LOGO

 

  JANUARY 31, 2024

 

  

2024 Semi-Annual Report

(Unaudited)

 

 

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


The Markets in Review

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.

 

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

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
(Bloomberg U.S. Aggregate Bond Index)

  3.15    2.10 
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  2.70    2.90 
   

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

  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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     8  

Disclosure of Expenses

     8  

Schedules of Investments

     9  

Financial Statements:

  

Statements of Assets and Liabilities

     39  

Statements of Operations

     40  

Statements of Changes in Net Assets

     41  

Financial Highlights

     43  

Notes to Financial Statements

     47  

Statement Regarding Liquidity Risk Management Program

     56  

Supplemental Information

     57  

General Information

     58  

Glossary of Terms Used in this Report

     59  

 

 

  3


Fund Summary as of January 31, 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
 

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        

 

 

   

 

 

   
 

Beginning
Account Value
(08/01/23)
 
 
 
   


Ending

Account Value
(01/31/24)

 


 

    

Expenses
Paid During
the Period
 
 
(a) 
   

Beginning

Account Value

(08/01/23)

 

 

 

    


Ending

Account Value
(01/31/24)

 


 

    

Expenses

Paid During

the Period

 

 

(a) 

   

Annualized

Expense

Ratio

 

 

 

  $   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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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
 

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        

 

 

   

 

 

   
 


Beginning

Account Value
(08/01/23)

 


 

   


Ending

Account Value
(01/31/24)

 


 

    

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(08/01/23)

 

 

 

    


Ending

Account Value
(01/31/24)

 


 

    

Expenses

Paid During

the Period

 

 

(a) 

   

Annualized

Expense

Ratio

 

 

 

  $   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

   
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

   
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
 

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        

 

 

   

 

 

   
 


Beginning

Account Value
(08/01/23)

 


 

   


Ending

Account Value
(01/31/24)

 


 

    

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(08/01/23)

 

 

 

    


Ending

Account Value
(01/31/24)

 


 

    

Expenses

Paid During

the Period

 

 

(a) 

   

Annualized

Expense

Ratio

 

 

 

  $   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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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        

 

 

   

 

 

   
 

Beginning
Account Value
(08/01/23)
 
 
 
   


Ending

Account Value
(01/31/24)

 


 

    

Expenses
Paid During

the Period

 
 

(a) 

   

Beginning

Account Value

(08/01/23)

 

 

 

    


Ending

Account Value
(01/31/24)

 


 

    

Expenses
Paid During

the Period

 
 

(a) 

   

Annualized

Expense

Ratio

 

 

 

  $  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


About Fund Performance

 

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

Disclosure of Expenses

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

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

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

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

 

 

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Schedule of Investments (unaudited)

January 31, 2024

  

iShares® Global Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Australia — 2.1%

   

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  
   

 

 

 
       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  
   

 

 

 
      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  
   

 

 

 
      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  
   

 

 

 
      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)

   

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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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%
(Cost: $103,881,843)

 

    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%
(Cost: $1,010,411)

 

    710,788  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $104,892,254)

 

    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%
(Cost: $2,504,842)

 

    2,504,917  
   

 

 

 

Total Investments — 101.8%
(Cost: $107,397,096)

 

    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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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
Unrealized
Appreciation

(Depreciation)

       Value at
01/31/24
       Shares
Held at
01/31/24
       Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

 

 

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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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%
(Cost: $876,894,437)

 

    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%
(Cost: $8,079,179)

 

    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%
(Cost: $—)

 

     
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $884,973,616)

 

    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%
(Cost: $5,262,583)

 

    5,262,903  
   

 

 

 

Total Investments — 100.1%
(Cost: $890,236,199)

 

    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
01/31/24

    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
(000)

    

Value/
Unrealized
Appreciation

(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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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%
(Cost: $509,528,896)

       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%
(Cost: $4,486,682)

      4,330,406  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $514,015,578)

      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%
(Cost: $18,649,330)

      18,655,783  
   

 

 

 

Total Investments — 103.1%
(Cost: $532,664,908)

      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
Distributions
from
Underlying
Funds

 

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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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%
(Cost: $6,980,038,510)

      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%
(Cost: $79,066)

      72,938  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $6,980,117,576)

      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%
(Cost: $5,918,510)

      5,920,304  
   

 

 

 

Total Investments — 99.5%
(Cost: $6,986,036,086)

      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
Distributions
from
Underlying
Funds

 

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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 EO 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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
International

Small-Cap

Equity Factor
ETF

    

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
Factor ETF

    iShares
International
Equity Factor
ETF
   

iShares
International
Small-Cap

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                  
 

 

 

   

 

 

   

 

 

   

 

 

 
    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
 

 

 

   

 

 

   

 

 

   

 

 

 
    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  
 

 

 

   

 

 

   

 

 

   

 

 

 

(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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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
 

 

 

      

 

 

      

 

 

      

 

 

 

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  
 

 

 

      

 

 

      

 

 

      

 

 

 

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  
 

 

 

      

 

 

      

 

 

      

 

 

 

End of period

  $ 124,789,991        $ 124,848,292        $ 977,418,623        $ 964,761,198  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

(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
   

 

 

      

 

 

      

 

 

      

 

 

 

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  
   

 

 

      

 

 

      

 

 

      

 

 

 

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  
   

 

 

      

 

 

      

 

 

      

 

 

 

End of period

    $ 536,568,383        $ 618,985,220        $ 7,331,955,466        $ 7,722,895,816  
   

 

 

      

 

 

      

 

 

      

 

 

 

 

(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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Financial Highlights

(For a share outstanding throughout each period)

 

          iShares Global Equity Factor ETF  
 

 

 

 
 


 

Six Months Ended
01/31/24

(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

            $ 36.72        $ 33.22        $ 38.13        $ 29.39        $ 29.23        $ 30.57  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      2.27          4.35          (4.18        9.39          0.85          (0.70
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions from net investment income(c)

      (0.59        (0.85        (0.73        (0.65        (0.69        (0.64
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of period

    $ 38.40        $ 36.72        $ 33.22        $ 38.13        $ 29.39        $ 29.23  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                            

Based on net asset value

      6.24 %(e)         13.34        (11.08 )%         32.16        2.90        (2.10 )% 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(f)

                            

Total expenses

      0.20 %(g)         0.26        0.35        0.35        0.35        0.35
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      1.64 %(g)         2.50        2.24        1.92        2.00        2.30
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                            

Net assets, end of period (000)

    $ 124,790        $ 124,848        $ 119,592        $ 133,463        $ 114,623        $ 112,537  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(h)

      12        112        51        48        43        43
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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

 
 

 

 

 
 


 

Six Months Ended
01/31/24

(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

            $ 27.64        $ 24.62        $ 30.13        $ 23.89        $ 25.68        $ 28.29  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      0.91          3.73          (4.11        7.14          (1.01        (1.80
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions from net investment income(d)

      (0.46        (0.71        (1.40        (0.90        (0.78        (0.81
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of period

    $ 28.09        $ 27.64        $ 24.62        $ 30.13        $ 23.89        $ 25.68  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(e)

                            

Based on net asset value

      3.31 %(b)(f)         15.37 %(b)         (13.97 )%         29.97        (4.03 )%         (6.26 )% 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(g)

                            

Total expenses

      0.16 %(h)         0.15        0.25        0.30        0.30        0.30
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

      0.15 %(h)         0.15        0.25        N/A          N/A          0.30
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      2.10 %(b)(h)         3.57 %(b)         3.54        2.89        2.44        3.31
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                            

Net assets, end of period (000)

    $ 977,419        $ 964,761        $ 824,747        $ 897,810        $ 910,213        $ 1,271,005  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(i)

      11        23        113        45        40        44
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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
01/31/24

(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  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of period

            $ 31.38        $ 32.07        $ 30.90        $ 37.47        $ 28.44        $ 28.88  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                            

Based on net asset value

      0.13 %(e)         6.73        (13.81 )%         35.22        1.16        (6.80 )% 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

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
01/31/24

(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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 ST 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 4I S H A R E S  S E M I - A N N U A L  R E P O R TT 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 ST 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).

 

 

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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 ST 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 ST 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.

 

 

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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  
  

 

 

      

 

 

      

 

 

      

 

 

 

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 ST O  F I N A N C I A L  S T A T E M E N T S

  55


Statement Regarding Liquidity Risk Management Program (unaudited)

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares 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

 
 

 

 

    

 

 

 
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

  57


General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
ADR    American Depositary Receipt
GDR    Global Depositary Receipt
NVDR    Non-Voting Depositary Receipt
NVS    Non-Voting Shares
PJSC    Public Joint Stock Company
REIT    Real Estate Investment Trust

 

 

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Want to know more?

iShares.com  |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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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