iSHARES TRUST

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.


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

Table of Contents


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


		3


Fund Summary as of January 31, 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


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


Fund Summary as of January 31, 2024		iShares^® International Equity Factor ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

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.

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)

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.

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)

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.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of January 31, 2024		iShares^® MSCI EAFE Min Vol Factor ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		1.43	%		6.53	%		2.62	%		4.47	%		6.53	%		13.80	%		54.82	%
Fund Market		1.15			6.41			2.57			4.50			6.41			13.50			55.25
Index		2.17			7.61			2.72			4.55			7.61			14.35			56.09

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)

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.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

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 E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Finland — 0.5%
Kesko OYJ, Class B		3,510	$	68,549
Nordea Bank Abp		27,712		341,478
Orion OYJ, Class B		3,705		170,570
Stora Enso OYJ, Class R		1,235		15,715


				596,312

France — 3.0%
BNP Paribas SA		5,200		349,358
Bollore SE		16,965		112,054
Bouygues SA		2,470		90,483
Carrefour SA		9,555		163,126
Christian Dior SE, NVS		130		102,984
Credit Agricole SA		36,725		526,080
Eiffage SA		2,015		210,830
Engie SA		6,370		101,745
L’Oreal SA		195		93,318
LVMH Moet Hennessy Louis Vuitton SE		390		324,503
Orange SA		9,295		110,535
Publicis Groupe SA		6,500		651,258
Sanofi SA		1,560		156,227
Schneider Electric SE		455		89,385
Societe Generale SA		3,965		101,920
TotalEnergies SE		4,715		305,888
Unibail-Rodamco-Westfield, New^(a)		3,575		255,987


				3,745,681

Germany — 1.0%
Bayerische Motoren Werke AG		1,820		189,377
BioNTech SE, ADR^(a)		1,082		102,833
Commerzbank AG		15,340		176,158
Deutsche Boerse AG		195		38,832
Deutsche Post AG, Registered		1,755		84,054
Deutsche Telekom AG, Registered		3,627		89,035
E.ON SE		8,255		111,684
Hapag-Lloyd AG^(b)(d)		195		29,200
Mercedes-Benz Group AG		4,225		285,242
Volkswagen AG		585		82,591


				1,189,006

Greece — 0.1%
FF Group^(c)		165		—
Hellenic Telecommunications Organization SA		6,600		91,640
National Bank of Greece SA^(a)		2,841		21,600
Piraeus Financial Holdings SA^(a)		10,836		43,883


				157,123

Hong Kong — 0.1%
HK Electric Investments & HK Electric Investments Ltd., Class SS		65,000		40,316
SITC International Holdings Co. Ltd.		20,000		30,347
Swire Properties Ltd.		39,000		72,882
WH Group Ltd.^(b)		32,500		19,175


				162,720

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		10,544		86,414


India — 1.8%
ABB India Ltd.		650		36,608
AIA Engineering Ltd.		865		42,725
Bharat Electronics Ltd.		37,050		82,983
Coal India Ltd.		43,485		212,918
Hindustan Aeronautics Ltd., NVS		6,435		232,866
Indian Oil Corp. Ltd.		19,370		34,302
Indian Railway Finance Corp. Ltd.^(b)		62,991		132,833
Mazagon Dock Shipbuilders Ltd.		1,003		27,670


Security	Shares		Value

India (continued)
NHPC Ltd., NVS		127,530	$	139,793
Oil & Natural Gas Corp. Ltd.		21,190		64,369
Oil India Ltd.		10,922		56,088
Power Finance Corp. Ltd.		50,700		270,718
Power Grid Corp. of India Ltd.		101,607		317,354
REC Ltd.		45,825		275,278
Tata Consultancy Services Ltd.		2,470		113,450
Tube Investments of India Ltd.		2,015		94,715
Wipro Ltd.		7,345		42,009
WNS Holdings Ltd.^(a)		845		58,601


				2,235,280

Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		513,500		77,860
Bukit Asam Tbk PT		130,000		21,502
Indo Tambangraya Megah Tbk PT		19,500		33,410
Perusahaan Gas Negara Tbk PT		273,000		20,126
Sumber Alfaria Trijaya Tbk PT		494,000		82,910
United Tractors Tbk PT		26,000		37,768


				273,576

Ireland — 0.2%
AIB Group PLC		56,810		249,534
Smurfit Kappa Group PLC		1,560		58,133


				307,667

Israel — 0.4%
Bank Leumi Le-Israel BM		23,677		179,831
Bezeq The Israeli Telecommunication Corp. Ltd.		89,310		118,136
Check Point Software Technologies Ltd.^(a)		455		72,313
Harel Insurance Investments & Financial Services Ltd.		4,355		36,124
Israel Corp.Ltd.^(a)		130		29,793
Israel Discount Bank Ltd., Class A		10,530		51,080
Phoenix Holdings Ltd. (The)		6,480		65,905


				553,182

Italy — 0.9%
Enel SpA		16,911		115,390
Poste Italiane SpA^(b)		10,725		116,298
Prysmian SpA		1,365		60,074
Snam SpA		42,445		207,299
Stellantis NV		17,355		382,272
Terna - Rete Elettrica Nazionale		14,547		122,661
UniCredit SpA		4,030		118,047


				1,122,041

Japan — 7.0%
Advantest Corp.		3,200		127,353
Amada Co. Ltd.		6,500		70,146
Asics Corp.		6,500		197,510
Bandai Namco Holdings Inc.		4,400		95,271
BayCurrent Consulting Inc.		3,100		72,072
Capcom Co. Ltd.		6,500		247,902
Chubu Electric Power Co. Inc.		6,500		84,323
Dai-ichi Life Holdings Inc.		6,500		142,563
Daiichi Sankyo Co. Ltd.		6,500		194,604
Disco Corp.		300		80,952
Ebara Corp.		3,100		194,144
Fuji Electric Co. Ltd.		1,500		75,120
Hitachi Ltd.		1,000		78,550
Horiba Ltd.		1,500		120,351
Hoya Corp.		1,700		215,949
Internet Initiative Japan Inc.		6,500		126,044
Isetan Mitsukoshi Holdings Ltd.		13,000		152,000
ITOCHU Corp.		10,800		490,148
Japan Post Bank Co. Ltd.		6,500		67,599


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Post Insurance Co. Ltd.		6,500	$	121,692
Japan Real Estate Investment Corp.		41		157,175
Kamigumi Co. Ltd.		6,500		149,538
Lawson Inc.		1,800		103,029
Mazda Motor Corp.		6,500		78,802
Mitsubishi Heavy Industries Ltd.		1,800		120,066
Mitsubishi UFJ Financial Group Inc.		26,000		243,530
Mizuho Financial Group Inc.		13,000		236,100
Nintendo Co. Ltd.		4,900		273,767
Nippon Building Fund Inc.		44		178,029
Nippon Express Holdings Inc.		3,600		214,277
Nippon Telegraph & Telephone Corp.		266,500		334,659
Nissan Motor Co. Ltd.		32,500		127,589
Nomura Real Estate Holdings Inc.		6,500		177,877
Nomura Research Institute Ltd.		6,500		198,793
ORIX Corp.		13,000		251,020
Osaka Gas Co. Ltd.		6,500		136,870
Persol Holdings Co. Ltd.		52,000		82,665
Recruit Holdings Co. Ltd.		3,000		118,496
Sanrio Co. Ltd.		2,500		104,393
Sanwa Holdings Corp.		6,500		99,347
SBI Holdings Inc.		6,500		159,677
SCREEN Holdings Co. Ltd.		900		88,253
Sekisui House REIT Inc.		130		69,146
Socionext Inc.		6,700		153,551
Sony Group Corp.		1,700		166,716
Sumitomo Mitsui Financial Group Inc.		1,500		78,020
TIS Inc.		6,500		144,572
Tokyo Electron Ltd.		1,400		259,801
Tokyo Gas Co. Ltd.		13,000		298,634
Tokyo Tatemono Co. Ltd.		6,500		100,178
TOPPAN Holdings Inc.		6,500		179,169
Toyota Motor Corp.		13,000		259,582
Yakult Honsha Co. Ltd.		3,600		78,630
Yamato Kogyo Co. Ltd.		1,700		94,101
Zensho Holdings Co. Ltd.		4,600		225,256


				8,695,601

Malaysia — 0.2%
Petronas Gas Bhd		6,500		24,378
YTL Corp. Bhd		200,600		98,899
YTL Power International Bhd		86,700		75,044


				198,321

Mexico — 0.3%
Banco del Bajio SA^(b)		32,500		123,644
Coca-Cola Femsa SAB de CV		13,000		123,765
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,500		101,193
Grupo Comercial Chedraui SA de CV		6,580		44,477


				393,079

Netherlands — 1.3%
Adyen NV^(a)(b)		130		163,044
ASM International NV		132		73,159
ASML Holding NV		520		451,146
ING Groep NV		1,430		20,318
Koninklijke Ahold Delhaize NV		17,160		482,593
NEPI Rockcastle NV		16,055		108,117
NN Group NV		4,940		202,482
Randstad NV		1,430		81,310


				1,582,169

New Zealand — 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		3,510		50,695
Fletcher Building Ltd.		16,705		46,154


Security	Shares		Value

New Zealand (continued)
Meridian Energy Ltd.		16,770	$	56,813


				153,662

Norway — 0.4%
DNB Bank ASA		6,175		120,040
Hafnia Ltd.		4,940		35,923
Kongsberg Gruppen ASA		1,885		96,066
Orkla ASA		19,045		149,182
Var Energi ASA		15,665		45,439


				446,650

Philippines — 0.1%
Bank of the Philippine Islands		2,600		5,095
Manila Electric Co.		7,150		46,007
Semirara Mining & Power Corp., Class A		52,000		28,635


				79,737

Poland — 0.3%
Budimex SA		402		68,871
LPP SA		42		163,316
Orange Polska SA		26,000		55,535
PGE Polska Grupa Energetyczna SA^(a)		34,060		71,722


				359,444

Portugal — 0.0%
Jeronimo Martins SGPS SA		1,105		25,131


Qatar — 0.2%
Industries Qatar QSC		25,935		85,179
Mesaieed Petrochemical Holding Co.		173,940		80,159
Ooredoo QPSC		27,190		79,806


				245,144

Russia — 0.0%
Alrosa PJSC^(c)		59,760		7
PhosAgro PJSC^(c)		1,025		—
PhosAgro PJSC, GDR^(a)(c)(e)		1		—
PhosAgro PJSC, New^(c)		20		—
United Co. RUSAL International PJSC^(a)(c)		70,560		8


				15

Saudi Arabia — 0.5%
Elm Co.		975		234,043
Nahdi Medical Co.		1,690		63,373
Riyadh Cables Group Co.		1,923		54,021
SABIC Agri-Nutrients Co.		5,135		175,082
Saudi Electricity Co.		17,265		87,118


				613,637

Singapore — 0.4%
CapitaLand Ascendas REIT		13,000		28,174
Jardine Cycle & Carriage Ltd.		2,200		42,451
Sea Ltd., ADR^(a)		390		14,875
Sembcorp Industries Ltd.		32,500		136,776
STMicroelectronics NV , New^(d)		2,730		119,865
Wilmar International Ltd.		26,000		63,666
Yangzijiang Shipbuilding Holdings Ltd.		110,500		137,950


				543,757

South Africa — 0.3%
African Rainbow Minerals Ltd.		4,355		43,144
Anglo American Platinum Ltd.		2,080		88,059
Exxaro Resources Ltd.		8,580		85,479
Impala Platinum Holdings Ltd.		18,135		70,394
MTN Group Ltd.		12,285		62,690


				349,766

South Korea — 2.1%
DB HiTek Co. Ltd.^(a)		1,561		57,870


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
DB Insurance Co. Ltd.^(a)		1,755	$	115,770
Doosan Bobcat Inc.		2,210		84,166
F&F Co. Ltd./New^(a)		455		24,163
Hana Financial Group Inc.		8,060		288,205
Hanwha Aerospace Co. Ltd.^(a)		1,170		120,830
Hyundai Marine & Fire Insurance Co. Ltd.^(a)		1,950		49,526
Hyundai Rotem Co. Ltd.^(a)		2,665		56,200
KB Financial Group Inc.		5,200		220,676
KCC Corp.		130		23,944
Kia Corp.^(a)		3,510		269,607
Kumho Petrochemical Co. Ltd.^(a)		780		72,734
LG Innotek Co. Ltd.		520		74,166
LG Uplus Corp.		5,850		44,789
LS Corp.^(a)		536		36,463
Meritz Financial Group Inc.^(a)		2,154		110,587
POSCO Holdings Inc.		130		41,246
Samsung Biologics Co. Ltd.^(a)(b)		195		122,747
Samsung Electronics Co. Ltd.		2,990		162,467
Samsung Engineering Co. Ltd.^(a)		2,340		39,030
Samsung Fire & Marine Insurance Co. Ltd.^(a)		1,495		295,830
SD Biosensor Inc.^(a)		1,675		13,033
Seegene Inc.		2,551		48,284
Shinhan Financial Group Co. Ltd.		3,770		115,513
Woori Financial Group Inc.		16,900		175,225


				2,663,071

Spain — 0.6%
Acciona SA		888		114,867
Banco Bilbao Vizcaya Argentaria SA		21,710		203,193
Corp. ACCIONA Energias Renovables SA		2,015		52,360
Endesa SA		6,241		123,647
Iberdrola SA		3,256		39,205
Iberdrola SA, NVS		54		655
Repsol SA		16,055		237,105
Telefonica SA		7,440		30,272


				801,304

Sweden — 0.8%
Axfood AB		3,835		97,030
Epiroc AB, Class B		5,460		85,132
H & M Hennes & Mauritz AB, Class B		3,575		50,439
Husqvarna AB, Class B		2,015		15,674
Investor AB, Class B		8,515		200,484
Kindred Group PLC		7,865		92,525
Kinnevik AB, Class B^(a)		9,555		102,659
Skandinaviska Enskilda Banken AB, Class A		6,142		87,230
SSAB AB, Class A		8,381		65,203
Swedbank AB, Class A		4,745		96,693
Telefonaktiebolaget LM Ericsson, Class B		18,070		100,171
Volvo AB, Class A		515		12,661


				1,005,901

Switzerland — 1.5%
Alcon Inc.		975		73,393
Cie. Financiere Richemont SA, Class A, Registered		780		115,857
Coca-Cola HBC AG, Class DI		7,446		218,888
Kuehne + Nagel International AG, Registered		325		110,136
Nestle SA, Registered		2,275		259,237
Novartis AG, Registered		3,250		336,095
Roche Holding AG, NVS		1,105		314,612
UBS Group AG, Registered		16,510		494,187


				1,922,405

Taiwan — 1.7%
Chicony Electronics Co. Ltd.		22,000		115,351


Security	Shares		Value

Taiwan (continued)
Gigabyte Technology Co. Ltd.		18,000	$	178,120
Global Unichip Corp.		3,000		147,290
King Slide Works Co. Ltd.		2,000		66,418
Lite-On Technology Corp.		33,000		114,283
Novatek Microelectronics Corp.		18,000		293,215
President Chain Store Corp.		12,000		101,176
Realtek SemiConductor Corp.		11,000		164,619
Ruentex Industries Ltd.		65,000		124,548
Taiwan Semiconductor Manufacturing Co. Ltd.		29,000		580,536
Uni-President Enterprises Corp.		56,000		129,409
Wiwynn Corp.		1,000		70,501
Yuanta Financial Holding Co. Ltd.		67,040		57,795


				2,143,261

Thailand — 0.1%
PTT Exploration & Production PCL, NVDR		19,500		82,296


Turkey — 0.5%
Akbank TAS		45,045		58,635
Anadolu Efes Biracilik Ve Malt Sanayii AS		7,280		33,772
BIM Birlesik Magazalar AS		6,435		80,695
Ford Otomotiv Sanayi AS		1,560		45,343
KOC Holding AS		39,195		207,006
Tofas Turk Otomobil Fabrikasi AS		5,200		42,182
Turk Traktor ve Ziraat Makineleri AS		585		15,567
Turkcell Iletisim Hizmetleri AS		38,805		87,661
Turkiye Garanti Bankasi AS		19,370		40,539
Yapi ve Kredi Bankasi AS		80,470		57,798


				669,198

United Arab Emirates — 0.2%
Abu Dhabi Islamic Bank PJSC		31,590		96,328
Abu Dhabi National Oil Co. for Distribution PJSC		23,790		22,994
Dubai Electricity & Water Authority PJSC		97,119		66,368
Fertiglobe PLC		41,082		31,206


				216,896

United Kingdom — 2.9%
3i Group PLC		5,210		163,099
Anglo American PLC		4,541		108,247
AstraZeneca PLC		1,921		254,680
BAE Systems PLC		10,786		160,673
Barratt Developments PLC		8,017		54,638
BP PLC		66,675		389,410
British American Tobacco PLC		1,446		42,633
Burberry Group PLC		11,830		194,863
Centrica PLC		199,355		348,881
Glencore PLC		17,420		92,168
GSK PLC		7,021		138,859
HSBC Holdings PLC		20,500		160,058
JD Sports Fashion PLC		85,699		126,639
Kingfisher PLC		16,836		46,810
Legal & General Group PLC		36,612		117,760
Next PLC		195		20,818
Pearson PLC		8,696		106,681
Rio Tinto PLC		4,485		310,449
Shell PLC		11,516		360,434
Vodafone Group PLC		290,290		246,787
Wise PLC, Class A^(a)		12,675		129,284
WPP PLC		4,960		47,966


				3,621,837

United States — 59.1%
Abbott Laboratories		3,071		347,484
AbbVie Inc.		5,395		886,938


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Accenture PLC, Class A		1,514	$	550,914
Adobe Inc.^(a)		536		331,130
Aflac Inc.		2,266		191,114
Agilent Technologies Inc.		2,304		299,750
Airbnb Inc.^(a)		2,015		290,442
Allstate Corp. (The)		130		20,183
Ally Financial Inc.		10,091		370,138
Alphabet Inc., Class C, NVS^(a)		20,867		2,958,941
Amazon.com Inc.^(a)		14,365		2,229,448
American Express Co.		939		188,495
American Financial Group Inc./OH		650		78,260
Ameriprise Financial Inc.		1,365		528,023
Amgen Inc.		1,040		326,830
Apple Inc.		26,260		4,842,344
Applied Materials Inc.		2,718		446,567
Arista Networks Inc.^(a)		875		226,345
AT&T Inc.		12,415		219,621
Atlassian Corp., NVS^(a)		2,787		696,109
AutoZone Inc.^(a)		195		538,615
Bank of America Corp.		6,630		225,486
Bank of New York Mellon Corp. (The)		1,820		100,937
Berkshire Hathaway Inc., Class B^(a)		585		224,488
Best Buy Co. Inc.		6,199		449,366
Biogen Inc.^(a)		200		49,332
BlackRock Inc.^(f)		156		120,792
Blackstone Inc., NVS		834		103,791
Booking Holdings Inc.^(a)		153		536,643
Bristol-Myers Squibb Co.		6,372		311,400
Broadcom Inc.		1,105		1,303,900
Cadence Design Systems Inc.^(a)		2,991		862,784
Capital One Financial Corp.		2,757		373,077
Caterpillar Inc.		161		48,350
CDW Corp./DE		845		191,578
Celanese Corp., Class A		492		71,975
CF Industries Holdings Inc.		1,052		79,437
Chevron Corp.		472		69,587
Cintas Corp.		815		492,725
Cisco Systems Inc.		6,078		304,994
Citigroup Inc.		1,586		89,086
Coca-Cola Co. (The)		3,628		215,830
ConocoPhillips		2,170		242,758
Costco Wholesale Corp.		790		548,955
Crowdstrike Holdings Inc., Class A^(a)		1,495		437,287
CSX Corp.		405		14,459
CVS Health Corp.		2,688		199,907
Danaher Corp.		344		82,529
DaVita Inc.^(a)		1,822		197,068
Deere & Co.		385		151,528
Dell Technologies Inc., Class C		3,770		312,458
Devon Energy Corp.		2,818		118,412
Discover Financial Services		2,061		217,477
DocuSign Inc., Class A^(a)		6,435		392,020
Domino’s Pizza Inc.		65		27,704
Dow Inc.		2,736		146,650
DTE Energy Co.		1,040		109,637
Dynatrace Inc.^(a)		3,055		174,135
eBay Inc.		3,250		133,478
Electronic Arts Inc.		325		44,714
Elevance Health Inc.		1,105		545,251
Eli Lilly & Co.		1,560		1,007,152
Emerson Electric Co.		2,145		196,761
Enphase Energy Inc.^(a)		432		44,984


Security	Shares		Value

United States (continued)
Estee Lauder Companies Inc. (The), Class A		1,970	$	260,020
Etsy Inc.^(a)		4,269		284,145
Everest Group Ltd.		390		150,138
Exxon Mobil Corp.		2,069		212,714
Fair Isaac Corp.^(a)		585		701,316
Ferguson PLC		2,582		485,055
Fidelity National Financial Inc.		5,963		298,329
Ford Motor Co.		3,754		43,997
Fortinet Inc.^(a)		10,096		651,091
Fox Corp., Class A, NVS		6,631		214,181
Gartner Inc.^(a)		929		424,962
GE HealthCare Technologies Inc., NVS^(a)		2,175		159,558
General Motors Co.		2,402		93,198
Gilead Sciences Inc.		986		77,164
GoDaddy Inc., Class A^(a)		209		22,292
Goldman Sachs Group Inc. (The)		304		116,739
Hartford Financial Services Group Inc. (The)		261		22,697
Hershey Co. (The)		1,125		217,732
Hewlett Packard Enterprise Co.		21,986		336,166
Hologic Inc.^(a)		4,550		338,702
Home Depot Inc. (The)		2,397		846,045
Howmet Aerospace Inc.		267		15,021
HP Inc.		11,441		328,471
HubSpot Inc.^(a)		385		235,235
Humana Inc.		705		266,532
IDEXX Laboratories Inc.^(a)		351		180,793
International Business Machines Corp.		586		107,625
Interpublic Group of Companies Inc. (The)		5,142		169,635
Intuit Inc.		1,122		708,352
Johnson & Johnson		5,634		895,243
JPMorgan Chase & Co.		5,593		975,195
Kenvue Inc.		4,680		97,157
Keysight Technologies Inc.^(a)		420		64,369
KLA Corp.		702		417,016
Kroger Co. (The)		10,076		464,907
Lam Research Corp.		410		338,320
Lennox International Inc.		952		407,608
Liberty Global Ltd.		849		16,725
Liberty Global Ltd., NVS^(a)(d)		7,085		148,360
Liberty Media Corp.-Liberty Formula One, NVS^(d)		782		47,772
Lowe’s Companies Inc.		3,576		761,116
LPL Financial Holdings Inc.		585		139,926
Lululemon Athletica Inc.^(a)		195		88,495
LyondellBasell Industries NV, Class A		3,057		287,725
Marathon Oil Corp.		8,060		184,171
Marathon Petroleum Corp.		325		53,820
Masco Corp.		3,124		210,214
Mastercard Inc., Class A		1,453		652,731
Match Group Inc.^(a)		1,755		67,357
McDonald’s Corp.		2,566		751,120
McKesson Corp.		1,365		682,350
Medtronic PLC		168		14,707
MercadoLibre Inc.^(a)		195		333,803
Merck & Co. Inc.		6,235		753,063
Meta Platforms Inc, Class A^(a)		2,559		998,368
MetLife Inc.		3,900		270,348
Mettler-Toledo International Inc.^(a)		260		311,269
Microsoft Corp.		13,975		5,556,180
Moderna Inc.^(a)(d)		2,511		253,737
Molina Healthcare Inc.^(a)		1,040		370,698
Mondelez International Inc., Class A		1,107		83,324
Moody’s Corp.		85		33,323


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Morgan Stanley		2,067	$	180,325
Mosaic Co. (The)		758		23,278
Motorola Solutions Inc.		1,848		590,436
MSCI Inc., Class A		753		450,761
Nasdaq Inc.		1,170		67,591
NetApp Inc.		1,742		151,902
News Corp., Class B		4,519		115,551
Nike Inc., Class B		2,076		210,776
Northern Trust Corp.		124		9,875
Nucor Corp.		1,430		267,310
Nvidia Corp.		4,030		2,479,538
NVR Inc.^(a)		25		176,882
Omnicom Group Inc		184		16,630
Oracle Corp.		4,619		515,942
O’Reilly Automotive Inc.^(a)		266		272,131
PACCAR Inc.		179		17,970
Palo Alto Networks Inc.^(a)		1,229		416,029
Parker-Hannifin Corp.		98		45,521
Paychex Inc.		390		47,475
Pentair PLC		1,042		76,243
PepsiCo Inc.		1,984		334,364
Pfizer Inc.		12,092		327,451
Philip Morris International Inc.		2,927		265,918
Principal Financial Group Inc.		1,652		130,673
Procter & Gamble Co. (The)		6,110		960,125
Prologis Inc.		130		16,470
Prudential Financial Inc.		1,040		109,127
Public Storage		910		257,703
PulteGroup Inc.		2,600		271,856
Qorvo Inc.^(a)		650		64,831
Qualcomm Inc.		3,944		585,723
Raymond James Financial Inc.		2,523		277,984
Regency Centers Corp.		1,040		65,177
Regions Financial Corp.		3,214		60,005
Rockwell Automation Inc.		390		98,779
S&P Global Inc.		770		345,229
Seagate Technology Holdings PLC		260		22,277
ServiceNow Inc.^(a)(d)		503		384,996
Simon Property Group Inc.		766		106,175
Sirius XM Holdings Inc.^(d)		35,701		181,718
Starbucks Corp.		1,757		163,454
State Street Corp.		2,676		197,676
Steel Dynamics Inc.		3,055		368,708
Synchrony Financial		13,204		513,239
Synopsys Inc.^(a)		598		318,943
Target Corp.		2,860		397,769
Tesla Inc.^(a)		2,665		499,128
Texas Instruments Inc.		2,887		462,266
Thermo Fisher Scientific Inc		898		484,004
TJX Companies Inc. (The)		977		92,727
Tractor Supply Co.		213		47,840
Trane Technologies PLC		2,568		647,264
Travelers Cos. Inc. (The)		823		173,949
U.S. Bancorp.		1,170		48,602
Ulta Beauty Inc.^(a)		130		65,267
Union Pacific Corp.		646		157,579
United Rentals Inc.		195		121,953
UnitedHealth Group Inc.		2,132		1,091,030
Valero Energy Corp.		260		36,114
Veeva Systems Inc., Class A^(a)		130		26,963
Veralto Corp.		7,800		598,182
VeriSign Inc.^(a)		195		38,782


Security	Shares		Value


United States (continued)
Verizon Communications Inc.		3,510	$	148,649
Vertex Pharmaceuticals Inc.^(a)(d)		471		204,122
VICI Properties Inc., Class A		13,325		401,349
Visa Inc., Class A^(d)		3,532		965,154
Vistra Corp.		2,470		101,344
Walmart Inc.		3,134		517,893
Waters Corp.^(a)		131		41,620
Wells Fargo & Co.		3,287		164,942
Weyerhaeuser Co.		848		27,789
Whirlpool Corp.		1,173		128,467
WW Grainger Inc.		292		261,527
Yum! Brands Inc.		2,275		294,590
Zscaler Inc.^(a)		497		117,128


				73,761,755


Total Common Stocks — 99.2% (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 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

^(f)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in 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 E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® Global Equity Factor ETF

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(792	)	$	—	$	—	$	—	$	(792	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(14,169	)	$	—	$	—	$	—	$	(14,169)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	208,632

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

Fair Value Hierarchy as of Period End

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

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




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	80,639,082		$	43,235,631	$	15	$	123,874,728
Preferred Stocks		259,955			450,817		16		710,788
Short-Term Securities
Money Market Funds		2,504,917			—		—		2,504,917


	$	83,403,954		$	43,686,448	$	31	$	127,090,433

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	3,862		$	—	$	—	$	3,862
Liabilities
Equity Contracts		(1,188	)		—		—		(1,188	)


	$	2,674		$	—	$	—		2,674

^(a)

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

See notes to financial statements.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2024

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.6%
ALS Ltd.		93,663	$	769,538
ANZ Group Holdings Ltd.		66,443		1,172,346
Aristocrat Leisure Ltd.		37,917		1,093,170
ASX Ltd.		23,544		1,006,561
Aurizon Holdings Ltd.		1,492,840		3,679,897
BHP Group Ltd.		293,135		8,968,175
BlueScope Steel Ltd.		144,044		2,199,308
Brambles Ltd.		276,310		2,634,551
Commonwealth Bank of Australia		32,046		2,443,648
CSL Ltd.		5,436		1,067,508
Fortescue Ltd.		259,673		5,018,635
JB Hi-Fi Ltd.		109,129		4,059,867
Lottery Corp. Ltd. (The)		565,712		1,856,884
Macquarie Group Ltd.		32,349		3,991,524
Metcash Ltd.		761,308		1,805,947
Mineral Resources Ltd.		26,197		1,010,387
New Hope Corp. Ltd.		511,896		1,790,427
Orora Ltd.		606,799		1,102,907
Pro Medicus Ltd.		15,239		1,003,930
Rio Tinto Ltd.		70,279		6,047,322
Sims Ltd.		160,564		1,503,944
Sonic Healthcare Ltd.		4,278		89,197
South32 Ltd.		1,550,450		3,357,060
Stockland		770,382		2,275,023
Telix Pharmaceuticals Ltd.^(a)		103,467		771,428
Telstra Corp. Ltd.		1,145,638		3,021,429
Wesfarmers Ltd.		49,411		1,870,549
Whitehaven Coal Ltd.		831,115		4,543,494
Woodside Energy Group Ltd.		5,172		108,179
Woolworths Group Ltd.		101,104		2,374,423
Yancoal Australia Ltd., NVS		495,184		1,931,748


				74,569,006

Austria — 0.9%
ANDRITZ AG		25,133		1,547,249
BAWAG Group AG^(b)		15,042		774,461
OMV AG		55,628		2,476,080
Verbund AG		4,280		348,043
Wienerberger AG		97,032		3,288,217


				8,434,050

Belgium — 0.5%
Ageas SA/NV		69,487		2,985,995
D’ieteren Group		6,664		1,346,211
KBC Group NV		12,491		814,808


				5,147,014

Canada — 6.6%
Bank of Montreal		58,803		5,538,928
BCE Inc.		16,844		679,673
Brookfield Asset Management Ltd.		19,264		774,601
Canadian National Railway Co.		3,053		378,727
Canadian Natural Resources Ltd.		47,368		3,031,383
CGI Inc.^(a)		52,955		5,930,235
Constellation Software Inc./Canada		1,791		4,950,058
Dollarama Inc.		29,490		2,164,289
Fairfax Financial Holdings Ltd.		813		847,480
Loblaw Companies Ltd.		65,072		6,502,602
Magna International Inc.		13,740		780,894
Manulife Financial Corp.		113,841		2,516,534
National Bank of Canada		1,672		127,883
Nutrien Ltd.		54,943		2,739,692
Royal Bank of Canada		98,799		9,642,173


Security	Shares		Value

Canada (continued)
Sun Life Financial Inc.		4,535	$	235,073
Suncor Energy Inc.		54,162		1,793,516
Teck Resources Ltd., Class B		33,970		1,359,609
Thomson Reuters Corp.		51,778		7,687,461
Toronto-Dominion Bank (The)		113,171		6,874,689


				64,555,500

Denmark — 3.9%
AP Moller - Maersk A/S, Class B, NVS		314		578,953
Carlsberg A/S, Class B		22,193		2,855,516
Coloplast A/S, Class B		6,668		768,632
ISS A/S		142,745		2,701,018
Jyske Bank A/S, Registered		4,214		322,778
Novo Nordisk A/S		213,116		24,360,091
Pandora A/S		30,655		4,479,214
Sydbank A/S		53,342		2,367,274


				38,433,476

Finland — 1.4%
Kesko OYJ, Class B		68,764		1,342,934
Kone OYJ, Class B		15,003		742,668
Konecranes OYJ		50,676		2,176,357
Nokia OYJ		78,993		285,577
Nordea Bank Abp		481,241		5,930,040
Orion OYJ, Class B		60,816		2,799,828


				13,277,404

France — 10.3%
Air Liquide SA		1,125		210,525
ArcelorMittal SA		32,383		891,828
AXA SA		3,919		131,542
BNP Paribas SA		47,352		3,181,305
Bollore SE		99,852		659,525
Bouygues SA		79,786		2,922,768
Capgemini SE		7,121		1,583,151
Carrefour SA		124,850		2,131,476
Christian Dior SE, NVS		4,514		3,575,929
Cie. de Saint-Gobain		49,231		3,480,953
Credit Agricole SA		323,809		4,638,516
Danone SA		1,786		118,990
Dassault Systemes SE		42,949		2,226,402
Edenred SE		4,680		279,529
Eiffage SA		23,551		2,464,145
Engie SA		135,449		2,163,455
EssilorLuxottica SA		3,060		599,677
Hermes International SCA		834		1,759,456
Kering SA		4,719		1,938,440
Klepierre SA		11,164		289,043
La Francaise des Jeux SAEM^(b)		91,947		3,726,943
Legrand SA		9,556		926,126
L’Oreal SA		16,675		7,979,888
LVMH Moet Hennessy Louis Vuitton SE		13,548		11,272,729
Orange SA		160,691		1,910,925
Pernod Ricard SA		5,224		856,661
Publicis Groupe SA		48,960		4,905,475
Renault SA		10,875		409,549
Rexel SA		63,940		1,702,931
Sanofi SA		61,915		6,200,511
Schneider Electric SE		21,234		4,171,419
SES SA, Class A		31,861		195,484
Societe Generale SA		93,627		2,406,684
Sodexo SA		1,537		173,387
TotalEnergies SE		134,131		8,701,827
Unibail-Rodamco-Westfield, New^(a)		100,887		7,223,983


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Vinci SA		15,786	$	1,994,123
Vivendi SE		55,566		626,204


				100,631,504

Germany — 4.9%
AIXTRON SE		27,064		1,007,274
Allianz SE, Registered		13,792		3,684,891
BASF SE		18,901		903,543
Bayerische Motoren Werke AG		26,388		2,745,753
Commerzbank AG		195,500		2,245,042
Deutsche Bank AG, Registered		27,565		356,077
Deutsche Boerse AG		14,602		2,907,837
Deutsche Post AG, Registered		66,974		3,207,663
Deutsche Telekom AG, Registered		145,074		3,561,249
E.ON SE		79,828		1,080,015
GEA Group AG		43,046		1,723,951
Hannover Rueck SE		483		115,783
Heidelberg Materials AG		1,317		121,618
HelloFresh SE^(a)		5,937		78,515
Hugo Boss AG		33,395		2,085,671
Mercedes-Benz Group AG		78,299		5,286,183
Merck KGaA		3,750		615,283
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,010		2,984,290
RWE AG		6,298		232,558
SAP SE		43,001		7,449,776
Siemens AG, Registered		26,338		4,715,130
Wacker Chemie AG		7,589		822,805


				47,930,907

Hong Kong — 1.3%
AIA Group Ltd.		493,400		3,869,448
CK Asset Holdings Ltd.		207,500		936,311
CK Hutchison Holdings Ltd.		180,500		932,250
HKT Trust & HKT Ltd., Class SS		71,000		85,289
Hong Kong Exchanges & Clearing Ltd.		22,100		670,045
Jardine Matheson Holdings Ltd.		50,500		2,027,783
PCCW Ltd.		707,000		365,697
SITC International Holdings Co. Ltd.^(c)		76,000		115,318
Swire Properties Ltd.		747,000		1,395,974
WH Group Ltd.^(b)		2,734,000		1,613,045
Wharf Real Estate Investment Co. Ltd.		185,000		542,019


				12,553,179

Ireland — 0.6%
AIB Group PLC		1,088,569		4,781,457
Bank of Ireland Group PLC		168,233		1,547,067


				6,328,524

Italy — 3.2%
A2A SpA		1,509,619		2,993,066
Banca Monte dei Paschi di Siena SpA^(a)		701,975		2,463,746
Banco BPM SpA		32,448		175,066
BPER Banca		818,445		2,952,018
Brunello Cucinelli SpA		11,215		1,111,820
Enel SpA		305,812		2,086,670
Eni SpA		239,230		3,813,647
Hera SpA		76,970		271,137
Intesa Sanpaolo SpA		447,160		1,377,831
Italgas SpA		251,084		1,431,530
Mediobanca Banca di Credito Finanziario SpA		50,524		669,140
Poste Italiane SpA^(b)		81,567		884,484
Prysmian SpA		42,835		1,885,161
Snam SpA		381,746		1,864,426
Stellantis NV		115,845		2,551,677


Security	Shares		Value

Italy (continued)
Terna - Rete Elettrica Nazionale		116,166	$	979,517
UniCredit SpA		124,361		3,642,790


				31,153,726

Japan — 24.1%
Advance Residence Investment Corp.		197		433,824
Advantest Corp.		4,600		183,070
Ajinomoto Co. Inc.		31,100		1,277,119
Amada Co. Ltd.		18,700		201,804
Asics Corp.		61,500		1,868,746
Astellas Pharma Inc.		172,200		2,004,834
Bandai Namco Holdings Inc.		33,100		716,699
BayCurrent Consulting Inc.		16,900		392,908
BIPROGY Inc.		59,000		1,727,428
Canon Inc.		25,100		691,433
Capcom Co. Ltd.		79,400		3,028,218
Chubu Electric Power Co. Inc.		94,100		1,220,730
Chugai Pharmaceutical Co. Ltd.		50,400		1,812,899
Dai Nippon Printing Co. Ltd.		39,200		1,134,446
Daicel Corp.		72,300		708,335
Dai-ichi Life Holdings Inc.		101,800		2,232,755
Daiichi Sankyo Co. Ltd.		126,800		3,796,269
Daiwa Securities Group Inc.		18,900		135,454
Dentsu Group Inc.		22,300		591,870
Disco Corp.		8,800		2,374,583
Ebara Corp.		37,600		2,354,779
Fast Retailing Co. Ltd.		10,600		2,829,954
Frontier Real Estate Investment Corp.		495		1,463,159
Fuji Electric Co. Ltd.		11,100		555,888
FUJIFILM Holdings Corp.		23,400		1,483,207
Fujikura Ltd.		273,900		2,251,598
Fujitsu Ltd.		10,500		1,453,350
Fuyo General Lease Co. Ltd.		1,400		125,197
GMO Payment Gateway Inc.		3,300		199,116
Goldwin Inc.		8,200		551,608
Hachijuni Bank Ltd. (The)		346,900		1,890,573
Hirose Electric Co. Ltd.		3,800		442,141
Hitachi Ltd.		49,500		3,888,242
Honda Motor Co. Ltd.		287,300		3,211,457
Hoya Corp.		25,900		3,290,053
Ibiden Co. Ltd.^(c)		1,800		90,576
Internet Initiative Japan Inc.		140,000		2,714,798
Isetan Mitsukoshi Holdings Ltd.		100,200		1,171,569
ITOCHU Corp.		108,200		4,910,560
Japan Post Bank Co. Ltd.		209,800		2,181,888
Japan Post Holdings Co. Ltd.		259,200		2,481,239
Japan Post Insurance Co. Ltd.		190,900		3,574,007
Japan Real Estate Investment Corp.		801		3,070,666
Japan Tobacco Inc.		5,700		150,237
Kagome Co. Ltd.		12,900		317,599
Kamigumi Co. Ltd.		105,800		2,434,011
KDDI Corp.		56,400		1,868,816
Keyence Corp.		6,600		2,952,826
Kikkoman Corp.		5,600		344,558
Kirin Holdings Co. Ltd.		12,700		182,549
Koei Tecmo Holdings Co. Ltd.		23,400		291,474
Konami Group Corp.		8,300		510,435
LaSalle Logiport REIT		1,274		1,290,115
Lawson Inc.		36,000		2,060,571
Macnica Holdings Inc.		47,400		2,508,212
Marubeni Corp.		64,900		1,106,977
Maruichi Steel Tube Ltd.		75,200		1,916,062
Mazda Motor Corp.		82,700		1,002,609


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Mitsubishi Corp.		89,700	$	1,545,974
Mitsubishi Estate Co. Ltd.		77,000		1,066,905
Mitsubishi Gas Chemical Co. Inc.		16,900		275,992
Mitsubishi Heavy Industries Ltd.		38,100		2,541,402
Mitsubishi Logistics Corp.		21,100		651,761
Mitsubishi UFJ Financial Group Inc.		549,900		5,150,664
Mitsui & Co. Ltd.		59,400		2,409,099
Mizuho Financial Group Inc.		244,800		4,445,950
MS&AD Insurance Group Holdings Inc.		91,000		3,757,821
Nihon Kohden Corp.		10,000		304,769
Nintendo Co. Ltd.		110,200		6,156,972
Nippon Accommodations Fund Inc.		319		1,328,039
Nippon Express Holdings Inc.		70,900		4,220,062
Nippon Gas Co. Ltd.		114,600		1,775,228
Nippon Telegraph & Telephone Corp.		6,066,100		7,617,530
Nissan Chemical Corp.		41,100		1,639,183
Nissan Motor Co. Ltd.		373,900		1,467,866
Nissin Foods Holdings Co. Ltd.		32,200		1,041,714
Nitto Denko Corp.		18,000		1,493,241
NOF Corp.		9,300		420,023
Nomura Holdings Inc.		653,200		3,518,230
Nomura Real Estate Holdings Inc.		117,400		3,212,734
Nomura Research Institute Ltd.		104,000		3,180,686
Olympus Corp.		81,300		1,203,538
ORIX Corp.		142,300		2,747,708
Osaka Gas Co. Ltd.		60,800		1,280,257
Panasonic Holdings Corp.		63,000		593,383
Persol Holdings Co. Ltd.		574,400		913,130
Recruit Holdings Co. Ltd.		76,000		3,001,902
Rohto Pharmaceutical Co. Ltd.		22,300		456,294
Sanrio Co. Ltd.		49,700		2,075,332
Sanwa Holdings Corp.		122,800		1,876,897
SBI Holdings Inc.		118,300		2,906,117
SCREEN Holdings Co. Ltd.		24,900		2,441,675
SCSK Corp.		71,200		1,397,984
Sega Sammy Holdings Inc.		59,000		868,338
Seiko Epson Corp.		25,300		369,314
Sekisui House Ltd.		54,800		1,237,066
Sekisui House REIT Inc.		862		458,488
Seven & i Holdings Co. Ltd.		4,700		185,626
Shimadzu Corp.		18,700		517,092
Shimamura Co. Ltd.		10,700		1,173,881
Shin-Etsu Chemical Co. Ltd.		31,300		1,232,036
Shionogi & Co. Ltd.		7,900		379,172
SHO-BOND Holdings Co. Ltd.		46,400		2,066,680
SMC Corp.		200		111,329
Socionext Inc.		101,200		2,319,310
SoftBank Corp.		109,800		1,458,785
Sohgo Security Services Co. Ltd.		399,500		2,180,866
Sompo Holdings Inc.		33,500		1,737,023
Sony Group Corp.		52,600		5,158,393
Sumitomo Heavy Industries Ltd.		8,500		220,528
Sumitomo Mitsui Financial Group Inc.		65,700		3,417,277
Sumitomo Mitsui Trust Holdings Inc.		12,200		250,018
Sumitomo Realty & Development Co. Ltd.		10,700		336,506
T&D Holdings Inc.		6,100		101,008
Takashimaya Co. Ltd.		37,900		527,994
Takeda Pharmaceutical Co. Ltd.		64,100		1,883,930
TIS Inc.		81,500		1,812,710
Toho Gas Co. Ltd.		21,600		433,942
Tokio Marine Holdings Inc.		129,500		3,414,581
Tokyo Electron Ltd.		21,100		3,915,578


Security	Shares		Value

Japan (continued)
Tokyo Gas Co. Ltd.		68,300	$	1,568,978
Tokyo Ohka Kogyo Co. Ltd.		52,700		1,203,694
Tokyo Tatemono Co. Ltd.		169,300		2,609,239
TOPPAN Holdings Inc.		46,200		1,273,477
Toyota Motor Corp.		531,100		10,604,906
Trend Micro Inc./Japan^(a)(c)		18,600		1,064,094
Ulvac Inc.		9,500		464,963
USS Co. Ltd.		47,700		902,074
Yakult Honsha Co. Ltd.		43,700		954,477
Yamada Holdings Co. Ltd.		100,600		307,291
Yamato Kogyo Co. Ltd.		47,200		2,612,699
Zensho Holdings Co. Ltd.		48,900		2,394,570


				235,500,095

Netherlands — 5.2%
ABN AMRO Bank NV, CVA^(b)		128,150		1,886,033
Adyen NV^(a)(b)		2,313		2,900,934
Akzo Nobel NV		22,606		1,736,423
ASM International NV		3,869		2,144,330
ASML Holding NV		21,895		18,995,837
ASR Nederland NV		34,994		1,649,144
BE Semiconductor Industries NV		12,391		1,862,098
ING Groep NV		177,244		2,518,365
Koninklijke Ahold Delhaize NV		196,160		5,516,637
Koninklijke KPN NV		224,007		762,014
NN Group NV		60,221		2,468,352
OCI NV		128,620		3,673,900
Qiagen NV, NVS		22,344		969,432
Randstad NV		31,823		1,809,462
Signify NV^(b)		50,800		1,523,220
Universal Music Group NV		4,636		136,659


				50,552,840

New Zealand — 0.6%
Contact Energy Ltd.		49,051		241,958
Fisher & Paykel Healthcare Corp. Ltd.		14,815		213,974
Fletcher Building Ltd.		785,100		2,169,113
Mainfreight Ltd.^(c)		6,384		279,384
Meridian Energy Ltd.		713,458		2,417,045
Spark New Zealand Ltd.		187,615		609,523


				5,930,997

Norway — 0.9%
DNB Bank ASA		95,213		1,850,913
Equinor ASA		31,117		890,478
Gjensidige Forsikring ASA		7,440		119,668
Kongsberg Gruppen ASA		37,831		1,927,994
Norsk Hydro ASA		155,152		909,269
Orkla ASA		261,617		2,049,279
Telenor ASA		8,497		94,283
Yara International ASA		34,450		1,138,664


				8,980,548

Poland — 0.2%
LPP SA		382		1,485,394


Portugal — 0.1%
Galp Energia SGPS SA		6,494		102,227
Jeronimo Martins SGPS SA		47,068		1,070,482


				1,172,709

Singapore — 1.9%
ComfortDelGro Corp. Ltd.		1,973,800		2,052,918
DBS Group Holdings Ltd.		37,400		885,830
Jardine Cycle & Carriage Ltd.		44,400		856,744
NetLink NBN Trust		2,818,000		1,775,035


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Singapore (continued)
Oversea-Chinese Banking Corp. Ltd.		178,800	$	1,710,288
Sembcorp Industries Ltd.		886,200		3,729,562
Singapore Technologies Engineering Ltd.		183,700		509,021
STMicroelectronics NV , New^(c)		34,452		1,512,665
United Overseas Bank Ltd.		111,000		2,339,718
Wilmar International Ltd.		704,500		1,725,101
Yangzijiang Shipbuilding Holdings Ltd.^(c)		1,332,900		1,664,019


				18,760,901

Spain — 2.2%
Acciona SA		19,001		2,457,869
Banco Bilbao Vizcaya Argentaria SA		384,036		3,594,361
Banco de Sabadell SA		2,104,174		2,731,083
Banco Santander SA		145,198		583,559
Bankinter SA		30,047		185,514
CaixaBank SA		108,247		461,564
Endesa SA		84,803		1,680,113
Iberdrola SA		201,549		2,426,843
Iberdrola SA, NVS		3,455		41,599
Industria de Diseno Textil SA		17,144		733,032
Naturgy Energy Group SA		8,407		226,382
Redeia Corp. SA		6,608		109,958
Repsol SA		291,464		4,304,422
Telefonica SA		393,764		1,602,160


				21,138,459

Sweden — 2.3%
Assa Abloy AB, Class B		14,746		404,420
Axfood AB		93,924		2,376,383
Billerud Aktiebolag		36,602		325,468
Getinge AB, Class B		4,236		90,553
H & M Hennes & Mauritz AB, Class B		154,903		2,185,487
Husqvarna AB, Class B		80,089		623,005
Investor AB, Class B		162,243		3,819,973
Kinnevik AB, Class B^(a)		201,633		2,166,348
Sandvik AB		23,640		496,815
Skandinaviska Enskilda Banken AB, Class A		140,475		1,995,045
SSAB AB, Class B		283,957		2,168,994
Svenska Handelsbanken AB, Class A		46,809		504,617
Swedbank AB, Class A		50,635		1,031,839
Telefonaktiebolaget LM Ericsson, Class B		396,908		2,200,250
Telia Co. AB		75,384		194,428
Thule Group AB^(b)		6,187		157,429
Volvo AB, Class B		88,819		2,128,576


				22,869,630

Switzerland — 8.3%
ABB Ltd., Registered		47,105		1,993,097
Adecco Group AG, Registered		34,335		1,484,750
Alcon Inc.		31,716		2,387,422
Bucher Industries AG, Registered		6,457		2,734,968
Cie. Financiere Richemont SA, Class A, Registered		33,871		5,031,014
Coca-Cola HBC AG, Class DI		138,948		4,084,619
Julius Baer Group Ltd.		17,228		937,916
Kuehne + Nagel International AG, Registered		11,430		3,873,394
Logitech International SA, Registered		5,313		445,406
Nestle SA, Registered		142,422		16,229,062
Novartis AG, Registered		125,281		12,955,774
PSP Swiss Property AG, Registered		14,560		1,937,893
Roche Holding AG, NVS		33,824		9,630,246
SGS SA		50,305		4,648,475
Sonova Holding AG, Registered		1,468		469,168
Straumann Holding AG		10,750		1,632,940
Swiss Life Holding AG, Registered		181		129,981


Security	Shares		Value

Switzerland (continued)
Swiss Re AG		11,951	$	1,368,395
Swisscom AG, Registered		234		139,998
Swissquote Group Holding SA, Registered		3,240		813,152
UBS Group AG, Registered		271,966		8,140,651
Zurich Insurance Group AG		275		139,725


				81,208,046

United Kingdom — 11.8%
3i Group PLC		92,388		2,892,201
Anglo American PLC		90,943		2,167,870
AstraZeneca PLC		63,772		8,454,690
B&M European Value Retail SA		131,665		862,895
BAE Systems PLC		179,913		2,680,068
Balfour Beatty PLC		548,197		2,306,504
Barclays PLC		519,670		965,717
Barratt Developments PLC		85,945		585,743
BP PLC		989,167		5,777,147
British American Tobacco PLC		38,758		1,142,726
Bunzl PLC		9,473		384,981
Burberry Group PLC		111,420		1,835,302
Centrica PLC		1,215,445		2,127,088
Compass Group PLC		2,942		81,034
Computacenter PLC		3,508		128,159
Diageo PLC		109,696		3,961,985
Dowlais Group PLC		1,382,665		1,579,434
Drax Group PLC		99,230		640,340
Glencore PLC		696,337		3,684,290
Grafton Group PLC		142,918		1,760,305
Greggs PLC		59,616		2,008,183
GSK PLC		225,504		4,459,958
Howden Joinery Group PLC		210,159		2,128,255
HSBC Holdings PLC		682,521		5,328,921
IG Group Holdings PLC		31,874		286,424
IMI PLC		90,909		1,928,139
Imperial Brands PLC		81,230		1,949,937
Inchcape PLC		303,159		2,610,426
Indivior PLC, NVS^(a)		88,305		1,552,177
Intermediate Capital Group PLC		97,088		2,188,858
International Distributions Services PLC^(a)		691,020		2,424,020
Investec PLC		419,243		2,729,488
JD Sports Fashion PLC		650,103		960,666
Kingfisher PLC		613,612		1,706,041
Land Securities Group PLC		29,593		249,490
Legal & General Group PLC		429,330		1,380,915
Lloyds Banking Group PLC		1,078,656		578,219
M&G PLC		143,354		405,314
Man Group PLC/Jersey		1,115,537		3,351,931
Marks & Spencer Group PLC		136,768		427,304
Next PLC		20,857		2,226,621
Pearson PLC		81,218		996,364
QinetiQ Group PLC		268,473		1,212,484
Reckitt Benckiser Group PLC		20,379		1,473,420
Rightmove PLC		195,972		1,386,928
Rio Tinto PLC		61,737		4,273,399
RS GROUP PLC		38,171		378,235
Sage Group PLC (The)		164,556		2,449,897
Serco Group PLC		123,097		268,615
Shell PLC		284,777		8,913,105
Softcat PLC		30,758		563,645
SSP Group PLC^(a)		13,109		37,308
Tesco PLC		134,252		486,478
Unilever PLC		54,377		2,645,996
Vodafone Group PLC		2,735,553		2,325,604


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Wise PLC, Class A^(a)		99,985	$	1,019,837
WPP PLC		196,536		1,900,600


				115,231,681


Total Common Stocks — 98.8% (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



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)

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 E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Equity Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	114,476	$	—	$	—	$	—	$	114,476


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,449	$	—	$	—	$	—	$	2,449

^(a)

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




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	85,906,111	$	879,939,479		$	—	$	965,845,590
Preferred Stocks		—		6,801,986			—		6,801,986
Warrants		—		—			—		—
Short-Term Securities
Money Market Funds		5,262,903		—			—		5,262,903


	$	91,169,014	$	886,741,465		$	—	$	977,910,479


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	114,476		$	—	$	114,476
Liabilities
Equity Contracts		—		(2,449	)		—		(2,449	)


	$	—	$	112,027		$	—		112,027

^(a)

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

See notes to financial statements.


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.4%
29Metals Ltd.^(a)		714,379	$	157,266
Abacus Group		181,602		129,227
Accent Group Ltd.		61,218		80,428
Adairs Ltd.^(a)		375,345		415,530
Alkane Resources Ltd.		148,257		55,228
Altium Ltd.		37,620		1,208,573
AMP Ltd.		132,012		80,061
APM Human Services International Ltd.		564,471		272,476
ARN Media Ltd., NVS^(a)		418,950		273,441
BWP Trust		116,451		260,761
Cettire Ltd.^(b)		407,151		828,079
Champion Iron Ltd.		59,166		324,586
Clinuvel Pharmaceuticals Ltd		22,230		227,414
Coast Entertainment Holdings Ltd., NVS		1,840,986		558,472
Collins Foods Ltd.		53,010		415,593
CSR Ltd.		521,208		2,346,983
Data#3 Ltd.		46,683		296,885
Deterra Royalties Ltd.		424,422		1,528,532
Domain Holdings Australia Ltd.		262,827		570,320
Domino’s Pizza Enterprises Ltd.		2,565		65,975
Downer EDI Ltd.		140,391		382,348
Elders Ltd.		41,895		244,743
FleetPartners Group Ltd., NVS^(b)		419,121		836,932
GrainCorp Ltd., Class A		221,274		1,162,550
Growthpoint Properties Australia Ltd.		73,359		114,809
GUD Holdings Ltd.		32,498		257,956
GWA Group Ltd.		521,208		775,590
Healius Ltd.^(b)		1,269,875		1,142,445
Helia Group Ltd.		462,384		1,486,843
HomeCo Daily Needs REIT		655,708		539,785
Iluka Resources Ltd.		154,584		721,997
Inghams Group Ltd.		319,770		894,812
Jumbo Interactive Ltd.		11,115		113,979
Karoon Energy Ltd.^(b)		293,265		368,977
Kogan.com Ltd.		51,471		192,822
Link Administration Holdings Ltd.		105,678		149,731
Lovisa Holdings Ltd.		10,089		150,099
McMillan Shakespeare Ltd.		93,366		1,051,341
Metcash Ltd.		228,457		541,937
Myer Holdings Ltd.^(a)		2,274,129		1,006,388
Neometals Ltd.^(a)		420,489		39,413
Neuren Pharmaceuticals Ltd., NVS^(b)		36,330		556,601
New Hope Corp. Ltd.		309,168		1,081,358
nib holdings Ltd.		25,479		134,755
Nick Scali Ltd.		103,284		835,053
Nine Entertainment Co. Holdings Ltd.		438,957		563,180
NRW Holdings Ltd.		481,023		850,014
OFX Group Ltd.^(a)		121,923		121,463
Orora Ltd.		240,255		436,683
Perenti Ltd.^(b)		262,143		139,407
Perseus Mining Ltd.		102,258		120,409
PEXA Group Ltd.^(b)		104,481		780,784
PolyNovo Ltd.^(a)(b)		110,637		135,960
Region RE Ltd.		251,028		369,591
Regis Resources Ltd.^(b)		91,143		124,307
Reliance Worldwide Corp. Ltd.		57,114		156,155
RPMGlobal Holdings Ltd.		236,322		278,594
Sandfire Resources Ltd.^(a)(b)		317,205		1,490,733
Sigma Healthcare Ltd.		758,072		512,093
Sims Ltd.		146,376		1,371,050


Security	Shares		Value

Australia (continued)
Southern Cross Media Group Ltd.		723,843	$	489,124
Stanmore Resources Ltd.		442,890		1,136,523
Star Entertainment Grp Ltd. (The)^(b)		483,075		175,296
Steadfast Group Ltd.		113,715		440,006
Super Retail Group Ltd.		142,785		1,473,567
Tabcorp Holdings Ltd.		2,823,039		1,466,605
Telix Pharmaceuticals Ltd.^(b)		92,682		691,017
Temple & Webster Group Ltd.^(a)(b)		10,089		59,764
Terracom Ltd.		2,773,449		559,576
Ventia Services Group Pty Ltd.		340,119		729,717
Weebit Nano Ltd.^(a)(b)		61,047		137,310


				39,688,022

Austria — 0.4%t
ams-OSRAM AG^(b)		86,868		203,309
Immofinanz AG^(b)		12,312		292,225
Oesterreichische Post AG^(a)		9,747		329,873
Porr AG		46,341		650,212
S IMMO AG		7,524		121,157
Semperit AG Holding^(a)		10,773		168,814
Zumtobel Group AG		57,627		373,665


				2,139,255

Belgium — 1.3%
Barco NV		18,639		309,639
Bekaert SA		10,773		525,431
bpost SA		117,819		481,551
Deceuninck NV		22,743		55,621
Deme Group NV		3,933		493,588
Gimv NV		37,962		1,770,348
Ion Beam Applications^(a)		81,396		928,907
Orange Belgium SA		33,174		472,518
Proximus SADP		73,530		697,750
Solvay SA		33,858		925,965
Van de Velde NV^(a)		7,695		274,012


				6,935,330

Canada — 10.3%
ADENTRA Inc.		4,446		104,697
Advantage Energy Ltd.^(b)		38,133		250,164
Alamos Gold Inc., Class A		12,825		155,298
Andlauer Healthcare Group Inc.		21,717		633,847
Aritzia Inc.^(b)		5,130		124,811
Artis REIT		134,064		649,155
Atco Ltd., Class I, NVS		19,323		540,403
ATS Corp.^(b)		16,416		702,208
AutoCanada Inc.		6,498		103,817
Baytex Energy Corp.		192,546		611,530
BlackBerry Ltd.^(b)		95,931		269,002
Boardwalk REIT		3,249		168,679
BRP Inc.		17,100		1,079,076
Canfor Corp.^(b)		58,140		704,020
Capital Power Corp.		12,825		352,569
Cascades Inc.		77,634		849,415
Celestica Inc.^(b)		88,749		3,050,388
Centerra Gold Inc.		99,180		523,029
Chemtrade Logistics Income Fund		46,854		309,816
Choice Properties REIT		19,836		207,146
CI Financial Corp.		162,279		1,979,527
Cogeco Communications Inc.		9,063		418,282
Cogeco Inc.		15,390		682,932
Colliers International Group Inc.		7,866		923,361
Corus Entertainment Inc., Class B, NVS		722,475		510,507
Crescent Point Energy Corp.		234,441		1,529,285


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
CT REIT		204,858	$	2,210,934
Definity Financial Corp.		44,460		1,293,670
Docebo Inc.		24,966		1,096,354
Dream Office REIT^(a)		84,645		682,474
Dundee Precious Metals Inc.		82,422		527,839
ECN Capital Corp.^(a)		367,992		752,708
Eldorado Gold Corp.^(b)		33,858		413,765
Enerplus Corp.		76,526		1,111,158
Ensign Energy Services Inc.		188,613		326,876
EQB Inc.		5,301		364,006
ERO Copper Corp.^(b)		12,654		198,123
Filo Corp., NVS^(b)		30,780		473,221
Finning International Inc.		69,768		2,019,170
First Capital Real Estate Investment Trust		49,248		579,130
Frontera Energy Corp.^(b)		90,801		543,678
Gibson Energy Inc.		39,330		627,782
H&R Real Estate Investment Trust		47,538		348,283
Hammond Power Solutions Inc.		7,353		508,522
Hudbay Minerals Inc.		18,126		100,711
IAMGOLD Corp.^(b)		46,512		110,706
Interfor Corp.^(b)		68,571		1,060,863
Jamieson Wellness Inc.^(c)		3,591		82,507
Kinaxis Inc.^(b)		6,840		832,939
Labrador Iron Ore Royalty Corp.		33,174		814,514
Lassonde Industries Inc., Class A		1,539		164,254
Leon’s Furniture Ltd.		44,973		711,834
Linamar Corp.		7,011		332,546
Major Drilling Group International Inc.		148,428		916,324
Maple Leaf Foods Inc.		7,182		136,968
Martinrea International Inc.		49,932		512,894
Mattr Corp., NVS		32,832		397,320
MEG Energy Corp.^(b)		61,560		1,163,937
Methanex Corp.		14,022		621,809
Morguard Corp.		684		57,027
Morguard North American Residential REIT		4,959		55,844
New Gold Inc.^(b)		185,706		223,767
North West Co. Inc. (The)		9,918		286,891
Nuvei Corp.^(c)		13,338		324,112
Parex Resources Inc.		11,115		184,031
Parkland Corp.		17,784		606,888
Pason Systems Inc.		103,797		1,137,988
Peyto Exploration & Development Corp.		10,773		103,928
PHX Energy Services Corp.		27,531		191,260
PrairieSky Royalty Ltd.		39,501		651,666
Precision Drilling Corp.^(b)		12,996		805,018
Primo Water Corp.		14,706		214,413
Prinmaris REIT		46,170		476,999
Quebecor Inc., Class B		2,223		54,052
Real Matters Inc.		176,643		918,394
Russel Metals Inc.		34,200		1,121,558
Silvercorp Metals Inc.		21,033		49,905
SNC-Lavalin Group Inc.		8,379		277,898
Spin Master Corp.^(c)		29,925		769,688
Sprott Inc.		2,052		72,010
Stelco Holdings Inc.		36,765		1,180,243
Superior Plus Corp.		31,635		216,947
Torex Gold Resources Inc.^(b)		42,237		433,852
TransAlta Corp.		149,967		1,086,451
Transcontinental Inc., Class A		54,036		543,796
Trican Well Service Ltd.		371,412		1,210,000
Vermilion Energy Inc.		44,802		481,527
Western Forest Products Inc.		194,256		98,251


Security	Shares		Value

Canada (continued)
Westshore Terminals Investment Corp.		39,672	$	838,027
Whitecap Resources Inc.		147,060		951,632


				55,094,846

China — 0.5%
China Renaissance Holdings Ltd.^(c)(d)		203,500		106,832
Mobvista Inc.^(c)		513,000		187,246
Moody Technology Holdings Ltd., NVS		6,840,000		258,098
NetDragon Websoft Holdings Ltd.		427,500		585,550
Skyworth Group Ltd.		1,368,000		433,660
Wasion Holdings Ltd.		1,710,000		926,823
XD Inc.^(b)		34,200		36,767


				2,534,976

Denmark — 2.0%
Bavarian Nordic A/S^(b)		4,788		109,996
Chemometec A/S		10,431		564,180
D/S Norden A/S		10,260		552,057
GN Store Nord A/S^(b)		34,884		822,653
ISS A/S		85,500		1,617,829
Jyske Bank A/S, Registered		4,788		366,745
Nilfisk Holding A/S^(b)		8,379		147,660
NKT A/S^(a)(b)		1,026		71,537
Per Aarsleff Holding A/S		25,821		1,188,535
Ringkjoebing Landbobank A/S		3,762		606,336
Rockwool A/S, Class B		1,197		326,334
Royal Unibrew A/S		11,115		728,094
Scandinavian Tobacco Group A/S, Class A^(c)		75,582		1,355,480
Solar A/S, Class B		9,405		612,478
Sydbank A/S		28,557		1,267,336
Topdanmark A/S		7,353		326,093
Trifork Holding AG		2,394		50,750


				10,714,093

Finland — 1.4%
Afarak Group SE^(a)		287,793		123,474
Cargotec OYJ, Class B		5,814		330,526
F-Secure OYJ		186,561		389,552
Harvia OYJ		6,669		196,787
Kemira OYJ		50,958		953,795
Konecranes OYJ		20,349		873,919
Marimekko OYJ		80,028		1,195,240
Nokian Renkaat OYJ		48,051		433,051
Oma Saastopankki OYJ		43,092		1,080,413
Outokumpu OYJ		116,451		497,097
QT Group OYJ^(b)		5,301		373,909
Sanoma OYJ		81,909		611,667
Stockmann OYJ Abp, Class B		26,163		81,035
TietoEVRY OYJ		10,773		249,993
WithSecure OYJ^(a)		81,225		95,592
YIT OYJ^(a)		82,935		176,669


				7,662,719

France — 5.3%
ALD SA^(c)		37,620		250,726
Alten SA		1,539		237,960
Atos SE^(a)(b)		24,282		103,658
Beneteau SACA		34,542		413,971
Carmila SA		11,457		203,579
Casino Guichard Perrachon SA^(a)		69,546		46,598
Cie. des Alpes		23,598		384,421
Cie. Plastic Omnium SA		19,323		221,470
Coface SA		87,723		1,185,381
Criteo SA, SP ADR, SP ADR^(a)(b)		2,394		62,076
Derichebourg SA		227,772		1,175,204


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Elis SA		4,104	$	90,234
Eramet SA^(a)		6,669		459,341
Eurazeo SE		12,312		1,048,739
Euronext NV^(c)		12,483		1,097,969
Eutelsat Communications SACA^(a)(b)		106,191		387,318
Forvia SE^(b)		28,899		496,694
Gaztransport Et Technigaz SA		10,602		1,486,374
ICADE		9,747		329,997
Interparfums SA		12,235		647,357
IPSOS SA		19,152		1,256,960
Kaufman & Broad SA		15,048		445,452
Klepierre SA		65,493		1,695,658
La Francaise des Jeux SAEM^(c)		51,129		2,072,442
Lagardere SA		4,104		82,390
Maisons du Monde SA^(a)(c)		65,835		317,815
Mercialys SA		74,727		850,150
Mersen SA		1,539		55,829
Metropole Television SA		5,301		75,181
Nexans SA		5,985		544,744
Nexity SA		10,944		182,417
Quadient SA		37,962		804,301
Renault SA		46,854		1,764,507
Rexel SA		54,720		1,457,373
SCOR SE		26,847		800,877
Societe pour l’Informatique Industrielle, NVS		5,130		386,710
SOITEC^(b)		2,565		370,717
Sopra Steria Group SACA		342		80,218
SPIE SA		13,680		452,501
Television Francaise 1 SA		154,755		1,364,709
Trigano SA		5,301		835,016
Ubisoft Entertainment SA^(b)		15,219		335,702
Valeo SE		57,627		752,179
Verallia SA^(c)		9,918		349,752
Virbac SACA		855		308,560
Wavestone		8,379		555,076
Wendel SE		1,710		155,033


				28,681,336

Germany — 4.6%
AIXTRON SE		19,665		731,896
Amadeus Fire AG		4,959		599,067
Atoss Software AG		4,104		1,124,502
Aurubis AG		17,100		1,230,059
Bechtle AG		8,892		461,075
BRANICKS Group AG^(a)		82,080		188,644
Ceconomy AG^(b)		226,404		549,969
CompuGroup Medical SE & Co. KgaA		1,881		80,647
Covestro AG^(b)(c)		9,063		478,576
CTS Eventim AG & Co. KGaA		2,736		185,165
Dermapharm Holding SE		6,156		261,849
Deutsche Pfandbriefbank AG^(a)(c)		132,867		799,605
Deutz AG		54,549		329,673
Duerr AG		12,825		293,224
DWS Group GmbH & Co. KGaA^(a)(c)		1,881		76,923
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,368		68,039
Elmos Semiconductor SE		1,881		131,376
flatexDEGIRO AG^(b)		40,185		439,425
Freenet AG		41,895		1,157,672
GEA Group AG		24,966		999,864
Gerresheimer AG		1,710		174,333
GFT Technologies SE		1,710		60,467
Heidelberger Druckmaschinen AG^(b)		93,537		110,427
HelloFresh SE^(b)		46,341		612,848


Security	Shares		Value

Germany (continued)
Hensoldt AG		2,394	$	71,870
Hugo Boss AG		12,996		811,660
K+S AG, Registered		21,033		295,014
Kloeckner & Co. SE		140,562		1,016,562
Krones AG		6,498		805,264
LANXESS AG		9,576		255,644
METRO AG^(b)		37,620		253,557
MLP SE		17,100		99,154
Nemetschek SE		10,773		994,064
New Work SE		1,026		68,239
Patrizia SE^(a)		39,330		335,563
ProSiebenSat.1 Media SE^(a)		30,096		211,717
PVA TePla AG^(b)		12,825		290,237
Rheinmetall AG		7,353		2,574,806
SAF-Holland SE		15,219		245,737
Salzgitter AG		21,546		600,948
Scout24 SE^(c)		15,390		1,133,170
SGL Carbon SE^(a)(b)		7,866		49,794
Sixt SE^(a)		4,275		416,624
SMA Solar Technology AG^(a)(b)		3,420		175,412
Stratec SE^(a)		1,710		78,078
TAG Immobilien AG^(b)		14,877		208,231
Takkt AG		23,769		347,290
TeamViewer SE^(b)(c)		29,925		429,024
thyssenkrupp AG		50,958		314,497
United Internet AG, Registered		12,825		337,075
Wacker Chemie AG		3,591		389,339
Zalando SE^(a)(b)(c)		44,289		884,302


				24,838,197

Hong Kong — 1.4%
Champion REIT		855,000		203,591
Chinese Estates Holdings Ltd.		855,000		107,415
CK Life Sciences International Holdings Inc.		4,104,000		278,932
DL Holdings Group Ltd., NVS		171,000		102,802
Esprit Holdings Ltd.		2,992,500		109,454
EVA Precision Industrial Holdings Ltd.		1,368,000		119,561
First Pacific Co. Ltd.		4,446,000		1,688,754
Giordano International Ltd.		2,736,000		717,426
Golden Resources Development International Ltd.		3,078,000		171,264
HKBN Ltd.		598,500		248,714
Hong Kong Technology Venture Co. Ltd.		513,000		125,240
IGG Inc.^(b)		1,026,000		365,191
Johnson Electric Holdings Ltd.		171,000		224,247
Kerry Logistics Network Ltd.		85,500		94,995
Melco Resorts & Entertainment Ltd., ADR^(a)(b)		9,918		77,460
Orbusneich Medical Group Holdings Ltd., NVS^(a)		85,500		56,104
PAX Global Technology Ltd.		342,000		239,288
PC Partner Group Ltd.		684,000		225,887
Solomon Systech International Ltd.		1,368,000		44,690
Sun Hung Kai & Co. Ltd.		513,000		142,356
Tam Jai International Co. Ltd.		855,000		126,862
Texwinca Holdings Ltd.		2,052,000		215,212
Tiande Chemical Holdings Ltd.		684,000		99,240
United Energy Group Ltd.		684,000		72,689
United Laboratories International Holdings Ltd. (The)		684,000		591,284
VTech Holdings Ltd.^(a)		136,800		792,344


				7,241,002

Ireland — 0.6%
Bank of Ireland Group PLC		297,198		2,733,027
Glanbia PLC		23,132		413,479


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ireland (continued)
Greencore Group PLC^(b)		94,905	$	123,160


				3,269,666

Israel — 1.2%
Africa Israel Residences Ltd.		3,762		199,870
Altshuler Shaham Finance Ltd.^(a)		60,363		100,007
Delek Automotive Systems Ltd.		76,608		458,351
Elco Ltd.		2,394		73,877
Electra Consumer Products 1970 Ltd.		5,130		109,393
Equital Ltd.^(b)		2		46
G City Ltd.		171,855		549,798
Ilex Medical Ltd.^(a)		6,669		112,273
Meitav Investment House Ltd.^(a)		48,906		209,346
Migdal Insurance & Financial Holdings Ltd.		233,928		259,059
Naphtha Israel Petroleum Corp. Ltd.		96,957		484,470
Neto ME Holdings Ltd.		3,420		54,993
Oil Refineries Ltd.		849,699		293,502
Partner Communications Co. Ltd.^(b)		59,508		275,150
Paz Oil Co. Ltd.		4,617		379,517
Property & Building Corp. Ltd.		8,721		502,135
Retailors Ltd.		47,196		938,033
Scope Metals Group Ltd.^(a)		15,048		469,045
Tamar Petroleum Ltd.^(c)		23,085		116,129
Tel Aviv Stock Exchange Ltd.		58,995		365,509
Telsys Ltd.^(a)		3,591		234,199


				6,184,702

Italy — 3.0%
A2A SpA		602,433		1,194,422
ACEA SpA		79,515		1,254,795
Ascopiave SpA		112,005		271,743
Banca Generali SpA		11,457		436,774
Banca Monte dei Paschi di Siena SpA^(b)		173,394		608,567
Banca Popolare di Sondrio SpA		14,877		113,036
BasicNet SpA		45,315		219,394
BPER Banca		318,402		1,148,432
Brunello Cucinelli SpA		684		67,810
Cembre SpA		9,576		414,986
Credito Emiliano SpA		12,483		113,476
d’Amico International Shipping SA, NVS		117,135		781,966
De’ Longhi SpA		11,457		371,082
El.En. SpA		51,129		504,624
Enav SpA^(c)		190,665		705,636
ERG SpA		12,654		371,047
Esprinet SpA		11,628		66,576
Gruppo MutuiOnline SpA^(a)		10,944		377,798
Hera SpA		52,839		186,132
Immobiliare Grande Distribuzione SIIQ SpA		35,226		83,942
Iren SpA		198,360		416,312
Italgas SpA		94,734		540,116
OVS SpA^(c)		205,884		490,417
Piaggio & C SpA		356,364		1,184,646
RAI Way SpA^(c)		47,196		258,084
Reply SpA		4,275		586,147
Risanamento SpA^(a)		2,062,260		69,123
Safilo Group SpA^(a)(b)		111,492		133,376
Sanlorenzo SpA/Ameglia		11,457		546,543
Sesa SpA		1,197		162,418
SOL SpA		21,204		610,262
Technogym SpA^(c)		27,531		272,633
TXT e-Solutions SpA		7,182		164,546
Unieuro SpA^(a)(c)		44,631		466,510


Security	Shares		Value

Italy (continued)
Unipol Gruppo SpA		125,001	$	776,207


				15,969,578

Japan — 24.4%
77 Bank Ltd. (The)		51,300		1,233,934
A&D HOLON Holdings Co. Ltd.		17,100		235,428
Abalance Corp.^(a)		17,100		313,421
Adastria Co. Ltd.		17,100		398,620
ADEKA Corp.		34,200		669,181
Alpen Co. Ltd.		17,100		235,473
Amano Corp.		34,200		788,126
Aoyama Trading Co. Ltd.		17,100		205,991
Arata Corp.		15,600		346,261
Artience Co. Ltd.		17,100		319,970
Asahi Holdings Inc.		17,100		238,111
Asahi Yukizai Corp.		34,200		951,424
ASKUL Corp.		34,200		462,270
Base Co. Ltd.		29,700		656,973
Benefit One Inc.^(a)		17,100		244,014
BML Inc.		10,300		199,064
Celsys Inc.		17,100		78,490
Chugoku Marine Paints Ltd.		68,400		870,103
Citizen Watch Co. Ltd.		34,200		216,907
CKD Corp.		17,100		301,526
Colowide Co. Ltd.^(a)		17,100		273,385
Create Restaurants Holdings Inc.		85,500		641,696
Credit Saison Co. Ltd.		17,100		317,401
Cybozu Inc.		34,200		513,433
Daido Steel Co. Ltd.		21,000		218,828
Daishinku Corp.		51,300		316,763
Daiwa Industries Ltd.		51,300		547,219
Daiwa Securities Living Investments Corp.		513		369,082
Daiwabo Holdings Co. Ltd.		44,200		961,115
DeNA Co. Ltd.		17,100		172,650
Dentsu Soken Inc.		39,600		1,478,497
Dexerials Corp.		17,100		492,796
Digital Arts Inc.		7,300		250,224
DMG Mori Co. Ltd.		34,200		684,806
DTS Corp.		51,300		1,261,746
en Japan Inc.		7,000		129,370
Enplas Corp.		6,000		487,499
Financial Partners Group Co. Ltd.		85,500		980,581
Frontier Real Estate Investment Corp.		105		310,367
Fuji Soft Inc.		12,200		534,755
Fujikura Ltd.		119,700		983,995
Fujimi Inc.		69,000		1,382,747
Fujimori Kogyo Co. Ltd.		7,000		193,332
Fukui Computer Holdings Inc.		17,100		301,825
Fullcast Holdings Co. Ltd.		17,100		206,448
Furuno Electric Co. Ltd.		17,100		245,678
Future Corp.		17,100		202,954
Fuyo General Lease Co. Ltd.		14,200		1,269,853
G-7 Holdings Inc.		51,300		437,331
Geo Holdings Corp.		51,300		838,146
Global One Real Estate Investment Corp.		342		254,791
GMO Financial Holdings Inc.		119,700		611,729
GMO GlobalSign Holdings KK		17,100		326,300
GMO internet group Inc.		34,200		616,365
Gree Inc.		17,100		68,027
GungHo Online Entertainment Inc.^(b)		9,000		151,311
Gunma Bank Ltd. (The)		102,600		505,941
Hachijuni Bank Ltd. (The)		188,100		1,025,128
Hanwa Co. Ltd.		7,200		263,351


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Hazama Ando Corp.		51,300	$	414,283
Heiwa Real Estate Co. Ltd.		34,200		904,191
Hioki E.E. Corp.		17,100		758,828
Hitachi Zosen Corp.		51,300		316,537
Hokkaido Electric Power Co. Inc.		17,100		76,293
Hoshino Resorts REIT Inc.		79		275,710
Hosiden Corp.		17,100		209,913
Idec Corp./Japan		10,500		210,121
Inabata & Co. Ltd.		34,200		744,174
Inageya Co. Ltd.		17,100		146,950
Infocom Corp.		34,200		567,838
Insource Co. Ltd.		85,500		483,302
Integrated Design & Engineering Holdings Co. Ltd., NVS		17,500		425,735
Inui Global Logistics Co. Ltd.		51,300		387,735
Ishihara Sangyo Kaisha Ltd.		34,200		365,458
Itochu-Shokuhin Co. Ltd.		13,200		674,391
Itoki Corp.		102,600		1,044,769
Iyogin Holdings Inc., NVS		85,500		581,565
Jaccs Co. Ltd.		9,600		367,746
JAFCO Group Co. Ltd.		34,200		405,636
Japan Aviation Electronics Industry Ltd.		17,100		293,993
Japan Communications Inc.		256,500		405,157
Japan Logistics Fund Inc.		171		316,183
Japan Petroleum Exploration Co. Ltd.		27,300		1,110,506
Japan Pulp & Paper Co. Ltd.		24,200		828,439
Japan Securities Finance Co. Ltd.		68,400		724,892
Japan Wool Textile Co. Ltd. (The)		51,300		517,458
JCR Pharmaceuticals Co. Ltd.		34,200		251,993
JCU Corp.		17,100		431,544
Justsystems Corp.		6,700		139,989
JVCKenwood Corp.		119,700		582,115
Kagome Co. Ltd.		17,100		421,004
Kamei Corp.		85,500		1,124,252
Kandenko Co. Ltd.		51,300		527,571
Kappa Create Co. Ltd.^(a)(b)		34,200		409,067
KeePer Technical Laboratory Co. Ltd.		5,000		220,656
Keihanshin Building Co. Ltd.		85,500		863,990
Kissei Pharmaceutical Co. Ltd.		1,200		25,624
Ki-Star Real Estate Co. Ltd.		7,100		167,682
Kitz Corp.		136,800		1,118,465
Kokuyo Co. Ltd.		34,200		550,774
Komori Corp.		34,200		306,531
Konishi Co. Ltd.		34,200		327,521
Kosaido Holdings Co. Ltd.		153,900		780,883
Koshidaka Holdings Co. Ltd.		34,200		217,874
Kotobuki Spirits Co. Ltd.		72,400		974,115
KPP Group Holdings Co. Ltd.		171,000		843,266
K’s Holdings Corp.		17,100		155,408
Kurabo Industries Ltd.		34,200		728,004
Kyorin Pharmaceutical Co. Ltd.		17,100		206,597
Kyudenko Corp.		7,500		285,285
Kyushu Financial Group Inc.		85,500		544,088
LaSalle Logiport REIT		1,368		1,385,304
Life Corp.		51,300		1,302,745
Macnica Holdings Inc.		3,500		185,206
Mani Inc.		17,100		237,557
Marudai Food Co. Ltd.		34,200		389,477
Maruichi Steel Tube Ltd.		17,100		435,700
Maruwa Co. Ltd./Aichi^(a)		3,000		600,257
Maruzen Showa Unyu Co. Ltd.		51,300		1,416,330
Medical Data Vision Co. Ltd.		17,100		74,865


Security	Shares		Value

Japan (continued)
MEITEC Group Holdings Inc.		41,600	$	822,987
Menicon Co. Ltd.		17,100		248,327
Micronics Japan Co. Ltd.		17,100		507,755
Milbon Co. Ltd.		5,300		126,657
Miroku Jyoho Service Co. Ltd.		17,100		211,734
Mitsubishi Logistics Corp.		5,000		154,446
Mitsui DM Sugar Holdings Co. Ltd.		7,000		160,845
Mitsui High-Tec Inc.		5,700		263,092
Mitsui Matsushima Holdings Co. Ltd.^(a)		17,100		331,441
Mitsui Mining & Smelting Co. Ltd.		17,100		528,651
Mizuho Leasing Co. Ltd.		3,000		108,722
Mizuno Corp.		5,800		173,029
Mochida Pharmaceutical Co. Ltd.		17,100		386,609
Monex Group Inc.		136,800		711,940
Monogatari Corp. (The)		17,100		602,953
Mori Hills REIT Investment Corp.		171		159,143
Mori Trust REIT Inc.		3,078		1,563,090
Morinaga & Co. Ltd./Japan		34,200		652,736
MOS Food Services Inc.		17,100		397,714
m-up Holdings Inc.		119,700		809,789
Nagase & Co. Ltd.		51,300		838,789
Nakanishi Inc.		17,100		279,856
NEC Networks & System Integration Corp.		17,100		276,152
NET One Systems Co. Ltd.		34,200		556,061
Nichias Corp.		17,100		399,703
Nichiha Corp.		9,100		182,813
Nihon Parkerizing Co. Ltd.		34,200		271,648
Nippon Gas Co. Ltd.		68,400		1,059,560
Nippon Paper Industries Co. Ltd.^(b)		17,100		158,503
Nippon Pillar Packing Co. Ltd.		7,000		230,169
NIPPON REIT Investment Corp.		855		1,979,795
Nishimatsu Construction Co. Ltd.		17,100		470,062
Nishi-Nippon Financial Holdings Inc.		119,700		1,378,241
Nisshin Oillio Group Ltd. (The)		7,000		213,833
Nisshinbo Holdings Inc.		17,100		141,133
Nissui Corp.		153,900		840,901
Nittetsu Mining Co. Ltd.		17,100		609,462
Nitto Kogyo Corp.		17,100		465,338
Nomura Co. Ltd.		102,600		606,419
Nomura Micro Science Co. Ltd.		16,500		1,540,396
North Pacific Bank Ltd.		85,500		218,032
NSD Co. Ltd.		102,600		1,925,386
NTT UD REIT Investment Corp.		171		145,207
Obara Group Inc.		9,200		250,264
Ohsho Food Service Corp.		3,900		215,623
Okamoto Machine Tool Works Ltd.		17,100		707,759
Okasan Securities Group Inc.		119,700		585,839
Okinawa Electric Power Co. Inc. (The)		17,136		135,804
Okumura Corp.		17,100		597,976
Okuwa Co. Ltd.		17,100		102,610
Onward Holdings Co. Ltd.		136,800		502,201
Organo Corp.		23,100		954,102
Oyo Corp.		17,100		252,116
PAL GROUP Holdings Co. Ltd.		51,300		820,403
Pasona Group Inc.		17,100		311,837
Penta-Ocean Construction Co. Ltd.		17,100		91,621
Pharma Foods International Co. Ltd.^(a)		102,600		698,430
PHC Holdings Corp.		17,100		176,941
Press Kogyo Co. Ltd.		136,800		599,383
Rakuten Bank Ltd., NVS^(b)		34,200		533,142
Relo Group Inc.		51,300		514,936
Rengo Co. Ltd.		34,200		221,789


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Riken Keiki Co. Ltd.^(a)		11,400	$	563,236
Riken Technos Corp.		188,100		1,104,013
Riken Vitamin Co. Ltd.		34,200		535,568
Roland DG Corp.		24,400		640,391
Round One Corp.		51,300		227,209
Royal Holdings Co. Ltd.		17,100		300,948
Ryobi Ltd.		17,100		315,255
Ryosan Co. Ltd.		10,900		359,151
Saibu Gas Holdings Co. Ltd.		51,300		672,644
Saizeriya Co. Ltd.		28,200		968,086
Sanki Engineering Co. Ltd.		119,700		1,535,638
Sansan Inc.^(b)		34,200		318,375
Sanyo Denki Co. Ltd.		4,300		178,793
Senshu Electric Co. Ltd.		51,300		1,304,261
Shibaura Machine Co. Ltd.		8,000		193,959
Shibaura Mechatronics Corp.		21,600		1,023,175
Shiga Bank Ltd. (The)		9,500		236,209
Shin Nippon Biomedical Laboratories Ltd.^(a)		68,400		792,791
Shinmaywa Industries Ltd.		17,100		141,948
Shizuoka Gas Co. Ltd.		34,200		233,646
SHO-BOND Holdings Co. Ltd.		10,800		481,038
Shoei Co. Ltd.		17,100		228,531
SIGMAXYZ Holdings Inc.		17,100		160,322
Simplex Holdings Inc.		4,900		89,310
Star Micronics Co. Ltd.		34,200		408,149
Sumitomo Bakelite Co. Ltd.		5,000		248,488
Systena Corp.		307,800		622,152
Syuppin Co. Ltd.		34,200		241,070
Taihei Dengyo Kaisha Ltd.		17,100		516,481
Takara Holdings Inc.		34,200		289,347
Takara Standard Co. Ltd.		34,200		408,621
Tama Home Co. Ltd.		57,300		1,581,689
Teikoku Electric Manufacturing Co. Ltd.		51,300		1,021,923
Tekken Corp.		17,100		251,807
Toagosei Co. Ltd.		17,100		163,676
TOC Co. Ltd.		171,000		819,376
Tocalo Co. Ltd.		34,200		363,790
Toho Gas Co. Ltd.		85,500		1,717,686
Toho Titanium Co. Ltd.^(a)		34,200		454,911
Tokai Carbon Co. Ltd.		17,100		120,262
TOKAI Holdings Corp.		85,500		576,538
Tokai Tokyo Financial Holdings Inc.		51,300		197,891
Tokyo Kiraboshi Financial Group Inc.		8,300		242,786
Tokyo Ohka Kogyo Co. Ltd.		36,900		842,814
Tokyu REIT Inc.		2,223		2,592,227
Tomoku Co. Ltd.		68,400		1,116,242
Tomy Co. Ltd.		34,200		561,106
Topcon Corp.		34,200		392,911
Torii Pharmaceutical Co. Ltd.		34,200		871,526
Toyo Tanso Co. Ltd.		6,000		202,473
TSI Holdings Co. Ltd.		119,700		556,285
Tsuburaya Fields Holdings Inc.^(a)		85,500		1,053,407
Tsugami Corp.		34,200		276,187
Uchida Yoko Co. Ltd.		17,100		883,286
Ulvac Inc.		27,800		1,360,627
United Super Markets Holdings Inc.		68,400		470,335
Usen-Next Holdings Co. Ltd.		17,100		496,326
Ushio Inc.		17,100		239,558
ValueCommerce Co. Ltd.		17,100		145,841
Vital KSK Holdings Inc.		17,100		133,265
Wacom Co. Ltd.		68,400		315,210
Wakita & Co. Ltd.		17,100		185,297


Security	Shares		Value

Japan (continued)
West Holdings Corp.		6,000	$	138,007
YA-MAN Ltd.^(a)		34,200		234,954
Yamazen Corp.		17,100		146,235
Yodogawa Steel Works Ltd.		17,100		450,359
Yonex Co. Ltd.		51,300		416,863
Yoshinoya Holdings Co. Ltd.		17,100		381,336
ZERIA Pharmaceutical Co. Ltd.		17,100		236,825


				131,114,831

Netherlands — 3.2%
Aalberts NV		9,747		387,622
ABN AMRO Bank NV, CVA^(c)		129,105		1,900,088
Allfunds Group PLC		24,111		172,856
Arcadis NV		5,643		309,809
Ariston Holding NV		11,970		78,560
ASR Nederland NV		47,196		2,224,182
BE Semiconductor Industries NV		22,230		3,340,685
Corbion NV		11,457		221,857
Eurocommercial Properties NV		10,773		241,358
Flow Traders Ltd., NVS		10,944		196,568
IMCD NV		5,301		809,149
InPost SA^(b)		53,694		806,474
Iveco Group NV^(b)		25,308		270,071
Koninklijke BAM Groep NV		156,636		432,438
MFE-MediaForEurope NV, NVS^(a)		140,391		507,202
NSI NV		18,297		391,517
OCI NV		41,211		1,177,150
PostNL NV		338,238		492,880
Signify NV^(c)		67,716		2,030,440
Technip Energies NV		13,680		283,184
TKH Group NV		5,814		234,117
TomTom NV^(a)(b)		93,879		635,646
Van Lanschot Kempen NV		7,695		231,678


				17,375,531

New Zealand — 0.9%
Argosy Property Ltd.		406,296		288,084
Chorus Ltd.		137,484		668,935
Genesis Energy Ltd.		186,732		288,774
Goodman Property Trust		40,185		55,021
Investore Property Ltd.		83,619		60,312
Kiwi Property Group Ltd.		2,511,990		1,335,845
Manawa Energy Ltd.		23,054		60,454
Precinct Properties New Zealand Ltd.		145,692		110,873
Skellerup Holdings Ltd.		321,822		936,357
SKY Network Television Ltd.		378,081		645,350
SKYCITY Entertainment Group Ltd.		146,205		168,905


				4,618,910

Norway — 1.4%
2020 Bulkers Ltd.^(a)		38,646		516,776
Aker Solutions ASA		32,148		119,238
Atea ASA		52,497		699,810
BW LPG Ltd.^(c)		41,553		512,832
BW Offshore Ltd.		111,321		255,301
Crayon Group Holding ASA^(a)(b)(c)		22,914		192,633
DNO ASA		539,163		472,472
DOF Group ASA^(b)		56,259		303,690
Elmera Group ASA^(c)		82,080		251,611
Europris ASA^(c)		8,379		62,802
Hoegh Autoliners ASA		34,542		347,809
Kid ASA^(c)		40,185		509,146
LINK Mobility Group Holding ASA		119,358		212,449
Norske Skog ASA^(a)(c)		42,750		147,315


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
PGS ASA^(b)		137,142	$	85,814
Rana Gruber ASA, Class A		105,507		783,322
Selvaag Bolig ASA		131,499		394,475
Solstad Offshore ASA^(a)		22,059		74,004
SpareBank 1 SMN		108,927		1,482,998
Veidekke ASA		10,944		99,895
XXL ASA^(c)		1,344,573		141,907


				7,666,299

Portugal — 0.3%
CTT-Correios de Portugal SA		141,075		559,760
REN - Redes Energeticas Nacionais SGPS SA		286,083		702,899
Semapa-Sociedade de Investimento e Gestao		33,687		521,234


				1,783,893

Singapore — 2.1%
Asian Pay Television Trust^(a)		1,881,000		120,586
Best World International Ltd.^(b)		701,100		881,769
CDL Hospitality Trusts		495,900		379,845
ComfortDelGro Corp. Ltd.		136,800		142,283
Delfi Ltd.		889,200		726,173
Digital Core REIT Management Pte Ltd.		735,300		472,644
Food Empire Holdings Ltd.		889,200		892,582
Golden Agri-Resources Ltd.^(a)		6,822,900		1,373,226
Hour Glass Ltd. (The)^(a)		153,900		175,525
Keppel Infrastructure Trust^(a)		2,137,500		803,283
NetLink NBN Trust		1,641,600		1,034,031
Paragon REIT		547,200		356,914
Parkway Life REIT		598,500		1,568,383
Riverstone Holdings Ltd./Singapore^(a)		513,000		266,852
Samudera Shipping Line Ltd.^(a)		752,400		382,624
Sasseur Real Estate Investment Trust^(a)		666,900		333,077
Sheng Siong Group Ltd.		188,100		218,430
Silverlake Axis Ltd.		307,800		59,656
Wing Tai Holdings Ltd.^(a)		837,900		768,257
Yanlord Land Group Ltd.^(b)		769,500		297,366


				11,253,506

Spain — 2.3%
Acerinox SA		190,490		2,011,039
Applus Services SA		44,460		537,656
Atresmedia Corp. de Medios de Comunicacion SA		91,485		367,708
Banco de Sabadell SA		1,815,336		2,356,190
Bankinter SA		132,012		815,058
Cia. de Distribucion Integral Logista Holdings SA		9,747		275,694
eDreams ODIGEO SA^(b)		24,111		183,149
Fluidra SA		10,089		218,419
Gestamp Automocion SA^(c)		93,537		310,270
Indra Sistemas SA^(a)		26,505		470,576
Inmobiliaria Colonial SOCIMI SA		21,888		131,597
Lar Espana Real Estate SOCIMI SA		120,726		810,210
Merlin Properties SOCIMI SA		84,132		856,735
Metrovacesa SA^(c)		53,181		464,954
Neinor Homes SA^(c)		17,784		200,648
Pharma Mar SA		11,457		478,254
Prosegur Cia. de Seguridad SA		81,567		154,338
Sacyr SA		146,720		483,699
Sacyr SA, NVS		2,934		9,691
Solaria Energia y Medio Ambiente SA^(b)		8,037		118,659
Tubacex SA		86,868		319,655
Unicaja Banco SA^(c)		716,490		685,068
Viscofan SA		1,881		110,178


				12,369,445


Security	Shares		Value

Sweden — 3.7%
AcadeMedia AB^(c)		12,312	$	67,259
Alleima AB, NVS		52,497		348,514
Arise AB		86,526		378,180
Arjo AB, Class B		123,633		578,675
Betsson AB		129,105		1,405,065
Bilia AB, Class A		121,581		1,469,839
BioArctic AB, Class B^(a)(b)(c)		8,037		174,323
BioGaia AB, Class B		38,133		412,599
Biotage AB		33,687		478,816
Bonava AB, Class B^(a)		307,948		347,195
BoneSupport Holding AB^(b)(c)		32,661		646,633
Bravida Holding AB^(c)		20,178		153,004
Bulten AB		34,884		243,464
Byggmax Group AB		18,468		63,997
Clas Ohlson AB, Class B		81,738		1,163,177
Concentric AB		38,304		629,542
Corem Property Group AB		7,011		126,117
Electrolux Professional AB, Class B		45,828		243,504
Ferronordic AB^(a)		37,791		261,044
Hemnet Group AB		27,018		729,427
HMS Networks AB^(a)		2,736		120,370
Intrum AB^(a)		27,189		161,044
Investment AB Oresund		59,679		640,995
Inwido AB		45,144		551,453
JM AB		14,022		228,333
Lindab International AB		19,494		370,166
Loomis AB, Class B		17,271		472,845
MIPS AB		10,773		357,890
Mycronic AB		34,884		970,258
Net Insight AB		939,987		479,177
New Wave Group AB, Class B		138,339		1,228,638
Nobia AB		490,428		520,682
Nyfosa AB		84,132		752,509
Orron Energy AB		738,036		507,643
OX2 AB, Class B^(b)		30,438		144,823
Peab AB, Class B		17,100		84,422
Ratos AB, Class B		17,100		56,367
RaySearch Laboratories AB		33,687		296,839
Samhallsbyggnadsbolaget i Norden AB^(a)		202,806		92,925
Scandic Hotels Group AB^(a)(b)(c)		141,075		649,956
SkiStar AB		8,550		107,390
Truecaller AB^(b)		85,329		252,294
Volati AB^(a)		22,059		241,222
Wihlborgs Fastigheter AB		88,236		788,799


				19,997,414

Switzerland — 6.7%
Accelleron Industries AG, NVS		47,025		1,504,788
Adecco Group AG, Registered		25,650		1,109,184
Aryzta AG^(b)		28,728		51,563
Ascom Holding AG, Registered		17,784		151,884
Avolta AG, Registered^(b)		1,197		45,731
Banque Cantonale Vaudoise, Registered		15,390		1,970,480
Belimo Holding AG, Registered		855		398,677
BKW AG		7,182		1,140,993
Bucher Industries AG, Registered		2,394		1,014,018
Burckhardt Compression Holding AG		342		191,338
Cembra Money Bank AG		4,959		382,349
Clariant AG, Registered		56,088		718,020
Comet Holding AG, Registered		684		225,524
dormakaba Holding AG		513		256,982
Dottikon Es Holding AG^(a)(b)		1,197		316,259
Emmi AG, Registered		171		179,144


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Flughafen Zurich AG, Registered		1,026	$	211,690
Forbo Holding AG, Registered		342		402,114
Galenica AG^(c)		28,801		2,539,745
Georg Fischer AG		7,866		526,459
Helvetia Holding AG, Registered		11,271		1,627,763
Implenia AG, Registered		14,535		516,010
Inficon Holding AG, Registered		1,026		1,557,340
Interroll Holding AG, Registered		171		499,455
Landis+Gyr Group AG		6,327		518,792
LEM Holding SA, Registered		171		390,767
Logitech International SA, Registered		36,765		3,082,130
Medmix AG^(c)		15,048		301,675
Mobilezone Holding AG, Registered		3,591		55,148
Mobimo Holding AG, Registered		566		167,218
PSP Swiss Property AG, Registered		10,602		1,411,095
Schweiter Technologies AG, NVS		171		93,816
SFS Group AG		2,052		246,362
Siegfried Holding AG, Registered		342		340,683
SIG Group AG		47,196		987,916
SKAN Group AG		2,052		181,056
Swiss Prime Site AG, Registered		8,208		831,350
Swissquote Group Holding SA, Registered		11,286		2,832,480
Tecan Group AG, Registered		3,591		1,370,738
Temenos AG, Registered		12,654		1,287,803
VAT Group AG^(c)		7,090		3,300,599
Vontobel Holding AG, Registered		9,747		642,026
Zehnder Group AG, Registered		7,353		438,209


				36,017,373

United Kingdom — 14.4%
4imprint Group PLC		10,089		691,843
888 Holdings PLC^(b)		258,723		254,435
abrdn PLC		712,557		1,515,918
AG Barr PLC		10,089		72,623
Airtel Africa PLC^(c)		330,030		468,705
AJ Bell PLC		202,977		813,885
Ashmore Group PLC		82,251		221,190
B&M European Value Retail SA		149,625		980,600
Beazley PLC		146,889		1,011,120
Bellway PLC		31,977		1,114,147
Big Yellow Group PLC		4,446		64,289
Bodycote PLC		8,208		66,182
Bridgepoint Group PLC^(c)		158,859		541,154
British Land Co. PLC (The)		482,220		2,317,896
Britvic PLC		112,860		1,262,218
Bytes Technology Group PLC		118,845		986,606
Capital & Counties Properties PLC		700,416		1,179,914
Capricorn Energy PLC		294,633		541,413
Centamin PLC		163,989		199,775
Chemring Group PLC		156,807		699,500
Close Brothers Group PLC		5,301		36,437
Computacenter PLC		52,839		1,930,379
ConvaTec Group PLC^(c)		382,698		1,164,693
Currys PLC		745,047		467,189
Darktrace PLC^(b)		229,311		994,296
Deliveroo PLC, Class A^(b)(c)		395,694		589,219
Derwent London PLC		8,379		225,829
DFS Furniture PLC		234,612		343,706
Diploma PLC		24,624		1,015,044
Domino’s Pizza Group PLC		354,312		1,564,722
Dowlais Group PLC		659,034		752,822
Drax Group PLC		131,328		847,472
Dunelm Group PLC		51,300		706,657


Security	Shares		Value

United Kingdom (continued)
FDM Group Holdings PLC		133,209	$	775,709
Ferrexpo PLC		906,984		997,697
Firstgroup PLC		743,508		1,565,403
Frasers Group PLC^(b)		67,545		691,086
Games Workshop Group PLC		6,156		772,739
Genuit Group PLC		20,349		108,824
Genus PLC		9,234		268,206
Grafton Group PLC		50,103		617,113
Grainger PLC		46,341		154,572
Great Portland Estates PLC		64,125		337,406
Greggs PLC		49,761		1,676,214
Halfords Group PLC		364,230		823,749
Hammerson PLC		1,179,216		402,415
Hargreaves Lansdown PLC		28,215		272,258
Helical PLC		112,347		292,586
Hill & Smith PLC		29,070		688,105
Hiscox Ltd		34,542		454,823
Hochschild Mining PLC^(b)		142,785		187,724
Howden Joinery Group PLC		86,697		877,970
IG Group Holdings PLC		75,141		675,227
IMI PLC		6,840		145,073
Immunocore Holdings PLC^(b)		3,762		271,955
Inchcape PLC		207,423		1,786,068
Indivior PLC, NVS^(b)		76,950		1,352,585
Intermediate Capital Group PLC		85,842		1,935,316
International Distributions Services PLC^(b)		564,300		1,979,501
Investec PLC		246,753		1,606,489
IWG PLC^(b)		65,493		155,205
Johnson Matthey PLC		18,126		373,740
Just Group PLC		64,467		69,464
Kainos Group PLC		68,742		999,229
Keller Group PLC		45,486		503,812
Man Group PLC/Jersey		726,579		2,183,202
Marks & Spencer Group PLC		347,130		1,084,537
Marshalls PLC		146,547		520,020
Moneysupermarket.com Group PLC		380,817		1,228,711
Moonpig Group PLC^(b)		26,505		56,084
Morgan Sindall Group PLC		21,204		608,647
Ninety One PLC		217,341		486,145
Odfjell Technology Ltd.		57,114		304,203
OSB Group PLC		136,287		775,511
Oxford Instruments PLC		19,494		548,445
Pagegroup PLC		71,991		418,400
Paragon Banking Group PLC		178,695		1,591,561
Pets at Home Group PLC		231,876		823,386
Picton Property Income Ltd.		273,429		231,976
Playtech PLC^(b)		86,697		488,267
Plus500 Ltd		27,360		618,798
PureTech Health PLC		98,325		245,975
QinetiQ Group PLC		112,689		508,929
Quilter PLC^(c)		216,486		287,496
Redrow PLC		25,650		194,851
Renewi PLC^(b)		9,063		67,420
Renishaw PLC		3,933		173,944
RS GROUP PLC		140,733		1,394,517
Safestore Holdings PLC		135,774		1,413,982
Savills PLC		52,326		671,748
Serco Group PLC		39,672		86,570
Softcat PLC		88,236		1,616,939
Spectris PLC		19,494		907,512
Spire Healthcare Group PLC^(c)		122,094		365,911
Spirent Communications PLC		395,865		590,537


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
SSP Group PLC^(b)		111,150	$	316,330
SThree PLC		89,604		463,658
Synthomer PLC^(b)		35,568		71,018
TBC Bank Group PLC		8,379		309,535
Telecom Plus PLC		43,263		797,188
TI Fluid Systems PLC^(c)		165,528		300,174
Trainline PLC^(b)(c)		36,936		154,657
Trustpilot Group PLC^(b)(c)		189,126		430,704
TUI AG^(a)(b)		9,234		63,619
Tullow Oil PLC^(a)(b)		575,073		225,402
UK Commercial Property REIT Ltd.		146,376		118,569
UNITE Group PLC (The)		7,866		100,495
Vesuvius PLC		31,806		191,507
Videndum PLC		15,732		65,294
Virgin Money UK PLC		89,091		175,961
Vistry Group PLC		62,244		787,343
Watches of Switzerland Group PLC^(b)(c)		14,193		66,841
Weir Group PLC (The)		38,304		880,453
WH Smith PLC		14,022		214,273
Wickes Group PLC		496,755		985,638
Workspace Group PLC		70,281		462,288


				77,135,312

United States — 0.0%
Gran Tierra Energy Inc., NVS		23,940		134,261


Total Common Stocks — 98.8% (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



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)


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		3		03/07/24	$	521	$	38,614
FTSE 250 Index		22		03/15/24		1,088		2,588


							$	41,202

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	41,202	$	—	$	—	$	—	$	41,202

^(a)

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	114,887,447	$	415,426,218	$	106,832	$	530,420,497
Preferred Stocks		1,597,520		2,732,886		—		4,330,406
Short-Term Securities
Money Market Funds		18,655,783		—		—		18,655,783


	$	135,140,750	$	418,159,104	$	106,832	$	553,406,686


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® International Small-Cap Equity Factor ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	41,202	$	—	$	41,202

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited)

January 31, 2024

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 3.8%
Brambles Ltd.		2,383,044	$	22,721,767
Cochlear Ltd.		32,480		6,445,621
Coles Group Ltd.		1,503,668		15,604,124
CSL Ltd.		190,722		37,453,515
Insurance Australia Group Ltd.		3,001,752		11,783,152
Medibank Pvt Ltd.		14,364,701		35,964,046
Sonic Healthcare Ltd.		585,697		12,211,900
Telstra Corp. Ltd.		8,050,216		21,231,099
Transurban Group		2,341,406		20,569,791
Washington H Soul Pattinson & Co. Ltd.		171,460		3,832,669
Wesfarmers Ltd.		1,489,531		56,389,085
Woolworths Group Ltd.		1,525,017		35,814,953


				280,021,722

Belgium — 2.4%
Anheuser-Busch InBev SA/NV		231,639		14,328,630
Argenx SE^(a)		83,583		31,563,617
Groupe Bruxelles Lambert NV		714,040		54,131,147
Lotus Bakeries NV^(b)		1,767		15,066,722
UCB SA		668,839		62,914,794


				178,004,910

Denmark — 1.9%
Carlsberg A/S, Class B		148,602		19,120,238
Genmab A/S^(a)		44,994		12,441,831
Novo Nordisk A/S		572,783		65,471,609
Novozymes A/S, Class B		270,661		13,868,854
Tryg A/S		1,287,452		27,518,144


				138,420,676

Finland — 2.3%
Elisa OYJ		1,065,908		48,564,325
Kone OYJ, Class B		652,046		32,277,128
Nokia OYJ		1,947,208		7,039,591
Orion OYJ, Class B		793,142		36,514,425
Sampo OYJ, Class A		1,072,044		44,870,871


				169,266,340

France — 6.9%
Air Liquide SA		333,357		62,382,195
Carrefour SA		2,128,178		36,332,886
Danone SA		575,174		38,320,171
Dassault Aviation SA		121,671		23,045,505
Edenred SE		86,968		5,194,467
Getlink SE		643,672		11,091,165
Ipsen SA		179,831		20,734,356
La Francaise des Jeux SAEM^(c)		408,248		16,547,760
L’Oreal SA		11,031		5,278,929
Orange SA		7,512,720		89,340,683
Sanofi SA		1,001,880		100,333,809
Thales SA		266,601		38,991,476
TotalEnergies SE		898,111		58,265,476


				505,858,878

Germany — 4.4%
Beiersdorf AG		537,082		78,596,392
Deutsche Boerse AG		141,165		28,111,548
Deutsche Telekom AG, Registered		2,466,845		60,555,640
Hannover Rueck SE		132,555		31,775,671
Henkel AG & Co. KGaA		587,197		40,158,787
Merck KGaA		102,947		16,891,080
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		52,578		22,383,450
SAP SE		173,236		30,012,544


Security	Shares		Value

Germany (continued)
Symrise AG, Class A		89,153	$	9,198,246
Talanx AG^(a)		81,747		5,735,450


				323,418,808

Hong Kong — 6.6%
BOC Hong Kong Holdings Ltd.		16,307,000		39,084,504
CK Asset Holdings Ltd.		916,500		4,135,560
CK Hutchison Holdings Ltd.		6,128,000		31,650,017
CK Infrastructure Holdings Ltd.		5,827,500		34,608,596
CLP Holdings Ltd.		9,205,000		73,211,400
Hang Seng Bank Ltd.		6,665,900		69,393,141
HKT Trust & HKT Ltd., Class SS		32,660,349		39,233,564
Hong Kong & China Gas Co. Ltd.		41,802,799		29,747,999
Hongkong Land Holdings Ltd.		1,140,300		3,559,452
Jardine Matheson Holdings Ltd.		654,400		26,276,852
MTR Corp. Ltd.		14,268,748		46,420,657
Power Assets Holdings Ltd.		12,914,000		75,613,856
Sun Hung Kai Properties Ltd.		1,321,500		12,334,069


				485,269,667

Ireland — 0.3%
Kerry Group PLC, Class A		268,626		23,943,711


Israel — 2.0%
Bank Hapoalim BM		3,734,186		31,770,122
Bank Leumi Le-Israel BM		2,322,065		17,636,468
Check Point Software Technologies Ltd.^(a)(b)		261,574		41,571,956
Elbit Systems Ltd.		133,028		27,441,454
ICL Group Ltd.		2,054,002		9,342,197
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		1,340,504		6,502,637
Mizrahi Tefahot Bank Ltd.		327,322		12,182,044


				146,446,884

Italy — 2.7%
Eni SpA		1,731,148		27,596,818
Ferrari NV		184,268		64,261,098
Infrastrutture Wireless Italiane SpA^(c)		580,951		7,024,875
Leonardo SpA		475,954		8,307,331
Recordati Industria Chimica e Farmaceutica SpA		654,994		36,151,913
Snam SpA		7,191,911		35,124,888
Terna - Rete Elettrica Nazionale		2,199,187		18,543,652


				197,010,575

Japan — 27.7%
Astellas Pharma Inc.		1,697,500		19,763,097
Bandai Namco Holdings Inc.		366,800		7,942,151
Bridgestone Corp.		462,200		20,028,366
Canon Inc.		2,294,700		63,212,386
Central Japan Railway Co.		2,371,200		59,262,541
Chiba Bank Ltd. (The)		3,193,600		23,665,411
Chubu Electric Power Co. Inc.		2,599,500		33,722,498
Chugai Pharmaceutical Co. Ltd.		977,600		35,164,486
Concordia Financial Group Ltd.		3,556,900		16,950,209
Dai Nippon Printing Co. Ltd.		352,600		10,204,224
Daiwa House Industry Co. Ltd.		626,000		19,357,136
East Japan Railway Co.		728,500		41,664,825
ENEOS Holdings Inc.		5,854,500		23,643,709
Fast Retailing Co. Ltd.		20,200		5,392,931
FUJIFILM Holdings Corp.		119,500		7,574,495
Hankyu Hanshin Holdings Inc.		313,700		9,597,815
Hirose Electric Co. Ltd.		283,200		32,951,108
Idemitsu Kosan Co. Ltd.		1,819,300		10,102,535
ITOCHU Corp.		750,400		34,056,230
Japan Post Bank Co. Ltd.		5,310,200		55,225,263


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		4,699,500	$	44,986,816
Japan Post Insurance Co. Ltd.		159,400		2,984,268
Japan Tobacco Inc.		1,698,700		44,773,288
Kao Corp.		178,200		7,050,939
KDDI Corp.		1,256,200		41,624,232
Keisei Electric Railway Co. Ltd.		238,300		10,783,043
Kintetsu Group Holdings Co. Ltd.		967,700		29,860,760
Kirin Holdings Co. Ltd.		467,800		6,724,137
Kyocera Corp.		841,600		12,321,083
Kyowa Kirin Co. Ltd.		1,197,800		18,867,704
McDonald’s Holdings Co. Japan Ltd.^(b)		807,200		35,940,155
MEIJI Holdings Co. Ltd.		1,413,500		34,184,944
Mitsubishi UFJ Financial Group Inc.		2,238,200		20,964,204
Mizuho Financial Group Inc.		3,112,020		56,519,137
MS&AD Insurance Group Holdings Inc.		204,300		8,436,514
NEC Corp.		509,500		33,293,127
Nippon Express Holdings Inc.		67,200		3,999,833
Nippon Telegraph & Telephone Corp.		60,334,200		75,764,922
Nissin Foods Holdings Co. Ltd.		1,492,800		48,294,133
Nitori Holdings Co. Ltd.		132,400		17,328,738
Nomura Research Institute Ltd.		222,200		6,795,658
Obayashi Corp.		1,746,100		16,162,841
Obic Co. Ltd.		194,100		29,815,612
Odakyu Electric Railway Co. Ltd.		736,100		11,247,970
Oji Holdings Corp.		4,279,100		16,730,558
Ono Pharmaceutical Co. Ltd.		1,939,100		34,950,584
Oracle Corp. Japan		181,600		14,311,738
Oriental Land Co. Ltd./Japan		326,200		12,115,091
Osaka Gas Co. Ltd.		1,869,500		39,365,784
Otsuka Corp.		350,700		14,756,672
Otsuka Holdings Co. Ltd.		2,537,000		99,725,208
Pan Pacific International Holdings Corp.		1,120,700		24,225,592
SCSK Corp.		1,417,700		27,835,990
Secom Co. Ltd.		977,000		70,910,981
Sekisui Chemical Co. Ltd.		787,100		11,237,850
Sekisui House Ltd.		1,628,800		36,768,847
SG Holdings Co. Ltd.		912,400		11,815,672
Shimizu Corp.		3,604,500		24,128,970
Shionogi & Co. Ltd.		373,700		17,936,259
Shizuoka Financial Group Inc., NVS		4,141,700		37,855,153
SoftBank Corp.		7,126,000		94,674,918
Sumitomo Mitsui Financial Group Inc.		300,700		15,640,414
Suntory Beverage & Food Ltd.		998,100		32,562,779
Takeda Pharmaceutical Co. Ltd.		2,108,100		61,958,069
Tobu Railway Co. Ltd.		1,316,300		34,859,914
Tokio Marine Holdings Inc.		737,700		19,451,247
Tokyo Gas Co. Ltd.		1,147,300		26,355,618
Tokyu Corp.		1,596,900		18,738,471
USS Co. Ltd.		1,900,600		35,943,016
West Japan Railway Co.		388,100		16,164,177
Yakult Honsha Co. Ltd.		788,100		17,213,354
Yamato Holdings Co. Ltd.		573,400		9,912,036
Zensho Holdings Co. Ltd.		56,900		2,786,319


				2,029,136,755

Netherlands — 4.6%
Davide Campari-Milano NV		480,316		4,866,193
Heineken Holding NV		207,085		17,376,010
Heineken NV		250,502		25,199,375
JDE Peet’s NV		904,160		22,319,519
Koninklijke Ahold Delhaize NV		3,310,651		93,105,939
Koninklijke KPN NV		19,705,636		67,033,461
Qiagen NV, NVS		1,189,732		51,618,670


Security	Shares		Value

Netherlands (continued)
Wolters Kluwer NV		370,668	$	54,642,779


				336,161,946

New Zealand — 0.6%
Auckland International Airport Ltd.		3,723,889		19,199,974
Mercury NZ Ltd.		1,548,400		6,388,601
Meridian Energy Ltd.		1,416,989		4,800,460
Spark New Zealand Ltd.		4,309,193		13,999,678


				44,388,713

Norway — 0.1%
Telenor ASA		402,621		4,467,505


Portugal — 0.7%
Galp Energia SGPS SA		1,593,201		25,079,760
Jeronimo Martins SGPS SA		1,011,275		22,999,752


				48,079,512

Singapore — 4.0%
DBS Group Holdings Ltd.		2,844,200		67,365,682
Genting Singapore Ltd.		33,274,200		24,989,061
Oversea-Chinese Banking Corp. Ltd.		5,697,899		54,502,508
Singapore Exchange Ltd.		7,246,200		50,597,560
Singapore Technologies Engineering Ltd.^(b)		13,985,600		38,753,227
United Overseas Bank Ltd.		2,785,400		58,712,164


				294,920,202

Spain — 3.8%
ACS Actividades de Construccion y Servicios SA		159,016		6,274,849
Aena SME SA^(c)		151,213		26,750,664
CaixaBank SA		2,483,873		10,591,210
Enagas SA		342,777		5,580,334
Endesa SA		945,338		18,728,992
Iberdrola SA		2,607,552		31,397,420
Iberdrola SA, NVS		47,445		571,278
Industria de Diseno Textil SA		2,358,557		100,845,684
Naturgy Energy Group SA		526,848		14,186,833
Redeia Corp. SA		2,654,438		44,170,165
Repsol SA		1,547,885		22,859,600


				281,957,029

Sweden — 0.1%
Swedish Orphan Biovitrum AB^(a)		276,450		7,759,434


Switzerland — 14.3%
Alcon Inc.		65,500		4,930,512
Baloise Holding AG, Registered		141,944		22,674,292
Banque Cantonale Vaudoise, Registered		279,799		35,824,448
Barry Callebaut AG, Registered		18,305		26,736,412
BKW AG		195,756		31,099,440
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		945		12,009,956
Chocoladefabriken Lindt & Spruengli AG, Registered		19		2,408,421
EMS-Chemie Holding AG, Registered		44,941		33,926,619
Givaudan SA, Registered		7,441		30,943,671
Helvetia Holding AG, Registered		111,438		16,093,925
Holcim AG		144,934		11,069,889
Kuehne + Nagel International AG, Registered		137,641		46,643,732
Nestle SA, Registered		854,915		97,418,015
Novartis AG, Registered		1,104,388		114,208,869
Roche Holding AG, Bearer		205,628		62,290,362
Roche Holding AG, NVS		310,582		88,427,774
Sandoz Group AG^(a)		144,121		4,942,627
Schindler Holding AG, Registered		189,506		45,110,164
SGS SA		540,460		49,941,654
Swatch Group AG (The), Registered		139,928		6,366,589


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Swiss Prime Site AG, Registered		701,669	$	71,068,786
Swiss Re AG		116,150		13,299,226
Swisscom AG, Registered		183,978		110,071,010
Zurich Insurance Group AG		213,387		108,419,696


				1,045,926,089

United Kingdom — 10.2%
AstraZeneca PLC		552,358		73,229,878
BAE Systems PLC		6,550,050		97,572,585
British American Tobacco PLC		278,415		8,208,678
Bunzl PLC		640,455		26,027,941
Coca-Cola Europacific Partners PLC		63,095		4,347,245
Compass Group PLC		1,027,475		28,300,516
Diageo PLC		155,730		5,624,635
GSK PLC		4,643,899		91,845,796
Haleon PLC		1,714,905		6,965,538
Hikma Pharmaceuticals PLC		384,205		9,373,470
HSBC Holdings PLC		1,074,504		8,389,407
National Grid PLC		5,731,660		76,340,574
Pearson PLC		1,198,479		14,702,673
Reckitt Benckiser Group PLC		756,533		54,698,012
RELX PLC		1,521,158		62,784,365
Sage Group PLC (The)		759,047		11,300,632
Shell PLC		1,226,385		38,020,765
Tesco PLC		8,560,085		31,018,490
Unilever PLC		1,919,749		93,415,397
United Utilities Group PLC		362,783		4,886,238


				747,052,835


Total Common Stocks — 99.4% (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



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

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Min Vol Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		71		03/07/24	$	12,328	$	841,123
Euro STOXX 50 Index		151		03/15/24		7,652		126,134
FTSE 100 Index		66		03/15/24		6,412		(48,084	)
SPI 200 Index		67		03/21/24		8,462		72,691
2-Year U.S. Treasury Note		42		03/28/24		8,638		13,378


							$	1,005,242

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,039,948	$	—	$	13,378	$	—	$	1,053,326


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	48,084	$	—	$	—	$	—	$	48,084

^(a)

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,487,665		$	—	$	(46,512	)	$	—	$	1,441,153


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(192,927	)	$	—	$	100,072		$	—	$	(92,855	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	46,416,944

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


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Min Vol Factor ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	105,041,681	$	7,182,470,510		$	—	$	7,287,512,191
Rights		72,938		—			—		72,938
Short-Term Securities
Money Market Funds		5,920,304		—			—		5,920,304


	$	111,034,923	$	7,182,470,510		$	—	$	7,293,505,433


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,039,948		$	—	$	1,039,948
Interest Rate Contracts		13,378		—			—		13,378
Liabilities
Equity Contracts		—		(48,084	)		—		(48,084	)


	$	13,378	$	991,864		$	—		1,005,242

^(a)

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

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2024


	iShares Global Equity Factor ETF		iShares International Equity Factor ETF			iShares 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 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Global Equity Factor ETF						iShares International Equity Factor ETF

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	965,498		$	2,924,803		$	9,959,138		$	31,708,432
Net realized gain (loss)		1,767,868			(2,195,725	)		4,790,363			(8,918,633	)
Net change in unrealized appreciation (depreciation)		3,912,234			14,255,701			15,444,403			105,030,879


Net increase in net assets resulting from operations		6,645,600			14,984,779			30,193,904			127,820,678


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,872,187	)		(2,972,728	)		(15,733,631	)		(24,688,142	)


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

Financial Highlights

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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Small-Cap Equity Factor ETF


	Six Months Ended 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 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):




iShares ETF	Diversification Classification


Global Equity Factor		Diversified
International Equity Factor		Diversified
International Small-Cap Equity Factor		Diversified
MSCI EAFE Min Vol Factor		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Global Equity Factor
Barclays Bank PLC	$	396,039	$	(396,039	)	$	—		$	—
Barclays Capital, Inc.		5,533		(5,533	)		—			—
BNP Paribas SA		898		(898	)		—			—
BofA Securities, Inc.		118,635		(118,635	)		—			—
J.P. Morgan Securities LLC		664,335		(664,335	)		—			—
Jefferies LLC		201,955		(201,955	)		—			—
Toronto-Dominion Bank		901,758		(901,758	)		—			—
UBS AG		25,606		(25,606	)		—			—


	$	2,314,759	$	(2,314,759	)	$	—		$	—

International Equity Factor
BofA Securities, Inc.	$	2,434,122	$	(2,434,122	)	$	—		$	—
HSBC Bank PLC		131,290		(131,290	)		—			—
Jefferies LLC		34,326		(34,326	)		—			—


	$	2,599,738	$	(2,599,738	)	$	—		$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

International Small-Cap Equity Factor
BNP Paribas SA	$	293,783	$	(293,783	)	$	—		$	—
BofA Securities, Inc.		3,571,882		(3,571,882	)		—			—
Citigroup Global Markets, Inc.		693,722		(693,722	)		—			—
Goldman Sachs & Co. LLC		5,232,910		(5,232,910	)		—			—
HSBC Bank PLC		1,108,136		(1,108,136	)		—			—
J.P. Morgan Securities LLC		2,367,020		(2,367,020	)		—			—
Jefferies LLC		85,517		(85,517	)		—			—
Macquarie Bank Ltd.		22,390		(22,390	)		—			—
Scotia Capital (USA), Inc.		491,985		(491,985	)		—			—
SG Americas Securities LLC		202,914		(202,914	)		—			—
State Street Bank & Trust Co.		328,888		(328,888	)		—			—
Toronto-Dominion Bank		18,151		(18,151	)		—			—
UBS AG		1,102,005		(1,102,005	)		—			—


	$	15,519,303	$	(15,519,303	)	$	—		$	—

MSCI EAFE Min Vol Factor
BofA Securities, Inc.	$	4,047,304	$	(4,047,304	)	$	—		$	—
Morgan Stanley		127,901		(127,901	)		—			—
Scotia Capital (USA), Inc.		1,271		(1,271	)		—			—
State Street Bank & Trust Co.		105,790		(105,790	)		—			—


	$	4,282,266	$	(4,282,266	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fees

Global Equity Factor		0.20	%
International Equity Factor		0.15
International Small-Cap Equity Factor		0.23
MSCI EAFE Min Vol Factor		0.20

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses. For the iShares Global Equity Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the six months ended January 31, 2024, there were no fees waived by BFA pursuant to these arrangements.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:




iShares ETF	Amounts


Global Equity Factor	$	5,191
International Equity Factor		3,046
International Small-Cap Equity Factor		42,765
MSCI EAFE Min Vol Factor		6,845

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


N O T E S T O F I N A N C I A L S T A T E M E N T S		51

Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:




iShares ETF	Purchases		Sales		Net Realized Gain (Loss)


Global Equity Factor	$	3,921,206	$	4,937,538	$	367,376

International Equity Factor		27,122,650		34,676,125		(13,607	)

International Small-Cap Equity Factor		5,855,597		6,529,369		801,861

MSCI EAFE Min Vol Factor		170,006,275		209,029,730		15,059,659

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


Global Equity Factor	$	13,827,565	$	15,279,651
International Equity Factor		107,274,589		111,579,779
International Small-Cap Equity Factor		72,390,256		79,648,617
MSCI EAFE Min Vol Factor		814,809,740		828,536,722

For the six months ended January 31, 2024, in-kind transactions were as follows:




iShares ETF	In-kind Purchases		In-kind Sales


Global Equity Factor	$	3,240,661	$	7,373,464
International Equity Factor		56,932,814		59,396,275
International Small-Cap Equity Factor		—		61,433,472
MSCI EAFE Min Vol Factor		—		383,549,093

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards
Global Equity Factor	$	(9,276,181	)
International Equity Factor		(162,907,834	)
International Small-Cap Equity Factor		(11,482,387	)
MSCI EAFE Min Vol Factor		(907,199,877	)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Global Equity Factor	$	107,909,611	$	24,233,120	$	(5,049,624	)	$	19,183,496
International Equity Factor		897,397,557		137,667,418		(57,042,469	)		80,624,949
International Small-Cap Equity Factor		539,499,138		64,657,403		(50,708,653	)		13,948,750
MSCI EAFE Min Vol Factor		7,026,768,836		819,195,756		(551,453,917	)		267,741,839

9.	*LINE OF CREDIT*

The iShares Global Equity Factor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended January 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:




iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

Global Equity Factor	$	154,000	$	4,185		6.41%

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.


N O T E S T O F I N A N C I A L S T A T E M E N T S		53

Notes to Financial Statements (unaudited) (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.


54		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Six Months Ended 01/31/24						Year Ended 07/31/23


iShares ETF	Shares			Amount			Shares			Amount


Global Equity Factor

Shares sold		100,000		$	3,796,138			—		$	—
Shares redeemed		(250,000	)		(8,627,852	)		(200,000	)		(6,755,470	)


		(150,000	)	$	(4,831,714	)		(200,000	)	$	(6,755,470	)

International Equity Factor

Shares sold		2,200,000		$	58,008,184			5,900,000		$	144,097,934
Shares redeemed		(2,300,000	)		(59,811,032	)		(4,500,000	)		(107,215,801	)


		(100,000	)	$	(1,802,848	)		1,400,000		$	36,882,133

International Small-Cap Equity Factor

Shares sold		—		$	—			12,000,000		$	358,878,061
Shares redeemed		(2,200,000	)		(64,305,337	)		—			—


		(2,200,000	)	$	(64,305,337	)		12,000,000		$	358,878,061

MSCI EAFE Min Vol Factor

Shares sold		—		$	—			33,000,000		$	1,899,904,596
Shares redeemed		(5,900,000	)		(385,826,896	)		(11,100,000	)		(726,284,363	)


		(5,900,000	)	$	(385,826,896	)		21,900,000		$	1,173,620,233

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Equity Factor ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS

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


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

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

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size 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.

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

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no 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


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		59

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-719-0124