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