | 3,869,448 | ||||||
CK Asset Holdings Ltd. |
207,500 | 936,311 | ||||||
CK Hutchison Holdings Ltd. |
180,500 | 932,250 | ||||||
HKT Trust & HKT Ltd., Class SS |
71,000 | 85,289 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
22,100 | 670,045 | ||||||
Jardine Matheson Holdings Ltd. |
50,500 | 2,027,783 | ||||||
PCCW Ltd. |
707,000 | 365,697 | ||||||
SITC International Holdings Co. Ltd.(c) |
76,000 | 115,318 | ||||||
Swire Properties Ltd. |
747,000 | 1,395,974 | ||||||
WH Group Ltd.(b) |
2,734,000 | 1,613,045 | ||||||
Wharf Real Estate Investment Co. Ltd. |
185,000 | 542,019 | ||||||
|
|
|||||||
12,553,179 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group PLC |
1,088,569 | 4,781,457 | ||||||
Bank of Ireland Group PLC |
168,233 | 1,547,067 | ||||||
|
|
|||||||
6,328,524 | ||||||||
Italy — 3.2% | ||||||||
A2A SpA |
1,509,619 | 2,993,066 | ||||||
Banca Monte dei Paschi di Siena SpA(a) |
701,975 | 2,463,746 | ||||||
Banco BPM SpA |
32,448 | 175,066 | ||||||
BPER Banca |
818,445 | 2,952,018 | ||||||
Brunello Cucinelli SpA |
11,215 | 1,111,820 | ||||||
Enel SpA |
305,812 | 2,086,670 | ||||||
Eni SpA |
239,230 | 3,813,647 | ||||||
Hera SpA |
76,970 | 271,137 | ||||||
Intesa Sanpaolo SpA |
447,160 | 1,377,831 | ||||||
Italgas SpA |
251,084 | 1,431,530 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
50,524 | 669,140 | ||||||
Poste Italiane SpA(b) |
81,567 | 884,484 | ||||||
Prysmian SpA |
42,835 | 1,885,161 | ||||||
Snam SpA |
381,746 | 1,864,426 | ||||||
Stellantis NV |
115,845 | 2,551,677 |
Security | Shares | Value | ||||||
Italy (continued) |
||||||||
Terna - Rete Elettrica Nazionale |
116,166 | $ | 979,517 | |||||
UniCredit SpA |
124,361 | 3,642,790 | ||||||
|
|
|||||||
31,153,726 | ||||||||
Japan — 24.1% | ||||||||
Advance Residence Investment Corp. |
197 | 433,824 | ||||||
Advantest Corp. |
4,600 | 183,070 | ||||||
Ajinomoto Co. Inc. |
31,100 | 1,277,119 | ||||||
Amada Co. Ltd. |
18,700 | 201,804 | ||||||
Asics Corp. |
61,500 | 1,868,746 | ||||||
Astellas Pharma Inc. |
172,200 | 2,004,834 | ||||||
Bandai Namco Holdings Inc. |
33,100 | 716,699 | ||||||
BayCurrent Consulting Inc. |
16,900 | 392,908 | ||||||
BIPROGY Inc. |
59,000 | 1,727,428 | ||||||
Canon Inc. |
25,100 | 691,433 | ||||||
Capcom Co. Ltd. |
79,400 | 3,028,218 | ||||||
Chubu Electric Power Co. Inc. |
94,100 | 1,220,730 | ||||||
Chugai Pharmaceutical Co. Ltd. |
50,400 | 1,812,899 | ||||||
Dai Nippon Printing Co. Ltd. |
39,200 | 1,134,446 | ||||||
Daicel Corp. |
72,300 | 708,335 | ||||||
Dai-ichi Life Holdings Inc. |
101,800 | 2,232,755 | ||||||
Daiichi Sankyo Co. Ltd. |
126,800 | 3,796,269 | ||||||
Daiwa Securities Group Inc. |
18,900 | 135,454 | ||||||
Dentsu Group Inc. |
22,300 | 591,870 | ||||||
Disco Corp. |
8,800 | 2,374,583 | ||||||
Ebara Corp. |
37,600 | 2,354,779 | ||||||
Fast Retailing Co. Ltd. |
10,600 | 2,829,954 | ||||||
Frontier Real Estate Investment Corp. |
495 | 1,463,159 | ||||||
Fuji Electric Co. Ltd. |
11,100 | 555,888 | ||||||
FUJIFILM Holdings Corp. |
23,400 | 1,483,207 | ||||||
Fujikura Ltd. |
273,900 | 2,251,598 | ||||||
Fujitsu Ltd. |
10,500 | 1,453,350 | ||||||
Fuyo General Lease Co. Ltd. |
1,400 | 125,197 | ||||||
GMO Payment Gateway Inc. |
3,300 | 199,116 | ||||||
Goldwin Inc. |
8,200 | 551,608 | ||||||
Hachijuni Bank Ltd. (The) |
346,900 | 1,890,573 | ||||||
Hirose Electric Co. Ltd. |
3,800 | 442,141 | ||||||
Hitachi Ltd. |
49,500 | 3,888,242 | ||||||
Honda Motor Co. Ltd. |
287,300 | 3,211,457 | ||||||
Hoya Corp. |
25,900 | 3,290,053 | ||||||
Ibiden Co. Ltd.(c) |
1,800 | 90,576 | ||||||
Internet Initiative Japan Inc. |
140,000 | 2,714,798 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
100,200 | 1,171,569 | ||||||
ITOCHU Corp. |
108,200 | 4,910,560 | ||||||
Japan Post Bank Co. Ltd. |
209,800 | 2,181,888 | ||||||
Japan Post Holdings Co. Ltd. |
259,200 | 2,481,239 | ||||||
Japan Post Insurance Co. Ltd. |
190,900 | 3,574,007 | ||||||
Japan Real Estate Investment Corp. |
801 | 3,070,666 | ||||||
Japan Tobacco Inc. |
5,700 | 150,237 | ||||||
Kagome Co. Ltd. |
12,900 | 317,599 | ||||||
Kamigumi Co. Ltd. |
105,800 | 2,434,011 | ||||||
KDDI Corp. |
56,400 | 1,868,816 | ||||||
Keyence Corp. |
6,600 | 2,952,826 | ||||||
Kikkoman Corp. |
5,600 | 344,558 | ||||||
Kirin Holdings Co. Ltd. |
12,700 | 182,549 | ||||||
Koei Tecmo Holdings Co. Ltd. |
23,400 | 291,474 | ||||||
Konami Group Corp. |
8,300 | 510,435 | ||||||
LaSalle Logiport REIT |
1,274 | 1,290,115 | ||||||
Lawson Inc. |
36,000 | 2,060,571 | ||||||
Macnica Holdings Inc. |
47,400 | 2,508,212 | ||||||
Marubeni Corp. |
64,900 | 1,106,977 | ||||||
Maruichi Steel Tube Ltd. |
75,200 | 1,916,062 | ||||||
Mazda Motor Corp. |
82,700 | 1,002,609 |
18 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Mitsubishi Corp. |
89,700 | $ | 1,545,974 | |||||
Mitsubishi Estate Co. Ltd. |
77,000 | 1,066,905 | ||||||
Mitsubishi Gas Chemical Co. Inc. |
16,900 | 275,992 | ||||||
Mitsubishi Heavy Industries Ltd. |
38,100 | 2,541,402 | ||||||
Mitsubishi Logistics Corp. |
21,100 | 651,761 | ||||||
Mitsubishi UFJ Financial Group Inc. |
549,900 | 5,150,664 | ||||||
Mitsui & Co. Ltd. |
59,400 | 2,409,099 | ||||||
Mizuho Financial Group Inc. |
244,800 | 4,445,950 | ||||||
MS&AD Insurance Group Holdings Inc. |
91,000 | 3,757,821 | ||||||
Nihon Kohden Corp. |
10,000 | 304,769 | ||||||
Nintendo Co. Ltd. |
110,200 | 6,156,972 | ||||||
Nippon Accommodations Fund Inc. |
319 | 1,328,039 | ||||||
Nippon Express Holdings Inc. |
70,900 | 4,220,062 | ||||||
Nippon Gas Co. Ltd. |
114,600 | 1,775,228 | ||||||
Nippon Telegraph & Telephone Corp. |
6,066,100 | 7,617,530 | ||||||
Nissan Chemical Corp. |
41,100 | 1,639,183 | ||||||
Nissan Motor Co. Ltd. |
373,900 | 1,467,866 | ||||||
Nissin Foods Holdings Co. Ltd. |
32,200 | 1,041,714 | ||||||
Nitto Denko Corp. |
18,000 | 1,493,241 | ||||||
NOF Corp. |
9,300 | 420,023 | ||||||
Nomura Holdings Inc. |
653,200 | 3,518,230 | ||||||
Nomura Real Estate Holdings Inc. |
117,400 | 3,212,734 | ||||||
Nomura Research Institute Ltd. |
104,000 | 3,180,686 | ||||||
Olympus Corp. |
81,300 | 1,203,538 | ||||||
ORIX Corp. |
142,300 | 2,747,708 | ||||||
Osaka Gas Co. Ltd. |
60,800 | 1,280,257 | ||||||
Panasonic Holdings Corp. |
63,000 | 593,383 | ||||||
Persol Holdings Co. Ltd. |
574,400 | 913,130 | ||||||
Recruit Holdings Co. Ltd. |
76,000 | 3,001,902 | ||||||
Rohto Pharmaceutical Co. Ltd. |
22,300 | 456,294 | ||||||
Sanrio Co. Ltd. |
49,700 | 2,075,332 | ||||||
Sanwa Holdings Corp. |
122,800 | 1,876,897 | ||||||
SBI Holdings Inc. |
118,300 | 2,906,117 | ||||||
SCREEN Holdings Co. Ltd. |
24,900 | 2,441,675 | ||||||
SCSK Corp. |
71,200 | 1,397,984 | ||||||
Sega Sammy Holdings Inc. |
59,000 | 868,338 | ||||||
Seiko Epson Corp. |
25,300 | 369,314 | ||||||
Sekisui House Ltd. |
54,800 | 1,237,066 | ||||||
Sekisui House REIT Inc. |
862 | 458,488 | ||||||
Seven & i Holdings Co. Ltd. |
4,700 | 185,626 | ||||||
Shimadzu Corp. |
18,700 | 517,092 | ||||||
Shimamura Co. Ltd. |
10,700 | 1,173,881 | ||||||
Shin-Etsu Chemical Co. Ltd. |
31,300 | 1,232,036 | ||||||
Shionogi & Co. Ltd. |
7,900 | 379,172 | ||||||
SHO-BOND Holdings Co. Ltd. |
46,400 | 2,066,680 | ||||||
SMC Corp. |
200 | 111,329 | ||||||
Socionext Inc. |
101,200 | 2,319,310 | ||||||
SoftBank Corp. |
109,800 | 1,458,785 | ||||||
Sohgo Security Services Co. Ltd. |
399,500 | 2,180,866 | ||||||
Sompo Holdings Inc. |
33,500 | 1,737,023 | ||||||
Sony Group Corp. |
52,600 | 5,158,393 | ||||||
Sumitomo Heavy Industries Ltd. |
8,500 | 220,528 | ||||||
Sumitomo Mitsui Financial Group Inc. |
65,700 | 3,417,277 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
12,200 | 250,018 | ||||||
Sumitomo Realty & Development Co. Ltd. |
10,700 | 336,506 | ||||||
T&D Holdings Inc. |
6,100 | 101,008 | ||||||
Takashimaya Co. Ltd. |
37,900 | 527,994 | ||||||
Takeda Pharmaceutical Co. Ltd. |
64,100 | 1,883,930 | ||||||
TIS Inc. |
81,500 | 1,812,710 | ||||||
Toho Gas Co. Ltd. |
21,600 | 433,942 | ||||||
Tokio Marine Holdings Inc. |
129,500 | 3,414,581 | ||||||
Tokyo Electron Ltd. |
21,100 | 3,915,578 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Tokyo Gas Co. Ltd. |
68,300 | $ | 1,568,978 | |||||
Tokyo Ohka Kogyo Co. Ltd. |
52,700 | 1,203,694 | ||||||
Tokyo Tatemono Co. Ltd. |
169,300 | 2,609,239 | ||||||
TOPPAN Holdings Inc. |
46,200 | 1,273,477 | ||||||
Toyota Motor Corp. |
531,100 | 10,604,906 | ||||||
Trend Micro Inc./Japan(a)(c) |
18,600 | 1,064,094 | ||||||
Ulvac Inc. |
9,500 | 464,963 | ||||||
USS Co. Ltd. |
47,700 | 902,074 | ||||||
Yakult Honsha Co. Ltd. |
43,700 | 954,477 | ||||||
Yamada Holdings Co. Ltd. |
100,600 | 307,291 | ||||||
Yamato Kogyo Co. Ltd. |
47,200 | 2,612,699 | ||||||
Zensho Holdings Co. Ltd. |
48,900 | 2,394,570 | ||||||
|
|
|||||||
235,500,095 | ||||||||
Netherlands — 5.2% | ||||||||
ABN AMRO Bank NV, CVA(b) |
128,150 | 1,886,033 | ||||||
Adyen NV(a)(b) |
2,313 | 2,900,934 | ||||||
Akzo Nobel NV |
22,606 | 1,736,423 | ||||||
ASM International NV |
3,869 | 2,144,330 | ||||||
ASML Holding NV |
21,895 | 18,995,837 | ||||||
ASR Nederland NV |
34,994 | 1,649,144 | ||||||
BE Semiconductor Industries NV |
12,391 | 1,862,098 | ||||||
ING Groep NV |
177,244 | 2,518,365 | ||||||
Koninklijke Ahold Delhaize NV |
196,160 | 5,516,637 | ||||||
Koninklijke KPN NV |
224,007 | 762,014 | ||||||
NN Group NV |
60,221 | 2,468,352 | ||||||
OCI NV |
128,620 | 3,673,900 | ||||||
Qiagen NV, NVS |
22,344 | 969,432 | ||||||
Randstad NV |
31,823 | 1,809,462 | ||||||
Signify NV(b) |
50,800 | 1,523,220 | ||||||
Universal Music Group NV |
4,636 | 136,659 | ||||||
|
|
|||||||
50,552,840 | ||||||||
New Zealand — 0.6% | ||||||||
Contact Energy Ltd. |
49,051 | 241,958 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
14,815 | 213,974 | ||||||
Fletcher Building Ltd. |
785,100 | 2,169,113 | ||||||
Mainfreight Ltd.(c) |
6,384 | 279,384 | ||||||
Meridian Energy Ltd. |
713,458 | 2,417,045 | ||||||
Spark New Zealand Ltd. |
187,615 | 609,523 | ||||||
|
|
|||||||
5,930,997 | ||||||||
Norway — 0.9% | ||||||||
DNB Bank ASA |
95,213 | 1,850,913 | ||||||
Equinor ASA |
31,117 | 890,478 | ||||||
Gjensidige Forsikring ASA |
7,440 | 119,668 | ||||||
Kongsberg Gruppen ASA |
37,831 | 1,927,994 | ||||||
Norsk Hydro ASA |
155,152 | 909,269 | ||||||
Orkla ASA |
261,617 | 2,049,279 | ||||||
Telenor ASA |
8,497 | 94,283 | ||||||
Yara International ASA |
34,450 | 1,138,664 | ||||||
|
|
|||||||
8,980,548 | ||||||||
Poland — 0.2% | ||||||||
LPP SA |
382 | 1,485,394 | ||||||
|
|
|||||||
Portugal — 0.1% | ||||||||
Galp Energia SGPS SA |
6,494 | 102,227 | ||||||
Jeronimo Martins SGPS SA |
47,068 | 1,070,482 | ||||||
|
|
|||||||
1,172,709 | ||||||||
Singapore — 1.9% | ||||||||
ComfortDelGro Corp. Ltd. |
1,973,800 | 2,052,918 | ||||||
DBS Group Holdings Ltd. |
37,400 | 885,830 | ||||||
Jardine Cycle & Carriage Ltd. |
44,400 | 856,744 | ||||||
NetLink NBN Trust |
2,818,000 | 1,775,035 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) |
||||||||
Oversea-Chinese Banking Corp. Ltd. |
178,800 | $ | 1,710,288 | |||||
Sembcorp Industries Ltd. |
886,200 | 3,729,562 | ||||||
Singapore Technologies Engineering Ltd. |
183,700 | 509,021 | ||||||
STMicroelectronics NV , New(c) |
34,452 | 1,512,665 | ||||||
United Overseas Bank Ltd. |
111,000 | 2,339,718 | ||||||
Wilmar International Ltd. |
704,500 | 1,725,101 | ||||||
Yangzijiang Shipbuilding Holdings Ltd.(c) |
1,332,900 | 1,664,019 | ||||||
|
|
|||||||
18,760,901 | ||||||||
Spain — 2.2% | ||||||||
Acciona SA |
19,001 | 2,457,869 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
384,036 | 3,594,361 | ||||||
Banco de Sabadell SA |
2,104,174 | 2,731,083 | ||||||
Banco Santander SA |
145,198 | 583,559 | ||||||
Bankinter SA |
30,047 | 185,514 | ||||||
CaixaBank SA |
108,247 | 461,564 | ||||||
Endesa SA |
84,803 | 1,680,113 | ||||||
Iberdrola SA |
201,549 | 2,426,843 | ||||||
Iberdrola SA, NVS |
3,455 | 41,599 | ||||||
Industria de Diseno Textil SA |
17,144 | 733,032 | ||||||
Naturgy Energy Group SA |
8,407 | 226,382 | ||||||
Redeia Corp. SA |
6,608 | 109,958 | ||||||
Repsol SA |
291,464 | 4,304,422 | ||||||
Telefonica SA |
393,764 | 1,602,160 | ||||||
|
|
|||||||
21,138,459 | ||||||||
Sweden — 2.3% | ||||||||
Assa Abloy AB, Class B |
14,746 | 404,420 | ||||||
Axfood AB |
93,924 | 2,376,383 | ||||||
Billerud Aktiebolag |
36,602 | 325,468 | ||||||
Getinge AB, Class B |
4,236 | 90,553 | ||||||
H & M Hennes & Mauritz AB, Class B |
154,903 | 2,185,487 | ||||||
Husqvarna AB, Class B |
80,089 | 623,005 | ||||||
Investor AB, Class B |
162,243 | 3,819,973 | ||||||
Kinnevik AB, Class B(a) |
201,633 | 2,166,348 | ||||||
Sandvik AB |
23,640 | 496,815 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
140,475 | 1,995,045 | ||||||
SSAB AB, Class B |
283,957 | 2,168,994 | ||||||
Svenska Handelsbanken AB, Class A |
46,809 | 504,617 | ||||||
Swedbank AB, Class A |
50,635 | 1,031,839 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
396,908 | 2,200,250 | ||||||
Telia Co. AB |
75,384 | 194,428 | ||||||
Thule Group AB(b) |
6,187 | 157,429 | ||||||
Volvo AB, Class B |
88,819 | 2,128,576 | ||||||
|
|
|||||||
22,869,630 | ||||||||
Switzerland — 8.3% | ||||||||
ABB Ltd., Registered |
47,105 | 1,993,097 | ||||||
Adecco Group AG, Registered |
34,335 | 1,484,750 | ||||||
Alcon Inc. |
31,716 | 2,387,422 | ||||||
Bucher Industries AG, Registered |
6,457 | 2,734,968 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
33,871 | 5,031,014 | ||||||
Coca-Cola HBC AG, Class DI |
138,948 | 4,084,619 | ||||||
Julius Baer Group Ltd. |
17,228 | 937,916 | ||||||
Kuehne + Nagel International AG, Registered |
11,430 | 3,873,394 | ||||||
Logitech International SA, Registered |
5,313 | 445,406 | ||||||
Nestle SA, Registered |
142,422 | 16,229,062 | ||||||
Novartis AG, Registered |
125,281 | 12,955,774 | ||||||
PSP Swiss Property AG, Registered |
14,560 | 1,937,893 | ||||||
Roche Holding AG, NVS |
33,824 | 9,630,246 | ||||||
SGS SA |
50,305 | 4,648,475 | ||||||
Sonova Holding AG, Registered |
1,468 | 469,168 | ||||||
Straumann Holding AG |
10,750 | 1,632,940 | ||||||
Swiss Life Holding AG, Registered |
181 | 129,981 |
Security | Shares | Value | ||||||
Switzerland (continued) |
||||||||
Swiss Re AG |
11,951 | $ | 1,368,395 | |||||
Swisscom AG, Registered |
234 | 139,998 | ||||||
Swissquote Group Holding SA, Registered |
3,240 | 813,152 | ||||||
UBS Group AG, Registered |
271,966 | 8,140,651 | ||||||
Zurich Insurance Group AG |
275 | 139,725 | ||||||
|
|
|||||||
81,208,046 | ||||||||
United Kingdom — 11.8% | ||||||||
3i Group PLC |
92,388 | 2,892,201 | ||||||
Anglo American PLC |
90,943 | 2,167,870 | ||||||
AstraZeneca PLC |
63,772 | 8,454,690 | ||||||
B&M European Value Retail SA |
131,665 | 862,895 | ||||||
BAE Systems PLC |
179,913 | 2,680,068 | ||||||
Balfour Beatty PLC |
548,197 | 2,306,504 | ||||||
Barclays PLC |
519,670 | 965,717 | ||||||
Barratt Developments PLC |
85,945 | 585,743 | ||||||
BP PLC |
989,167 | 5,777,147 | ||||||
British American Tobacco PLC |
38,758 | 1,142,726 | ||||||
Bunzl PLC |
9,473 | 384,981 | ||||||
Burberry Group PLC |
111,420 | 1,835,302 | ||||||
Centrica PLC |
1,215,445 | 2,127,088 | ||||||
Compass Group PLC |
2,942 | 81,034 | ||||||
Computacenter PLC |
3,508 | 128,159 | ||||||
Diageo PLC |
109,696 | 3,961,985 | ||||||
Dowlais Group PLC |
1,382,665 | 1,579,434 | ||||||
Drax Group PLC |
99,230 | 640,340 | ||||||
Glencore PLC |
696,337 | 3,684,290 | ||||||
Grafton Group PLC |
142,918 | 1,760,305 | ||||||
Greggs PLC |
59,616 | 2,008,183 | ||||||
GSK PLC |
225,504 | 4,459,958 | ||||||
Howden Joinery Group PLC |
210,159 | 2,128,255 | ||||||
HSBC Holdings PLC |
682,521 | 5,328,921 | ||||||
IG Group Holdings PLC |
31,874 | 286,424 | ||||||
IMI PLC |
90,909 | 1,928,139 | ||||||
Imperial Brands PLC |
81,230 | 1,949,937 | ||||||
Inchcape PLC |
303,159 | 2,610,426 | ||||||
Indivior PLC, NVS(a) |
88,305 | 1,552,177 | ||||||
Intermediate Capital Group PLC |
97,088 | 2,188,858 | ||||||
International Distributions Services PLC(a) |
691,020 | 2,424,020 | ||||||
Investec PLC |
419,243 | 2,729,488 | ||||||
JD Sports Fashion PLC |
650,103 | 960,666 | ||||||
Kingfisher PLC |
613,612 | 1,706,041 | ||||||
Land Securities Group PLC |
29,593 | 249,490 | ||||||
Legal & General Group PLC |
429,330 | 1,380,915 | ||||||
Lloyds Banking Group PLC |
1,078,656 | 578,219 | ||||||
M&G PLC |
143,354 | 405,314 | ||||||
Man Group PLC/Jersey |
1,115,537 | 3,351,931 | ||||||
Marks & Spencer Group PLC |
136,768 | 427,304 | ||||||
Next PLC |
20,857 | 2,226,621 | ||||||
Pearson PLC |
81,218 | 996,364 | ||||||
QinetiQ Group PLC |
268,473 | 1,212,484 | ||||||
Reckitt Benckiser Group PLC |
20,379 | 1,473,420 | ||||||
Rightmove PLC |
195,972 | 1,386,928 | ||||||
Rio Tinto PLC |
61,737 | 4,273,399 | ||||||
RS GROUP PLC |
38,171 | 378,235 | ||||||
Sage Group PLC (The) |
164,556 | 2,449,897 | ||||||
Serco Group PLC |
123,097 | 268,615 | ||||||
Shell PLC |
284,777 | 8,913,105 | ||||||
Softcat PLC |
30,758 | 563,645 | ||||||
SSP Group PLC(a) |
13,109 | 37,308 | ||||||
Tesco PLC |
134,252 | 486,478 | ||||||
Unilever PLC |
54,377 | 2,645,996 | ||||||
Vodafone Group PLC |
2,735,553 | 2,325,604 |
20 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Wise PLC, Class A(a) |
99,985 | $ | 1,019,837 | |||||
WPP PLC |
196,536 | 1,900,600 | ||||||
|
|
|||||||
115,231,681 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.8% |
|
965,845,590 | ||||||
|
|
|||||||
Preferred Stocks |
| |||||||
Germany — 0.7% | ||||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(b) |
66,482 | 5,644,451 | ||||||
Volkswagen AG, Preference Shares, NVS |
9,000 | 1,157,535 | ||||||
|
|
|||||||
6,801,986 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.7% |
|
6,801,986 | ||||||
|
|
|||||||
Warrants |
| |||||||
Canada — 0.0% | ||||||||
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d) |
1,793 | — | ||||||
|
|
|||||||
Total
Warrants — 0.0% |
|
— | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
|
972,647,576 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g) |
5,109,837 | $ | 5,112,903 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f) |
150,000 | 150,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.6% |
|
5,262,903 | ||||||
|
|
|||||||
Total
Investments — 100.1% |
|
977,910,479 | ||||||
Liabilities in Excess of Other Assets — (0.1)% |
|
(491,856 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 977,418,623 | |||||
|
|
(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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 847,379 | $ | 4,263,849 | (a) | $ | — | $ | 1,744 | $ | (69 | ) | $ | 5,112,903 | 5,109,837 | $ | 19,348 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
120,000 | 30,000 | (a) | — | — | — | 150,000 | 150,000 | 14,066 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 1,744 | $ | (69 | ) | $ | 5,262,903 | $ | 33,414 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
Value/ (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
7 | 03/07/24 | $ | 1,215 | $ | 74,265 | ||||||||||
Euro STOXX 50 Index |
35 | 03/15/24 | 1,774 | 32,594 | ||||||||||||
FTSE 100 Index |
10 | 03/15/24 | 972 | (2,449 | ) | |||||||||||
SPI 200 Index |
5 | 03/21/24 | 632 | 7,617 | ||||||||||||
|
|
|||||||||||||||
$ | 112,027 | |||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Equity 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) |
$ | — | $ | — | $ | 114,476 | $ | — | $ | — | $ | — | $ | 114,476 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 2,449 | $ | — | $ | — | $ | — | $ | 2,449 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | 257,468 | $ | — | $ | — | $ | — | $ | 257,468 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (51,333 | ) | $ | — | $ | — | $ | — | $ | (51,333) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 5,672,710 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 85,906,111 | $ | 879,939,479 | $ | — | $ | 965,845,590 | ||||||||
Preferred Stocks |
— | 6,801,986 | — | 6,801,986 | ||||||||||||
Warrants |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,262,903 | — | — | 5,262,903 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 91,169,014 | $ | 886,741,465 | $ | — | $ | 977,910,479 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 114,476 | $ | — | $ | 114,476 | ||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
— | (2,449 | ) | — | (2,449 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | 112,027 | $ | — | 112,027 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
22 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 7.4% | ||||||||
29Metals Ltd.(a) |
714,379 | $ | 157,266 | |||||
Abacus Group |
181,602 | 129,227 | ||||||
Accent Group Ltd. |
61,218 | 80,428 | ||||||
Adairs Ltd.(a) |
375,345 | 415,530 | ||||||
Alkane Resources Ltd. |
148,257 | 55,228 | ||||||
Altium Ltd. |
37,620 | 1,208,573 | ||||||
AMP Ltd. |
132,012 | 80,061 | ||||||
APM Human Services International Ltd. |
564,471 | 272,476 | ||||||
ARN Media Ltd., NVS(a) |
418,950 | 273,441 | ||||||
BWP Trust |
116,451 | 260,761 | ||||||
Cettire Ltd.(b) |
407,151 | 828,079 | ||||||
Champion Iron Ltd. |
59,166 | 324,586 | ||||||
Clinuvel Pharmaceuticals Ltd |
22,230 | 227,414 | ||||||
Coast Entertainment Holdings Ltd., NVS |
1,840,986 | 558,472 | ||||||
Collins Foods Ltd. |
53,010 | 415,593 | ||||||
CSR Ltd. |
521,208 | 2,346,983 | ||||||
Data#3 Ltd. |
46,683 | 296,885 | ||||||
Deterra Royalties Ltd. |
424,422 | 1,528,532 | ||||||
Domain Holdings Australia Ltd. |
262,827 | 570,320 | ||||||
Domino’s Pizza Enterprises Ltd. |
2,565 | 65,975 | ||||||
Downer EDI Ltd. |
140,391 | 382,348 | ||||||
Elders Ltd. |
41,895 | 244,743 | ||||||
FleetPartners Group Ltd., NVS(b) |
419,121 | 836,932 | ||||||
GrainCorp Ltd., Class A |
221,274 | 1,162,550 | ||||||
Growthpoint Properties Australia Ltd. |
73,359 | 114,809 | ||||||
GUD Holdings Ltd. |
32,498 | 257,956 | ||||||
GWA Group Ltd. |
521,208 | 775,590 | ||||||
Healius Ltd.(b) |
1,269,875 | 1,142,445 | ||||||
Helia Group Ltd. |
462,384 | 1,486,843 | ||||||
HomeCo Daily Needs REIT |
655,708 | 539,785 | ||||||
Iluka Resources Ltd. |
154,584 | 721,997 | ||||||
Inghams Group Ltd. |
319,770 | 894,812 | ||||||
Jumbo Interactive Ltd. |
11,115 | 113,979 | ||||||
Karoon Energy Ltd.(b) |
293,265 | 368,977 | ||||||
Kogan.com Ltd. |
51,471 | 192,822 | ||||||
Link Administration Holdings Ltd. |
105,678 | 149,731 | ||||||
Lovisa Holdings Ltd. |
10,089 | 150,099 | ||||||
McMillan Shakespeare Ltd. |
93,366 | 1,051,341 | ||||||
Metcash Ltd. |
228,457 | 541,937 | ||||||
Myer Holdings Ltd.(a) |
2,274,129 | 1,006,388 | ||||||
Neometals Ltd.(a) |
420,489 | 39,413 | ||||||
Neuren Pharmaceuticals Ltd., NVS(b) |
36,330 | 556,601 | ||||||
New Hope Corp. Ltd. |
309,168 | 1,081,358 | ||||||
nib holdings Ltd. |
25,479 | 134,755 | ||||||
Nick Scali Ltd. |
103,284 | 835,053 | ||||||
Nine Entertainment Co. Holdings Ltd. |
438,957 | 563,180 | ||||||
NRW Holdings Ltd. |
481,023 | 850,014 | ||||||
OFX Group Ltd.(a) |
121,923 | 121,463 | ||||||
Orora Ltd. |
240,255 | 436,683 | ||||||
Perenti Ltd.(b) |
262,143 | 139,407 | ||||||
Perseus Mining Ltd. |
102,258 | 120,409 | ||||||
PEXA Group Ltd.(b) |
104,481 | 780,784 | ||||||
PolyNovo Ltd.(a)(b) |
110,637 | 135,960 | ||||||
Region RE Ltd. |
251,028 | 369,591 | ||||||
Regis Resources Ltd.(b) |
91,143 | 124,307 | ||||||
Reliance Worldwide Corp. Ltd. |
57,114 | 156,155 | ||||||
RPMGlobal Holdings Ltd. |
236,322 | 278,594 | ||||||
Sandfire Resources Ltd.(a)(b) |
317,205 | 1,490,733 | ||||||
Sigma Healthcare Ltd. |
758,072 | 512,093 | ||||||
Sims Ltd. |
146,376 | 1,371,050 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Southern Cross Media Group Ltd. |
723,843 | $ | 489,124 | |||||
Stanmore Resources Ltd. |
442,890 | 1,136,523 | ||||||
Star Entertainment Grp Ltd. (The)(b) |
483,075 | 175,296 | ||||||
Steadfast Group Ltd. |
113,715 | 440,006 | ||||||
Super Retail Group Ltd. |
142,785 | 1,473,567 | ||||||
Tabcorp Holdings Ltd. |
2,823,039 | 1,466,605 | ||||||
Telix Pharmaceuticals Ltd.(b) |
92,682 | 691,017 | ||||||
Temple & Webster Group Ltd.(a)(b) |
10,089 | 59,764 | ||||||
Terracom Ltd. |
2,773,449 | 559,576 | ||||||
Ventia Services Group Pty Ltd. |
340,119 | 729,717 | ||||||
Weebit Nano Ltd.(a)(b) |
61,047 | 137,310 | ||||||
|
|
|||||||
39,688,022 | ||||||||
Austria — 0.4%t | ||||||||
ams-OSRAM AG(b) |
86,868 | 203,309 | ||||||
Immofinanz AG(b) |
12,312 | 292,225 | ||||||
Oesterreichische Post AG(a) |
9,747 | 329,873 | ||||||
Porr AG |
46,341 | 650,212 | ||||||
S IMMO AG |
7,524 | 121,157 | ||||||
Semperit AG Holding(a) |
10,773 | 168,814 | ||||||
Zumtobel Group AG |
57,627 | 373,665 | ||||||
|
|
|||||||
2,139,255 | ||||||||
Belgium — 1.3% | ||||||||
Barco NV |
18,639 | 309,639 | ||||||
Bekaert SA |
10,773 | 525,431 | ||||||
bpost SA |
117,819 | 481,551 | ||||||
Deceuninck NV |
22,743 | 55,621 | ||||||
Deme Group NV |
3,933 | 493,588 | ||||||
Gimv NV |
37,962 | 1,770,348 | ||||||
Ion Beam Applications(a) |
81,396 | 928,907 | ||||||
Orange Belgium SA |
33,174 | 472,518 | ||||||
Proximus SADP |
73,530 | 697,750 | ||||||
Solvay SA |
33,858 | 925,965 | ||||||
Van de Velde NV(a) |
7,695 | 274,012 | ||||||
|
|
|||||||
6,935,330 | ||||||||
Canada — 10.3% | ||||||||
ADENTRA Inc. |
4,446 | 104,697 | ||||||
Advantage Energy Ltd.(b) |
38,133 | 250,164 | ||||||
Alamos Gold Inc., Class A |
12,825 | 155,298 | ||||||
Andlauer Healthcare Group Inc. |
21,717 | 633,847 | ||||||
Aritzia Inc.(b) |
5,130 | 124,811 | ||||||
Artis REIT |
134,064 | 649,155 | ||||||
Atco Ltd., Class I, NVS |
19,323 | 540,403 | ||||||
ATS Corp.(b) |
16,416 | 702,208 | ||||||
AutoCanada Inc. |
6,498 | 103,817 | ||||||
Baytex Energy Corp. |
192,546 | 611,530 | ||||||
BlackBerry Ltd.(b) |
95,931 | 269,002 | ||||||
Boardwalk REIT |
3,249 | 168,679 | ||||||
BRP Inc. |
17,100 | 1,079,076 | ||||||
Canfor Corp.(b) |
58,140 | 704,020 | ||||||
Capital Power Corp. |
12,825 | 352,569 | ||||||
Cascades Inc. |
77,634 | 849,415 | ||||||
Celestica Inc.(b) |
88,749 | 3,050,388 | ||||||
Centerra Gold Inc. |
99,180 | 523,029 | ||||||
Chemtrade Logistics Income Fund |
46,854 | 309,816 | ||||||
Choice Properties REIT |
19,836 | 207,146 | ||||||
CI Financial Corp. |
162,279 | 1,979,527 | ||||||
Cogeco Communications Inc. |
9,063 | 418,282 | ||||||
Cogeco Inc. |
15,390 | 682,932 | ||||||
Colliers International Group Inc. |
7,866 | 923,361 | ||||||
Corus Entertainment Inc., Class B, NVS |
722,475 | 510,507 | ||||||
Crescent Point Energy Corp. |
234,441 | 1,529,285 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) |
||||||||
CT REIT |
204,858 | $ | 2,210,934 | |||||
Definity Financial Corp. |
44,460 | 1,293,670 | ||||||
Docebo Inc. |
24,966 | 1,096,354 | ||||||
Dream Office REIT(a) |
84,645 | 682,474 | ||||||
Dundee Precious Metals Inc. |
82,422 | 527,839 | ||||||
ECN Capital Corp.(a) |
367,992 | 752,708 | ||||||
Eldorado Gold Corp.(b) |
33,858 | 413,765 | ||||||
Enerplus Corp. |
76,526 | 1,111,158 | ||||||
Ensign Energy Services Inc. |
188,613 | 326,876 | ||||||
EQB Inc. |
5,301 | 364,006 | ||||||
ERO Copper Corp.(b) |
12,654 | 198,123 | ||||||
Filo Corp., NVS(b) |
30,780 | 473,221 | ||||||
Finning International Inc. |
69,768 | 2,019,170 | ||||||
First Capital Real Estate Investment Trust |
49,248 | 579,130 | ||||||
Frontera Energy Corp.(b) |
90,801 | 543,678 | ||||||
Gibson Energy Inc. |
39,330 | 627,782 | ||||||
H&R Real Estate Investment Trust |
47,538 | 348,283 | ||||||
Hammond Power Solutions Inc. |
7,353 | 508,522 | ||||||
Hudbay Minerals Inc. |
18,126 | 100,711 | ||||||
IAMGOLD Corp.(b) |
46,512 | 110,706 | ||||||
Interfor Corp.(b) |
68,571 | 1,060,863 | ||||||
Jamieson Wellness Inc.(c) |
3,591 | 82,507 | ||||||
Kinaxis Inc.(b) |
6,840 | 832,939 | ||||||
Labrador Iron Ore Royalty Corp. |
33,174 | 814,514 | ||||||
Lassonde Industries Inc., Class A |
1,539 | 164,254 | ||||||
Leon’s Furniture Ltd. |
44,973 | 711,834 | ||||||
Linamar Corp. |
7,011 | 332,546 | ||||||
Major Drilling Group International Inc. |
148,428 | 916,324 | ||||||
Maple Leaf Foods Inc. |
7,182 | 136,968 | ||||||
Martinrea International Inc. |
49,932 | 512,894 | ||||||
Mattr Corp., NVS |
32,832 | 397,320 | ||||||
MEG Energy Corp.(b) |
61,560 | 1,163,937 | ||||||
Methanex Corp. |
14,022 | 621,809 | ||||||
Morguard Corp. |
684 | 57,027 | ||||||
Morguard North American Residential REIT |
4,959 | 55,844 | ||||||
New Gold Inc.(b) |
185,706 | 223,767 | ||||||
North West Co. Inc. (The) |
9,918 | 286,891 | ||||||
Nuvei Corp.(c) |
13,338 | 324,112 | ||||||
Parex Resources Inc. |
11,115 | 184,031 | ||||||
Parkland Corp. |
17,784 | 606,888 | ||||||
Pason Systems Inc. |
103,797 | 1,137,988 | ||||||
Peyto Exploration & Development Corp. |
10,773 | 103,928 | ||||||
PHX Energy Services Corp. |
27,531 | 191,260 | ||||||
PrairieSky Royalty Ltd. |
39,501 | 651,666 | ||||||
Precision Drilling Corp.(b) |
12,996 | 805,018 | ||||||
Primo Water Corp. |
14,706 | 214,413 | ||||||
Prinmaris REIT |
46,170 | 476,999 | ||||||
Quebecor Inc., Class B |
2,223 | 54,052 | ||||||
Real Matters Inc. |
176,643 | 918,394 | ||||||
Russel Metals Inc. |
34,200 | 1,121,558 | ||||||
Silvercorp Metals Inc. |
21,033 | 49,905 | ||||||
SNC-Lavalin Group Inc. |
8,379 | 277,898 | ||||||
Spin Master Corp.(c) |
29,925 | 769,688 | ||||||
Sprott Inc. |
2,052 | 72,010 | ||||||
Stelco Holdings Inc. |
36,765 | 1,180,243 | ||||||
Superior Plus Corp. |
31,635 | 216,947 | ||||||
Torex Gold Resources Inc.(b) |
42,237 | 433,852 | ||||||
TransAlta Corp. |
149,967 | 1,086,451 | ||||||
Transcontinental Inc., Class A |
54,036 | 543,796 | ||||||
Trican Well Service Ltd. |
371,412 | 1,210,000 | ||||||
Vermilion Energy Inc. |
44,802 | 481,527 | ||||||
Western Forest Products Inc. |
194,256 | 98,251 |
Security | Shares | Value | ||||||
Canada (continued) |
||||||||
Westshore Terminals Investment Corp. |
39,672 | $ | 838,027 | |||||
Whitecap Resources Inc. |
147,060 | 951,632 | ||||||
|
|
|||||||
55,094,846 | ||||||||
China — 0.5% | ||||||||
China Renaissance Holdings Ltd.(c)(d) |
203,500 | 106,832 | ||||||
Mobvista Inc.(c) |
513,000 | 187,246 | ||||||
Moody Technology Holdings Ltd., NVS |
6,840,000 | 258,098 | ||||||
NetDragon Websoft Holdings Ltd. |
427,500 | 585,550 | ||||||
Skyworth Group Ltd. |
1,368,000 | 433,660 | ||||||
Wasion Holdings Ltd. |
1,710,000 | 926,823 | ||||||
XD Inc.(b) |
34,200 | 36,767 | ||||||
|
|
|||||||
2,534,976 | ||||||||
Denmark — 2.0% | ||||||||
Bavarian Nordic A/S(b) |
4,788 | 109,996 | ||||||
Chemometec A/S |
10,431 | 564,180 | ||||||
D/S Norden A/S |
10,260 | 552,057 | ||||||
GN Store Nord A/S(b) |
34,884 | 822,653 | ||||||
ISS A/S |
85,500 | 1,617,829 | ||||||
Jyske Bank A/S, Registered |
4,788 | 366,745 | ||||||
Nilfisk Holding A/S(b) |
8,379 | 147,660 | ||||||
NKT A/S(a)(b) |
1,026 | 71,537 | ||||||
Per Aarsleff Holding A/S |
25,821 | 1,188,535 | ||||||
Ringkjoebing Landbobank A/S |
3,762 | 606,336 | ||||||
Rockwool A/S, Class B |
1,197 | 326,334 | ||||||
Royal Unibrew A/S |
11,115 | 728,094 | ||||||
Scandinavian Tobacco Group A/S, Class A(c) |
75,582 | 1,355,480 | ||||||
Solar A/S, Class B |
9,405 | 612,478 | ||||||
Sydbank A/S |
28,557 | 1,267,336 | ||||||
Topdanmark A/S |
7,353 | 326,093 | ||||||
Trifork Holding AG |
2,394 | 50,750 | ||||||
|
|
|||||||
10,714,093 | ||||||||
Finland — 1.4% | ||||||||
Afarak Group SE(a) |
287,793 | 123,474 | ||||||
Cargotec OYJ, Class B |
5,814 | 330,526 | ||||||
F-Secure OYJ |
186,561 | 389,552 | ||||||
Harvia OYJ |
6,669 | 196,787 | ||||||
Kemira OYJ |
50,958 | 953,795 | ||||||
Konecranes OYJ |
20,349 | 873,919 | ||||||
Marimekko OYJ |
80,028 | 1,195,240 | ||||||
Nokian Renkaat OYJ |
48,051 | 433,051 | ||||||
Oma Saastopankki OYJ |
43,092 | 1,080,413 | ||||||
Outokumpu OYJ |
116,451 | 497,097 | ||||||
QT Group OYJ(b) |
5,301 | 373,909 | ||||||
Sanoma OYJ |
81,909 | 611,667 | ||||||
Stockmann OYJ Abp, Class B |
26,163 | 81,035 | ||||||
TietoEVRY OYJ |
10,773 | 249,993 | ||||||
WithSecure OYJ(a) |
81,225 | 95,592 | ||||||
YIT OYJ(a) |
82,935 | 176,669 | ||||||
|
|
|||||||
7,662,719 | ||||||||
France — 5.3% | ||||||||
ALD SA(c) |
37,620 | 250,726 | ||||||
Alten SA |
1,539 | 237,960 | ||||||
Atos SE(a)(b) |
24,282 | 103,658 | ||||||
Beneteau SACA |
34,542 | 413,971 | ||||||
Carmila SA |
11,457 | 203,579 | ||||||
Casino Guichard Perrachon SA(a) |
69,546 | 46,598 | ||||||
Cie. des Alpes |
23,598 | 384,421 | ||||||
Cie. Plastic Omnium SA |
19,323 | 221,470 | ||||||
Coface SA |
87,723 | 1,185,381 | ||||||
Criteo SA, SP ADR, SP ADR(a)(b) |
2,394 | 62,076 | ||||||
Derichebourg SA |
227,772 | 1,175,204 |
24 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) |
||||||||
Elis SA |
4,104 | $ | 90,234 | |||||
Eramet SA(a) |
6,669 | 459,341 | ||||||
Eurazeo SE |
12,312 | 1,048,739 | ||||||
Euronext NV(c) |
12,483 | 1,097,969 | ||||||
Eutelsat Communications SACA(a)(b) |
106,191 | 387,318 | ||||||
Forvia SE(b) |
28,899 | 496,694 | ||||||
Gaztransport Et Technigaz SA |
10,602 | 1,486,374 | ||||||
ICADE |
9,747 | 329,997 | ||||||
Interparfums SA |
12,235 | 647,357 | ||||||
IPSOS SA |
19,152 | 1,256,960 | ||||||
Kaufman & Broad SA |
15,048 | 445,452 | ||||||
Klepierre SA |
65,493 | 1,695,658 | ||||||
La Francaise des Jeux SAEM(c) |
51,129 | 2,072,442 | ||||||
Lagardere SA |
4,104 | 82,390 | ||||||
Maisons du Monde SA(a)(c) |
65,835 | 317,815 | ||||||
Mercialys SA |
74,727 | 850,150 | ||||||
Mersen SA |
1,539 | 55,829 | ||||||
Metropole Television SA |
5,301 | 75,181 | ||||||
Nexans SA |
5,985 | 544,744 | ||||||
Nexity SA |
10,944 | 182,417 | ||||||
Quadient SA |
37,962 | 804,301 | ||||||
Renault SA |
46,854 | 1,764,507 | ||||||
Rexel SA |
54,720 | 1,457,373 | ||||||
SCOR SE |
26,847 | 800,877 | ||||||
Societe pour l’Informatique Industrielle, NVS |
5,130 | 386,710 | ||||||
SOITEC(b) |
2,565 | 370,717 | ||||||
Sopra Steria Group SACA |
342 | 80,218 | ||||||
SPIE SA |
13,680 | 452,501 | ||||||
Television Francaise 1 SA |
154,755 | 1,364,709 | ||||||
Trigano SA |
5,301 | 835,016 | ||||||
Ubisoft Entertainment SA(b) |
15,219 | 335,702 | ||||||
Valeo SE |
57,627 | 752,179 | ||||||
Verallia SA(c) |
9,918 | 349,752 | ||||||
Virbac SACA |
855 | 308,560 | ||||||
Wavestone |
8,379 | 555,076 | ||||||
Wendel SE |
1,710 | 155,033 | ||||||
|
|
|||||||
28,681,336 | ||||||||
Germany — 4.6% | ||||||||
AIXTRON SE |
19,665 | 731,896 | ||||||
Amadeus Fire AG |
4,959 | 599,067 | ||||||
Atoss Software AG |
4,104 | 1,124,502 | ||||||
Aurubis AG |
17,100 | 1,230,059 | ||||||
Bechtle AG |
8,892 | 461,075 | ||||||
BRANICKS Group AG(a) |
82,080 | 188,644 | ||||||
Ceconomy AG(b) |
226,404 | 549,969 | ||||||
CompuGroup Medical SE & Co. KgaA |
1,881 | 80,647 | ||||||
Covestro AG(b)(c) |
9,063 | 478,576 | ||||||
CTS Eventim AG & Co. KGaA |
2,736 | 185,165 | ||||||
Dermapharm Holding SE |
6,156 | 261,849 | ||||||
Deutsche Pfandbriefbank AG(a)(c) |
132,867 | 799,605 | ||||||
Deutz AG |
54,549 | 329,673 | ||||||
Duerr AG |
12,825 | 293,224 | ||||||
DWS Group GmbH & Co. KGaA(a)(c) |
1,881 | 76,923 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
1,368 | 68,039 | ||||||
Elmos Semiconductor SE |
1,881 | 131,376 | ||||||
flatexDEGIRO AG(b) |
40,185 | 439,425 | ||||||
Freenet AG |
41,895 | 1,157,672 | ||||||
GEA Group AG |
24,966 | 999,864 | ||||||
Gerresheimer AG |
1,710 | 174,333 | ||||||
GFT Technologies SE |
1,710 | 60,467 | ||||||
Heidelberger Druckmaschinen AG(b) |
93,537 | 110,427 | ||||||
HelloFresh SE(b) |
46,341 | 612,848 |
Security | Shares | Value | ||||||
Germany (continued) |
||||||||
Hensoldt AG |
2,394 | $ | 71,870 | |||||
Hugo Boss AG |
12,996 | 811,660 | ||||||
K+S AG, Registered |
21,033 | 295,014 | ||||||
Kloeckner & Co. SE |
140,562 | 1,016,562 | ||||||
Krones AG |
6,498 | 805,264 | ||||||
LANXESS AG |
9,576 | 255,644 | ||||||
METRO AG(b) |
37,620 | 253,557 | ||||||
MLP SE |
17,100 | 99,154 | ||||||
Nemetschek SE |
10,773 | 994,064 | ||||||
New Work SE |
1,026 | 68,239 | ||||||
Patrizia SE(a) |
39,330 | 335,563 | ||||||
ProSiebenSat.1 Media SE(a) |
30,096 | 211,717 | ||||||
PVA TePla AG(b) |
12,825 | 290,237 | ||||||
Rheinmetall AG |
7,353 | 2,574,806 | ||||||
SAF-Holland SE |
15,219 | 245,737 | ||||||
Salzgitter AG |
21,546 | 600,948 | ||||||
Scout24 SE(c) |
15,390 | 1,133,170 | ||||||
SGL Carbon SE(a)(b) |
7,866 | 49,794 | ||||||
Sixt SE(a) |
4,275 | 416,624 | ||||||
SMA Solar Technology AG(a)(b) |
3,420 | 175,412 | ||||||
Stratec SE(a) |
1,710 | 78,078 | ||||||
TAG Immobilien AG(b) |
14,877 | 208,231 | ||||||
Takkt AG |
23,769 | 347,290 | ||||||
TeamViewer SE(b)(c) |
29,925 | 429,024 | ||||||
thyssenkrupp AG |
50,958 | 314,497 | ||||||
United Internet AG, Registered |
12,825 | 337,075 | ||||||
Wacker Chemie AG |
3,591 | 389,339 | ||||||
Zalando SE(a)(b)(c) |
44,289 | 884,302 | ||||||
|
|
|||||||
24,838,197 | ||||||||
Hong Kong — 1.4% | ||||||||
Champion REIT |
855,000 | 203,591 | ||||||
Chinese Estates Holdings Ltd. |
855,000 | 107,415 | ||||||
CK Life Sciences International Holdings Inc. |
4,104,000 | 278,932 | ||||||
DL Holdings Group Ltd., NVS |
171,000 | 102,802 | ||||||
Esprit Holdings Ltd. |
2,992,500 | 109,454 | ||||||
EVA Precision Industrial Holdings Ltd. |
1,368,000 | 119,561 | ||||||
First Pacific Co. Ltd. |
4,446,000 | 1,688,754 | ||||||
Giordano International Ltd. |
2,736,000 | 717,426 | ||||||
Golden Resources Development International Ltd. |
3,078,000 | 171,264 | ||||||
HKBN Ltd. |
598,500 | 248,714 | ||||||
Hong Kong Technology Venture Co. Ltd. |
513,000 | 125,240 | ||||||
IGG Inc.(b) |
1,026,000 | 365,191 | ||||||
Johnson Electric Holdings Ltd. |
171,000 | 224,247 | ||||||
Kerry Logistics Network Ltd. |
85,500 | 94,995 | ||||||
Melco Resorts & Entertainment Ltd., ADR(a)(b) |
9,918 | 77,460 | ||||||
Orbusneich Medical Group Holdings Ltd., NVS(a) |
85,500 | 56,104 | ||||||
PAX Global Technology Ltd. |
342,000 | 239,288 | ||||||
PC Partner Group Ltd. |
684,000 | 225,887 | ||||||
Solomon Systech International Ltd. |
1,368,000 | 44,690 | ||||||
Sun Hung Kai & Co. Ltd. |
513,000 | 142,356 | ||||||
Tam Jai International Co. Ltd. |
855,000 | 126,862 | ||||||
Texwinca Holdings Ltd. |
2,052,000 | 215,212 | ||||||
Tiande Chemical Holdings Ltd. |
684,000 | 99,240 | ||||||
United Energy Group Ltd. |
684,000 | 72,689 | ||||||
United Laboratories International Holdings Ltd. (The) |
684,000 | 591,284 | ||||||
VTech Holdings Ltd.(a) |
136,800 | 792,344 | ||||||
|
|
|||||||
7,241,002 | ||||||||
Ireland — 0.6% | ||||||||
Bank of Ireland Group PLC |
297,198 | 2,733,027 | ||||||
Glanbia PLC |
23,132 | 413,479 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Ireland (continued) |
||||||||
Greencore Group PLC(b) |
94,905 | $ | 123,160 | |||||
|
|
|||||||
3,269,666 | ||||||||
Israel — 1.2% | ||||||||
Africa Israel Residences Ltd. |
3,762 | 199,870 | ||||||
Altshuler Shaham Finance Ltd.(a) |
60,363 | 100,007 | ||||||
Delek Automotive Systems Ltd. |
76,608 | 458,351 | ||||||
Elco Ltd. |
2,394 | 73,877 | ||||||
Electra Consumer Products 1970 Ltd. |
5,130 | 109,393 | ||||||
Equital Ltd.(b) |
2 | 46 | ||||||
G City Ltd. |
171,855 | 549,798 | ||||||
Ilex Medical Ltd.(a) |
6,669 | 112,273 | ||||||
Meitav Investment House Ltd.(a) |
48,906 | 209,346 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
233,928 | 259,059 | ||||||
Naphtha Israel Petroleum Corp. Ltd. |
96,957 | 484,470 | ||||||
Neto ME Holdings Ltd. |
3,420 | 54,993 | ||||||
Oil Refineries Ltd. |
849,699 | 293,502 | ||||||
Partner Communications Co. Ltd.(b) |
59,508 | 275,150 | ||||||
Paz Oil Co. Ltd. |
4,617 | 379,517 | ||||||
Property & Building Corp. Ltd. |
8,721 | 502,135 | ||||||
Retailors Ltd. |
47,196 | 938,033 | ||||||
Scope Metals Group Ltd.(a) |
15,048 | 469,045 | ||||||
Tamar Petroleum Ltd.(c) |
23,085 | 116,129 | ||||||
Tel Aviv Stock Exchange Ltd. |
58,995 | 365,509 | ||||||
Telsys Ltd.(a) |
3,591 | 234,199 | ||||||
|
|
|||||||
6,184,702 | ||||||||
Italy — 3.0% | ||||||||
A2A SpA |
602,433 | 1,194,422 | ||||||
ACEA SpA |
79,515 | 1,254,795 | ||||||
Ascopiave SpA |
112,005 | 271,743 | ||||||
Banca Generali SpA |
11,457 | 436,774 | ||||||
Banca Monte dei Paschi di Siena SpA(b) |
173,394 | 608,567 | ||||||
Banca Popolare di Sondrio SpA |
14,877 | 113,036 | ||||||
BasicNet SpA |
45,315 | 219,394 | ||||||
BPER Banca |
318,402 | 1,148,432 | ||||||
Brunello Cucinelli SpA |
684 | 67,810 | ||||||
Cembre SpA |
9,576 | 414,986 | ||||||
Credito Emiliano SpA |
12,483 | 113,476 | ||||||
d’Amico International Shipping SA, NVS |
117,135 | 781,966 | ||||||
De’ Longhi SpA |
11,457 | 371,082 | ||||||
El.En. SpA |
51,129 | 504,624 | ||||||
Enav SpA(c) |
190,665 | 705,636 | ||||||
ERG SpA |
12,654 | 371,047 | ||||||
Esprinet SpA |
11,628 | 66,576 | ||||||
Gruppo MutuiOnline SpA(a) |
10,944 | 377,798 | ||||||
Hera SpA |
52,839 | 186,132 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA |
35,226 | 83,942 | ||||||
Iren SpA |
198,360 | 416,312 | ||||||
Italgas SpA |
94,734 | 540,116 | ||||||
OVS SpA(c) |
205,884 | 490,417 | ||||||
Piaggio & C SpA |
356,364 | 1,184,646 | ||||||
RAI Way SpA(c) |
47,196 | 258,084 | ||||||
Reply SpA |
4,275 | 586,147 | ||||||
Risanamento SpA(a) |
2,062,260 | 69,123 | ||||||
Safilo Group SpA(a)(b) |
111,492 | 133,376 | ||||||
Sanlorenzo SpA/Ameglia |
11,457 | 546,543 | ||||||
Sesa SpA |
1,197 | 162,418 | ||||||
SOL SpA |
21,204 | 610,262 | ||||||
Technogym SpA(c) |
27,531 | 272,633 | ||||||
TXT e-Solutions SpA |
7,182 | 164,546 | ||||||
Unieuro SpA(a)(c) |
44,631 | 466,510 |
Security | Shares | Value | ||||||
Italy (continued) |
||||||||
Unipol Gruppo SpA |
125,001 | $ | 776,207 | |||||
|
|
|||||||
15,969,578 | ||||||||
Japan — 24.4% | ||||||||
77 Bank Ltd. (The) |
51,300 | 1,233,934 | ||||||
A&D HOLON Holdings Co. Ltd. |
17,100 | 235,428 | ||||||
Abalance Corp.(a) |
17,100 | 313,421 | ||||||
Adastria Co. Ltd. |
17,100 | 398,620 | ||||||
ADEKA Corp. |
34,200 | 669,181 | ||||||
Alpen Co. Ltd. |
17,100 | 235,473 | ||||||
Amano Corp. |
34,200 | 788,126 | ||||||
Aoyama Trading Co. Ltd. |
17,100 | 205,991 | ||||||
Arata Corp. |
15,600 | 346,261 | ||||||
Artience Co. Ltd. |
17,100 | 319,970 | ||||||
Asahi Holdings Inc. |
17,100 | 238,111 | ||||||
Asahi Yukizai Corp. |
34,200 | 951,424 | ||||||
ASKUL Corp. |
34,200 | 462,270 | ||||||
Base Co. Ltd. |
29,700 | 656,973 | ||||||
Benefit One Inc.(a) |
17,100 | 244,014 | ||||||
BML Inc. |
10,300 | 199,064 | ||||||
Celsys Inc. |
17,100 | 78,490 | ||||||
Chugoku Marine Paints Ltd. |
68,400 | 870,103 | ||||||
Citizen Watch Co. Ltd. |
34,200 | 216,907 | ||||||
CKD Corp. |
17,100 | 301,526 | ||||||
Colowide Co. Ltd.(a) |
17,100 | 273,385 | ||||||
Create Restaurants Holdings Inc. |
85,500 | 641,696 | ||||||
Credit Saison Co. Ltd. |
17,100 | 317,401 | ||||||
Cybozu Inc. |
34,200 | 513,433 | ||||||
Daido Steel Co. Ltd. |
21,000 | 218,828 | ||||||
Daishinku Corp. |
51,300 | 316,763 | ||||||
Daiwa Industries Ltd. |
51,300 | 547,219 | ||||||
Daiwa Securities Living Investments Corp. |
513 | 369,082 | ||||||
Daiwabo Holdings Co. Ltd. |
44,200 | 961,115 | ||||||
DeNA Co. Ltd. |
17,100 | 172,650 | ||||||
Dentsu Soken Inc. |
39,600 | 1,478,497 | ||||||
Dexerials Corp. |
17,100 | 492,796 | ||||||
Digital Arts Inc. |
7,300 | 250,224 | ||||||
DMG Mori Co. Ltd. |
34,200 | 684,806 | ||||||
DTS Corp. |
51,300 | 1,261,746 | ||||||
en Japan Inc. |
7,000 | 129,370 | ||||||
Enplas Corp. |
6,000 | 487,499 | ||||||
Financial Partners Group Co. Ltd. |
85,500 | 980,581 | ||||||
Frontier Real Estate Investment Corp. |
105 | 310,367 | ||||||
Fuji Soft Inc. |
12,200 | 534,755 | ||||||
Fujikura Ltd. |
119,700 | 983,995 | ||||||
Fujimi Inc. |
69,000 | 1,382,747 | ||||||
Fujimori Kogyo Co. Ltd. |
7,000 | 193,332 | ||||||
Fukui Computer Holdings Inc. |
17,100 | 301,825 | ||||||
Fullcast Holdings Co. Ltd. |
17,100 | 206,448 | ||||||
Furuno Electric Co. Ltd. |
17,100 | 245,678 | ||||||
Future Corp. |
17,100 | 202,954 | ||||||
Fuyo General Lease Co. Ltd. |
14,200 | 1,269,853 | ||||||
G-7 Holdings Inc. |
51,300 | 437,331 | ||||||
Geo Holdings Corp. |
51,300 | 838,146 | ||||||
Global One Real Estate Investment Corp. |
342 | 254,791 | ||||||
GMO Financial Holdings Inc. |
119,700 | 611,729 | ||||||
GMO GlobalSign Holdings KK |
17,100 | 326,300 | ||||||
GMO internet group Inc. |
34,200 | 616,365 | ||||||
Gree Inc. |
17,100 | 68,027 | ||||||
GungHo Online Entertainment Inc.(b) |
9,000 | 151,311 | ||||||
Gunma Bank Ltd. (The) |
102,600 | 505,941 | ||||||
Hachijuni Bank Ltd. (The) |
188,100 | 1,025,128 | ||||||
Hanwa Co. Ltd. |
7,200 | 263,351 |
26 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Hazama Ando Corp. |
51,300 | $ | 414,283 | |||||
Heiwa Real Estate Co. Ltd. |
34,200 | 904,191 | ||||||
Hioki E.E. Corp. |
17,100 | 758,828 | ||||||
Hitachi Zosen Corp. |
51,300 | 316,537 | ||||||
Hokkaido Electric Power Co. Inc. |
17,100 | 76,293 | ||||||
Hoshino Resorts REIT Inc. |
79 | 275,710 | ||||||
Hosiden Corp. |
17,100 | 209,913 | ||||||
Idec Corp./Japan |
10,500 | 210,121 | ||||||
Inabata & Co. Ltd. |
34,200 | 744,174 | ||||||
Inageya Co. Ltd. |
17,100 | 146,950 | ||||||
Infocom Corp. |
34,200 | 567,838 | ||||||
Insource Co. Ltd. |
85,500 | 483,302 | ||||||
Integrated Design & Engineering Holdings Co. Ltd., NVS |
17,500 | 425,735 | ||||||
Inui Global Logistics Co. Ltd. |
51,300 | 387,735 | ||||||
Ishihara Sangyo Kaisha Ltd. |
34,200 | 365,458 | ||||||
Itochu-Shokuhin Co. Ltd. |
13,200 | 674,391 | ||||||
Itoki Corp. |
102,600 | 1,044,769 | ||||||
Iyogin Holdings Inc., NVS |
85,500 | 581,565 | ||||||
Jaccs Co. Ltd. |
9,600 | 367,746 | ||||||
JAFCO Group Co. Ltd. |
34,200 | 405,636 | ||||||
Japan Aviation Electronics Industry Ltd. |
17,100 | 293,993 | ||||||
Japan Communications Inc. |
256,500 | 405,157 | ||||||
Japan Logistics Fund Inc. |
171 | 316,183 | ||||||
Japan Petroleum Exploration Co. Ltd. |
27,300 | 1,110,506 | ||||||
Japan Pulp & Paper Co. Ltd. |
24,200 | 828,439 | ||||||
Japan Securities Finance Co. Ltd. |
68,400 | 724,892 | ||||||
Japan Wool Textile Co. Ltd. (The) |
51,300 | 517,458 | ||||||
JCR Pharmaceuticals Co. Ltd. |
34,200 | 251,993 | ||||||
JCU Corp. |
17,100 | 431,544 | ||||||
Justsystems Corp. |
6,700 | 139,989 | ||||||
JVCKenwood Corp. |
119,700 | 582,115 | ||||||
Kagome Co. Ltd. |
17,100 | 421,004 | ||||||
Kamei Corp. |
85,500 | 1,124,252 | ||||||
Kandenko Co. Ltd. |
51,300 | 527,571 | ||||||
Kappa Create Co. Ltd.(a)(b) |
34,200 | 409,067 | ||||||
KeePer Technical Laboratory Co. Ltd. |
5,000 | 220,656 | ||||||
Keihanshin Building Co. Ltd. |
85,500 | 863,990 | ||||||
Kissei Pharmaceutical Co. Ltd. |
1,200 | 25,624 | ||||||
Ki-Star Real Estate Co. Ltd. |
7,100 | 167,682 | ||||||
Kitz Corp. |
136,800 | 1,118,465 | ||||||
Kokuyo Co. Ltd. |
34,200 | 550,774 | ||||||
Komori Corp. |
34,200 | 306,531 | ||||||
Konishi Co. Ltd. |
34,200 | 327,521 | ||||||
Kosaido Holdings Co. Ltd. |
153,900 | 780,883 | ||||||
Koshidaka Holdings Co. Ltd. |
34,200 | 217,874 | ||||||
Kotobuki Spirits Co. Ltd. |
72,400 | 974,115 | ||||||
KPP Group Holdings Co. Ltd. |
171,000 | 843,266 | ||||||
K’s Holdings Corp. |
17,100 | 155,408 | ||||||
Kurabo Industries Ltd. |
34,200 | 728,004 | ||||||
Kyorin Pharmaceutical Co. Ltd. |
17,100 | 206,597 | ||||||
Kyudenko Corp. |
7,500 | 285,285 | ||||||
Kyushu Financial Group Inc. |
85,500 | 544,088 | ||||||
LaSalle Logiport REIT |
1,368 | 1,385,304 | ||||||
Life Corp. |
51,300 | 1,302,745 | ||||||
Macnica Holdings Inc. |
3,500 | 185,206 | ||||||
Mani Inc. |
17,100 | 237,557 | ||||||
Marudai Food Co. Ltd. |
34,200 | 389,477 | ||||||
Maruichi Steel Tube Ltd. |
17,100 | 435,700 | ||||||
Maruwa Co. Ltd./Aichi(a) |
3,000 | 600,257 | ||||||
Maruzen Showa Unyu Co. Ltd. |
51,300 | 1,416,330 | ||||||
Medical Data Vision Co. Ltd. |
17,100 | 74,865 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
MEITEC Group Holdings Inc. |
41,600 | $ | 822,987 | |||||
Menicon Co. Ltd. |
17,100 | 248,327 | ||||||
Micronics Japan Co. Ltd. |
17,100 | 507,755 | ||||||
Milbon Co. Ltd. |
5,300 | 126,657 | ||||||
Miroku Jyoho Service Co. Ltd. |
17,100 | 211,734 | ||||||
Mitsubishi Logistics Corp. |
5,000 | 154,446 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
7,000 | 160,845 | ||||||
Mitsui High-Tec Inc. |
5,700 | 263,092 | ||||||
Mitsui Matsushima Holdings Co. Ltd.(a) |
17,100 | 331,441 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
17,100 | 528,651 | ||||||
Mizuho Leasing Co. Ltd. |
3,000 | 108,722 | ||||||
Mizuno Corp. |
5,800 | 173,029 | ||||||
Mochida Pharmaceutical Co. Ltd. |
17,100 | 386,609 | ||||||
Monex Group Inc. |
136,800 | 711,940 | ||||||
Monogatari Corp. (The) |
17,100 | 602,953 | ||||||
Mori Hills REIT Investment Corp. |
171 | 159,143 | ||||||
Mori Trust REIT Inc. |
3,078 | 1,563,090 | ||||||
Morinaga & Co. Ltd./Japan |
34,200 | 652,736 | ||||||
MOS Food Services Inc. |
17,100 | 397,714 | ||||||
m-up Holdings Inc. |
119,700 | 809,789 | ||||||
Nagase & Co. Ltd. |
51,300 | 838,789 | ||||||
Nakanishi Inc. |
17,100 | 279,856 | ||||||
NEC Networks & System Integration Corp. |
17,100 | 276,152 | ||||||
NET One Systems Co. Ltd. |
34,200 | 556,061 | ||||||
Nichias Corp. |
17,100 | 399,703 | ||||||
Nichiha Corp. |
9,100 | 182,813 | ||||||
Nihon Parkerizing Co. Ltd. |
34,200 | 271,648 | ||||||
Nippon Gas Co. Ltd. |
68,400 | 1,059,560 | ||||||
Nippon Paper Industries Co. Ltd.(b) |
17,100 | 158,503 | ||||||
Nippon Pillar Packing Co. Ltd. |
7,000 | 230,169 | ||||||
NIPPON REIT Investment Corp. |
855 | 1,979,795 | ||||||
Nishimatsu Construction Co. Ltd. |
17,100 | 470,062 | ||||||
Nishi-Nippon Financial Holdings Inc. |
119,700 | 1,378,241 | ||||||
Nisshin Oillio Group Ltd. (The) |
7,000 | 213,833 | ||||||
Nisshinbo Holdings Inc. |
17,100 | 141,133 | ||||||
Nissui Corp. |
153,900 | 840,901 | ||||||
Nittetsu Mining Co. Ltd. |
17,100 | 609,462 | ||||||
Nitto Kogyo Corp. |
17,100 | 465,338 | ||||||
Nomura Co. Ltd. |
102,600 | 606,419 | ||||||
Nomura Micro Science Co. Ltd. |
16,500 | 1,540,396 | ||||||
North Pacific Bank Ltd. |
85,500 | 218,032 | ||||||
NSD Co. Ltd. |
102,600 | 1,925,386 | ||||||
NTT UD REIT Investment Corp. |
171 | 145,207 | ||||||
Obara Group Inc. |
9,200 | 250,264 | ||||||
Ohsho Food Service Corp. |
3,900 | 215,623 | ||||||
Okamoto Machine Tool Works Ltd. |
17,100 | 707,759 | ||||||
Okasan Securities Group Inc. |
119,700 | 585,839 | ||||||
Okinawa Electric Power Co. Inc. (The) |
17,136 | 135,804 | ||||||
Okumura Corp. |
17,100 | 597,976 | ||||||
Okuwa Co. Ltd. |
17,100 | 102,610 | ||||||
Onward Holdings Co. Ltd. |
136,800 | 502,201 | ||||||
Organo Corp. |
23,100 | 954,102 | ||||||
Oyo Corp. |
17,100 | 252,116 | ||||||
PAL GROUP Holdings Co. Ltd. |
51,300 | 820,403 | ||||||
Pasona Group Inc. |
17,100 | 311,837 | ||||||
Penta-Ocean Construction Co. Ltd. |
17,100 | 91,621 | ||||||
Pharma Foods International Co. Ltd.(a) |
102,600 | 698,430 | ||||||
PHC Holdings Corp. |
17,100 | 176,941 | ||||||
Press Kogyo Co. Ltd. |
136,800 | 599,383 | ||||||
Rakuten Bank Ltd., NVS(b) |
34,200 | 533,142 | ||||||
Relo Group Inc. |
51,300 | 514,936 | ||||||
Rengo Co. Ltd. |
34,200 | 221,789 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Riken Keiki Co. Ltd.(a) |
11,400 | $ | 563,236 | |||||
Riken Technos Corp. |
188,100 | 1,104,013 | ||||||
Riken Vitamin Co. Ltd. |
34,200 | 535,568 | ||||||
Roland DG Corp. |
24,400 | 640,391 | ||||||
Round One Corp. |
51,300 | 227,209 | ||||||
Royal Holdings Co. Ltd. |
17,100 | 300,948 | ||||||
Ryobi Ltd. |
17,100 | 315,255 | ||||||
Ryosan Co. Ltd. |
10,900 | 359,151 | ||||||
Saibu Gas Holdings Co. Ltd. |
51,300 | 672,644 | ||||||
Saizeriya Co. Ltd. |
28,200 | 968,086 | ||||||
Sanki Engineering Co. Ltd. |
119,700 | 1,535,638 | ||||||
Sansan Inc.(b) |
34,200 | 318,375 | ||||||
Sanyo Denki Co. Ltd. |
4,300 | 178,793 | ||||||
Senshu Electric Co. Ltd. |
51,300 | 1,304,261 | ||||||
Shibaura Machine Co. Ltd. |
8,000 | 193,959 | ||||||
Shibaura Mechatronics Corp. |
21,600 | 1,023,175 | ||||||
Shiga Bank Ltd. (The) |
9,500 | 236,209 | ||||||
Shin Nippon Biomedical Laboratories Ltd.(a) |
68,400 | 792,791 | ||||||
Shinmaywa Industries Ltd. |
17,100 | 141,948 | ||||||
Shizuoka Gas Co. Ltd. |
34,200 | 233,646 | ||||||
SHO-BOND Holdings Co. Ltd. |
10,800 | 481,038 | ||||||
Shoei Co. Ltd. |
17,100 | 228,531 | ||||||
SIGMAXYZ Holdings Inc. |
17,100 | 160,322 | ||||||
Simplex Holdings Inc. |
4,900 | 89,310 | ||||||
Star Micronics Co. Ltd. |
34,200 | 408,149 | ||||||
Sumitomo Bakelite Co. Ltd. |
5,000 | 248,488 | ||||||
Systena Corp. |
307,800 | 622,152 | ||||||
Syuppin Co. Ltd. |
34,200 | 241,070 | ||||||
Taihei Dengyo Kaisha Ltd. |
17,100 | 516,481 | ||||||
Takara Holdings Inc. |
34,200 | 289,347 | ||||||
Takara Standard Co. Ltd. |
34,200 | 408,621 | ||||||
Tama Home Co. Ltd. |
57,300 | 1,581,689 | ||||||
Teikoku Electric Manufacturing Co. Ltd. |
51,300 | 1,021,923 | ||||||
Tekken Corp. |
17,100 | 251,807 | ||||||
Toagosei Co. Ltd. |
17,100 | 163,676 | ||||||
TOC Co. Ltd. |
171,000 | 819,376 | ||||||
Tocalo Co. Ltd. |
34,200 | 363,790 | ||||||
Toho Gas Co. Ltd. |
85,500 | 1,717,686 | ||||||
Toho Titanium Co. Ltd.(a) |
34,200 | 454,911 | ||||||
Tokai Carbon Co. Ltd. |
17,100 | 120,262 | ||||||
TOKAI Holdings Corp. |
85,500 | 576,538 | ||||||
Tokai Tokyo Financial Holdings Inc. |
51,300 | 197,891 | ||||||
Tokyo Kiraboshi Financial Group Inc. |
8,300 | 242,786 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
36,900 | 842,814 | ||||||
Tokyu REIT Inc. |
2,223 | 2,592,227 | ||||||
Tomoku Co. Ltd. |
68,400 | 1,116,242 | ||||||
Tomy Co. Ltd. |
34,200 | 561,106 | ||||||
Topcon Corp. |
34,200 | 392,911 | ||||||
Torii Pharmaceutical Co. Ltd. |
34,200 | 871,526 | ||||||
Toyo Tanso Co. Ltd. |
6,000 | 202,473 | ||||||
TSI Holdings Co. Ltd. |
119,700 | 556,285 | ||||||
Tsuburaya Fields Holdings Inc.(a) |
85,500 | 1,053,407 | ||||||
Tsugami Corp. |
34,200 | 276,187 | ||||||
Uchida Yoko Co. Ltd. |
17,100 | 883,286 | ||||||
Ulvac Inc. |
27,800 | 1,360,627 | ||||||
United Super Markets Holdings Inc. |
68,400 | 470,335 | ||||||
Usen-Next Holdings Co. Ltd. |
17,100 | 496,326 | ||||||
Ushio Inc. |
17,100 | 239,558 | ||||||
ValueCommerce Co. Ltd. |
17,100 | 145,841 | ||||||
Vital KSK Holdings Inc. |
17,100 | 133,265 | ||||||
Wacom Co. Ltd. |
68,400 | 315,210 | ||||||
Wakita & Co. Ltd. |
17,100 | 185,297 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
West Holdings Corp. |
6,000 | $ | 138,007 | |||||
YA-MAN Ltd.(a) |
34,200 | 234,954 | ||||||
Yamazen Corp. |
17,100 | 146,235 | ||||||
Yodogawa Steel Works Ltd. |
17,100 | 450,359 | ||||||
Yonex Co. Ltd. |
51,300 | 416,863 | ||||||
Yoshinoya Holdings Co. Ltd. |
17,100 | 381,336 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
17,100 | 236,825 | ||||||
|
|
|||||||
131,114,831 | ||||||||
Netherlands — 3.2% | ||||||||
Aalberts NV |
9,747 | 387,622 | ||||||
ABN AMRO Bank NV, CVA(c) |
129,105 | 1,900,088 | ||||||
Allfunds Group PLC |
24,111 | 172,856 | ||||||
Arcadis NV |
5,643 | 309,809 | ||||||
Ariston Holding NV |
11,970 | 78,560 | ||||||
ASR Nederland NV |
47,196 | 2,224,182 | ||||||
BE Semiconductor Industries NV |
22,230 | 3,340,685 | ||||||
Corbion NV |
11,457 | 221,857 | ||||||
Eurocommercial Properties NV |
10,773 | 241,358 | ||||||
Flow Traders Ltd., NVS |
10,944 | 196,568 | ||||||
IMCD NV |
5,301 | 809,149 | ||||||
InPost SA(b) |
53,694 | 806,474 | ||||||
Iveco Group NV(b) |
25,308 | 270,071 | ||||||
Koninklijke BAM Groep NV |
156,636 | 432,438 | ||||||
MFE-MediaForEurope NV, NVS(a) |
140,391 | 507,202 | ||||||
NSI NV |
18,297 | 391,517 | ||||||
OCI NV |
41,211 | 1,177,150 | ||||||
PostNL NV |
338,238 | 492,880 | ||||||
Signify NV(c) |
67,716 | 2,030,440 | ||||||
Technip Energies NV |
13,680 | 283,184 | ||||||
TKH Group NV |
5,814 | 234,117 | ||||||
TomTom NV(a)(b) |
93,879 | 635,646 | ||||||
Van Lanschot Kempen NV |
7,695 | 231,678 | ||||||
|
|
|||||||
17,375,531 | ||||||||
New Zealand — 0.9% | ||||||||
Argosy Property Ltd. |
406,296 | 288,084 | ||||||
Chorus Ltd. |
137,484 | 668,935 | ||||||
Genesis Energy Ltd. |
186,732 | 288,774 | ||||||
Goodman Property Trust |
40,185 | 55,021 | ||||||
Investore Property Ltd. |
83,619 | 60,312 | ||||||
Kiwi Property Group Ltd. |
2,511,990 | 1,335,845 | ||||||
Manawa Energy Ltd. |
23,054 | 60,454 | ||||||
Precinct Properties New Zealand Ltd. |
145,692 | 110,873 | ||||||
Skellerup Holdings Ltd. |
321,822 | 936,357 | ||||||
SKY Network Television Ltd. |
378,081 | 645,350 | ||||||
SKYCITY Entertainment Group Ltd. |
146,205 | 168,905 | ||||||
|
|
|||||||
4,618,910 | ||||||||
Norway — 1.4% | ||||||||
2020 Bulkers Ltd.(a) |
38,646 | 516,776 | ||||||
Aker Solutions ASA |
32,148 | 119,238 | ||||||
Atea ASA |
52,497 | 699,810 | ||||||
BW LPG Ltd.(c) |
41,553 | 512,832 | ||||||
BW Offshore Ltd. |
111,321 | 255,301 | ||||||
Crayon Group Holding ASA(a)(b)(c) |
22,914 | 192,633 | ||||||
DNO ASA |
539,163 | 472,472 | ||||||
DOF Group ASA(b) |
56,259 | 303,690 | ||||||
Elmera Group ASA(c) |
82,080 | 251,611 | ||||||
Europris ASA(c) |
8,379 | 62,802 | ||||||
Hoegh Autoliners ASA |
34,542 | 347,809 | ||||||
Kid ASA(c) |
40,185 | 509,146 | ||||||
LINK Mobility Group Holding ASA |
119,358 | 212,449 | ||||||
Norske Skog ASA(a)(c) |
42,750 | 147,315 |
28 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway (continued) |
||||||||
PGS ASA(b) |
137,142 | $ | 85,814 | |||||
Rana Gruber ASA, Class A |
105,507 | 783,322 | ||||||
Selvaag Bolig ASA |
131,499 | 394,475 | ||||||
Solstad Offshore ASA(a) |
22,059 | 74,004 | ||||||
SpareBank 1 SMN |
108,927 | 1,482,998 | ||||||
Veidekke ASA |
10,944 | 99,895 | ||||||
XXL ASA(c) |
1,344,573 | 141,907 | ||||||
|
|
|||||||
7,666,299 | ||||||||
Portugal — 0.3% | ||||||||
CTT-Correios de Portugal SA |
141,075 | 559,760 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
286,083 | 702,899 | ||||||
Semapa-Sociedade de Investimento e Gestao |
33,687 | 521,234 | ||||||
|
|
|||||||
1,783,893 | ||||||||
Singapore — 2.1% | ||||||||
Asian Pay Television Trust(a) |
1,881,000 | 120,586 | ||||||
Best World International Ltd.(b) |
701,100 | 881,769 | ||||||
CDL Hospitality Trusts |
495,900 | 379,845 | ||||||
ComfortDelGro Corp. Ltd. |
136,800 | 142,283 | ||||||
Delfi Ltd. |
889,200 | 726,173 | ||||||
Digital Core REIT Management Pte Ltd. |
735,300 | 472,644 | ||||||
Food Empire Holdings Ltd. |
889,200 | 892,582 | ||||||
Golden Agri-Resources Ltd.(a) |
6,822,900 | 1,373,226 | ||||||
Hour Glass Ltd. (The)(a) |
153,900 | 175,525 | ||||||
Keppel Infrastructure Trust(a) |
2,137,500 | 803,283 | ||||||
NetLink NBN Trust |
1,641,600 | 1,034,031 | ||||||
Paragon REIT |
547,200 | 356,914 | ||||||
Parkway Life REIT |
598,500 | 1,568,383 | ||||||
Riverstone Holdings Ltd./Singapore(a) |
513,000 | 266,852 | ||||||
Samudera Shipping Line Ltd.(a) |
752,400 | 382,624 | ||||||
Sasseur Real Estate Investment Trust(a) |
666,900 | 333,077 | ||||||
Sheng Siong Group Ltd. |
188,100 | 218,430 | ||||||
Silverlake Axis Ltd. |
307,800 | 59,656 | ||||||
Wing Tai Holdings Ltd.(a) |
837,900 | 768,257 | ||||||
Yanlord Land Group Ltd.(b) |
769,500 | 297,366 | ||||||
|
|
|||||||
11,253,506 | ||||||||
Spain — 2.3% | ||||||||
Acerinox SA |
190,490 | 2,011,039 | ||||||
Applus Services SA |
44,460 | 537,656 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
91,485 | 367,708 | ||||||
Banco de Sabadell SA |
1,815,336 | 2,356,190 | ||||||
Bankinter SA |
132,012 | 815,058 | ||||||
Cia. de Distribucion Integral Logista Holdings SA |
9,747 | 275,694 | ||||||
eDreams ODIGEO SA(b) |
24,111 | 183,149 | ||||||
Fluidra SA |
10,089 | 218,419 | ||||||
Gestamp Automocion SA(c) |
93,537 | 310,270 | ||||||
Indra Sistemas SA(a) |
26,505 | 470,576 | ||||||
Inmobiliaria Colonial SOCIMI SA |
21,888 | 131,597 | ||||||
Lar Espana Real Estate SOCIMI SA |
120,726 | 810,210 | ||||||
Merlin Properties SOCIMI SA |
84,132 | 856,735 | ||||||
Metrovacesa SA(c) |
53,181 | 464,954 | ||||||
Neinor Homes SA(c) |
17,784 | 200,648 | ||||||
Pharma Mar SA |
11,457 | 478,254 | ||||||
Prosegur Cia. de Seguridad SA |
81,567 | 154,338 | ||||||
Sacyr SA |
146,720 | 483,699 | ||||||
Sacyr SA, NVS |
2,934 | 9,691 | ||||||
Solaria Energia y Medio Ambiente SA(b) |
8,037 | 118,659 | ||||||
Tubacex SA |
86,868 | 319,655 | ||||||
Unicaja Banco SA(c) |
716,490 | 685,068 | ||||||
Viscofan SA |
1,881 | 110,178 | ||||||
|
|
|||||||
12,369,445 |
Security | Shares | Value | ||||||
Sweden — 3.7% |
||||||||
AcadeMedia AB(c) |
12,312 | $ | 67,259 | |||||
Alleima AB, NVS |
52,497 | 348,514 | ||||||
Arise AB |
86,526 | 378,180 | ||||||
Arjo AB, Class B |
123,633 | 578,675 | ||||||
Betsson AB |
129,105 | 1,405,065 | ||||||
Bilia AB, Class A |
121,581 | 1,469,839 | ||||||
BioArctic AB, Class B(a)(b)(c) |
8,037 | 174,323 | ||||||
BioGaia AB, Class B |
38,133 | 412,599 | ||||||
Biotage AB |
33,687 | 478,816 | ||||||
Bonava AB, Class B(a) |
307,948 | 347,195 | ||||||
BoneSupport Holding AB(b)(c) |
32,661 | 646,633 | ||||||
Bravida Holding AB(c) |
20,178 | 153,004 | ||||||
Bulten AB |
34,884 | 243,464 | ||||||
Byggmax Group AB |
18,468 | 63,997 | ||||||
Clas Ohlson AB, Class B |
81,738 | 1,163,177 | ||||||
Concentric AB |
38,304 | 629,542 | ||||||
Corem Property Group AB |
7,011 | 126,117 | ||||||
Electrolux Professional AB, Class B |
45,828 | 243,504 | ||||||
Ferronordic AB(a) |
37,791 | 261,044 | ||||||
Hemnet Group AB |
27,018 | 729,427 | ||||||
HMS Networks AB(a) |
2,736 | 120,370 | ||||||
Intrum AB(a) |
27,189 | 161,044 | ||||||
Investment AB Oresund |
59,679 | 640,995 | ||||||
Inwido AB |
45,144 | 551,453 | ||||||
JM AB |
14,022 | 228,333 | ||||||
Lindab International AB |
19,494 | 370,166 | ||||||
Loomis AB, Class B |
17,271 | 472,845 | ||||||
MIPS AB |
10,773 | 357,890 | ||||||
Mycronic AB |
34,884 | 970,258 | ||||||
Net Insight AB |
939,987 | 479,177 | ||||||
New Wave Group AB, Class B |
138,339 | 1,228,638 | ||||||
Nobia AB |
490,428 | 520,682 | ||||||
Nyfosa AB |
84,132 | 752,509 | ||||||
Orron Energy AB |
738,036 | 507,643 | ||||||
OX2 AB, Class B(b) |
30,438 | 144,823 | ||||||
Peab AB, Class B |
17,100 | 84,422 | ||||||
Ratos AB, Class B |
17,100 | 56,367 | ||||||
RaySearch Laboratories AB |
33,687 | 296,839 | ||||||
Samhallsbyggnadsbolaget i Norden AB(a) |
202,806 | 92,925 | ||||||
Scandic Hotels Group AB(a)(b)(c) |
141,075 | 649,956 | ||||||
SkiStar AB |
8,550 | 107,390 | ||||||
Truecaller AB(b) |
85,329 | 252,294 | ||||||
Volati AB(a) |
22,059 | 241,222 | ||||||
Wihlborgs Fastigheter AB |
88,236 | 788,799 | ||||||
|
|
|||||||
19,997,414 | ||||||||
Switzerland — 6.7% | ||||||||
Accelleron Industries AG, NVS |
47,025 | 1,504,788 | ||||||
Adecco Group AG, Registered |
25,650 | 1,109,184 | ||||||
Aryzta AG(b) |
28,728 | 51,563 | ||||||
Ascom Holding AG, Registered |
17,784 | 151,884 | ||||||
Avolta AG, Registered(b) |
1,197 | 45,731 | ||||||
Banque Cantonale Vaudoise, Registered |
15,390 | 1,970,480 | ||||||
Belimo Holding AG, Registered |
855 | 398,677 | ||||||
BKW AG |
7,182 | 1,140,993 | ||||||
Bucher Industries AG, Registered |
2,394 | 1,014,018 | ||||||
Burckhardt Compression Holding AG |
342 | 191,338 | ||||||
Cembra Money Bank AG |
4,959 | 382,349 | ||||||
Clariant AG, Registered |
56,088 | 718,020 | ||||||
Comet Holding AG, Registered |
684 | 225,524 | ||||||
dormakaba Holding AG |
513 | 256,982 | ||||||
Dottikon Es Holding AG(a)(b) |
1,197 | 316,259 | ||||||
Emmi AG, Registered |
171 | 179,144 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Flughafen Zurich AG, Registered |
1,026 | $ | 211,690 | |||||
Forbo Holding AG, Registered |
342 | 402,114 | ||||||
Galenica AG(c) |
28,801 | 2,539,745 | ||||||
Georg Fischer AG |
7,866 | 526,459 | ||||||
Helvetia Holding AG, Registered |
11,271 | 1,627,763 | ||||||
Implenia AG, Registered |
14,535 | 516,010 | ||||||
Inficon Holding AG, Registered |
1,026 | 1,557,340 | ||||||
Interroll Holding AG, Registered |
171 | 499,455 | ||||||
Landis+Gyr Group AG |
6,327 | 518,792 | ||||||
LEM Holding SA, Registered |
171 | 390,767 | ||||||
Logitech International SA, Registered |
36,765 | 3,082,130 | ||||||
Medmix AG(c) |
15,048 | 301,675 | ||||||
Mobilezone Holding AG, Registered |
3,591 | 55,148 | ||||||
Mobimo Holding AG, Registered |
566 | 167,218 | ||||||
PSP Swiss Property AG, Registered |
10,602 | 1,411,095 | ||||||
Schweiter Technologies AG, NVS |
171 | 93,816 | ||||||
SFS Group AG |
2,052 | 246,362 | ||||||
Siegfried Holding AG, Registered |
342 | 340,683 | ||||||
SIG Group AG |
47,196 | 987,916 | ||||||
SKAN Group AG |
2,052 | 181,056 | ||||||
Swiss Prime Site AG, Registered |
8,208 | 831,350 | ||||||
Swissquote Group Holding SA, Registered |
11,286 | 2,832,480 | ||||||
Tecan Group AG, Registered |
3,591 | 1,370,738 | ||||||
Temenos AG, Registered |
12,654 | 1,287,803 | ||||||
VAT Group AG(c) |
7,090 | 3,300,599 | ||||||
Vontobel Holding AG, Registered |
9,747 | 642,026 | ||||||
Zehnder Group AG, Registered |
7,353 | 438,209 | ||||||
|
|
|||||||
36,017,373 | ||||||||
United Kingdom — 14.4% | ||||||||
4imprint Group PLC |
10,089 | 691,843 | ||||||
888 Holdings PLC(b) |
258,723 | 254,435 | ||||||
abrdn PLC |
712,557 | 1,515,918 | ||||||
AG Barr PLC |
10,089 | 72,623 | ||||||
Airtel Africa PLC(c) |
330,030 | 468,705 | ||||||
AJ Bell PLC |
202,977 | 813,885 | ||||||
Ashmore Group PLC |
82,251 | 221,190 | ||||||
B&M European Value Retail SA |
149,625 | 980,600 | ||||||
Beazley PLC |
146,889 | 1,011,120 | ||||||
Bellway PLC |
31,977 | 1,114,147 | ||||||
Big Yellow Group PLC |
4,446 | 64,289 | ||||||
Bodycote PLC |
8,208 | 66,182 | ||||||
Bridgepoint Group PLC(c) |
158,859 | 541,154 | ||||||
British Land Co. PLC (The) |
482,220 | 2,317,896 | ||||||
Britvic PLC |
112,860 | 1,262,218 | ||||||
Bytes Technology Group PLC |
118,845 | 986,606 | ||||||
Capital & Counties Properties PLC |
700,416 | 1,179,914 | ||||||
Capricorn Energy PLC |
294,633 | 541,413 | ||||||
Centamin PLC |
163,989 | 199,775 | ||||||
Chemring Group PLC |
156,807 | 699,500 | ||||||
Close Brothers Group PLC |
5,301 | 36,437 | ||||||
Computacenter PLC |
52,839 | 1,930,379 | ||||||
ConvaTec Group PLC(c) |
382,698 | 1,164,693 | ||||||
Currys PLC |
745,047 | 467,189 | ||||||
Darktrace PLC(b) |
229,311 | 994,296 | ||||||
Deliveroo PLC, Class A(b)(c) |
395,694 | 589,219 | ||||||
Derwent London PLC |
8,379 | 225,829 | ||||||
DFS Furniture PLC |
234,612 | 343,706 | ||||||
Diploma PLC |
24,624 | 1,015,044 | ||||||
Domino’s Pizza Group PLC |
354,312 | 1,564,722 | ||||||
Dowlais Group PLC |
659,034 | 752,822 | ||||||
Drax Group PLC |
131,328 | 847,472 | ||||||
Dunelm Group PLC |
51,300 | 706,657 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
FDM Group Holdings PLC |
133,209 | $ | 775,709 | |||||
Ferrexpo PLC |
906,984 | 997,697 | ||||||
Firstgroup PLC |
743,508 | 1,565,403 | ||||||
Frasers Group PLC(b) |
67,545 | 691,086 | ||||||
Games Workshop Group PLC |
6,156 | 772,739 | ||||||
Genuit Group PLC |
20,349 | 108,824 | ||||||
Genus PLC |
9,234 | 268,206 | ||||||
Grafton Group PLC |
50,103 | 617,113 | ||||||
Grainger PLC |
46,341 | 154,572 | ||||||
Great Portland Estates PLC |
64,125 | 337,406 | ||||||
Greggs PLC |
49,761 | 1,676,214 | ||||||
Halfords Group PLC |
364,230 | 823,749 | ||||||
Hammerson PLC |
1,179,216 | 402,415 | ||||||
Hargreaves Lansdown PLC |
28,215 | 272,258 | ||||||
Helical PLC |
112,347 | 292,586 | ||||||
Hill & Smith PLC |
29,070 | 688,105 | ||||||
Hiscox Ltd |
34,542 | 454,823 | ||||||
Hochschild Mining PLC(b) |
142,785 | 187,724 | ||||||
Howden Joinery Group PLC |
86,697 | 877,970 | ||||||
IG Group Holdings PLC |
75,141 | 675,227 | ||||||
IMI PLC |
6,840 | 145,073 | ||||||
Immunocore Holdings PLC(b) |
3,762 | 271,955 | ||||||
Inchcape PLC |
207,423 | 1,786,068 | ||||||
Indivior PLC, NVS(b) |
76,950 | 1,352,585 | ||||||
Intermediate Capital Group PLC |
85,842 | 1,935,316 | ||||||
International Distributions Services PLC(b) |
564,300 | 1,979,501 | ||||||
Investec PLC |
246,753 | 1,606,489 | ||||||
IWG PLC(b) |
65,493 | 155,205 | ||||||
Johnson Matthey PLC |
18,126 | 373,740 | ||||||
Just Group PLC |
64,467 | 69,464 | ||||||
Kainos Group PLC |
68,742 | 999,229 | ||||||
Keller Group PLC |
45,486 | 503,812 | ||||||
Man Group PLC/Jersey |
726,579 | 2,183,202 | ||||||
Marks & Spencer Group PLC |
347,130 | 1,084,537 | ||||||
Marshalls PLC |
146,547 | 520,020 | ||||||
Moneysupermarket.com Group PLC |
380,817 | 1,228,711 | ||||||
Moonpig Group PLC(b) |
26,505 | 56,084 | ||||||
Morgan Sindall Group PLC |
21,204 | 608,647 | ||||||
Ninety One PLC |
217,341 | 486,145 | ||||||
Odfjell Technology Ltd. |
57,114 | 304,203 | ||||||
OSB Group PLC |
136,287 | 775,511 | ||||||
Oxford Instruments PLC |
19,494 | 548,445 | ||||||
Pagegroup PLC |
71,991 | 418,400 | ||||||
Paragon Banking Group PLC |
178,695 | 1,591,561 | ||||||
Pets at Home Group PLC |
231,876 | 823,386 | ||||||
Picton Property Income Ltd. |
273,429 | 231,976 | ||||||
Playtech PLC(b) |
86,697 | 488,267 | ||||||
Plus500 Ltd |
27,360 | 618,798 | ||||||
PureTech Health PLC |
98,325 | 245,975 | ||||||
QinetiQ Group PLC |
112,689 | 508,929 | ||||||
Quilter PLC(c) |
216,486 | 287,496 | ||||||
Redrow PLC |
25,650 | 194,851 | ||||||
Renewi PLC(b) |
9,063 | 67,420 | ||||||
Renishaw PLC |
3,933 | 173,944 | ||||||
RS GROUP PLC |
140,733 | 1,394,517 | ||||||
Safestore Holdings PLC |
135,774 | 1,413,982 | ||||||
Savills PLC |
52,326 | 671,748 | ||||||
Serco Group PLC |
39,672 | 86,570 | ||||||
Softcat PLC |
88,236 | 1,616,939 | ||||||
Spectris PLC |
19,494 | 907,512 | ||||||
Spire Healthcare Group PLC(c) |
122,094 | 365,911 | ||||||
Spirent Communications PLC |
395,865 | 590,537 |
30 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
SSP Group PLC(b) |
111,150 | $ | 316,330 | |||||
SThree PLC |
89,604 | 463,658 | ||||||
Synthomer PLC(b) |
35,568 | 71,018 | ||||||
TBC Bank Group PLC |
8,379 | 309,535 | ||||||
Telecom Plus PLC |
43,263 | 797,188 | ||||||
TI Fluid Systems PLC(c) |
165,528 | 300,174 | ||||||
Trainline PLC(b)(c) |
36,936 | 154,657 | ||||||
Trustpilot Group PLC(b)(c) |
189,126 | 430,704 | ||||||
TUI AG(a)(b) |
9,234 | 63,619 | ||||||
Tullow Oil PLC(a)(b) |
575,073 | 225,402 | ||||||
UK Commercial Property REIT Ltd. |
146,376 | 118,569 | ||||||
UNITE Group PLC (The) |
7,866 | 100,495 | ||||||
Vesuvius PLC |
31,806 | 191,507 | ||||||
Videndum PLC |
15,732 | 65,294 | ||||||
Virgin Money UK PLC |
89,091 | 175,961 | ||||||
Vistry Group PLC |
62,244 | 787,343 | ||||||
Watches of Switzerland Group PLC(b)(c) |
14,193 | 66,841 | ||||||
Weir Group PLC (The) |
38,304 | 880,453 | ||||||
WH Smith PLC |
14,022 | 214,273 | ||||||
Wickes Group PLC |
496,755 | 985,638 | ||||||
Workspace Group PLC |
70,281 | 462,288 | ||||||
|
|
|||||||
77,135,312 | ||||||||
United States — 0.0% | ||||||||
Gran Tierra Energy Inc., NVS |
23,940 | 134,261 | ||||||
|
|
|||||||
Total
Common Stocks — 98.8% |
530,420,497 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.8% | ||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
8,379 | 430,692 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS |
18,468 | 809,518 | ||||||
Jungheinrich AG, Preference Shares, NVS |
16,416 | 552,552 | ||||||
KSB SE & Co. KGaA, 0.00% |
342 | 215,846 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Schaeffler AG, Preference Shares, NVS |
148,770 | $ | 940,124 | |||||
STO SE & Co. KGaA, Preference Shares, NVS |
8,721 | 1,381,674 | ||||||
|
|
|||||||
4,330,406 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.8% |
4,330,406 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
534,750,903 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 3.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g) |
18,534,662 | 18,545,783 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f) |
110,000 | 110,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 3.5% |
18,655,783 | |||||||
|
|
|||||||
Total
Investments — 103.1% |
553,406,686 | |||||||
Liabilities in Excess of Other Assets — (3.1)% |
(16,838,303 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 536,568,383 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 18,080,388 | $ | 460,257 | (a) | $ | — | $ | 688 | $ | 4,450 | $ | 18,545,783 | 18,534,662 | $ | 202,684 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
110,000 | 0 | (a) | — | — | — | 110,000 | 110,000 | 13,953 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 688 | $ | 4,450 | $ | 18,655,783 | $ | 216,637 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity 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 |
3 | 03/07/24 | $ | 521 | $ | 38,614 | ||||||||||
FTSE 250 Index |
22 | 03/15/24 | 1,088 | 2,588 | ||||||||||||
|
|
|||||||||||||||
$ | 41,202 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 41,202 | $ | — | $ | — | $ | — | $ | 41,202 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (40,773 | ) | $ | — | $ | — | $ | — | $ | (40,773 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (76,576 | ) | $ | — | $ | — | $ | — | $ | (76,576 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 2,171,075 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 114,887,447 | $ | 415,426,218 | $ | 106,832 | $ | 530,420,497 | ||||||||
Preferred Stocks |
1,597,520 | 2,732,886 | — | 4,330,406 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
18,655,783 | — | — | 18,655,783 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 135,140,750 | $ | 418,159,104 | $ | 106,832 | $ | 553,406,686 | |||||||||
|
|
|
|
|
|
|
|
32 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® International Small-Cap Equity Factor ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 41,202 | $ | — | $ | 41,202 | ||||||||
|
|
|
|
|
|
|
|
(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 (unaudited) January 31, 2024 |
iShares® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 3.8% |
||||||||
Brambles Ltd. |
2,383,044 | $ | 22,721,767 | |||||
Cochlear Ltd. |
32,480 | 6,445,621 | ||||||
Coles Group Ltd. |
1,503,668 | 15,604,124 | ||||||
CSL Ltd. |
190,722 | 37,453,515 | ||||||
Insurance Australia Group Ltd. |
3,001,752 | 11,783,152 | ||||||
Medibank Pvt Ltd. |
14,364,701 | 35,964,046 | ||||||
Sonic Healthcare Ltd. |
585,697 | 12,211,900 | ||||||
Telstra Corp. Ltd. |
8,050,216 | 21,231,099 | ||||||
Transurban Group |
2,341,406 | 20,569,791 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
171,460 | 3,832,669 | ||||||
Wesfarmers Ltd. |
1,489,531 | 56,389,085 | ||||||
Woolworths Group Ltd. |
1,525,017 | 35,814,953 | ||||||
|
|
|||||||
280,021,722 | ||||||||
Belgium — 2.4% | ||||||||
Anheuser-Busch InBev SA/NV |
231,639 | 14,328,630 | ||||||
Argenx SE(a) |
83,583 | 31,563,617 | ||||||
Groupe Bruxelles Lambert NV |
714,040 | 54,131,147 | ||||||
Lotus Bakeries NV(b) |
1,767 | 15,066,722 | ||||||
UCB SA |
668,839 | 62,914,794 | ||||||
|
|
|||||||
178,004,910 | ||||||||
Denmark — 1.9% | ||||||||
Carlsberg A/S, Class B |
148,602 | 19,120,238 | ||||||
Genmab A/S(a) |
44,994 | 12,441,831 | ||||||
Novo Nordisk A/S |
572,783 | 65,471,609 | ||||||
Novozymes A/S, Class B |
270,661 | 13,868,854 | ||||||
Tryg A/S |
1,287,452 | 27,518,144 | ||||||
|
|
|||||||
138,420,676 | ||||||||
Finland — 2.3% | ||||||||
Elisa OYJ |
1,065,908 | 48,564,325 | ||||||
Kone OYJ, Class B |
652,046 | 32,277,128 | ||||||
Nokia OYJ |
1,947,208 | 7,039,591 | ||||||
Orion OYJ, Class B |
793,142 | 36,514,425 | ||||||
Sampo OYJ, Class A |
1,072,044 | 44,870,871 | ||||||
|
|
|||||||
169,266,340 | ||||||||
France — 6.9% | ||||||||
Air Liquide SA |
333,357 | 62,382,195 | ||||||
Carrefour SA |
2,128,178 | 36,332,886 | ||||||
Danone SA |
575,174 | 38,320,171 | ||||||
Dassault Aviation SA |
121,671 | 23,045,505 | ||||||
Edenred SE |
86,968 | 5,194,467 | ||||||
Getlink SE |
643,672 | 11,091,165 | ||||||
Ipsen SA |
179,831 | 20,734,356 | ||||||
La Francaise des Jeux SAEM(c) |
408,248 | 16,547,760 | ||||||
L’Oreal SA |
11,031 | 5,278,929 | ||||||
Orange SA |
7,512,720 | 89,340,683 | ||||||
Sanofi SA |
1,001,880 | 100,333,809 | ||||||
Thales SA |
266,601 | 38,991,476 | ||||||
TotalEnergies SE |
898,111 | 58,265,476 | ||||||
|
|
|||||||
505,858,878 | ||||||||
Germany — 4.4% | ||||||||
Beiersdorf AG |
537,082 | 78,596,392 | ||||||
Deutsche Boerse AG |
141,165 | 28,111,548 | ||||||
Deutsche Telekom AG, Registered |
2,466,845 | 60,555,640 | ||||||
Hannover Rueck SE |
132,555 | 31,775,671 | ||||||
Henkel AG & Co. KGaA |
587,197 | 40,158,787 | ||||||
Merck KGaA |
102,947 | 16,891,080 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
52,578 | 22,383,450 | ||||||
SAP SE |
173,236 | 30,012,544 |
Security | Shares | Value | ||||||
Germany (continued) |
||||||||
Symrise AG, Class A |
89,153 | $ | 9,198,246 | |||||
Talanx AG(a) |
81,747 | 5,735,450 | ||||||
|
|
|||||||
323,418,808 | ||||||||
Hong Kong — 6.6% | ||||||||
BOC Hong Kong Holdings Ltd. |
16,307,000 | 39,084,504 | ||||||
CK Asset Holdings Ltd. |
916,500 | 4,135,560 | ||||||
CK Hutchison Holdings Ltd. |
6,128,000 | 31,650,017 | ||||||
CK Infrastructure Holdings Ltd. |
5,827,500 | 34,608,596 | ||||||
CLP Holdings Ltd. |
9,205,000 | 73,211,400 | ||||||
Hang Seng Bank Ltd. |
6,665,900 | 69,393,141 | ||||||
HKT Trust & HKT Ltd., Class SS |
32,660,349 | 39,233,564 | ||||||
Hong Kong & China Gas Co. Ltd. |
41,802,799 | 29,747,999 | ||||||
Hongkong Land Holdings Ltd. |
1,140,300 | 3,559,452 | ||||||
Jardine Matheson Holdings Ltd. |
654,400 | 26,276,852 | ||||||
MTR Corp. Ltd. |
14,268,748 | 46,420,657 | ||||||
Power Assets Holdings Ltd. |
12,914,000 | 75,613,856 | ||||||
Sun Hung Kai Properties Ltd. |
1,321,500 | 12,334,069 | ||||||
|
|
|||||||
485,269,667 | ||||||||
Ireland — 0.3% | ||||||||
Kerry Group PLC, Class A |
268,626 | 23,943,711 | ||||||
|
|
|||||||
Israel — 2.0% | ||||||||
Bank Hapoalim BM |
3,734,186 | 31,770,122 | ||||||
Bank Leumi Le-Israel BM |
2,322,065 | 17,636,468 | ||||||
Check Point Software Technologies Ltd.(a)(b) |
261,574 | 41,571,956 | ||||||
Elbit Systems Ltd. |
133,028 | 27,441,454 | ||||||
ICL Group Ltd. |
2,054,002 | 9,342,197 | ||||||
Isracard Ltd. |
2 | 6 | ||||||
Israel Discount Bank Ltd., Class A |
1,340,504 | 6,502,637 | ||||||
Mizrahi Tefahot Bank Ltd. |
327,322 | 12,182,044 | ||||||
|
|
|||||||
146,446,884 | ||||||||
Italy — 2.7% | ||||||||
Eni SpA |
1,731,148 | 27,596,818 | ||||||
Ferrari NV |
184,268 | 64,261,098 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
580,951 | 7,024,875 | ||||||
Leonardo SpA |
475,954 | 8,307,331 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
654,994 | 36,151,913 | ||||||
Snam SpA |
7,191,911 | 35,124,888 | ||||||
Terna - Rete Elettrica Nazionale |
2,199,187 | 18,543,652 | ||||||
|
|
|||||||
197,010,575 | ||||||||
Japan — 27.7% | ||||||||
Astellas Pharma Inc. |
1,697,500 | 19,763,097 | ||||||
Bandai Namco Holdings Inc. |
366,800 | 7,942,151 | ||||||
Bridgestone Corp. |
462,200 | 20,028,366 | ||||||
Canon Inc. |
2,294,700 | 63,212,386 | ||||||
Central Japan Railway Co. |
2,371,200 | 59,262,541 | ||||||
Chiba Bank Ltd. (The) |
3,193,600 | 23,665,411 | ||||||
Chubu Electric Power Co. Inc. |
2,599,500 | 33,722,498 | ||||||
Chugai Pharmaceutical Co. Ltd. |
977,600 | 35,164,486 | ||||||
Concordia Financial Group Ltd. |
3,556,900 | 16,950,209 | ||||||
Dai Nippon Printing Co. Ltd. |
352,600 | 10,204,224 | ||||||
Daiwa House Industry Co. Ltd. |
626,000 | 19,357,136 | ||||||
East Japan Railway Co. |
728,500 | 41,664,825 | ||||||
ENEOS Holdings Inc. |
5,854,500 | 23,643,709 | ||||||
Fast Retailing Co. Ltd. |
20,200 | 5,392,931 | ||||||
FUJIFILM Holdings Corp. |
119,500 | 7,574,495 | ||||||
Hankyu Hanshin Holdings Inc. |
313,700 | 9,597,815 | ||||||
Hirose Electric Co. Ltd. |
283,200 | 32,951,108 | ||||||
Idemitsu Kosan Co. Ltd. |
1,819,300 | 10,102,535 | ||||||
ITOCHU Corp. |
750,400 | 34,056,230 | ||||||
Japan Post Bank Co. Ltd. |
5,310,200 | 55,225,263 |
34 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Japan Post Holdings Co. Ltd. |
4,699,500 | $ | 44,986,816 | |||||
Japan Post Insurance Co. Ltd. |
159,400 | 2,984,268 | ||||||
Japan Tobacco Inc. |
1,698,700 | 44,773,288 | ||||||
Kao Corp. |
178,200 | 7,050,939 | ||||||
KDDI Corp. |
1,256,200 | 41,624,232 | ||||||
Keisei Electric Railway Co. Ltd. |
238,300 | 10,783,043 | ||||||
Kintetsu Group Holdings Co. Ltd. |
967,700 | 29,860,760 | ||||||
Kirin Holdings Co. Ltd. |
467,800 | 6,724,137 | ||||||
Kyocera Corp. |
841,600 | 12,321,083 | ||||||
Kyowa Kirin Co. Ltd. |
1,197,800 | 18,867,704 | ||||||
McDonald’s Holdings Co. Japan Ltd.(b) |
807,200 | 35,940,155 | ||||||
MEIJI Holdings Co. Ltd. |
1,413,500 | 34,184,944 | ||||||
Mitsubishi UFJ Financial Group Inc. |
2,238,200 | 20,964,204 | ||||||
Mizuho Financial Group Inc. |
3,112,020 | 56,519,137 | ||||||
MS&AD Insurance Group Holdings Inc. |
204,300 | 8,436,514 | ||||||
NEC Corp. |
509,500 | 33,293,127 | ||||||
Nippon Express Holdings Inc. |
67,200 | 3,999,833 | ||||||
Nippon Telegraph & Telephone Corp. |
60,334,200 | 75,764,922 | ||||||
Nissin Foods Holdings Co. Ltd. |
1,492,800 | 48,294,133 | ||||||
Nitori Holdings Co. Ltd. |
132,400 | 17,328,738 | ||||||
Nomura Research Institute Ltd. |
222,200 | 6,795,658 | ||||||
Obayashi Corp. |
1,746,100 | 16,162,841 | ||||||
Obic Co. Ltd. |
194,100 | 29,815,612 | ||||||
Odakyu Electric Railway Co. Ltd. |
736,100 | 11,247,970 | ||||||
Oji Holdings Corp. |
4,279,100 | 16,730,558 | ||||||
Ono Pharmaceutical Co. Ltd. |
1,939,100 | 34,950,584 | ||||||
Oracle Corp. Japan |
181,600 | 14,311,738 | ||||||
Oriental Land Co. Ltd./Japan |
326,200 | 12,115,091 | ||||||
Osaka Gas Co. Ltd. |
1,869,500 | 39,365,784 | ||||||
Otsuka Corp. |
350,700 | 14,756,672 | ||||||
Otsuka Holdings Co. Ltd. |
2,537,000 | 99,725,208 | ||||||
Pan Pacific International Holdings Corp. |
1,120,700 | 24,225,592 | ||||||
SCSK Corp. |
1,417,700 | 27,835,990 | ||||||
Secom Co. Ltd. |
977,000 | 70,910,981 | ||||||
Sekisui Chemical Co. Ltd. |
787,100 | 11,237,850 | ||||||
Sekisui House Ltd. |
1,628,800 | 36,768,847 | ||||||
SG Holdings Co. Ltd. |
912,400 | 11,815,672 | ||||||
Shimizu Corp. |
3,604,500 | 24,128,970 | ||||||
Shionogi & Co. Ltd. |
373,700 | 17,936,259 | ||||||
Shizuoka Financial Group Inc., NVS |
4,141,700 | 37,855,153 | ||||||
SoftBank Corp. |
7,126,000 | 94,674,918 | ||||||
Sumitomo Mitsui Financial Group Inc. |
300,700 | 15,640,414 | ||||||
Suntory Beverage & Food Ltd. |
998,100 | 32,562,779 | ||||||
Takeda Pharmaceutical Co. Ltd. |
2,108,100 | 61,958,069 | ||||||
Tobu Railway Co. Ltd. |
1,316,300 | 34,859,914 | ||||||
Tokio Marine Holdings Inc. |
737,700 | 19,451,247 | ||||||
Tokyo Gas Co. Ltd. |
1,147,300 | 26,355,618 | ||||||
Tokyu Corp. |
1,596,900 | 18,738,471 | ||||||
USS Co. Ltd. |
1,900,600 | 35,943,016 | ||||||
West Japan Railway Co. |
388,100 | 16,164,177 | ||||||
Yakult Honsha Co. Ltd. |
788,100 | 17,213,354 | ||||||
Yamato Holdings Co. Ltd. |
573,400 | 9,912,036 | ||||||
Zensho Holdings Co. Ltd. |
56,900 | 2,786,319 | ||||||
|
|
|||||||
2,029,136,755 | ||||||||
Netherlands — 4.6% | ||||||||
Davide Campari-Milano NV |
480,316 | 4,866,193 | ||||||
Heineken Holding NV |
207,085 | 17,376,010 | ||||||
Heineken NV |
250,502 | 25,199,375 | ||||||
JDE Peet’s NV |
904,160 | 22,319,519 | ||||||
Koninklijke Ahold Delhaize NV |
3,310,651 | 93,105,939 | ||||||
Koninklijke KPN NV |
19,705,636 | 67,033,461 | ||||||
Qiagen NV, NVS |
1,189,732 | 51,618,670 |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
Wolters Kluwer NV |
370,668 | $ | 54,642,779 | |||||
|
|
|||||||
336,161,946 | ||||||||
New Zealand — 0.6% | ||||||||
Auckland International Airport Ltd. |
3,723,889 | 19,199,974 | ||||||
Mercury NZ Ltd. |
1,548,400 | 6,388,601 | ||||||
Meridian Energy Ltd. |
1,416,989 | 4,800,460 | ||||||
Spark New Zealand Ltd. |
4,309,193 | 13,999,678 | ||||||
|
|
|||||||
44,388,713 | ||||||||
Norway — 0.1% | ||||||||
Telenor ASA |
402,621 | 4,467,505 | ||||||
|
|
|||||||
Portugal — 0.7% | ||||||||
Galp Energia SGPS SA |
1,593,201 | 25,079,760 | ||||||
Jeronimo Martins SGPS SA |
1,011,275 | 22,999,752 | ||||||
|
|
|||||||
48,079,512 | ||||||||
Singapore — 4.0% | ||||||||
DBS Group Holdings Ltd. |
2,844,200 | 67,365,682 | ||||||
Genting Singapore Ltd. |
33,274,200 | 24,989,061 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
5,697,899 | 54,502,508 | ||||||
Singapore Exchange Ltd. |
7,246,200 | 50,597,560 | ||||||
Singapore Technologies Engineering Ltd.(b) |
13,985,600 | 38,753,227 | ||||||
United Overseas Bank Ltd. |
2,785,400 | 58,712,164 | ||||||
|
|
|||||||
294,920,202 | ||||||||
Spain — 3.8% | ||||||||
ACS Actividades de Construccion y Servicios SA |
159,016 | 6,274,849 | ||||||
Aena SME SA(c) |
151,213 | 26,750,664 | ||||||
CaixaBank SA |
2,483,873 | 10,591,210 | ||||||
Enagas SA |
342,777 | 5,580,334 | ||||||
Endesa SA |
945,338 | 18,728,992 | ||||||
Iberdrola SA |
2,607,552 | 31,397,420 | ||||||
Iberdrola SA, NVS |
47,445 | 571,278 | ||||||
Industria de Diseno Textil SA |
2,358,557 | 100,845,684 | ||||||
Naturgy Energy Group SA |
526,848 | 14,186,833 | ||||||
Redeia Corp. SA |
2,654,438 | 44,170,165 | ||||||
Repsol SA |
1,547,885 | 22,859,600 | ||||||
|
|
|||||||
281,957,029 | ||||||||
Sweden — 0.1% | ||||||||
Swedish Orphan Biovitrum AB(a) |
276,450 | 7,759,434 | ||||||
|
|
|||||||
Switzerland — 14.3% | ||||||||
Alcon Inc. |
65,500 | 4,930,512 | ||||||
Baloise Holding AG, Registered |
141,944 | 22,674,292 | ||||||
Banque Cantonale Vaudoise, Registered |
279,799 | 35,824,448 | ||||||
Barry Callebaut AG, Registered |
18,305 | 26,736,412 | ||||||
BKW AG |
195,756 | 31,099,440 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
945 | 12,009,956 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
19 | 2,408,421 | ||||||
EMS-Chemie Holding AG, Registered |
44,941 | 33,926,619 | ||||||
Givaudan SA, Registered |
7,441 | 30,943,671 | ||||||
Helvetia Holding AG, Registered |
111,438 | 16,093,925 | ||||||
Holcim AG |
144,934 | 11,069,889 | ||||||
Kuehne + Nagel International AG, Registered |
137,641 | 46,643,732 | ||||||
Nestle SA, Registered |
854,915 | 97,418,015 | ||||||
Novartis AG, Registered |
1,104,388 | 114,208,869 | ||||||
Roche Holding AG, Bearer |
205,628 | 62,290,362 | ||||||
Roche Holding AG, NVS |
310,582 | 88,427,774 | ||||||
Sandoz Group AG(a) |
144,121 | 4,942,627 | ||||||
Schindler Holding AG, Registered |
189,506 | 45,110,164 | ||||||
SGS SA |
540,460 | 49,941,654 | ||||||
Swatch Group AG (The), Registered |
139,928 | 6,366,589 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) |
||||||||
Swiss Prime Site AG, Registered |
701,669 | $ | 71,068,786 | |||||
Swiss Re AG |
116,150 | 13,299,226 | ||||||
Swisscom AG, Registered |
183,978 | 110,071,010 | ||||||
Zurich Insurance Group AG |
213,387 | 108,419,696 | ||||||
|
|
|||||||
1,045,926,089 | ||||||||
United Kingdom — 10.2% | ||||||||
AstraZeneca PLC |
552,358 | 73,229,878 | ||||||
BAE Systems PLC |
6,550,050 | 97,572,585 | ||||||
British American Tobacco PLC |
278,415 | 8,208,678 | ||||||
Bunzl PLC |
640,455 | 26,027,941 | ||||||
Coca-Cola Europacific Partners PLC |
63,095 | 4,347,245 | ||||||
Compass Group PLC |
1,027,475 | 28,300,516 | ||||||
Diageo PLC |
155,730 | 5,624,635 | ||||||
GSK PLC |
4,643,899 | 91,845,796 | ||||||
Haleon PLC |
1,714,905 | 6,965,538 | ||||||
Hikma Pharmaceuticals PLC |
384,205 | 9,373,470 | ||||||
HSBC Holdings PLC |
1,074,504 | 8,389,407 | ||||||
National Grid PLC |
5,731,660 | 76,340,574 | ||||||
Pearson PLC |
1,198,479 | 14,702,673 | ||||||
Reckitt Benckiser Group PLC |
756,533 | 54,698,012 | ||||||
RELX PLC |
1,521,158 | 62,784,365 | ||||||
Sage Group PLC (The) |
759,047 | 11,300,632 | ||||||
Shell PLC |
1,226,385 | 38,020,765 | ||||||
Tesco PLC |
8,560,085 | 31,018,490 | ||||||
Unilever PLC |
1,919,749 | 93,415,397 | ||||||
United Utilities Group PLC |
362,783 | 4,886,238 | ||||||
|
|
|||||||
747,052,835 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.4% |
7,287,512,191 | |||||||
|
|
|||||||
Rights |
||||||||
Spain — 0.0% |
||||||||
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a) |
159,178 | 72,938 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
72,938 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.4% |
7,287,585,129 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.1% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
4,577,557 | $ | 4,580,304 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
1,340,000 | 1,340,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
5,920,304 | |||||||
|
|
|||||||
Total
Investments — 99.5% |
7,293,505,433 | |||||||
Other Assets Less Liabilities — 0.5% |
38,450,033 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 7,331,955,466 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 11,820,223 | $ | — | $ | (7,243,307 | )(a) | $ | 2,814 | $ | 574 | $ | 4,580,304 | 4,577,557 | $ | 25,786 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,290,000 | 50,000 | (a) | — | — | — | 1,340,000 | 1,340,000 | 88,596 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 2,814 | $ | 574 | $ | 5,920,304 | $ | 114,382 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
36 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® MSCI EAFE Min Vol Factor ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
71 | 03/07/24 | $ | 12,328 | $ | 841,123 | ||||||||||
Euro STOXX 50 Index |
151 | 03/15/24 | 7,652 | 126,134 | ||||||||||||
FTSE 100 Index |
66 | 03/15/24 | 6,412 | (48,084 | ) | |||||||||||
SPI 200 Index |
67 | 03/21/24 | 8,462 | 72,691 | ||||||||||||
2-Year U.S. Treasury Note |
42 | 03/28/24 | 8,638 | 13,378 | ||||||||||||
|
|
|||||||||||||||
$ | 1,005,242 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 1,039,948 | $ | — | $ | 13,378 | $ | — | $ | 1,053,326 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 48,084 | $ | — | $ | — | $ | — | $ | 48,084 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | 1,487,665 | $ | — | $ | (46,512 | ) | $ | — | $ | 1,441,153 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (192,927 | ) | $ | — | $ | 100,072 | $ | — | $ | (92,855 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 46,416,944 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 |
37 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® MSCI EAFE Min Vol Factor ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 105,041,681 | $ | 7,182,470,510 | $ | — | $ | 7,287,512,191 | ||||||||
Rights |
72,938 | — | — | 72,938 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,920,304 | — | — | 5,920,304 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 111,034,923 | $ | 7,182,470,510 | $ | — | $ | 7,293,505,433 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 1,039,948 | $ | — | $ | 1,039,948 | ||||||||
Interest Rate Contracts |
13,378 | — | — | 13,378 | ||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
— | (48,084 | ) | — | (48,084 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 13,378 | $ | 991,864 | $ | — | 1,005,242 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
38 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
January 31, 2024
iShares Global Equity Factor ETF |
iShares International Equity Factor ETF |
iShares Small-Cap Equity Factor |
iShares MSCI EAFE Min Vol Factor ETF |
|||||||||||||
ASSETS |
| |||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 124,464,724 | $ | 972,647,576 | $ | 534,750,903 | $ | 7,287,585,129 | ||||||||
Investments, at value — affiliated(c) |
2,625,709 | 5,262,903 | 18,655,783 | 5,920,304 | ||||||||||||
Cash |
4,310 | 1,210 | 1,741 | 1,968 | ||||||||||||
Cash pledged for futures contracts |
5,000 | — | — | 46,000 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) |
— | 272,561 | 79,973 | 1,931,553 | ||||||||||||
Foreign currency, at value(e) |
152,325 | 1,628,583 | 676,964 | 13,692,027 | ||||||||||||
Receivables: |
||||||||||||||||
Securities lending income — affiliated |
7,115 | 365 | 27,832 | 3,186 | ||||||||||||
Dividends — unaffiliated |
109,202 | 791,631 | 571,388 | 7,693,405 | ||||||||||||
Dividends — affiliated |
276 | 539 | 392 | 3,249 | ||||||||||||
Tax reclaims |
38,245 | 2,125,528 | 454,219 | 20,950,052 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
127,406,906 | 982,730,896 | 555,219,195 | 7,337,826,873 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
2,425,057 | 5,112,822 | 18,540,162 | 4,539,677 | ||||||||||||
Payables: |
||||||||||||||||
Capital shares redeemed |
— | 194 | — | — | ||||||||||||
Deferred foreign capital gain tax |
170,410 | — | — | — | ||||||||||||
Investment advisory fees |
20,580 | 122,275 | 104,657 | 1,247,115 | ||||||||||||
Professional fees |
— | 58,513 | — | — | ||||||||||||
Variation margin on futures contracts |
868 | 18,469 | 5,993 | 84,615 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
2,616,915 | 5,312,273 | 18,650,812 | 5,871,407 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 124,789,991 | $ | 977,418,623 | $ | 536,568,383 | $ | 7,331,955,466 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 113,224,979 | $ | 1,053,040,961 | $ | 528,544,958 | $ | 7,888,332,075 | ||||||||
Accumulated earnings (loss) |
11,565,012 | (75,622,338 | ) | 8,023,425 | (556,376,609 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 124,789,991 | $ | 977,418,623 | $ | 536,568,383 | $ | 7,331,955,466 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
3,250,000 | 34,800,000 | 17,100,000 | 106,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 38.40 | $ | 28.09 | $ | 31.38 | $ | 68.97 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 104,784,261 | $ | 884,973,616 | $ | 514,015,578 | $ | 6,980,117,576 | ||||||||
(b) Securities loaned, at value |
$ | 2,314,759 | $ | 2,599,738 | $ | 15,519,303 | $ | 4,282,266 | ||||||||
(c) Investments, at cost — affiliated |
$ | 2,612,835 | $ | 5,262,583 | $ | 18,649,330 | $ | 5,918,510 | ||||||||
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | 283,300 | $ | 81,331 | $ | 2,095,104 | ||||||||
(e) Foreign currency, at cost |
$ | 170,144 | $ | 1,633,662 | $ | 678,301 | $ | 13,702,194 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
39 |
Statements of Operations (unaudited)
Six Months Ended January 31, 2024
iShares Global Equity |
iShares International Equity Factor ETF |
iShares Equity Factor ETF |
iShares MSCI EAFE Min Vol Factor ETF |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 1,119,563 | $ | 10,915,504 | $ | 7,447,824 | $ | 85,275,608 | ||||||||
Dividends — affiliated |
5,268 | 14,066 | 13,953 | 88,596 | ||||||||||||
Interest — unaffiliated |
736 | 8,762 | 4,988 | 47,546 | ||||||||||||
Securities lending income — affiliated — net |
25,273 | 19,348 | 202,684 | 25,786 | ||||||||||||
Other income — unaffiliated |
— | 55,070 | — | — | ||||||||||||
Foreign taxes withheld |
(66,750 | ) | (800,478 | ) | (595,530 | ) | (5,246,221 | ) | ||||||||
Foreign withholding tax claims |
— | 518,811 | — | — | ||||||||||||
Other foreign taxes |
(399 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
1,083,691 | 10,731,083 | 7,073,919 | 80,191,315 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
117,718 | 710,770 | 636,633 | 7,376,101 | ||||||||||||
Commitment costs |
273 | — | — | — | ||||||||||||
Interest expense |
202 | — | 285 | 2,642 | ||||||||||||
Professional |
— | 61,175 | — | 3,782 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
118,193 | 771,945 | 636,918 | 7,382,525 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
965,498 | 9,959,138 | 6,437,001 | 72,808,790 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
837,400 | (2,016,833 | ) | 404,758 | 11,023,981 | |||||||||||
Investments — affiliated |
116 | 1,744 | 688 | 2,814 | ||||||||||||
Foreign currency transactions |
(3,702 | ) | 28,814 | (10,450 | ) | (40,696 | ) | |||||||||
Futures contracts |
(792 | ) | 257,468 | (40,773 | ) | 1,441,153 | ||||||||||
In-kind redemptions — unaffiliated(b) |
935,276 | 6,519,170 | 3,207,153 | 65,919,975 | ||||||||||||
In-kind redemptions — affiliated(b) |
(430 | ) | — | — | — | |||||||||||
|
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|
|
|
|
|
|||||||||
1,767,868 | 4,790,363 | 3,561,376 | 78,347,227 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
3,935,025 | 15,522,754 | (15,515,003 | ) | (68,100,168 | ) | ||||||||||
Investments — affiliated |
5,002 | (69 | ) | 4,450 | 574 | |||||||||||
Foreign currency translations |
(13,624 | ) | (26,949 | ) | (25,179 | ) | (516,528 | ) | ||||||||
Futures contracts |
(14,169 | ) | (51,333 | ) | (76,576 | ) | (92,855 | ) | ||||||||
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|
|||||||||
3,912,234 | 15,444,403 | (15,612,308 | ) | (68,708,977 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
5,680,102 | 20,234,766 | (12,050,932) | 9,638,250 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 6,645,600 | $ | 30,193,904 | $ | (5,613,931) | $ | 82,447,040 | ||||||||
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|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | (17,158 | ) | $ | — | $ | — | $ | — | |||||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | (112,806 | ) | $ | — | $ | — | $ | — |
See notes to financial statements.
40 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares Global Equity Factor ETF |
iShares International Equity Factor ETF |
|||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||
Net investment income |
$ | 965,498 | $ | 2,924,803 | $ | 9,959,138 | $ | 31,708,432 | ||||||||||||||||||||
Net realized gain (loss) |
1,767,868 | (2,195,725 | ) | 4,790,363 | (8,918,633 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
3,912,234 | 14,255,701 | 15,444,403 | 105,030,879 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase in net assets resulting from operations |
6,645,600 | 14,984,779 | 30,193,904 | 127,820,678 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,872,187 | ) | (2,972,728 | ) | (15,733,631 | ) | (24,688,142 | ) | ||||||||||||||||||||
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|
|||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(4,831,714 | ) | (6,755,470 | ) | (1,802,848 | ) | 36,882,133 | |||||||||||||||||||||
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|
|||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(58,301 | ) | 5,256,581 | 12,657,425 | 140,014,669 | |||||||||||||||||||||||
Beginning of period |
124,848,292 | 119,591,711 | 964,761,198 | 824,746,529 | ||||||||||||||||||||||||
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End of period |
$ | 124,789,991 | $ | 124,848,292 | $ | 977,418,623 | $ | 964,761,198 | ||||||||||||||||||||
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|
|
|
|
|
|
|
(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 |
41 |
Statements of Changes in Net Assets (continued)
iShares International Small-Cap Equity Factor ETF |
iShares MSCI EAFE Min Vol Factor ETF |
|||||||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 6,437,001 | $ | 19,239,896 | $ | 72,808,790 | $ | 219,707,487 | ||||||||||||||||||||||||
Net realized gain (loss) |
3,561,376 | (8,739,532 | ) | 78,347,227 | (16,191,748 | ) | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(15,612,308 | ) | 39,346,440 | (68,708,977 | ) | 615,833,330 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(5,613,931 | ) | 49,846,804 | 82,447,040 | 819,349,069 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(12,497,569 | ) | (15,328,281 | ) | (87,560,494 | )(b) | (204,048,443 | ) | ||||||||||||||||||||||||
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|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(64,305,337 | ) | 358,878,061 | (385,826,896 | ) | 1,173,620,233 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(82,416,837 | ) | 393,396,584 | (390,940,350 | ) | 1,788,920,859 | ||||||||||||||||||||||||||
Beginning of period |
618,985,220 | 225,588,636 | 7,722,895,816 | 5,933,974,957 | ||||||||||||||||||||||||||||
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End of period |
$ | 536,568,383 | $ | 618,985,220 | $ | 7,331,955,466 | $ | 7,722,895,816 | ||||||||||||||||||||||||
|
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|
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|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
42 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares Global Equity Factor ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended (unaudited) |
|
|
Year Ended 07/31/23 |
|
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Year Ended 07/31/22 |
|
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Year Ended 07/31/21 |
|
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Year Ended 07/31/20 |
|
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Year Ended 07/31/19 |
| |||||||||||||||||||||||||||||||
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Net asset value, beginning of period |
$ | 36.72 | $ | 33.22 | $ | 38.13 | $ | 29.39 | $ | 29.23 | $ | 30.57 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) |
0.30 | 0.83 | 0.81 | 0.66 | 0.57 | 0.66 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
1.97 | 3.52 | (4.99 | ) | 8.73 | 0.28 | (1.36 | ) | ||||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations |
2.27 | 4.35 | (4.18 | ) | 9.39 | 0.85 | (0.70 | ) | ||||||||||||||||||||||||||||||||||||||||
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Distributions from net investment income(c) |
(0.59 | ) | (0.85 | ) | (0.73 | ) | (0.65 | ) | (0.69 | ) | (0.64 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period |
$ | 38.40 | $ | 36.72 | $ | 33.22 | $ | 38.13 | $ | 29.39 | $ | 29.23 | ||||||||||||||||||||||||||||||||||||
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Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
6.24 | %(e) | 13.34 | % | (11.08 | )% | 32.16 | % | 2.90 | % | (2.10 | )% | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.20 | %(g) | 0.26 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||
Net investment income |
1.64 | %(g) | 2.50 | % | 2.24 | % | 1.92 | % | 2.00 | % | 2.30 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 124,790 | $ | 124,848 | $ | 119,592 | $ | 133,463 | $ | 114,623 | $ | 112,537 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(h) |
12 | % | 112 | % | 51 | % | 48 | % | 43 | % | 43 | % | ||||||||||||||||||||||||||||||||||||
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(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
43 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares International Equity Factor ETF |
||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended (unaudited) |
|
|
Year Ended 07/31/23 |
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Year Ended 07/31/22 |
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Year Ended 07/31/21 |
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Year Ended 07/31/20 |
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Year Ended 07/31/19 |
| |||||||||||||||||||||||||||||||
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Net asset value, beginning of period |
$ | 27.64 | $ | 24.62 | $ | 30.13 | $ | 23.89 | $ | 25.68 | $ | 28.29 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) |
0.28 | (b) | 0.90 | (b) | 0.98 | 0.79 | 0.60 | 0.86 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.63 | 2.83 | (5.09 | ) | 6.35 | (1.61 | ) | (2.66 | ) | |||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations |
0.91 | 3.73 | (4.11 | ) | 7.14 | (1.01 | ) | (1.80 | ) | |||||||||||||||||||||||||||||||||||||||
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Distributions from net investment income(d) |
(0.46 | ) | (0.71 | ) | (1.40 | ) | (0.90 | ) | (0.78 | ) | (0.81 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period |
$ | 28.09 | $ | 27.64 | $ | 24.62 | $ | 30.13 | $ | 23.89 | $ | 25.68 | ||||||||||||||||||||||||||||||||||||
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Total Return(e) |
||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
3.31 | %(b)(f) | 15.37 | %(b) | (13.97 | )% | 29.97 | % | (4.03 | )% | (6.26 | )% | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.16 | %(h) | 0.15 | % | 0.25 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.15 | %(h) | 0.15 | % | 0.25 | % | N/A | N/A | 0.30 | % | ||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||
Net investment income |
2.10 | %(b)(h) | 3.57 | %(b) | 3.54 | % | 2.89 | % | 2.44 | % | 3.31 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 977,419 | $ | 964,761 | $ | 824,747 | $ | 897,810 | $ | 910,213 | $ | 1,271,005 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(i) |
11 | % | 23 | % | 113 | % | 45 | % | 40 | % | 44 | % | ||||||||||||||||||||||||||||||||||||
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|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended January 31, 2024 and year ended July 31, 2023, respectively: |
• Net investment income per share by $0.01 and $0.01.
• Total return by 0.05% and 0.03%.
• Ratio of net investment income to average net assets by 0.10% and 0.03%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
44 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares International Small-Cap Equity Factor ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Six Months Ended (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Year Ended 07/31/19 |
| |||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 32.07 | $ | 30.90 | $ | 37.47 | $ | 28.44 | $ | 28.88 | $ | 31.73 | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.36 | 1.15 | 1.08 | 0.78 | 0.68 | 0.77 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(0.32 | ) | 0.87 | (6.15 | ) | 9.15 | (0.32 | ) | (2.97 | ) | ||||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.04 | 2.02 | (5.07 | ) | 9.93 | 0.36 | (2.20 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(0.73 | ) | (0.85 | ) | (1.50 | ) | (0.90 | ) | (0.80 | ) | (0.65 | ) | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 31.38 | $ | 32.07 | $ | 30.90 | $ | 37.47 | $ | 28.44 | $ | 28.88 | ||||||||||||||||||||||||||||||||||||
|
|
|
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|
|||||||||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.13 | %(e) | 6.73 | % | (13.81 | )% | 35.22 | % | 1.16 | % | (6.80 | )% | ||||||||||||||||||||||||||||||||||||
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|
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|
|||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.23 | %(g) | 0.28 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.28 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net investment income |
2.33 | %(g) | 3.79 | % | 3.16 | % | 2.31 | % | 2.44 | % | 2.67 | % | ||||||||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 536,568 | $ | 618,985 | $ | 225,589 | $ | 194,819 | $ | 122,273 | $ | 77,964 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
13 | % | 120 | % | 52 | % | 47 | % | 47 | % | 45 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE Min Vol Factor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Six Months Ended (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Year Ended 07/31/19 |
| |||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 68.83 | $ | 65.71 | $ | 77.27 | $ | 66.79 | $ | 71.90 | $ | 72.92 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.66 | 2.00 | (b) | 1.72 | (b) | 1.79 | 1.86 | 2.15 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
|
|
0.30 | 2.93 | (11.54 | ) | 9.96 | (4.26 | ) | (1.01 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.96 | 4.93 | (9.82 | ) | 11.75 | (2.40 | ) | 1.14 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(d) |
(0.82 | )(e) | (1.81 | ) | (1.74 | ) | (1.27 | ) | (2.71 | ) | (2.16 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 68.97 | $ | 68.83 | $ | 65.71 | $ | 77.27 | $ | 66.79 | $ | 71.90 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(f) |
||||||||||||||||||||||||||||
Based on net asset value |
1.43 | %(g) | 7.62 | %(b) | (12.76 | )%(b) | 17.61 | % | (3.51 | )% | 1.68 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||
Total expenses |
0.20 | %(i) | 0.33 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived |
0.20 | %(i) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.20 | %(i) | 0.31 | % | 0.32 | % | 0.32 | % | N/A | 0.32 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
1.97 | %(i) | 3.08 | %(b) | 2.36 | %(b) | 2.48 | % | 2.65 | % | 3.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 7,331,955 | $ | 7,722,896 | $ | 5,933,975 | $ | 8,631,346 | $ | 10,559,196 | $ | 11,295,536 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(j) |
11 | % | 25 | % | 23 | % | 25 | % | 23 | % | 22 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively: |
• Net investment income per share by $0.09 and $0.01.
• Total return by 0.13% and 0.02%.
• Ratio of net investment income to average net assets by 0.13% and 0.01%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
46 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
|
||||
iShares ETF | Diversification Classification |
|||
|
||||
Global Equity Factor |
Diversified | |||
International Equity Factor |
Diversified | |||
International Small-Cap Equity Factor |
Diversified | |||
MSCI EAFE Min Vol 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.
ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Certain 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.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
47 |
Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
48 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
4. |
SECURITIES AND OTHER INVESTMENTS |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
Global Equity Factor |
||||||||||||||||
Barclays Bank PLC |
$ | 396,039 | $ | (396,039 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
5,533 | (5,533 | ) | — | — | |||||||||||
BNP Paribas SA |
898 | (898 | ) | — | — | |||||||||||
BofA Securities, Inc. |
118,635 | (118,635 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
664,335 | (664,335 | ) | — | — | |||||||||||
Jefferies LLC |
201,955 | (201,955 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
901,758 | (901,758 | ) | — | — | |||||||||||
UBS AG |
25,606 | (25,606 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,314,759 | $ | (2,314,759 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
International Equity Factor |
||||||||||||||||
BofA Securities, Inc. |
$ | 2,434,122 | $ | (2,434,122 | ) | $ | — | $ | — | |||||||
HSBC Bank PLC |
131,290 | (131,290 | ) | — | — | |||||||||||
Jefferies LLC |
34,326 | (34,326 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,599,738 | $ | (2,599,738 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
49 |
Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
International Small-Cap Equity Factor |
||||||||||||||||
BNP Paribas SA |
$ | 293,783 | $ | (293,783 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. |
3,571,882 | (3,571,882 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
693,722 | (693,722 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
5,232,910 | (5,232,910 | ) | — | — | |||||||||||
HSBC Bank PLC |
1,108,136 | (1,108,136 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
2,367,020 | (2,367,020 | ) | — | — | |||||||||||
Jefferies LLC |
85,517 | (85,517 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
22,390 | (22,390 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
491,985 | (491,985 | ) | — | — | |||||||||||
SG Americas Securities LLC |
202,914 | (202,914 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
328,888 | (328,888 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
18,151 | (18,151 | ) | — | — | |||||||||||
UBS AG |
1,102,005 | (1,102,005 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 15,519,303 | $ | (15,519,303 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE Min Vol Factor |
||||||||||||||||
BofA Securities, Inc. |
$ | 4,047,304 | $ | (4,047,304 | ) | $ | — | $ | — | |||||||
Morgan Stanley |
127,901 | (127,901 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
1,271 | (1,271 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
105,790 | (105,790 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 4,282,266 | $ | (4,282,266 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
50 |
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Notes to Financial Statements (unaudited) (continued)
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 | |||
Global Equity Factor |
0.20 | % | ||
International Equity Factor |
0.15 | |||
International Small-Cap Equity Factor |
0.23 | |||
MSCI EAFE Min Vol Factor |
0.20 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses. For the iShares Global Equity Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
For the six months ended January 31, 2024, there were no fees waived by BFA pursuant to these arrangements.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:
|
||||
iShares ETF | Amounts | |||
|
||||
Global Equity Factor |
$ | 5,191 | ||
International Equity Factor |
3,046 | |||
International Small-Cap Equity Factor |
42,765 | |||
MSCI EAFE Min Vol Factor |
6,845 | |||
|
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
51 |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended January 31, 2024, 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) |
|||||||||||||
|
||||||||||||||||
Global Equity Factor |
$ | 3,921,206 | $ | 4,937,538 | $ | 367,376 | ||||||||||
International Equity Factor |
27,122,650 | 34,676,125 | (13,607 | ) | ||||||||||||
International Small-Cap Equity Factor |
5,855,597 | 6,529,369 | 801,861 | |||||||||||||
MSCI EAFE Min Vol Factor |
170,006,275 | 209,029,730 | 15,059,659 | |||||||||||||
|
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 six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
|
||||||||
iShares ETF | Purchases | Sales | ||||||
|
||||||||
Global Equity Factor |
$ | 13,827,565 | $ | 15,279,651 | ||||
International Equity Factor |
107,274,589 | 111,579,779 | ||||||
International Small-Cap Equity Factor |
72,390,256 | 79,648,617 | ||||||
MSCI EAFE Min Vol Factor |
814,809,740 | 828,536,722 | ||||||
|
For the six months ended January 31, 2024, in-kind transactions were as follows:
|
||||||||
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
|
||||||||
Global Equity Factor |
$ | 3,240,661 | $ | 7,373,464 | ||||
International Equity Factor |
56,932,814 | 59,396,275 | ||||||
International Small-Cap Equity Factor |
— | 61,433,472 | ||||||
MSCI EAFE Min Vol Factor |
— | 383,549,093 | ||||||
|
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF |
Non-Expiring Capital Loss Carryforwards |
|||
Global Equity Factor |
$ | (9,276,181 | ) | |
International Equity Factor |
(162,907,834 | ) | ||
International Small-Cap Equity Factor |
(11,482,387 | ) | ||
MSCI EAFE Min Vol Factor |
(907,199,877 | ) |
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.
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Notes to Financial Statements (unaudited) (continued)
As of January 31, 2024, 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) |
||||||||||||
|
||||||||||||||||
Global Equity Factor |
$ | 107,909,611 | $ | 24,233,120 | $ | (5,049,624 | ) | $ | 19,183,496 | |||||||
International Equity Factor |
897,397,557 | 137,667,418 | (57,042,469 | ) | 80,624,949 | |||||||||||
International Small-Cap Equity Factor |
539,499,138 | 64,657,403 | (50,708,653 | ) | 13,948,750 | |||||||||||
MSCI EAFE Min Vol Factor |
7,026,768,836 | 819,195,756 | (551,453,917 | ) | 267,741,839 | |||||||||||
|
9. |
LINE OF CREDIT |
The iShares Global Equity Factor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended January 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
|
||||||||||||
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
|
||||||||||||
Global Equity Factor |
$ | 154,000 | $ | 4,185 | 6.41% | |||||||
|
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
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.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
Notes to Financial Statements (unaudited) (continued)
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class 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.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
54 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Six Months Ended 01/31/24 |
Year Ended 07/31/23 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Global Equity Factor |
||||||||||||||||
Shares sold |
100,000 | $ | 3,796,138 | — | $ | — | ||||||||||
Shares redeemed |
(250,000 | ) | (8,627,852 | ) | (200,000 | ) | (6,755,470 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(150,000 | ) | $ | (4,831,714 | ) | (200,000 | ) | $ | (6,755,470 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||||
International Equity Factor |
||||||||||||||||
Shares sold |
2,200,000 | $ | 58,008,184 | 5,900,000 | $ | 144,097,934 | ||||||||||
Shares redeemed |
(2,300,000 | ) | (59,811,032 | ) | (4,500,000 | ) | (107,215,801 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(100,000 | ) | $ | (1,802,848 | ) | 1,400,000 | $ | 36,882,133 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
International Small-Cap Equity Factor |
||||||||||||||||
Shares sold |
— | $ | — | 12,000,000 | $ | 358,878,061 | ||||||||||
Shares redeemed |
(2,200,000 | ) | (64,305,337 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
(2,200,000 | ) | $ | (64,305,337 | ) | 12,000,000 | $ | 358,878,061 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE Min Vol Factor |
||||||||||||||||
Shares sold |
— | $ | — | 33,000,000 | $ | 1,899,904,596 | ||||||||||
Shares redeemed |
(5,900,000 | ) | (385,826,896 | ) | (11,100,000 | ) | (726,284,363 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(5,900,000 | ) | $ | (385,826,896 | ) | 21,900,000 | $ | 1,173,620,233 | |||||||||
|
|
|
|
|
|
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Equity Factor ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. |
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.
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 |
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Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global Equity Factor ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF and iShares MSCI EAFE Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
January 31, 2024
Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
MSCI EAFE Min Vol Factor(a) |
$ | 0.809069 | $ | — | $ | 0.012324 | $ | 0.821393 | 98 | % | — | % | 2 | % | 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. |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
S U P P L E M E N T A L I N F O R M A T I O N |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-719-0124
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