iShares Trust


		JANUARY 31, 2023

2023 Semi-Annual Report
(Unaudited)

iShares Trust

iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside. Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(0.44)%	(8.22)%

U.S. small cap equities (Russell 2000^® Index)	3.25	(3.38)

International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)

Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
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		38

Statements of Operations		39

Statements of Changes in Net Assets		40

Financial Highlights		42

Notes to Financial Statements		46

Statement Regarding Liquidity Risk Management Program		54

General Information		55

Glossary of Terms Used in this Report		56


		3


Fund Summary as of January 31, 2023		iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF(the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.20	%		(7.39	)%		2.80	%		5.53	%		(7.39	)%		14.79	%		54.21	%
Fund Market		6.34			(7.18	)		2.77			5.55			(7.18	)		14.66			54.44
Index		6.32			(6.65	)		2.89			5.73			(6.65	)		15.32			56.54

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual						Hypothetical 5% Return


Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$	1,062.00	$	1.56		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Financials		18.8%
Energy		16.9
Industrials		15.1
Health Care		14.8
Consumer Discretionary		8.3
Consumer Staples		8.2
Communication Services		5.9
Materials		5.5
Information Technology		3.7
Utilities		2.0
Real Estate		0.8

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION




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


Japan		32.2%
United Kingdom		18.1
Canada		10.9
France		7.5
Australia		7.4
Germany		4.6
Switzerland		4.4
Denmark		4.2
Italy		1.4
Singapore		1.4


4		2 0 2 3 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, 2023		iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.69	%		(3.42	)%		5.08	%		6.55	%		(3.42	)%		28.09	%		66.68	%
Fund Market		7.52			(3.36	)		5.03			6.57			(3.36	)		27.79			66.96
Index		7.83			(2.94	)		5.03			6.67			(2.94	)		27.79			68.10

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,076.90	$ 1.57			$ 1,000.00	$ 1,023.70	$ 1.53		0.30	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Financials		20.3%
Industrials		14.5
Health Care		11.7
Consumer Discretionary		11.2
Consumer Staples		9.4
Materials		8.6
Information Technology		8.2
Energy		6.1
Communication Services		4.3
Utilities		3.3
Real Estate		2.4

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom		15.6%
Switzerland		13.4
Japan		11.8
France		9.8
Canada		7.1
Netherlands		7.0
Denmark		6.6
Australia		6.0
Hong Kong		5.1
Germany		4.7


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


Fund Summary as of January 31, 2023		iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF(the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.36	%		(5.08	)%		1.22	%		3.94	%		(5.08	)%		6.27	%		34.29	%
Fund Market		6.42			(5.10	)		1.12			3.88			(5.10	)		5.75			33.72
Index		6.64			(4.44	)		1.16			3.97			(4.44	)		5.92			34.55

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

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,063.60	$	1.56		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	18.9	%
Financials	16.4
Consumer Discretionary	10.9
Materials	9.6
Consumer Staples	7.8
Information Technology	7.7
Real Estate	7.0
Health Care	6.8
Communication Services	6.5
Utilities	5.2
Energy	3.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	27.0	%
Canada	9.8
United Kingdom	9.5
France	7.4
Australia	6.9
Germany	6.4
Switzerland	4.7
Sweden	4.6
Hong Kong	4.0
Netherlands	3.0

^(a)

Excludes money market funds.


6		2 0 2 3 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, 2023

iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI IntlValue Factor ETF(the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.26	%		(0.67	)%		1.09	%		3.15	%		(0.67	)%		5.59	%		26.74	%
Fund Market		12.26			(0.70	)		1.04			3.17			(0.70	)		5.29			26.85
Index		12.53			(0.08	)		1.11			3.19			(0.08	)		5.68			27.03

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,122.60	$	1.61		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	22.4	%
Industrials	14.8
Health Care	11.5
Consumer Discretionary	10.0
Consumer Staples	9.2
Materials	8.6
Information Technology	7.5
Energy	6.2
Communication Services	4.2
Utilities	3.3
Real Estate	2.3

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	31.7	%
United Kingdom	17.9
France	11.6
Germany	9.7
Switzerland	5.7
Italy	3.9
Canada	3.0
Australia	2.9
Spain	2.9
Netherlands	2.4


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, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in 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 3 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, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.3%
APA Group		153,500	$	1,148,780
Aurizon Holdings Ltd.		150,695		393,880
BHP Group Ltd.		464,841		16,279,722
Brambles Ltd.		225,471		1,917,304
Commonwealth Bank of Australia		163,197		12,739,494
Computershare Ltd.		84,296		1,419,701
Endeavour Group Ltd./Australia		108,791		510,835
IGO Ltd.		134,038		1,393,361
Insurance Australia Group Ltd.		295,218		1,025,225
Lottery Corp. Ltd. (The)^(a)		218,540		728,864
Mineral Resources Ltd.		42,563		2,694,667
National Australia Bank Ltd.		373,707		8,432,373
Origin Energy Ltd.		131,225		696,748
Pilbara Minerals Ltd.^(a)		696,663		2,369,990
Qantas Airways Ltd.^(a)		107,294		484,307
QBE Insurance Group Ltd.		150,224		1,465,723
Telstra Corp. Ltd.		352,634		1,019,177
Treasury Wine Estates Ltd.		105,951		1,091,378
Vicinity Ltd.		466,589		682,638
WiseTech Global Ltd.		22,244		964,490
Woodside Energy Group Ltd.		387,430		10,032,063


				67,490,720

Austria — 0.1%
OMV AG		11,867		594,421


Belgium — 0.7%
Argenx SE^(a)		12,743		4,853,636
D’ieteren Group		3,368		643,676
Elia Group SA/NV		3,622		508,595


				6,005,907

Canada — 10.8%
Alimentation Couche-Tard Inc.		135,327		6,179,752
ARC Resources Ltd.		108,605		1,261,909
Cameco Corp.		43,760		1,224,445
Canadian National Railway Co.		60,215		7,167,601
Canadian Natural Resources Ltd.		170,940		10,492,405
Canadian Pacific Railway Ltd.		114,778		9,059,401
CCL Industries Inc., Class B, NVS		17,255		807,019
Cenovus Energy Inc.		252,022		5,034,568
Descartes Systems Group Inc. (The)^(a)		10,274		749,769
Dollarama Inc.		63,587		3,802,651
Element Fleet Management Corp.		100,397		1,418,559
Enbridge Inc.		147,831		6,053,010
Fairfax Financial Holdings Ltd.		3,094		2,048,335
George Weston Ltd.		6,532		840,316
Gildan Activewear Inc.		16,135		505,920
Hydro One Ltd.^(b)		38,362		1,048,897
iA Financial Corp. Inc.		13,223		816,207
Imperial Oil Ltd.		44,833		2,450,307
Intact Financial Corp.		33,614		4,876,563
Ivanhoe Mines Ltd., Class A^(a)		51,294		481,887
Loblaw Companies Ltd.		18,923		1,695,255
Metro Inc.		30,288		1,643,981
Nutrien Ltd.		66,715		5,522,521
Pembina Pipeline Corp.		51,408		1,824,036
Restaurant Brands International Inc.		39,241		2,625,701
Ritchie Bros Auctioneers Inc.		16,855		1,019,243
Saputo Inc.		43,231		1,191,773


Security	Shares		Value

Canada (continued)
Shaw Communications Inc., Class B, NVS		32,189	$	958,013
Suncor Energy Inc.		194,879		6,763,753
Teck Resources Ltd., Class B		43,999		1,903,410
TFI International Inc.		9,360		1,042,470
Thomson Reuters Corp.		20,326		2,417,947
Tourmaline Oil Corp.		63,468		2,957,913
WSP Global Inc.		14,674		1,871,320


				99,756,857

Denmark — 4.2%
Danske Bank A/S		100,405		2,091,794
Genmab A/S^(a)		9,176		3,596,042
Novo Nordisk A/S, Class B		229,180		31,716,167
Tryg A/S		39,144		898,280


				38,302,283

Finland — 0.9%
Nokia OYJ		399,504		1,894,255
Orion OYJ, Class B		20,351		1,090,297
Sampo OYJ, Class A		57,373		3,012,052
UPM-Kymmene OYJ		67,937		2,462,459


				8,459,063

France — 7.5%
Aeroports de Paris^(a)		3,770		584,868
Airbus SE		63,132		7,914,596
AXA SA		181,127		5,650,985
Bollore SE		118,518		663,152
Dassault Aviation SA		4,665		796,611
Edenred		34,023		1,853,215
Electricite de France SA		95,923		1,259,954
Engie SA		262,443		3,726,655
EssilorLuxottica SA		22,189		4,071,223
Getlink SE		50,668		856,987
Hermes International^(c)		3,710		6,943,299
Ipsen SA		5,032		528,536
Publicis Groupe SA		21,895		1,544,465
Renault SA^(a)		28,113		1,143,059
Sodexo SA		13,717		1,359,805
Thales SA		22,164		2,931,395
TotalEnergies SE		422,328		26,108,636
Worldline SA/France^(a)(b)		27,874		1,264,529


				69,201,970

Germany — 4.5%
Bayer AG, Registered		78,603		4,892,639
Beiersdorf AG		11,596		1,409,814
Commerzbank AG^(a)		178,583		2,041,459
Daimler Truck Holding AG^(a)		54,451		1,829,751
Deutsche Boerse AG		23,808		4,260,258
Deutsche Lufthansa AG, Registered^(a)		72,254		765,510
Deutsche Telekom AG, Registered		533,981		11,896,456
Hannover Rueck SE		7,913		1,606,881
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		20,331		7,343,706
Rheinmetall AG		7,693		1,797,527
RWE AG		80,632		3,589,646


				41,433,647

Hong Kong — 0.1%
Swire Pacific Ltd., Class A		64,000		586,489


Ireland — 0.7%
AIB Group PLC		178,161		748,381


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, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ireland (continued)
Bank of Ireland Group PLC		191,903	$	2,050,262
Flutter Entertainment PLC, Class DI^(a)		24,290		3,773,038


				6,571,681

Israel — 0.8%
Bank Hapoalim BM		171,324		1,542,011
Bank Leumi Le-Israel BM		155,923		1,377,951
Bezeq The Israeli Telecommunication Corp. Ltd.		468,478		776,368
CyberArk Software Ltd.^(a)		3,479		490,122
Elbit Systems Ltd.		4,502		755,814
ICL Group Ltd.		67,083		532,615
Israel Discount Bank Ltd., Class A		130,310		666,498
Mizrahi Tefahot Bank Ltd.		22,219		733,908
Tower Semiconductor Ltd.^(a)		16,693		702,193


				7,577,480

Italy — 1.4%
Eni SpA		273,353		4,206,418
Mediobanca Banca di Credito Finanziario SpA		48,184		517,976
Tenaris SA		86,092		1,525,614
UniCredit SpA		333,722		6,517,970


				12,767,978

Japan — 32.1%
Aeon Co. Ltd.		98,400		2,017,365
Ajinomoto Co. Inc.		95,600		3,151,797
ANA Holdings Inc.^(a)		24,800		548,892
Astellas Pharma Inc.		236,000		3,473,951
Bandai Namco Holdings Inc.		30,600		2,046,337
Bridgestone Corp.		88,100		3,289,054
Brother Industries Ltd.		36,700		570,034
Canon Inc.		161,000		3,572,967
Capcom Co. Ltd.		33,400		1,082,287
Central Japan Railway Co.		17,900		2,183,348
Chiba Bank Ltd. (The)		79,600		602,286
Dai Nippon Printing Co. Ltd.		31,000		731,899
Dai-ichi Life Holdings Inc.		82,600		1,938,024
Daiichi Sankyo Co. Ltd.		472,200		14,830,353
Daikin Industries Ltd.		29,300		5,089,251
Daito Trust Construction Co. Ltd.		9,800		968,422
Denso Corp.		33,900		1,830,793
Dentsu Group Inc.		25,500		821,326
Disco Corp.		4,500		1,351,947
East Japan Railway Co.		53,300		2,971,912
Eisai Co. Ltd.		51,200		3,167,741
ENEOS Holdings Inc.		422,100		1,511,201
Fast Retailing Co. Ltd.		11,800		7,166,840
Fuji Electric Co. Ltd.		14,500		586,931
Fujitsu Ltd.		13,600		1,936,359
Hamamatsu Photonics KK		20,300		1,084,635
Hankyu Hanshin Holdings Inc.		53,200		1,581,233
Hikari Tsushin Inc.		2,900		413,941
Hirose Electric Co. Ltd.		4,400		572,811
Hitachi Ltd.		129,500		6,791,297
Idemitsu Kosan Co. Ltd.		21,500		537,516
Inpex Corp.		183,500		2,016,415
Isuzu Motors Ltd.		86,600		1,095,086
ITOCHU Corp.		164,500		5,316,939
Itochu Techno-Solutions Corp.		12,500		309,469
Japan Airlines Co. Ltd.^(a)		25,800		547,155
Japan Metropolitan Fund Invest		858		663,306
Japan Post Bank Co. Ltd.		53,900		478,895


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		385,500	$	3,384,481
Japan Post Insurance Co. Ltd.		29,500		526,279
Japan Tobacco Inc.		214,100		4,365,907
Kansai Electric Power Co. Inc. (The)		83,700		804,951
KDDI Corp.		268,800		8,398,235
Keisei Electric Railway Co. Ltd.		22,800		665,053
Kintetsu Group Holdings Co. Ltd.		44,500		1,449,141
Kirin Holdings Co. Ltd.		142,500		2,195,886
Konami Group Corp.		7,200		354,049
Kose Corp.		4,700		518,564
Kurita Water Industries Ltd.		15,400		696,361
Kyocera Corp.		49,400		2,563,435
Kyowa Kirin Co. Ltd.		41,500		925,489
Lasertec Corp.		9,000		1,703,906
Marubeni Corp.		220,500		2,705,221
Mazda Motor Corp.		66,300		527,747
Mitsubishi Corp.		135,200		4,527,301
Mitsubishi Estate Co. Ltd.		141,200		1,814,860
Mitsubishi HC Capital Inc.		98,800		504,290
Mitsubishi Heavy Industries Ltd.		81,100		3,179,928
Mitsubishi UFJ Financial Group Inc		1,321,600		9,680,562
Mitsui & Co. Ltd.		238,700		7,042,302
Mitsui Fudosan Co. Ltd.		116,700		2,187,383
Mitsui OSK Lines Ltd.		43,100		1,069,687
Mizuho Financial Group Inc.		300,000		4,686,135
MS&AD Insurance Group Holdings Inc.		55,400		1,776,884
Nexon Co. Ltd.		54,700		1,318,956
Nintendo Co. Ltd.		164,900		7,149,696
Nippon Sanso Holdings Corp.		16,600		270,760
Nippon Steel Corp.		86,100		1,792,147
Nippon Telegraph & Telephone Corp.		241,700		7,247,500
Nippon Yusen KK		40,900		972,964
Nissin Foods Holdings Co. Ltd.		9,000		703,599
Nomura Real Estate Holdings Inc.		18,100		398,932
NTT Data Corp.		49,500		767,813
Obayashi Corp.		80,100		621,313
Obic Co. Ltd.		11,200		1,795,658
Olympus Corp.		250,800		4,714,942
Ono Pharmaceutical Co. Ltd.		73,100		1,586,174
Oriental Land Co. Ltd./Japan		25,700		4,282,130
ORIX Corp.		103,000		1,811,047
Osaka Gas Co. Ltd.		51,300		827,822
Otsuka Holdings Co. Ltd.		55,500		1,780,463
Pan Pacific International Holdings Corp.		59,700		1,104,039
Persol Holdings Co. Ltd.		22,500		493,324
Renesas Electronics Corp.^(a)		91,500		941,178
Resona Holdings Inc.		339,700		1,879,806
Ricoh Co. Ltd.		75,500		586,078
Rohm Co. Ltd.		11,600		929,525
Secom Co. Ltd.		22,400		1,334,497
Seiko Epson Corp.		35,400		548,983
Sekisui Chemical Co. Ltd.		44,200		619,166
Sekisui House Ltd.		88,100		1,665,025
Seven & i Holdings Co. Ltd.		100,100		4,726,011
Shionogi & Co. Ltd.		22,700		1,081,757
Shizuoka Financial Group Inc., NVS		63,400		537,102
SoftBank Group Corp.		170,400		8,067,086
Sompo Holdings Inc.		54,600		2,350,469
Square Enix Holdings Co. Ltd.		13,700		647,890
Subaru Corp.		90,600		1,488,706


10		2 0 2 3 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, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Sumitomo Chemical Co. Ltd.		105,700	$	405,743
Sumitomo Corp.		132,300		2,374,776
Sumitomo Electric Industries Ltd.		96,300		1,157,156
Sumitomo Mitsui Financial Group Inc.		193,200		8,396,678
Sumitomo Mitsui Trust Holdings Inc.		49,800		1,814,146
Suntory Beverage & Food Ltd.		17,600		594,312
Suzuki Motor Corp.		56,200		2,107,061
T&D Holdings Inc.		44,900		718,681
Taisei Corp.		31,100		1,073,633
Takeda Pharmaceutical Co. Ltd.		238,700		7,504,100
TDK Corp.		57,700		2,061,405
Terumo Corp.		83,400		2,427,803
TIS Inc.		50,400		1,453,302
Tobu Railway Co. Ltd.		36,000		844,671
Toho Co. Ltd./Tokyo		14,900		550,308
Tokio Marine Holdings Inc.		396,400		8,302,480
Tokyo Electric Power Co. Holdings Inc.^(a)		278,900		1,044,422
Tokyo Gas Co. Ltd.		78,900		1,652,142
Tokyu Corp.		74,900		963,168
Toppan Inc.		38,300		617,096
Toray Industries Inc.		203,000		1,247,242
Toshiba Corp.		41,000		1,408,213
Toyota Motor Corp.		961,800		14,124,718
Toyota Tsusho Corp.		25,400		1,075,491
Trend Micro Inc./Japan^(a)		18,600		920,961
USS Co. Ltd.		32,800		539,500
West Japan Railway Co.		36,900		1,545,317
Yakult Honsha Co. Ltd.		33,800		2,412,911
Yamaha Motor Co. Ltd.		37,700		928,577
Yokogawa Electric Corp.		33,700		591,758
ZOZO Inc.		14,700		381,071


				295,385,452

Netherlands — 1.3%
Aegon NV		180,650		996,428
JDE Peet’s NV		13,639		408,801
Koninklijke Ahold Delhaize NV		105,616		3,152,317
Koninklijke KPN NV		265,483		907,645
NN Group NV		19,405		843,110
OCI NV		18,727		637,475
Wolters Kluwer NV		46,014		5,016,585


				11,962,361

New Zealand — 0.1%
Spark New Zealand Ltd.		244,233		823,489


Norway — 1.2%
Aker BP ASA		33,214		1,011,756
Equinor ASA		255,083		7,774,073
Kongsberg Gruppen ASA		12,775		508,595
Norsk Hydro ASA		111,269		902,152
Yara International ASA		17,782		790,077


				10,986,653

Portugal — 0.2%
Galp Energia SGPS SA		49,587		678,749
Jeronimo Martins SGPS SA		36,531		793,115


				1,471,864

Singapore — 1.4%
City Developments Ltd.		35,100		222,774
DBS Group Holdings Ltd.		196,700		5,384,913
Jardine Cycle & Carriage Ltd.		15,400		341,412


Security	Shares		Value

Singapore (continued)
Keppel Corp. Ltd.		231,200	$	1,334,870
Oversea-Chinese Banking Corp. Ltd.		285,900		2,824,791
Singapore Airlines Ltd.		117,100		529,510
United Overseas Bank Ltd.		82,600		1,877,550


				12,515,820

Spain — 1.0%
Acciona SA		2,690		524,819
ACS Actividades de Construccion y Servicios SA		33,151		981,061
CaixaBank SA		707,342		3,138,448
Corp. ACCIONA Energias Renovables SA		12,471		509,990
EDP Renovaveis SA		20,992		456,599
Naturgy Energy Group SA		14,691		416,669
Repsol SA		172,227		2,829,145


				8,856,731

Sweden — 0.9%
Nordea Bank Abp		387,102		4,525,371
Volvo AB, Class A		24,534		509,663
Volvo AB, Class B		172,809		3,429,136


				8,464,170

Switzerland — 4.3%
ABB Ltd., Registered		141,281		4,918,790
Banque Cantonale Vaudoise, Registered		5,721		543,821
Novartis AG, Registered		213,327		19,286,688
Roche Holding AG, Bearer		3,287		1,203,176
UBS Group AG, Registered		293,661		6,268,304
Zurich Insurance Group AG		15,638		7,733,437


				39,954,216

United Kingdom — 18.0%
AstraZeneca PLC		171,284		22,440,337
Aviva PLC		298,742		1,684,859
BAE Systems PLC		668,143		7,072,988
BP PLC		3,480,566		21,023,481
British American Tobacco PLC		373,310		14,310,390
Bunzl PLC		27,546		1,011,247
Burberry Group PLC		46,104		1,404,370
CNH Industrial NV		95,049		1,681,545
Compass Group PLC		246,674		5,892,549
Glencore PLC		1,440,927		9,649,718
HSBC Holdings PLC		1,481,150		10,913,625
Imperial Brands PLC		210,338		5,276,586
NatWest Group PLC, NVS		636,599		2,428,661
Pearson PLC		149,039		1,699,667
RELX PLC		186,227		5,532,600
Shell PLC		1,267,136		37,200,272
Smiths Group PLC		48,657		1,038,681
Unilever PLC		308,121		15,683,068


				165,944,644


Total Common Stocks — 99.5% (Cost: $853,603,910)				915,113,896


Preferred Stocks

Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		6,832		647,256


Total Preferred Stocks — 0.1% (Cost: $587,047)				647,256


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, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)^(a)		32,797	$	16,640


Total Rights — 0.0% (Cost: $16,851)				16,640


Total Long-Term Investments — 99.6% (Cost: $854,207,808)				915,777,792


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		6,998,102		7,002,301
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		300,000		300,000


Total Short-Term Securities — 0.8% (Cost: $7,300,364)				7,302,301


Total Investments — 100.4% (Cost: $861,508,172)				923,080,093

Liabilities in Excess of Other Assets — (0.4)%				(3,346,060	)


Net Assets — 100.0%			$	919,734,033

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,219,126	$	5,780,886	^(a)	$	—	$	409	$	1,880	$	7,002,301		6,998,102	$	7,312	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		110,000	^(a)		—		—		—		300,000		300,000		8,092			—

								$	409	$	1,880	$	7,302,301			$	15,404		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		111		03/09/23	$	1,694	$	53,496
Euro STOXX 50 Index		8		03/17/23		364		21,746
FTSE 100 Index		17		03/17/23		1,630		40,854

							$	116,096


12		2 0 2 3 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, 2023

iShares^® MSCI Intl Momentum Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	116,096	$	—	$	—	$	—	$	116,096

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, 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	$	—	$	—	$	150,188	$	—	$	—	$	—	$	150,188


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	30,294	$	—	$	—	$	—	$	30,294

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	4,054,474

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
Australia	$	—	$	67,490,720	$	—	$	67,490,720
Austria		—		594,421		—		594,421
Belgium		—		6,005,907		—		6,005,907
Canada		99,756,857		—		—		99,756,857
Denmark		—		38,302,283		—		38,302,283
Finland		—		8,459,063		—		8,459,063
France		—		69,201,970		—		69,201,970
Germany		—		41,433,647		—		41,433,647
Hong Kong		—		586,489		—		586,489
Ireland		—		6,571,681		—		6,571,681
Israel		490,122		7,087,358		—		7,577,480
Italy		—		12,767,978		—		12,767,978
Japan		—		295,385,452		—		295,385,452
Netherlands		—		11,962,361		—		11,962,361
New Zealand		—		823,489		—		823,489
Norway		—		10,986,653		—		10,986,653
Portugal		—		1,471,864		—		1,471,864
Singapore		—		12,515,820		—		12,515,820


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, 2023

iShares^® MSCI Intl Momentum Factor ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Spain	$	—	$	8,856,731	$	—	$	8,856,731
Sweden		—		8,464,170		—		8,464,170
Switzerland		—		39,954,216		—		39,954,216
United Kingdom		—		165,944,644		—		165,944,644
Preferred Stocks		—		647,256		—		647,256
Rights		16,640		—		—		16,640
Short-Term Securities
Money Market Funds		7,302,301		—		—		7,302,301

	$	107,565,920	$	815,514,173	$	—	$	923,080,093

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	116,096	$	—	$	116,096

^(a)

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

See notes to financial statements.


14		2 0 2 3 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, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.0%
Aristocrat Leisure Ltd.		273,538	$	6,604,089
ASX Ltd.		193,103		9,449,519
BHP Group Ltd.		3,595,937		125,937,378
BlueScope Steel Ltd.		212,141		2,892,857
Brambles Ltd.		842,510		7,164,326
Dexus		729,425		4,229,249
Fortescue Metals Group Ltd.		971,712		15,348,728
Goodman Group		1,765,840		25,187,190
Insurance Australia Group Ltd.		1,516,923		5,267,928
James Hardie Industries PLC		282,294		6,334,261
Medibank Pvt Ltd.		3,454,720		7,197,160
Mirvac Group		2,385,564		3,854,137
REA Group Ltd.		56,617		5,076,942
Rio Tinto Ltd.		263,184		23,617,410
Stockland		1,481,213		4,138,905
Wesfarmers Ltd.		708,488		24,978,946


				277,279,025

Austria — 0.2%
OMV AG		83,387		4,176,874
Verbund AG		77,351		6,585,906


				10,762,780

Belgium — 0.3%
Ageas SA/NV		120,517		5,883,876
Sofina SA		9,611		2,283,306
Umicore SA		64,900		2,453,511
Warehouses De Pauw CVA		97,113		3,079,636


				13,700,329

Canada — 7.1%
Alimentation Couche-Tard Inc.		381,667		17,428,948
ARC Resources Ltd.		643,741		7,479,791
BRP Inc.		40,461		3,376,337
Canadian National Railway Co.		405,248		48,238,081
Canadian Tire Corp. Ltd., Class A, NVS		24,907		2,961,397
CCL Industries Inc., Class B, NVS		57,077		2,669,499
Cenovus Energy Inc.		860,851		17,196,963
CGI Inc.^(a)		96,395		8,261,911
Constellation Software Inc./Canada		10,734		18,964,462
Franco-Nevada Corp.		67,014		9,829,862
Great-West Lifeco Inc.		244,134		6,475,134
iA Financial Corp. Inc.		96,128		5,933,631
IGM Financial Inc.		68,485		2,137,599
Imperial Oil Ltd.		138,515		7,570,411
Intact Financial Corp.		156,765		22,742,736
Manulife Financial Corp.		1,760,704		34,842,235
Nutrien Ltd.		221,513		18,336,359
Power Corp. of Canada		426,557		11,569,984
Sun Life Financial Inc.		524,912		26,376,774
Suncor Energy Inc.		778,453		27,018,120
TFI International Inc.		51,373		5,721,668
TMX Group Ltd.		51,446		5,070,556
Toromont Industries Ltd.		55,267		4,414,963
Tourmaline Oil Corp.		239,473		11,160,588


				325,778,009

Denmark — 6.6%
AP Moller - Maersk A/S, Class A		2,276		4,850,041
AP Moller - Maersk A/S, Class B, NVS		3,675		7,994,196
Carlsberg A/S, Class B		52,169		7,405,995


Security	Shares		Value

Denmark (continued)
Chr Hansen Holding A/S		34,084	$	2,516,589
Coloplast A/S, Class B		112,833		13,622,828
DSV A/S		128,530		21,262,722
Novo Nordisk A/S, Class B		1,552,402		214,836,551
Novozymes A/S, Class B		110,320		5,740,672
Orsted A/S^(b)		134,552		11,982,122
Pandora A/S		79,824		6,647,017
Rockwool A/S, Class B		5,242		1,502,945
Tryg A/S		279,312		6,409,679


				304,771,357

Finland — 1.7%
Elisa OYJ		137,348		7,825,144
Kesko OYJ, Class B		131,467		3,062,324
Kone OYJ, Class B		371,927		20,283,440
Neste OYJ		426,894		20,406,505
Orion OYJ, Class B		105,012		5,625,979
Sampo OYJ, Class A		445,126		23,368,881


				80,572,273

France — 9.7%
Amundi SA^(b)		43,632		2,856,586
AXA SA		1,989,594		62,073,386
BioMerieux		22,444		2,288,073
Euronext NV^(b)		70,673		5,726,767
Hermes International		26,415		49,435,913
Ipsen SA		25,218		2,648,773
Kering SA		53,795		33,565,750
La Francaise des Jeux SAEM^(b)		95,973		4,106,492
L’Oreal SA		135,158		55,808,306
LVMH Moet Hennessy Louis Vuitton SE		173,526		151,483,967
Sartorius Stedim Biotech		23,164		8,080,257
TotalEnergies SE		1,152,252		71,233,090


				449,307,360

Germany — 4.5%
adidas AG		84,019		13,528,420
Allianz SE, Registered		297,393		71,110,776
Bechtle AG		36,192		1,525,158
Beiersdorf AG		40,907		4,973,375
Brenntag SE		97,120		7,249,815
Deutsche Boerse AG		167,968		30,056,577
Deutsche Post AG, Registered		633,324		27,268,837
GEA Group AG		92,177		4,159,018
Hannover Rueck SE		49,195		9,989,954
Knorr-Bremse AG		47,452		3,118,926
Nemetschek SE		33,478		1,789,879
Rational AG		4,240		2,789,001
Rheinmetall AG		26,905		6,286,556
RWE AG		580,254		25,832,254


				209,678,546

Hong Kong — 5.0%
AIA Group Ltd.		8,338,000		94,283,140
CK Asset Holdings Ltd.		1,229,500		7,860,819
CK Infrastructure Holdings Ltd.		448,500		2,495,253
CLP Holdings Ltd.		813,500		6,044,247
Hang Seng Bank Ltd.		566,000		9,425,719
Henderson Land Development Co. Ltd.		757,000		2,796,354
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,396,500		965,306
Hong Kong & China Gas Co. Ltd.		6,371,370		6,396,982
Hong Kong Exchanges & Clearing Ltd.		1,360,500		61,191,994


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, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Power Assets Holdings Ltd.		1,083,000	$	6,127,795
Sino Land Co. Ltd.		1,678,000		2,180,523
SITC International Holdings Co. Ltd.		1,269,000		2,772,257
Sun Hung Kai Properties Ltd.		883,000		12,522,371
Swire Properties Ltd.		632,600		1,777,958
Techtronic Industries Co. Ltd.		973,000		12,543,704
Xinyi Glass Holdings Ltd.		1,472,000		3,134,075


				232,518,497

Ireland — 0.2%
Kingspan Group PLC		107,276		6,899,568
Smurfit Kappa Group PLC		95,011		3,988,992


				10,888,560

Israel — 0.6%
Azrieli Group Ltd.		21,144		1,361,940
Bank Hapoalim BM		859,251		7,733,736
Bank Leumi Le-Israel BM		1,044,520		9,230,822
Check Point Software Technologies Ltd.^(a)		62,567		7,958,522


				26,285,020

Italy — 2.1%
Assicurazioni Generali SpA		864,685		16,879,783
Ferrari NV		101,282		25,308,768
FinecoBank Banca Fineco SpA		596,025		10,699,750
Moncler SpA		141,201		8,837,438
Recordati Industria Chimica e Farmaceutica SpA		65,202		2,856,401
Snam SpA		1,071,480		5,457,615
Stellantis NV		1,838,665		28,905,633


				98,945,388

Japan — 11.8%
Advantest Corp.		123,200		8,831,097
Bandai Namco Holdings Inc.		132,900		8,887,521
Capcom Co. Ltd.		140,000		4,536,533
Chugai Pharmaceutical Co. Ltd.		578,200		14,989,882
CyberAgent Inc.		309,700		2,896,299
Daifuku Co. Ltd.		56,600		3,116,605
Daito Trust Construction Co. Ltd.		60,900		6,018,050
Daiwa House Industry Co. Ltd.		415,100		9,968,632
Disco Corp.		16,500		4,957,138
Hakuhodo DY Holdings Inc.		137,900		1,490,332
Hoya Corp.		235,800		25,931,378
Itochu Techno-Solutions Corp.		34,500		854,134
Japan Exchange Group Inc.		519,500		7,950,722
Japan Real Estate Investment Corp.		629		2,696,831
Japan Tobacco Inc.		392,200		7,997,705
Kakaku.com Inc.		148,300		2,472,470
Kao Corp.		153,400		6,200,710
KDDI Corp.		1,159,700		36,233,009
Kikkoman Corp.		50,900		2,692,208
Kobayashi Pharmaceutical Co. Ltd.		19,100		1,371,229
Kobe Bussan Co. Ltd.		83,100		2,399,242
Koei Tecmo Holdings Co. Ltd.		93,380		1,698,223
Konami Group Corp.		68,900		3,388,052
Lasertec Corp.		54,900		10,393,827
M3 Inc.		236,800		6,474,800
McDonald’s Holdings Co. Japan Ltd.		49,000		1,935,861
MEIJI Holdings Co. Ltd.		36,300		1,872,088
MISUMI Group Inc.		162,200		4,082,162
Mitsui OSK Lines Ltd.		231,900		5,755,460
MonotaRO Co. Ltd.		239,900		3,634,090
MS&AD Insurance Group Holdings Inc.		377,900		12,120,656


Security	Shares		Value

Japan (continued)
Nexon Co. Ltd.		338,900	$	8,171,741
Nihon M&A Center Holdings Inc.		245,500		2,509,846
Nintendo Co. Ltd.		1,087,300		47,142,900
Nippon Building Fund Inc.		811		3,544,364
Nippon Prologis REIT Inc.		1,160		2,632,203
Nippon Telegraph & Telephone Corp.		739,100		22,162,296
Nissan Chemical Corp.		70,400		3,323,558
Nitori Holdings Co. Ltd.		41,400		5,479,526
Nitto Denko Corp.		48,800		3,154,306
Nomura Research Institute Ltd.		129,200		3,101,778
Obic Co. Ltd.		31,100		4,986,159
Open House Group Co. Ltd.		37,800		1,429,984
Oracle Corp. Japan		32,100		2,199,069
Osaka Gas Co. Ltd.		232,100		3,745,371
Otsuka Corp.		45,900		1,510,089
Persol Holdings Co. Ltd.		110,600		2,424,961
Recruit Holdings Co. Ltd.		976,100		31,391,631
Secom Co. Ltd.		110,900		6,606,952
Sekisui House Ltd.		288,000		5,442,987
SG Holdings Co. Ltd.		220,700		3,405,692
Shimadzu Corp.		91,500		2,811,892
Shimano Inc.		45,300		8,078,593
Shin-Etsu Chemical Co. Ltd.		167,400		24,678,612
SMC Corp.		35,500		18,030,825
Sompo Holdings Inc.		269,300		11,593,065
Square Enix Holdings Co. Ltd.		77,700		3,674,531
Sumitomo Metal Mining Co. Ltd.		91,000		3,694,894
T&D Holdings Inc.		307,300		4,918,720
Tokio Marine Holdings Inc.		1,495,500		31,322,804
Tokyo Electron Ltd.		109,600		38,307,847
Tosoh Corp.		104,400		1,365,908
Trend Micro Inc./Japan^(a)		56,100		2,777,737
Unicharm Corp.		147,900		5,641,739
USS Co. Ltd.		127,000		2,088,917
Welcia Holdings Co. Ltd.		35,500		793,448
Yamaha Corp.		62,500		2,430,254
ZOZO Inc.		117,200		3,038,200


				543,460,345

Netherlands — 7.0%
Adyen NV^(a)(b)		13,517		20,436,447
ASM International NV		26,340		8,908,345
ASML Holding NV		297,173		196,623,814
NN Group NV		224,342		9,747,228
Prosus NV		505,578		40,823,011
Randstad NV		88,737		5,687,895
Universal Music Group NV		611,622		15,634,505
Wolters Kluwer NV		219,910		23,975,252


				321,836,497

New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		370,603		6,082,035
Mercury NZ Ltd.		378,420		1,470,142
Meridian Energy Ltd.		866,698		2,995,486
Spark New Zealand Ltd.		1,512,297		5,099,065


				15,646,728

Norway — 0.8%
Equinor ASA		769,743		23,459,182
Gjensidige Forsikring ASA		231,617		4,162,956
Kongsberg Gruppen ASA		56,832		2,262,578
Mowi ASA		163,680		3,026,715


16		2 0 2 3 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, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Orkla ASA		289,671	$	2,162,602
Salmar ASA		41,234		1,917,367


				36,991,400

Portugal — 0.1%
Jeronimo Martins SGPS SA		142,788		3,100,031


Singapore — 0.9%
CapitaLand Ascendas REIT		1,916,100		4,216,628
Oversea-Chinese Banking Corp. Ltd.		2,617,000		25,856,870
Singapore Exchange Ltd.		958,800		6,753,324
Singapore Technologies Engineering Ltd.		1,153,700		3,243,675


				40,070,497

Spain — 1.8%
Corp. ACCIONA Energias Renovables SA		39,235		1,604,480
EDP Renovaveis SA		167,332		3,639,652
Endesa SA		342,764		6,833,590
Iberdrola SA		3,777,515		44,316,919
Iberdrola SA, NVS		60,228		703,550
Industria de Diseno Textil SA		750,418		23,428,656
Red Electrica Corp. SA		120,954		2,140,752


				82,667,599

Sweden — 3.8%
Alfa Laval AB		176,641		5,551,054
Assa Abloy AB, Class B		602,613		14,195,303
Atlas Copco AB, Class A		2,469,596		29,304,378
Atlas Copco AB, Class B		1,435,727		15,143,481
Boliden AB		145,174		6,514,970
Epiroc AB, Class A		582,049		11,324,785
Epiroc AB, Class B		344,916		5,750,604
EQT AB		313,410		7,072,023
Evolution AB^(b)		135,654		15,246,296
Indutrade AB		196,779		4,369,915
Investment AB Latour, Class B		73,692		1,554,821
Lifco AB, Class B		170,395		3,130,214
Nibe Industrier AB, Class B		893,985		9,658,851
Sagax AB, Class B		104,775		2,606,278
Sandvik AB		693,365		14,330,215
SKF AB, Class B		198,392		3,511,200
Tele2 AB, Class B		374,325		3,232,868
Volvo AB, Class A		128,216		2,663,524
Volvo AB, Class B		967,319		19,194,999


				174,355,779

Switzerland — 13.4%
ABB Ltd., Registered		1,150,760		40,064,459
Baloise Holding AG, Registered		36,343		5,977,438
EMS-Chemie Holding AG, Registered		4,451		3,318,132
Geberit AG, Registered		38,846		22,102,688
Givaudan SA, Registered		3,064		9,934,193
Kuehne + Nagel International AG, Registered		51,943		12,386,149
Logitech International SA, Registered		93,200		5,453,762
Nestle SA, Registered		1,338,172		163,269,088
Partners Group Holding AG		30,725		28,829,159
Roche Holding AG, Bearer		19,604		7,175,864
Roche Holding AG, NVS		511,288		159,608,965
Schindler Holding AG, Participation Certificates, NVS		29,081		6,198,246
Schindler Holding AG, Registered		16,788		3,396,026
Sonova Holding AG, Registered		36,893		9,225,893
STMicroelectronics NV		344,132		16,204,594
Straumann Holding AG		83,388		10,918,574


Security	Shares		Value

Switzerland (continued)
Swiss Re AG		214,378	$	22,447,713
Swisscom AG, Registered		17,101		10,104,221
Temenos AG, Registered		30,538		2,179,821
VAT Group AG^(b)		27,775		8,646,461
Zurich Insurance Group AG		141,054		69,755,221


				617,196,667

United Kingdom — 15.5%
3i Group PLC		806,945		15,743,278
abrdn PLC		1,531,389		4,033,424
Admiral Group PLC		127,181		3,457,456
Anglo American PLC		566,039		24,413,475
Ashtead Group PLC		283,319		18,661,875
Auto Trader Group PLC^(b)		1,128,346		8,754,252
Aviva PLC		2,193,612		12,371,638
Barratt Developments PLC		566,319		3,218,802
Berkeley Group Holdings PLC		61,048		3,126,124
BP PLC		14,725,866		88,947,877
British Land Co. PLC (The)		465,013		2,544,957
Bunzl PLC		220,693		8,101,904
Burberry Group PLC		247,595		7,541,969
Croda International PLC		51,834		4,418,161
Diageo PLC		1,107,421		48,423,169
Experian PLC		698,328		25,537,487
Glencore PLC		4,089,001		27,383,556
GSK PLC		2,742,807		48,177,446
Halma PLC		168,753		4,492,884
Hargreaves Lansdown PLC		521,032		5,736,156
Hikma Pharmaceuticals PLC		84,418		1,785,787
Imperial Brands PLC		494,926		12,415,823
Intertek Group PLC		116,296		6,250,565
JD Sports Fashion PLC		1,438,199		2,898,861
Johnson Matthey PLC		68,415		1,911,020
London Stock Exchange Group PLC		254,789		23,324,627
Mondi PLC		190,849		3,599,000
Next PLC		71,234		5,832,224
Persimmon PLC		230,839		4,031,672
Prudential PLC		2,296,141		38,150,501
Reckitt Benckiser Group PLC		332,001		23,658,690
RELX PLC		1,453,874		43,193,000
Rentokil Initial PLC		1,518,046		9,204,562
Rio Tinto PLC		742,575		58,144,533
Sage Group PLC (The)		416,928		4,005,706
Schroders PLC		670,624		3,965,927
Segro PLC		684,330		7,044,212
Spirax-Sarco Engineering PLC		58,139		8,304,688
SSE PLC		642,396		13,711,731
St. James’s Place PLC		689,563		10,456,349
Taylor Wimpey PLC		1,699,835		2,466,326
Unilever PLC		1,141,900		58,121,631
WPP PLC		713,776		8,339,569


				715,902,894


Total Common Stocks — 99.4% (Cost: $4,278,633,941)				4,591,715,581


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, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Germany — 0.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(a)		68,233	$	8,112,817


Total Preferred Stocks — 0.2% (Cost: $7,724,589)				8,112,817


Total Long-Term Investments — 99.6% (Cost: $4,286,358,530)				4,599,828,398


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(c)(d)		1,230,000		1,230,000


Total Short-Term Securities — 0.0% (Cost: $1,230,000)				1,230,000


Total Investments — 99.6% (Cost: $4,287,588,530)				4,601,058,398

Other Assets Less Liabilities — 0.4%				17,179,150


Net Assets — 100.0%			$	4,618,237,548

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$	(1,531	)^(b)	$	1,531	$	—	$	—		—	$	4,473	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		910,000		320,000	^(b)		—			—		—		1,230,000		1,230,000		30,547			1

									$	1,531	$	—	$	1,230,000			$	35,020		$	1

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		22		03/09/23	$	3,356	$	85,127
SPI 200 Index		27		03/16/23		3,559		155,042
Euro STOXX 50 Index		157		03/17/23		7,153		399,207
FTSE 100 Index		42		03/17/23		4,028		130,561

							$	769,937


18		2 0 2 3 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, 2023

iShares^® MSCI Intl Quality Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	769,937	$	—	$	—	$	—	$	769,937

^(a)

For the period ended January 31, 2023, 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	$	—	$	—	$	1,330,749		$	—	$	—	$	—	$	1,330,749


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(6,121	)	$	—	$	—	$	—	$	(6,121	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	20,035,266

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
Australia	$	—	$	277,279,025	$	—	$	277,279,025
Austria		—		10,762,780		—		10,762,780
Belgium		—		13,700,329		—		13,700,329
Canada		325,778,009		—		—		325,778,009
Denmark		—		304,771,357		—		304,771,357
Finland		—		80,572,273		—		80,572,273
France		—		449,307,360		—		449,307,360
Germany		—		209,678,546		—		209,678,546
Hong Kong		—		232,518,497		—		232,518,497
Ireland		—		10,888,560		—		10,888,560
Israel		7,958,522		18,326,498		—		26,285,020
Italy		—		98,945,388		—		98,945,388
Japan		—		543,460,345		—		543,460,345
Netherlands		—		321,836,497		—		321,836,497
New Zealand		—		15,646,728		—		15,646,728
Norway		—		36,991,400		—		36,991,400
Portugal		—		3,100,031		—		3,100,031
Singapore		—		40,070,497		—		40,070,497


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, 2023

iShares^® MSCI Intl Quality Factor ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Spain	$	—	$	82,667,599	$	—	$	82,667,599
Sweden		—		174,355,779		—		174,355,779
Switzerland		—		617,196,667		—		617,196,667
United Kingdom		—		715,902,894		—		715,902,894
Preferred Stocks		—		8,112,817		—		8,112,817
Short-Term Securities
Money Market Funds		1,230,000		—		—		1,230,000

	$	334,966,531	$	4,266,091,867	$	—	$	4,601,058,398

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	769,937	$	—	$	769,937

^(a)

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

See notes to financial statements.


20		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.9%
Ampol Ltd.		1,794	$	38,904
APA Group		4,554		34,082
Aristocrat Leisure Ltd.		1,416		34,187
ASX Ltd.		690		33,765
Aurizon Holdings Ltd.		13,998		36,587
Australia & New Zealand Banking Group Ltd.		1,898		33,778
BHP Group Ltd.		955		33,446
BlueScope Steel Ltd.		3,090		42,137
Brambles Ltd.		4,447		37,815
Cochlear Ltd.		246		37,165
Coles Group Ltd.		3,024		38,035
Commonwealth Bank of Australia		432		33,723
Computershare Ltd.		1,836		30,922
CSL Ltd.		162		34,206
Dexus		6,792		39,380
Endeavour Group Ltd./Australia		7,014		32,935
Fortescue Metals Group Ltd.		2,412		38,099
Goodman Group		2,462		35,117
GPT Group (The)		11,958		38,762
IDP Education Ltd.		1,692		37,653
IGO Ltd.		3,246		33,743
Insurance Australia Group Ltd.		10,278		35,693
James Hardie Industries PLC		1,698		38,101
Lendlease Corp. Ltd.		6,684		40,815
Lottery Corp. Ltd. (The)^(a)		11,514		38,401
Macquarie Group Ltd.		264		35,220
Medibank Pvt Ltd.		17,064		35,549
Mineral Resources Ltd.		600		37,986
Mirvac Group		23,192		37,469
National Australia Bank Ltd.		1,483		33,463
Newcrest Mining Ltd.		2,604		41,375
Northern Star Resources Ltd.		5,034		44,856
Orica Ltd.		3,420		35,888
Origin Energy Ltd.		7,050		37,432
Pilbara Minerals Ltd.^(a)		10,488		35,679
Qantas Airways Ltd.^(a)		8,592		38,783
QBE Insurance Group Ltd.		3,931		38,354
Ramsay Health Care Ltd.		798		37,709
REA Group Ltd.		408		36,586
Reece Ltd.		3,390		38,964
Rio Tinto Ltd.		450		40,382
Santos Ltd.		6,612		33,753
Scentre Group		16,332		35,437
SEEK Ltd.		2,382		41,254
Sonic Healthcare Ltd.		1,458		32,656
South32 Ltd.		12,636		40,548
Stockland		13,914		38,879
Suncorp Group Ltd.		4,111		36,544
Telstra Corp. Ltd.		12,084		34,925
Transurban Group		3,414		33,471
Treasury Wine Estates Ltd.		3,774		38,875
Vicinity Ltd.		27,444		40,152
Washington H Soul Pattinson & Co. Ltd.		1,782		36,294
Wesfarmers Ltd.		996		35,116
Westpac Banking Corp.		1,968		33,113
WiseTech Global Ltd.		840		36,422
Woodside Energy Group Ltd.		1,230		31,849
Woolworths Group Ltd.		1,332		34,043


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		738	$	40,676


				2,167,153

Austria — 0.5%
Erste Group Bank AG		1,062		40,297
OMV AG		654		32,759
Verbund AG		348		29,630
voestalpine AG		1,296		43,061


				145,747

Belgium — 1.4%
Ageas SA/NV		864		42,182
Anheuser-Busch InBev SA/NV		546		32,957
Argenx SE^(a)		90		34,280
D’ieteren Group		198		37,841
Elia Group SA/NV		228		32,015
Groupe Bruxelles Lambert NV		384		32,849
KBC Group NV		594		43,996
Sofina SA		150		35,636
Solvay SA		348		40,553
UCB SA		426		34,977
Umicore SA		894		33,797
Warehouses De Pauw CVA		1,230		39,006


				440,089

Canada — 9.7%
Agnico Eagle Mines Ltd.		625		35,296
Air Canada^(a)		2,472		41,951
Algonquin Power & Utilities Corp.		4,476		32,631
Alimentation Couche-Tard Inc.		678		30,961
AltaGas Ltd.		2,064		38,595
ARC Resources Ltd.		2,286		26,562
Bank of Montreal		312		31,398
Bank of Nova Scotia (The)		600		32,481
Barrick Gold Corp.		2,046		40,011
BCE Inc.		625		29,546
Brookfield Asset Management Ltd.^(a)		171		5,583
Brookfield Corp.		685		25,484
Brookfield Renewable Corp., Class A		1,080		34,018
BRP Inc.		492		41,056
CAE Inc.^(a)		1,602		36,181
Cameco Corp.		1,398		39,117
Canadian Apartment Properties REIT		1,074		39,713
Canadian Imperial Bank of Commerce		660		30,129
Canadian National Railway Co.		246		29,282
Canadian Natural Resources Ltd.		462		28,358
Canadian Pacific Railway Ltd.		390		30,783
Canadian Tire Corp. Ltd., Class A, NVS		312		37,096
Canadian Utilities Ltd., Class A, NVS		1,266		35,186
CCL Industries Inc., Class B, NVS		723		33,815
Cenovus Energy Inc.		1,561		31,184
CGI Inc.^(a)		378		32,398
Constellation Software Inc./Canada		18		31,802
Descartes Systems Group Inc. (The)^(a)		504		36,781
Dollarama Inc.		564		33,729
Element Fleet Management Corp.		2,472		34,928
Emera Inc.		870		34,642
Empire Co. Ltd., Class A, NVS		1,308		37,641
Enbridge Inc.		756		30,955
Fairfax Financial Holdings Ltd.		61		40,384
First Quantum Minerals Ltd.		1,488		34,523
FirstService Corp.		276		39,443


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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Fortis Inc.		816	$	33,528
Franco-Nevada Corp.		234		34,324
George Weston Ltd.		276		35,506
GFL Environmental Inc.		1,206		37,216
Gildan Activewear Inc.		1,200		37,627
Great-West Lifeco Inc.		1,290		34,214
Hydro One Ltd.^(b)		1,254		34,287
iA Financial Corp. Inc.		648		39,999
IGM Financial Inc.		1,170		36,519
Imperial Oil Ltd.		558		30,497
Intact Financial Corp.		222		32,207
Ivanhoe Mines Ltd., Class A^(a)		4,302		40,416
Keyera Corp.		1,572		35,857
Kinross Gold Corp.		8,382		38,995
Loblaw Companies Ltd.		390		34,939
Lundin Mining Corp.		6,018		45,546
Magna International Inc.		528		34,278
Manulife Financial Corp.		1,848		36,570
Metro Inc.		576		31,264
National Bank of Canada		444		33,353
Northland Power Inc.		1,194		32,072
Nutrien Ltd.		402		33,277
Nuvei Corp.^(a)(b)		1,152		40,667
Onex Corp.		666		34,422
Open Text Corp.		1,164		39,043
Pan American Silver Corp.		2,370		43,195
Parkland Corp.		1,824		42,853
Pembina Pipeline Corp.		864		30,656
Power Corp. of Canada		1,326		35,967
Quebecor Inc., Class B		1,698		40,276
Restaurant Brands International Inc.		486		32,519
RioCan REIT		2,196		38,092
Ritchie Bros Auctioneers Inc.		600		36,283
Rogers Communications Inc., Class B, NVS		756		36,756
Royal Bank of Canada		300		30,700
Saputo Inc.		1,290		35,562
Shaw Communications Inc., Class B, NVS		1,236		36,786
Shopify Inc., Class A^(a)		840		41,396
Sun Life Financial Inc.		714		35,878
Suncor Energy Inc.		859		29,814
TC Energy Corp.		654		28,179
Teck Resources Ltd., Class B		990		42,828
TELUS Corp.		1,392		29,994
TFI International Inc.		318		35,417
Thomson Reuters Corp.		276		32,832
TMX Group Ltd.		354		34,890
Toromont Industries Ltd.		456		36,427
Toronto-Dominion Bank (The)		450		31,135
Tourmaline Oil Corp.		546		25,446
West Fraser Timber Co. Ltd.		420		36,519
Wheaton Precious Metals Corp.		882		40,330
WSP Global Inc.		276		35,197


				3,056,193

Denmark — 1.7%
AP Moller - Maersk A/S, Class A		6		12,786
AP Moller - Maersk A/S, Class B, NVS		12		26,104
Carlsberg A/S, Class B		252		35,774
Chr Hansen Holding A/S		552		40,757
Coloplast A/S, Class B		258		31,149
Danske Bank A/S		1,926		40,125


Security	Shares		Value

Denmark (continued)
Demant A/S^(a)		1,200	$	33,968
DSV A/S		204		33,748
Genmab A/S^(a)		72		28,217
Novo Nordisk A/S, Class B		258		35,705
Novozymes A/S, Class B		582		30,285
Orsted A/S^(b)		354		31,524
Pandora A/S		480		39,970
Rockwool A/S, Class B		150		43,007
Tryg A/S		1,446		33,183
Vestas Wind Systems A/S		1,332		38,976


				535,278

Finland — 1.2%
Elisa OYJ		654		37,260
Fortum OYJ		2,112		31,748
Kesko OYJ, Class B		1,542		35,919
Kone OYJ, Class B		654		35,667
Neste OYJ		672		32,123
Nokia OYJ		6,948		32,944
Orion OYJ, Class B		690		36,966
Sampo OYJ, Class A		648		34,020
Stora Enso OYJ, Class R		2,262		32,336
UPM-Kymmene OYJ		912		33,057
Wartsila OYJ Abp		4,098		38,976


				381,016

France — 7.4%
Accor SA^(a)		1,338		43,429
Aeroports de Paris^(a)		210		32,579
Air Liquide SA		216		34,393
Airbus SE		258		32,344
Alstom SA		1,314		39,072
Amundi SA^(b)		602		39,413
ArcelorMittal SA		1,242		38,530
Arkema SA		378		38,249
AXA SA		1,098		34,256
BioMerieux		318		32,419
BNP Paribas SA		558		38,324
Bollore SE		6,234		34,882
Bouygues SA		1,110		36,568
Bureau Veritas SA		1,230		35,167
Capgemini SE		168		31,884
Carrefour SA		1,962		37,319
Cie. de Saint-Gobain		702		40,317
Cie. Generale des Etablissements Michelin SCA		1,194		37,754
Covivio		576		39,539
Credit Agricole SA		3,618		43,565
Danone SA		618		33,891
Dassault Aviation SA		210		35,860
Dassault Systemes SE		816		30,348
Edenred		624		33,989
Eiffage SA		348		37,170
Electricite de France SA		2,526		33,179
Engie SA		2,124		30,160
EssilorLuxottica SA		168		30,825
Eurazeo SE		552		38,721
Eurofins Scientific SE		480		34,430
Euronext NV^(b)		462		37,437
Gecina SA		342		40,510
Getlink SE		2,052		34,707
Hermes International		18		33,687


22		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Ipsen SA		312	$	32,771
Kering SA		54		33,694
Klepierre SA		1,482		37,614
La Francaise des Jeux SAEM^(b)		912		39,023
Legrand SA		390		34,774
L’Oreal SA		84		34,685
LVMH Moet Hennessy Louis Vuitton SE		42		36,665
Orange SA		3,150		33,336
Pernod Ricard SA		156		32,297
Publicis Groupe SA		510		35,975
Remy Cointreau SA		198		37,281
Renault SA^(a)		972		39,521
Safran SA		264		37,962
Sanofi		342		33,490
Sartorius Stedim Biotech		90		31,395
Schneider Electric SE		210		34,065
SEB SA		450		47,059
Societe Generale SA		1,176		35,005
Sodexo SA		360		35,688
Teleperformance		144		40,030
Thales SA		264		34,916
TotalEnergies SE		504		31,158
Ubisoft Entertainment SA^(a)		1,302		26,960
Unibail-Rodamco-Westfield^(a)		636		41,159
Valeo		1,860		40,650
Veolia Environnement SA		1,266		37,578
Vinci SA		312		35,253
Vivendi SE		3,816		40,983
Wendel SE		384		40,661
Worldline SA/France^(a)(b)		720		32,663


				2,309,228

Germany — 5.9%
adidas AG		234		37,678
Allianz SE, Registered		144		34,432
Aroundtown SA^(c)		13,494		37,570
BASF SE		570		32,681
Bayer AG, Registered		558		34,733
Bayerische Motoren Werke AG		306		31,171
Bechtle AG		906		38,180
Beiersdorf AG		300		36,473
Brenntag SE		492		36,727
Carl Zeiss Meditec AG, Bearer		240		34,636
Commerzbank AG^(a)		3,984		45,543
Continental AG		522		36,652
Covestro AG^(b)		858		39,506
Daimler Truck Holding AG^(a)		1,080		36,292
Delivery Hero SE^(a)(b)		726		43,892
Deutsche Bank AG, Registered		3,054		40,758
Deutsche Boerse AG		180		32,210
Deutsche Lufthansa AG, Registered^(a)		4,410		46,723
Deutsche Post AG, Registered		774		33,326
Deutsche Telekom AG, Registered		1,458		32,483
E.ON SE		3,366		36,699
Evonik Industries AG		1,662		36,944
Fresenius Medical Care AG & Co. KGaA		1,086		40,784
Fresenius SE & Co. KGaA		1,302		37,733
GEA Group AG		852		38,442
Hannover Rueck SE		174		35,334
HeidelbergCement AG		624		42,817
HelloFresh SE^(a)		1,398		33,987


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA		168	$	11,225
Infineon Technologies AG		942		33,922
Knorr-Bremse AG		600		39,437
LEG Immobilien SE		528		41,276
Mercedes-Benz Group AG		480		35,718
Merck KGaA		180		37,571
MTU Aero Engines AG		174		43,485
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102		36,843
Nemetschek SE		702		37,532
Puma SE		630		43,022
Rational AG		54		35,520
Rheinmetall AG		180		42,058
RWE AG		744		33,122
SAP SE		276		32,717
Scout24 SE^(b)		600		34,931
Siemens AG, Registered		222		34,678
Siemens Healthineers AG^(b)		522		27,994
Symrise AG		282		29,979
Telefonica Deutschland Holding AG		13,740		40,469
United Internet AG, Registered		1,716		39,839
Volkswagen AG		24		4,201
Vonovia SE		1,284		36,270
Zalando SE^(a)(b)		1,128		52,604


				1,848,819

Hong Kong — 3.9%
AIA Group Ltd.		3,600		40,707
BOC Hong Kong Holdings Ltd.		12,000		41,939
Budweiser Brewing Co. APAC Ltd.^(b)		10,800		34,077
CK Asset Holdings Ltd.		6,000		38,361
CK Hutchison Holdings Ltd.		6,000		38,184
CK Infrastructure Holdings Ltd.		6,000		33,381
CLP Holdings Ltd.		6,000		44,580
ESR Group Ltd.^(b)		15,600		31,233
Futu Holdings Ltd., ADR^(a)(c)		666		33,806
Galaxy Entertainment Group Ltd.		6,000		41,768
Hang Lung Properties Ltd.		24,000		45,253
Hang Seng Bank Ltd.		1,800		29,976
Henderson Land Development Co. Ltd.		12,464		46,042
HK Electric Investments & HK Electric Investments Ltd., Class SS		48,000		33,179
HKT Trust & HKT Ltd., Class SS		30,000		39,305
Hong Kong & China Gas Co. Ltd.		36,676		36,823
Hong Kong Exchanges & Clearing Ltd.		800		35,982
Hongkong Land Holdings Ltd.^(c)		8,400		41,066
Jardine Matheson Holdings Ltd.		600		31,893
Link REIT		4,800		38,421
MTR Corp. Ltd.		6,000		32,109
New World Development Co. Ltd.		12,000		35,867
Power Assets Holdings Ltd.		6,000		33,949
Sands China Ltd.^(a)		12,000		45,001
Sino Land Co. Ltd.		24,000		31,187
SITC International Holdings Co. Ltd.		18,000		39,323
Sun Hung Kai Properties Ltd.		3,000		42,545
Swire Pacific Ltd., Class A		3,000		27,492
Swire Properties Ltd.		15,600		43,845
Techtronic Industries Co. Ltd.^(c)		3,000		38,675
WH Group Ltd.^(b)		60,000		36,952
Wharf Real Estate Investment Co. Ltd.		6,000		34,348


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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Xinyi Glass Holdings Ltd.		18,000	$	38,324


				1,235,593

Ireland — 0.9%
AIB Group PLC		10,626		44,636
Bank of Ireland Group PLC		4,086		43,654
CRH PLC		876		40,929
Flutter Entertainment PLC, Class DI^(a)		234		36,348
Kerry Group PLC, Class A		337		31,577
Kingspan Group PLC		552		35,502
Smurfit Kappa Group PLC		918		38,542


				271,188

Israel — 1.5%
Azrieli Group Ltd.		444		28,599
Bank Hapoalim BM		3,558		32,024
Bank Leumi Le-Israel BM		3,600		31,815
Bezeq The Israeli Telecommunication Corp. Ltd.		20,796		34,463
Check Point Software Technologies Ltd.^(a)		252		32,054
CyberArk Software Ltd.^(a)		228		32,121
Elbit Systems Ltd.		174		29,212
ICL Group Ltd.		4,110		32,632
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		6,042		30,903
Mizrahi Tefahot Bank Ltd.		912		30,124
Nice Ltd.^(a)		162		33,503
Teva Pharmaceutical Industries Ltd., ADR^(a)		3,834		40,410
Tower Semiconductor Ltd.^(a)		810		34,073
Wix.com Ltd.^(a)		402		34,966
ZIM Integrated Shipping Services Ltd.		1,422		26,947


				483,850

Italy — 2.4%
Amplifon SpA		1,188		32,805
Assicurazioni Generali SpA		1,824		35,607
DiaSorin SpA		246		32,024
Enel SpA		5,826		34,304
Eni SpA		2,118		32,592
Ferrari NV		144		35,983
FinecoBank Banca Fineco SpA		2,154		38,668
Infrastrutture Wireless Italiane SpA^(b)		3,396		37,216
Intesa Sanpaolo SpA		13,176		34,643
Mediobanca Banca di Credito Finanziario SpA		3,114		33,475
Moncler SpA		636		39,806
Nexi SpA^(a)(b)		3,702		32,605
Poste Italiane SpA^(b)		3,402		36,347
Prysmian SpA		990		40,429
Recordati Industria Chimica e Farmaceutica SpA		822		36,011
Snam SpA		6,612		33,678
Stellantis NV		2,094		32,920
Telecom Italia SpA/Milano^(a)		138,571		39,896
Tenaris SA		1,908		33,811
Terna - Rete Elettrica Nazionale		4,326		34,227
UniCredit SpA		2,358		46,055


				753,102

Japan — 26.9%
Advantest Corp.		600		43,009
Aeon Co. Ltd.		1,800		36,903
AGC Inc.		1,200		44,215
Aisin Corp.		1,200		35,011
Ajinomoto Co. Inc.		1,200		39,562
ANA Holdings Inc.^(a)		1,800		39,839


Security	Shares		Value

Japan (continued)
Asahi Group Holdings Ltd.		1,200	$	39,627
Asahi Intecc Co. Ltd.		1,800		31,580
Asahi Kasei Corp.		4,800		36,373
Astellas Pharma Inc.		2,400		35,328
Azbil Corp.		1,200		33,838
Bandai Namco Holdings Inc.		600		40,124
Bridgestone Corp.		1,200		44,800
Brother Industries Ltd.		2,400		37,277
Canon Inc.		1,200		26,631
Capcom Co. Ltd.		1,200		38,885
Central Japan Railway Co.		300		36,592
Chiba Bank Ltd. (The)		6,000		45,398
Chubu Electric Power Co. Inc.		3,600		38,776
Chugai Pharmaceutical Co. Ltd.		1,200		31,110
Concordia Financial Group Ltd.		10,800		47,459
CyberAgent Inc.		4,200		39,278
Dai Nippon Printing Co. Ltd.		1,800		42,497
Daifuku Co. Ltd.		600		33,038
Dai-ichi Life Holdings Inc.		1,800		42,233
Daiichi Sankyo Co. Ltd.		1,200		37,688
Daiwa House Industry Co. Ltd.		1,200		28,818
Daiwa House REIT Investment Corp.		18		39,163
Daiwa Securities Group Inc.		7,800		36,809
Denso Corp.		600		32,403
Dentsu Group Inc.		1,200		38,651
East Japan Railway Co.		600		33,455
Eisai Co. Ltd.		600		37,122
ENEOS Holdings Inc.		10,250		36,697
Fuji Electric Co. Ltd.		600		24,287
FUJIFILM Holdings Corp.		600		31,753
GLP J-REIT		30		33,947
GMO Payment Gateway Inc.		600		55,519
Hakuhodo DY Holdings Inc.		3,600		38,906
Hamamatsu Photonics KK		600		32,058
Hankyu Hanshin Holdings Inc.		1,200		35,667
Hikari Tsushin Inc.		300		42,822
Hirose Electric Co. Ltd.		300		39,055
Hitachi Construction Machinery Co. Ltd.		1,800		42,450
Hitachi Ltd.		600		31,465
Honda Motor Co. Ltd.		1,200		29,684
Hoshizaki Corp.		1,200		43,136
Hoya Corp.		300		32,992
Hulic Co. Ltd.		4,200		34,523
Ibiden Co. Ltd.		1,200		46,835
Idemitsu Kosan Co. Ltd.		1,264		31,601
Iida Group Holdings Co. Ltd.		2,400		40,009
Inpex Corp.		3,000		32,966
Isuzu Motors Ltd.		2,400		30,349
Ito En Ltd.		1,200		42,816
ITOCHU Corp.		1,200		38,786
Itochu Techno-Solutions Corp.		1,800		44,564
Japan Airlines Co. Ltd.^(a)		1,800		38,174
Japan Exchange Group Inc.		2,400		36,731
Japan Metropolitan Fund Invest		42		32,470
Japan Post Bank Co. Ltd.		4,200		37,316
Japan Post Holdings Co. Ltd.		4,200		36,874
Japan Post Insurance Co. Ltd.		2,400		42,816
Japan Real Estate Investment Corp.		12		51,450
Japan Tobacco Inc.		1,800		36,705
JFE Holdings Inc.		3,000		39,557


24		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
JSR Corp.		1,800	$	40,500
Kajima Corp.		3,000		36,844
Kakaku.com Inc.		2,400		40,013
Kansai Electric Power Co. Inc. (The)		4,200		40,392
Kao Corp.		700		28,295
KDDI Corp.		1,200		37,492
Keio Corp.		1,200		44,045
Keisei Electric Railway Co. Ltd.		1,200		35,003
Kikkoman Corp.		600		31,735
Kintetsu Group Holdings Co. Ltd.		1,200		39,078
Kirin Holdings Co. Ltd.		2,400		36,983
Kobayashi Pharmaceutical Co. Ltd.		600		43,075
Kobe Bussan Co. Ltd.		1,200		34,646
Koei Tecmo Holdings Co. Ltd.		1,800		32,735
Koito Manufacturing Co. Ltd.		2,400		40,484
Komatsu Ltd.		1,800		44,234
Konami Group Corp.		600		29,504
Kose Corp.		300		33,100
Kubota Corp.		2,400		36,068
Kurita Water Industries Ltd.		600		27,131
Kyocera Corp.		600		31,135
Kyowa Kirin Co. Ltd.		1,200		26,761
Lasertec Corp.		100		18,932
Lixil Corp.		2,400		41,433
M3 Inc.		1,200		32,812
Makita Corp.		1,800		47,946
Marubeni Corp.		3,100		38,033
Mazda Motor Corp.		4,200		33,432
McDonald’s Holdings Co. Japan Ltd.		1,200		47,409
MEIJI Holdings Co. Ltd.		600		30,944
MINEBEA MITSUMI Inc.		2,400		41,838
MISUMI Group Inc.		1,200		30,201
Mitsubishi Chemical Group Corp.		6,600		37,036
Mitsubishi Corp.		1,200		40,183
Mitsubishi Electric Corp.		3,000		33,062
Mitsubishi Estate Co. Ltd.		2,400		30,848
Mitsubishi HC Capital Inc.		7,800		39,812
Mitsubishi Heavy Industries Ltd.		1,200		47,052
Mitsubishi UFJ Financial Group Inc.		6,000		43,949
Mitsui & Co. Ltd.		1,200		35,403
Mitsui Chemicals Inc.		1,800		42,369
Mitsui Fudosan Co. Ltd.		1,800		33,739
Mitsui OSK Lines Ltd.		1,200		29,782
Mizuho Financial Group Inc.		3,000		46,861
MonotaRO Co. Ltd.		1,800		27,267
MS&AD Insurance Group Holdings Inc.		1,200		38,488
Murata Manufacturing Co. Ltd.		600		34,284
NEC Corp.		1,200		43,353
Nexon Co. Ltd.		1,800		43,403
NGK Insulators Ltd.		3,000		41,524
Nidec Corp.		600		33,251
Nihon M&A Center Holdings Inc.		2,400		24,536
Nintendo Co. Ltd.		600		26,015
Nippon Building Fund Inc.		6		26,222
Nippon Express Holdings Inc.		600		34,820
Nippon Paint Holdings Co. Ltd.		4,200		38,344
Nippon Prologis REIT Inc.		18		40,845
Nippon Sanso Holdings Corp.		2,400		39,146
Nippon Shinyaku Co. Ltd.		600		30,880
Nippon Steel Corp.		2,400		49,955


Security	Shares		Value

Japan (continued)
Nippon Telegraph & Telephone Corp.		1,200	$	35,983
Nippon Yusen KK		1,800		42,820
Nissan Chemical Corp.		600		28,326
Nissan Motor Co. Ltd.		9,000		32,336
Nisshin Seifun Group Inc.		3,000		37,576
Nissin Foods Holdings Co. Ltd.		600		46,907
Nitori Holdings Co. Ltd.		300		39,707
Nitto Denko Corp.		600		38,782
Nomura Holdings Inc.		9,600		38,312
Nomura Real Estate Holdings Inc.		1,800		39,673
Nomura Real Estate Master Fund Inc.		30		35,084
Nomura Research Institute Ltd.		1,260		30,250
NTT Data Corp.		2,400		37,227
Obayashi Corp.		4,800		37,232
Odakyu Electric Railway Co. Ltd.		3,000		39,442
Oji Holdings Corp.		9,000		37,195
Olympus Corp.		1,800		33,839
Omron Corp.		600		34,716
Ono Pharmaceutical Co. Ltd.		1,200		26,038
Open House Group Co. Ltd.		600		22,698
Oracle Corp. Japan		600		41,104
ORIX Corp.		2,400		42,199
Osaka Gas Co. Ltd.		2,400		38,729
Otsuka Corp.		1,200		39,479
Otsuka Holdings Co. Ltd.		1,200		38,497
Pan Pacific International Holdings Corp.		1,800		33,288
Panasonic Holdings Corp.		3,600		33,384
Persol Holdings Co. Ltd.		1,800		39,466
Rakuten Group Inc.^(a)		7,200		36,709
Recruit Holdings Co. Ltd.		1,200		38,592
Renesas Electronics Corp.^(a)		3,600		37,030
Resona Holdings Inc.		7,800		43,163
Ricoh Co. Ltd.		4,200		32,603
Rohm Co. Ltd.		600		48,079
SBI Holdings Inc.		1,800		38,159
SCSK Corp.		2,400		39,090
Secom Co. Ltd.		600		35,745
Seiko Epson Corp.		2,400		37,219
Sekisui Chemical Co. Ltd.		2,400		33,620
Sekisui House Ltd.		1,800		34,019
Seven & i Holdings Co. Ltd.		800		37,770
SG Holdings Co. Ltd.		2,400		37,035
Sharp Corp./Japan		4,800		39,898
Shimadzu Corp.		1,200		36,877
Shimizu Corp.		6,600		36,998
Shin-Etsu Chemical Co. Ltd.		300		44,227
Shionogi & Co. Ltd.		600		28,593
Shiseido Co. Ltd.		600		31,186
Shizuoka Financial Group Inc., NVS		5,400		45,747
SoftBank Corp.		3,000		34,326
SoftBank Group Corp.		600		28,405
Sompo Holdings Inc.		600		25,829
Sony Group Corp.		600		53,611
Square Enix Holdings Co. Ltd.		600		28,375
Subaru Corp.		1,800		29,577
SUMCO Corp.		2,400		35,560
Sumitomo Chemical Co. Ltd.		9,600		36,851
Sumitomo Corp.		2,400		43,080
Sumitomo Electric Industries Ltd.		3,000		36,049
Sumitomo Metal Mining Co. Ltd.		1,200		48,724


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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Sumitomo Mitsui Financial Group Inc.		1,200	$	52,153
Sumitomo Mitsui Trust Holdings Inc.		1,200		43,714
Sumitomo Realty & Development Co. Ltd.		1,200		29,253
Suntory Beverage & Food Ltd.		1,200		40,521
Suzuki Motor Corp.		600		22,495
Sysmex Corp.		600		39,831
T&D Holdings Inc.		3,000		48,019
Taisei Corp.		1,200		41,426
Takeda Pharmaceutical Co. Ltd.		1,251		39,328
TDK Corp.		1,200		42,872
Terumo Corp.		1,200		34,932
TIS Inc.		1,200		34,602
Tobu Railway Co. Ltd.		1,800		42,234
Toho Co. Ltd./Tokyo		1,200		44,320
Tokio Marine Holdings Inc.		1,800		37,700
Tokyo Electric Power Co. Holdings Inc.^(a)		10,200		38,197
Tokyo Electron Ltd.		100		34,952
Tokyo Gas Co. Ltd.		1,800		37,691
Tokyu Corp.		3,000		38,578
Toppan Inc.		2,400		38,669
Toray Industries Inc.		6,600		40,551
Toshiba Corp.		1,200		41,216
Tosoh Corp.		3,000		39,250
TOTO Ltd.		1,200		46,635
Toyota Industries Corp.		600		36,524
Toyota Motor Corp.		2,400		35,246
Toyota Tsusho Corp.		1,200		50,811
Trend Micro Inc./Japan^(a)		600		29,708
Unicharm Corp.		600		22,887
USS Co. Ltd.		2,400		39,476
Welcia Holdings Co. Ltd.		1,800		40,231
West Japan Railway Co.		600		25,127
Yakult Honsha Co. Ltd.		600		42,833
Yamaha Corp.		1,200		46,661
Yamaha Motor Co. Ltd.		1,200		29,557
Yamato Holdings Co. Ltd.		1,800		31,495
Yaskawa Electric Corp.		1,200		46,907
Yokogawa Electric Corp.		1,800		31,607
Z Holdings Corp.		12,600		36,662
ZOZO Inc.		1,800		46,662


				8,427,702

Netherlands — 3.0%
ABN AMRO Bank NV, CVA^(b)		2,682		44,515
Adyen NV^(a)(b)		18		27,214
Aegon NV		6,848		37,772
AerCap Holdings NV^(a)(c)		552		34,892
Akzo Nobel NV		456		33,965
ASM International NV		126		42,614
ASML Holding NV		48		31,759
Davide Campari-Milano NV		3,078		33,018
EXOR NV, NVS^(a)		438		34,816
Heineken Holding NV		438		36,164
Heineken NV		342		34,179
IMCD NV		240		38,048
ING Groep NV^(a)		2,646		38,315
JDE Peet’s NV		1,122		33,630
Just Eat Takeaway.com NV^(a)(b)		1,560		40,019
Koninklijke Ahold Delhaize NV		1,038		30,981
Koninklijke DSM NV		240		30,864
Koninklijke KPN NV		11,406		38,995


Security	Shares		Value

Netherlands (continued)
Koninklijke Philips NV		2,322	$	40,090
NN Group NV		738		32,065
OCI NV		918		31,249
Prosus NV		492		39,727
QIAGEN NV^(a)		696		33,953
Randstad NV		570		36,536
Universal Music Group NV		1,536		39,264
Wolters Kluwer NV		300		32,707


				927,351

New Zealand — 0.6%
Auckland International Airport Ltd.^(a)		6,942		38,205
Fisher & Paykel Healthcare Corp. Ltd.		2,682		44,015
Mercury NZ Ltd.		10,308		40,046
Meridian Energy Ltd.		11,676		40,355
Spark New Zealand Ltd.		10,818		36,475


				199,096

Norway — 1.4%
Adevinta ASA^(a)		4,254		36,469
Aker BP ASA		978		29,791
DNB Bank ASA		1,776		33,210
Equinor ASA		894		27,246
Gjensidige Forsikring ASA		1,746		31,382
Kongsberg Gruppen ASA		912		36,308
Mowi ASA		2,280		42,161
Norsk Hydro ASA		4,602		37,312
Orkla ASA		5,058		37,762
Salmar ASA		1,026		47,709
Telenor ASA		3,414		35,740
Yara International ASA		732		32,524


				427,614

Portugal — 0.4%
EDP - Energias de Portugal SA		7,086		35,205
Galp Energia SGPS SA		3,079		42,145
Jeronimo Martins SGPS SA		1,560		33,869


				111,219

Singapore — 2.4%
CapitaLand Ascendas REIT		18,007		39,627
CapitaLand Integrated Commercial Trust		22,849		37,384
Capitaland Investment Ltd/Singapore		12,600		38,173
City Developments Ltd.		6,000		38,081
DBS Group Holdings Ltd.		1,200		32,851
Genting Singapore Ltd.		53,400		40,443
Grab Holdings Ltd., Class A^(a)		10,296		39,022
Jardine Cycle & Carriage Ltd.		1,200		26,604
Keppel Corp. Ltd.		5,400		31,178
Mapletree Logistics Trust		30,090		38,900
Mapletree Pan Asia Commercial Trust		27,600		38,403
Oversea-Chinese Banking Corp. Ltd.		3,600		35,569
Sea Ltd., ADR^(a)		558		35,963
Singapore Airlines Ltd.		8,300		37,531
Singapore Exchange Ltd.		3,600		25,357
Singapore Technologies Engineering Ltd.		13,800		38,799
Singapore Telecommunications Ltd.		16,800		32,175
United Overseas Bank Ltd.		1,800		40,915
UOL Group Ltd.		7,200		38,416
Venture Corp. Ltd.		2,100		29,655
Wilmar International Ltd.		11,400		35,443


				750,489


26		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain — 2.3%
Acciona SA		192	$	37,459
ACS Actividades de Construccion y Servicios SA		1,296		38,353
Aena SME SA^(a)(b)		282		42,370
Amadeus IT Group SA^(a)		654		41,205
Banco Bilbao Vizcaya Argentaria SA		6,108		43,146
Banco Santander SA		12,282		42,925
CaixaBank SA		9,078		40,279
Cellnex Telecom SA^(b)		984		38,561
Corp. ACCIONA Energias Renovables SA		912		37,295
EDP Renovaveis SA		1,398		30,408
Enagas SA		290		5,200
Endesa SA		1,674		33,374
Ferrovial SA		1,326		39,128
Grifols SA^(a)		3,558		47,101
Iberdrola SA		2,970		34,843
Iberdrola SA, NVS		50		578
Industria de Diseno Textil SA		1,338		41,773
Naturgy Energy Group SA		1,230		34,886
Red Electrica Corp. SA		391		6,920
Repsol SA		2,466		40,509
Telefonica SA		9,570		36,357


				712,670

Sweden — 4.5%
Alfa Laval AB		1,188		37,334
Assa Abloy AB, Class B		1,416		33,356
Atlas Copco AB, Class A		1,584		18,796
Atlas Copco AB, Class B		966		10,189
Boliden AB		888		39,851
Electrolux AB, Class B		2,592		36,713
Embracer Group AB^(a)(c)		7,914		36,888
Epiroc AB, Class A		1,302		25,333
Epiroc AB, Class B		612		10,204
EQT AB		1,398		31,546
Essity AB, Class B		1,398		36,521
Evolution AB^(b)		360		40,461
Fastighets AB Balder, Class B^(a)		7,920		40,806
Getinge AB, Class B		1,530		34,467
H & M Hennes & Mauritz AB, Class B		2,712		33,402
Hexagon AB, Class B		2,784		31,914
Holmen AB, Class B		858		35,389
Husqvarna AB, Class B		4,590		39,051
Industrivarden AB, Class A		582		15,417
Industrivarden AB, Class C		714		18,810
Indutrade AB		1,638		36,375
Investment AB Latour, Class B		1,674		35,320
Investor AB, Class A		366		7,305
Investor AB, Class B		1,200		23,318
Kinnevik AB, Class B^(a)		2,340		36,170
L E Lundbergforetagen AB, Class B		750		34,730
Lifco AB, Class B		1,956		35,932
Nibe Industrier AB, Class B		3,486		37,664
Nordea Bank Abp		3,276		38,298
Sagax AB, Class B		1,584		39,402
Sandvik AB		1,740		35,962
Securitas AB, Class B		4,267		39,058
Skandinaviska Enskilda Banken AB, Class A		2,772		33,557
Skanska AB, Class B		2,004		35,371
SKF AB, Class B		1,914		33,874
Svenska Cellulosa AB SCA, Class B		2,562		35,577
Svenska Handelsbanken AB, Class A		3,222		33,599


Security	Shares		Value

Sweden (continued)
Swedbank AB, Class A		2,166	$	41,666
Swedish Orphan Biovitrum AB^(a)		1,698		37,866
Tele2 AB, Class B		3,876		33,475
Telefonaktiebolaget LM Ericsson, Class B		5,286		30,661
Telia Co. AB		12,042		31,100
Volvo AB, Class A		204		4,238
Volvo AB, Class B		1,584		31,432
Volvo Car AB, Class B^(a)(c)		6,876		34,308


				1,422,706

Switzerland — 4.7%
ABB Ltd., Registered		1,044		36,347
Adecco Group AG, Registered		942		34,986
Alcon Inc.		486		36,673
Bachem Holding AG, Class A		390		34,489
Baloise Holding AG, Registered		234		38,487
Banque Cantonale Vaudoise, Registered		366		34,791
Barry Callebaut AG, Registered		16		33,429
BKW AG		264		37,964
Cie. Financiere Richemont SA, Class A, Registered		252		38,848
Clariant AG, Registered		2,028		34,777
Coca-Cola HBC AG, Class DI		1,410		34,265
Credit Suisse Group AG, Registered		8,658		29,826
EMS-Chemie Holding AG, Registered		48		35,783
Geberit AG, Registered		66		37,553
Givaudan SA, Registered		12		38,907
Holcim AG		630		37,664
Julius Baer Group Ltd.		600		38,487
Kuehne + Nagel International AG, Registered		132		31,476
Logitech International SA, Registered		570		33,355
Lonza Group AG, Registered		60		34,226
Nestle SA, Registered		259		31,600
Novartis AG, Registered		349		31,553
Partners Group Holding AG		30		28,149
Roche Holding AG, Bearer		6		2,196
Roche Holding AG, NVS		84		26,222
Schindler Holding AG, Participation Certificates, NVS		108		23,019
Schindler Holding AG, Registered		66		13,351
SGS SA, Registered		12		29,264
Siemens Energy AG^(a)		2,316		48,425
SIG Group AG		1,596		39,558
Sika AG, Registered		120		34,098
Sonova Holding AG, Registered		126		31,509
STMicroelectronics NV		834		39,272
Straumann Holding AG		294		38,495
Swatch Group AG (The), Bearer		96		34,759
Swatch Group AG (The), Registered		156		10,250
Swiss Life Holding AG, Registered		66		39,062
Swiss Prime Site AG, Registered		396		35,287
Swiss Re AG		378		39,581
Swisscom AG, Registered		60		35,451
Temenos AG, Registered		558		39,830
UBS Group AG, Registered		1,818		38,806
VAT Group AG^(b)		120		37,356
Zurich Insurance Group AG		66		32,639


				1,472,065

United Kingdom — 9.5%
3i Group PLC		2,094		40,853
abrdn PLC		13,629		35,896
Admiral Group PLC		1,356		36,863


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, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Anglo American PLC		828	$	35,712
Antofagasta PLC		2,076		44,606
Ashtead Group PLC		540		35,569
Associated British Foods PLC		1,794		41,182
AstraZeneca PLC		228		29,871
Auto Trader Group PLC^(b)		5,004		38,823
Aviva PLC		6,042		34,076
BAE Systems PLC		3,343		35,389
Barclays PLC		16,878		38,799
Barratt Developments PLC		7,242		41,162
Berkeley Group Holdings PLC		774		39,635
BP PLC		5,634		34,031
British American Tobacco PLC		744		28,520
British Land Co. PLC (The)		7,128		39,011
BT Group PLC		22,446		34,582
Bunzl PLC		918		33,701
Burberry Group PLC		1,338		40,757
CNH Industrial NV		2,100		37,152
Coca-Cola Europacific Partners PLC		636		35,756
Compass Group PLC		1,428		34,112
Croda International PLC		402		34,265
DCC PLC		666		37,934
Diageo PLC		702		30,696
Entain PLC		2,088		38,504
Experian PLC		888		32,474
Glencore PLC		4,866		32,587
GSK PLC		1,890		33,198
Haleon PLC^(a)		9,276		37,172
Halma PLC		1,260		33,546
Hargreaves Lansdown PLC		3,342		36,793
Hikma Pharmaceuticals PLC		2,046		43,281
HSBC Holdings PLC		5,208		38,374
Imperial Brands PLC		1,272		31,910
Informa PLC		4,728		39,104
InterContinental Hotels Group PLC		600		41,654
Intertek Group PLC		720		38,698
J Sainsbury PLC		13,212		42,848
JD Sports Fashion PLC		23,760		47,891
Johnson Matthey PLC		1,428		39,888
Kingfisher PLC^(c)		11,670		40,261
Land Securities Group PLC		4,602		40,317
Legal & General Group PLC		10,332		32,514
Lloyds Banking Group PLC		57,858		37,654
London Stock Exchange Group PLC		324		29,661
M&G PLC		14,454		36,096
Melrose Industries PLC		21,840		38,508
Mondi PLC		1,788		33,718
National Grid PLC		2,586		32,876
NatWest Group PLC, NVS		10,362		39,532
Next PLC		492		40,282
Ocado Group PLC^(a)		4,056		32,458
Pearson PLC		2,886		32,912
Persimmon PLC		2,220		38,773
Phoenix Group Holdings PLC		4,542		35,999
Prudential PLC		2,700		44,861
Reckitt Benckiser Group PLC		456		32,495
RELX PLC		1,140		33,868
Rentokil Initial PLC		5,070		30,742
Rio Tinto PLC		480		37,585
Rolls-Royce Holdings PLC^(a)		33,150		43,371


Security	Shares		Value

United Kingdom (continued)
Sage Group PLC (The)		3,504	$	33,665
Schroders PLC		6,132		36,263
Segro PLC		3,324		34,216
Severn Trent PLC		1,050		36,541
Shell PLC		1,062		31,178
Smith & Nephew PLC		2,610		36,045
Smiths Group PLC		1,806		38,553
Spirax-Sarco Engineering PLC		246		35,139
SSE PLC		1,596		34,066
St. James’s Place PLC		2,341		35,498
Standard Chartered PLC		4,590		38,554
Taylor Wimpey PLC		28,176		40,881
Tesco PLC		11,742		35,688
Unilever PLC		624		31,761
United Utilities Group PLC		2,604		34,073
Vodafone Group PLC		27,348		31,554
Whitbread PLC		1,140		42,935
WPP PLC		3,204		37,435


				2,965,403


Total Common Stocks — 99.1% (Cost: $30,374,191)				31,043,571


Preferred Stocks

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		60		5,684
Dr Ing hc F Porsche AG, Preference Shares, NVS^(a)		276		32,816
Henkel AG & Co. KGaA, Preference Shares, NVS		288		20,535
Porsche Automobil Holding SE, Preference Shares, NVS		534		31,931
Sartorius AG, Preference Shares, NVS		84		37,667
Volkswagen AG, Preference Shares, NVS		180		24,964


				153,597


Total Preferred Stocks — 0.5% (Cost: $158,587)				153,597


Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)^(a)		1,296		658


Total Rights — 0.0% (Cost: $666)				658


Total Long-Term Investments — 99.6% (Cost: $30,533,444)				31,197,826


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		235,293		235,434


Total Short-Term Securities — 0.7% (Cost: $235,369)				235,434


Total Investments — 100.3% (Cost: $30,768,813)				31,433,260

Liabilities in Excess of Other Assets — (0.3)%				(102,540	)


Net Assets — 100.0%			$	31,330,720


28		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	115,977	$	119,346	^(a)	$	—	$	50	$	61	$	235,434		235,293	$	697	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		0	^(a)		—		—		—		—		—		96			—

								$	50	$	61	$	235,434			$	793		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		1		03/09/23	$	15	$	313
Euro STOXX 50 Index		1		03/17/23		46		2,874

							$	3,187

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)	$	—	$	—	$	3,187	$	—	$	—	$	—	$	3,187

^(a)


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, 2023

iShares^® MSCI Intl Size Factor ETF

For the period ended January 31, 2023, 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	$	—	$	—	$	7,684	$	—	$	—	$	—	$	7,684


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	919	$	—	$	—	$	—	$	919

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	61,192

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
Australia	$	—	$	2,167,153	$	—	$	2,167,153
Austria		—		145,747		—		145,747
Belgium		—		440,089		—		440,089
Canada		3,056,193		—		—		3,056,193
Denmark		—		535,278		—		535,278
Finland		—		381,016		—		381,016
France		—		2,309,228		—		2,309,228
Germany		—		1,848,819		—		1,848,819
Hong Kong		33,806		1,201,787		—		1,235,593
Ireland		—		271,188		—		271,188
Israel		166,498		317,352		—		483,850
Italy		—		753,102		—		753,102
Japan		—		8,427,702		—		8,427,702
Netherlands		34,892		892,459		—		927,351
New Zealand		—		199,096		—		199,096
Norway		—		427,614		—		427,614
Portugal		—		111,219		—		111,219
Singapore		74,985		675,504		—		750,489
Spain		—		712,670		—		712,670
Sweden		—		1,422,706		—		1,422,706
Switzerland		—		1,472,065		—		1,472,065
United Kingdom		35,756		2,929,647		—		2,965,403
Preferred Stocks		—		153,597		—		153,597
Rights		658		—		—		658
Short-Term Securities
Money Market Funds		235,434		—		—		235,434

	$	3,638,222	$	27,795,038	$	—	$	31,433,260


30		2 0 2 3 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, 2023

iShares^® MSCI Intl Size Factor ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	3,187	$	—	$	3,187

^(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		31

Schedule of Investments (unaudited)

January 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.9%
Aurizon Holdings Ltd.		372,330	$	973,181
BHP Group Ltd.		544,626		19,073,963
BlueScope Steel Ltd.		128,174		1,747,842
Dexus		164,373		953,044
Fortescue Metals Group Ltd.		295,611		4,669,339
Mirvac Group		538,625		870,207
Origin Energy Ltd.		415,961		2,208,574
Rio Tinto Ltd.		59,090		5,302,575
Santos Ltd.		301,197		1,537,572
Sonic Healthcare Ltd.		80,158		1,795,343
South32 Ltd.		1,088,789		3,493,846
Stockland		641,015		1,791,168
Vicinity Ltd.		642,756		940,378
Woodside Energy Group Ltd.		142,638		3,693,450


				49,050,482

Austria — 0.4%
Erste Group Bank AG		82,517		3,131,036
OMV AG		33,442		1,675,118
voestalpine AG		38,787		1,288,759


				6,094,913

Belgium — 0.9%
Ageas SA/NV		30,531		1,490,584
Anheuser-Busch InBev SA/NV		183,043		11,048,793
Solvay SA		11,120		1,295,830
UCB SA		24,637		2,022,811


				15,858,018

Canada — 3.0%
AltaGas Ltd.		72,312		1,352,165
Canadian Tire Corp. Ltd., Class A, NVS		9,015		1,071,867
CGI Inc.^(a)		42,699		3,659,685
Empire Co. Ltd., Class A, NVS		43,270		1,245,206
Fairfax Financial Holdings Ltd.		4,378		2,898,387
George Weston Ltd.		13,343		1,716,524
iA Financial Corp. Inc.		14,568		899,229
Kinross Gold Corp.		234,512		1,090,999
Loblaw Companies Ltd.		28,580		2,560,397
Lundin Mining Corp.		127,067		961,681
Magna International Inc.		49,439		3,209,606
Manulife Financial Corp.		393,287		7,782,681
Metro Inc.		39,902		2,165,813
Nutrien Ltd.		53,570		4,434,407
Onex Corp.		11,856		612,782
Open Text Corp.		99,804		3,347,678
Power Corp. of Canada		77,363		2,098,403
Saputo Inc.		39,314		1,083,790
Teck Resources Ltd., Class B		134,694		5,826,904
Tourmaline Oil Corp.		28,701		1,337,604
West Fraser Timber Co. Ltd.		20,342		1,768,717


				51,124,525

Denmark — 0.8%
AP Moller - Maersk A/S, Class A		1,776		3,784,566
AP Moller - Maersk A/S, Class B, NVS		3,006		6,538,927
Danske Bank A/S		182,336		3,798,709


				14,122,202

Finland — 0.7%
Nokia OYJ		2,442,106		11,579,284


Security	Shares		Value

France — 11.5%
Alstom SA		66,114	$	1,965,911
ArcelorMittal SA		277,496		8,608,737
Arkema SA		6,206		627,971
AXA SA		246,163		7,680,045
BNP Paribas SA		334,009		22,940,367
Bollore SE		131,416		735,322
Bouygues SA		66,263		2,182,964
Capgemini SE		33,780		6,410,957
Carrefour SA		252,068		4,794,577
Cie. de Saint-Gobain		150,974		8,670,613
Cie. Generale des Etablissements Michelin SCA		129,373		4,090,749
Credit Agricole SA		402,691		4,848,897
Danone SA		125,810		6,899,327
Dassault Aviation SA		4,620		788,926
Eiffage SA		19,685		2,102,566
Electricite de France SA		228,091		2,995,988
Engie SA		788,624		11,198,353
Ipsen SA		9,402		987,539
Orange SA		500,943		5,301,355
Publicis Groupe SA		41,757		2,945,523
Renault SA^(a)		105,541		4,291,238
Sanofi		319,733		31,309,670
Societe Generale SA		382,863		11,396,518
Thales SA		15,226		2,013,780
TotalEnergies SE		428,928		26,516,653
Valeo		35,061		766,250
Vinci SA		84,969		9,600,608
Vivendi SE		195,687		2,101,634
Worldline SA/France^(a)(b)		60,262		2,733,839


				197,506,877

Germany — 8.4%
Aroundtown SA^(c)		144,260		401,649
BASF SE		124,192		7,120,601
Bayer AG, Registered		392,572		24,435,618
Bayerische Motoren Werke AG		118,882		12,109,872
Commerzbank AG^(a)		429,230		4,906,714
Continental AG		26,527		1,862,599
Covestro AG^(b)		34,143		1,572,097
Daimler Truck Holding AG^(a)		113,283		3,806,719
Deutsche Bank AG, Registered		924,351		12,336,132
Deutsche Telekom AG, Registered		443,254		9,875,167
E.ON SE		266,792		2,908,809
Evonik Industries AG		33,714		749,413
Fresenius Medical Care AG & Co. KGaA		83,301		3,128,341
Fresenius SE & Co. KGaA		205,823		5,964,927
HeidelbergCement AG		44,518		3,054,710
Henkel AG & Co. KGaA		27,738		1,853,404
Mercedes-Benz Group AG		247,122		18,388,849
Merck KGaA		19,672		4,106,101
RWE AG		108,205		4,817,165
Siemens AG, Registered		114,720		17,919,869
United Internet AG, Registered		23,070		535,601
Volkswagen AG		10,868		1,902,336


				143,756,693

Hong Kong — 2.3%
BOC Hong Kong Holdings Ltd.		570,000		1,992,086
CK Asset Holdings Ltd.		971,500		6,211,294
CK Hutchison Holdings Ltd.		1,749,500		11,133,732
CK Infrastructure Holdings Ltd.		194,000		1,079,329


32		2 0 2 3 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, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		303,500	$	209,789
Hongkong Land Holdings Ltd.^(c)		174,300		852,113
Jardine Matheson Holdings Ltd.		78,400		4,167,397
New World Development Co. Ltd.		256,000		765,159
Power Assets Holdings Ltd.		177,000		1,001,496
Sino Land Co. Ltd.		1,656,000		2,151,934
SITC International Holdings Co. Ltd.		538,000		1,175,315
Sun Hung Kai Properties Ltd.		225,500		3,197,955
Swire Pacific Ltd., Class A		134,500		1,232,543
WH Group Ltd.^(b)		5,230,500		3,221,279
Xinyi Glass Holdings Ltd.		529,000		1,126,308


				39,517,729

Ireland — 0.1%
AIB Group PLC		116,143		487,869
Bank of Ireland Group PLC		117,131		1,251,409


				1,739,278

Israel — 0.8%
Bank Hapoalim BM^(c)		172,536		1,552,920
Bank Leumi Le-Israel BM		193,131		1,706,772
Check Point Software Technologies Ltd.^(a)		17,525		2,229,180
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		178,660		913,795
Teva Pharmaceutical Industries Ltd., ADR^(a)		657,322		6,928,174
ZIM Integrated Shipping Services Ltd.		40,357		764,765


				14,095,612

Italy — 3.9%
Enel SpA		2,123,351		12,502,546
Eni SpA		445,751		6,859,318
Intesa Sanpaolo SpA		3,771,599		9,916,551
Mediobanca Banca di Credito Finanziario SpA		111,863		1,202,521
Nexi SpA^(a)(b)		163,416		1,439,260
Stellantis NV		1,165,533		18,323,332
Telecom Italia SpA/Milano^(a)(c)		4,282,734		1,233,033
UniCredit SpA		796,881		15,563,992


				67,040,553

Japan — 31.5%
AGC Inc.		70,800		2,608,683
Aisin Corp.		53,000		1,546,302
Asahi Group Holdings Ltd.		151,900		5,016,079
Asahi Kasei Corp.		254,400		1,927,749
Astellas Pharma Inc.		364,900		5,371,376
Bridgestone Corp.		95,000		3,546,653
Brother Industries Ltd.		139,200		2,162,093
Canon Inc.		519,400		11,526,703
Central Japan Railway Co.		34,000		4,147,142
Chiba Bank Ltd. (The)		134,200		1,015,411
Chubu Electric Power Co. Inc.		358,200		3,858,198
Concordia Financial Group Ltd.		310,700		1,365,328
Dai Nippon Printing Co. Ltd.		70,900		1,673,923
Dai-ichi Life Holdings Inc.		127,400		2,989,156
Daito Trust Construction Co. Ltd.		36,000		3,557,468
Daiwa House Industry Co. Ltd.		261,900		6,289,532
Daiwa House REIT Investment Corp.		308		670,126
Daiwa Securities Group Inc.		266,500		1,257,639
Denso Corp.		60,600		3,272,745
Dentsu Group Inc.		32,300		1,040,347
ENEOS Holdings Inc.		674,500		2,414,842
Fuji Electric Co. Ltd.		23,100		935,042


Security	Shares		Value

Japan (continued)
FUJIFILM Holdings Corp.		168,800	$	8,933,088
Fujitsu Ltd.		64,800		9,226,180
Hankyu Hanshin Holdings Inc.		41,500		1,233,481
Hirose Electric Co. Ltd.		7,400		963,364
Hitachi Construction Machinery Co. Ltd.		27,400		646,183
Hitachi Ltd.		258,100		13,535,396
Honda Motor Co. Ltd.		554,100		13,706,501
Hulic Co. Ltd.		193,100		1,587,241
Ibiden Co. Ltd.		30,500		1,190,381
Idemitsu Kosan Co. Ltd.		44,000		1,100,034
Iida Group Holdings Co. Ltd.		50,700		845,192
Inpex Corp.		251,200		2,760,346
Isuzu Motors Ltd.		134,800		1,704,592
ITOCHU Corp.		373,100		12,059,270
Japan Post Bank Co. Ltd.		147,400		1,309,630
Japan Post Holdings Co. Ltd.		946,000		8,305,367
Japan Post Insurance Co. Ltd.		51,000		909,838
Japan Tobacco Inc.		445,100		9,076,437
JFE Holdings Inc.		212,600		2,803,269
Kajima Corp.		181,900		2,233,964
Kansai Electric Power Co. Inc. (The)		320,700		3,084,202
KDDI Corp.		223,100		6,970,410
Kirin Holdings Co. Ltd.		202,100		3,114,305
Koito Manufacturing Co. Ltd.		29,800		502,672
Komatsu Ltd.		211,700		5,202,413
Kubota Corp.		178,700		2,685,555
Kyocera Corp.		157,700		8,183,274
Lixil Corp.		67,200		1,160,126
Marubeni Corp.		716,500		8,790,435
Mazda Motor Corp.		224,000		1,783,037
MEIJI Holdings Co. Ltd.		33,600		1,732,842
MINEBEA MITSUMI Inc.		70,700		1,232,491
Mitsubishi Chemical Group Corp.		335,300		1,881,518
Mitsubishi Corp.		494,500		16,558,803
Mitsubishi Electric Corp.		500,300		5,513,682
Mitsubishi Estate Co. Ltd.		254,800		3,274,974
Mitsubishi HC Capital Inc.		145,400		742,143
Mitsubishi Heavy Industries Ltd.		88,800		3,481,844
Mitsubishi UFJ Financial Group Inc.		3,483,700		25,517,687
Mitsui & Co. Ltd.		592,300		17,474,468
Mitsui Chemicals Inc.		54,800		1,289,911
Mitsui OSK Lines Ltd.		162,800		4,040,487
Mizuho Financial Group Inc.		863,470		13,487,789
MS&AD Insurance Group Holdings Inc.		55,600		1,783,298
Murata Manufacturing Co. Ltd.		140,000		7,999,668
NEC Corp.		126,500		4,570,142
NGK Insulators Ltd.		79,100		1,094,846
Nippon Building Fund Inc.		380		1,660,738
Nippon Express Holdings Inc.		22,500		1,305,736
Nippon Steel Corp.		327,600		6,818,903
Nippon Telegraph & Telephone Corp.		207,600		6,224,994
Nippon Yusen KK		302,400		7,193,749
Nissan Motor Co. Ltd.		862,800		3,099,988
Nisshin Seifun Group Inc.		49,800		623,769
Nomura Holdings Inc.		893,300		3,565,008
NTT Data Corp.		144,800		2,246,047
Obayashi Corp.		255,200		1,979,516
Oji Holdings Corp.		232,400		960,451
Ono Pharmaceutical Co. Ltd.		73,200		1,588,344
ORIX Corp.		234,200		4,117,934


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) (continued)

January 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Osaka Gas Co. Ltd.		150,700	$	2,431,828
Otsuka Holdings Co. Ltd.		109,600		3,516,013
Panasonic Holdings Corp.		486,600		4,512,421
Renesas Electronics Corp.^(a)		535,600		5,509,235
Resona Holdings Inc.		631,400		3,493,993
Ricoh Co. Ltd.		416,700		3,234,682
Rohm Co. Ltd.		36,600		2,932,812
SBI Holdings Inc.		45,000		953,968
SCSK Corp.		32,500		529,341
Secom Co. Ltd.		29,900		1,781,315
Seiko Epson Corp.		164,100		2,544,862
Sekisui Chemical Co. Ltd.		60,600		848,902
Sekisui House Ltd.		129,900		2,455,014
Seven & i Holdings Co. Ltd.		200,700		9,475,628
Shimizu Corp.		216,100		1,211,391
Shionogi & Co. Ltd.		52,800		2,516,157
Shizuoka Financial Group Inc., NVS		127,600		1,080,980
SoftBank Group Corp.		225,000		10,651,962
Subaru Corp.		160,300		2,633,991
SUMCO Corp.		159,100		2,357,348
Sumitomo Chemical Co. Ltd.		416,100		1,597,255
Sumitomo Corp.		496,600		8,913,935
Sumitomo Electric Industries Ltd.		187,800		2,256,635
Sumitomo Metal Mining Co. Ltd.		49,600		2,013,920
Sumitomo Mitsui Financial Group Inc.		450,400		19,574,863
Sumitomo Mitsui Trust Holdings Inc.		93,200		3,395,149
Suntory Beverage & Food Ltd.		28,900		975,888
Suzuki Motor Corp.		66,100		2,478,233
T&D Holdings Inc.		62,100		993,988
Taisei Corp.		63,600		2,195,597
Takeda Pharmaceutical Co. Ltd.		431,000		13,549,506
TDK Corp.		182,800		6,530,760
Tokyo Electric Power Co. Holdings Inc.^(a)		1,137,700		4,260,447
Tokyo Gas Co. Ltd.		123,400		2,583,958
Toppan Inc.		96,400		1,553,213
Toray Industries Inc.		265,900		1,633,702
Toshiba Corp.		67,200		2,308,095
Tosoh Corp.		72,100		943,314
Toyota Industries Corp.		46,300		2,818,402
Toyota Motor Corp.		2,101,600		30,863,494
Toyota Tsusho Corp.		72,200		3,057,103
Yamaha Motor Co. Ltd.		71,400		1,758,631
Yamato Holdings Co. Ltd.		45,600		797,860
Yokogawa Electric Corp.		55,400		972,801


				539,559,082

Netherlands — 2.4%
ABN AMRO Bank NV, CVA^(b)		115,244		1,912,768
Aegon NV		646,971		3,568,557
AerCap Holdings NV^(a)		35,034		2,214,499
EXOR NV, NVS^(a)		19,748		1,569,741
ING Groep NV^(a)		830,111		12,020,224
JDE Peet’s NV		27,156		813,945
Koninklijke Ahold Delhaize NV		313,309		9,351,322
Koninklijke Philips NV		267,761		4,623,014
NN Group NV		81,258		3,530,504
OCI NV		12,724		433,131
Randstad NV		22,504		1,442,469


				41,480,174


Security	Shares		Value

Norway — 0.4%
Adevinta ASA^(a)		34,978	$	299,861
Equinor ASA		93,608		2,852,857
Norsk Hydro ASA		210,721		1,708,494
Orkla ASA		162,902		1,216,180
Yara International ASA		26,269		1,167,165


				7,244,557

Singapore — 0.7%
Capitaland Investment Ltd/Singapore		511,500		1,549,646
City Developments Ltd.		60,600		384,618
Jardine Cycle & Carriage Ltd.		13,300		294,856
Keppel Corp. Ltd.		346,700		2,001,727
Singapore Airlines Ltd.		169,400		766,004
Singapore Telecommunications Ltd.		1,004,200		1,923,205
UOL Group Ltd.		84,300		449,788
Venture Corp. Ltd.		91,800		1,296,340
Wilmar International Ltd.		829,000		2,577,378


				11,243,562

Spain — 2.8%
ACS Actividades de Construccion y Servicios SA		56,149		1,661,657
Banco Bilbao Vizcaya Argentaria SA		1,587,712		11,215,236
Banco Santander SA		6,087,202		21,274,402
CaixaBank SA		907,791		4,027,832
Grifols SA^(a)		77,330		1,023,698
Repsol SA		316,362		5,196,826
Telefonica SA		1,070,822		4,068,075


				48,467,726

Sweden — 1.2%
Boliden AB		35,683		1,601,345
Electrolux AB, Class B		27,688		392,169
Industrivarden AB, Class A		13,652		361,646
Securitas AB, Class B		87,349		799,554
Skanska AB, Class B		60,343		1,065,060
SKF AB, Class B		76,766		1,358,627
Swedbank AB, Class A		109,952		2,115,082
Telefonaktiebolaget LM Ericsson, Class B		1,147,063		6,653,493
Telia Co. AB		306,168		790,722
Volvo AB, Class B		261,372		5,186,537


				20,324,235

Switzerland — 5.7%
Adecco Group AG, Registered		37,463		1,391,402
Coca-Cola HBC AG, Class DI		29,485		716,526
Credit Suisse Group AG, Registered		1,147,050		3,951,451
Holcim AG		82,980		4,960,935
Novartis AG, Registered		444,469		40,184,013
Roche Holding AG, NVS		82,101		25,629,500
Siemens Energy AG^(a)		111,493		2,331,186
STMicroelectronics NV		154,578		7,278,817
UBS Group AG, Registered		534,597		11,411,173


				97,855,003

United Kingdom — 17.8%
3i Group PLC		226,090		4,410,955
abrdn PLC		306,982		808,540
Anglo American PLC		268,447		11,578,220
Associated British Foods PLC		123,811		2,842,107
Aviva PLC		594,737		3,354,226
BAE Systems PLC		517,099		5,474,030
Barclays PLC		6,860,523		15,770,908
Barratt Developments PLC		312,630		1,776,903
Berkeley Group Holdings PLC		18,131		928,446


34		2 0 2 3 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, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
BP PLC		2,737,408	$	16,534,622
British American Tobacco PLC		1,104,502		42,339,755
BT Group PLC		2,136,928		3,292,351
CNH Industrial NV		190,498		3,370,167
Coca-Cola Europacific Partners PLC		36,038		2,026,056
DCC PLC		18,837		1,072,916
Glencore PLC		2,127,249		14,245,935
GSK PLC		759,903		13,347,707
Haleon PLC^(a)		1,015,159		4,068,128
Hikma Pharmaceuticals PLC		44,474		940,807
HSBC Holdings PLC		4,760,478		35,076,848
Imperial Brands PLC		400,186		10,039,155
Informa PLC		180,888		1,496,079
J Sainsbury PLC		1,069,683		3,469,067
Kingfisher PLC		531,110		1,832,286
Lloyds Banking Group PLC		19,236,663		12,519,131
M&G PLC		362,535		905,366
Melrose Industries PLC		1,178,559		2,077,996
NatWest Group PLC, NVS		1,498,282		5,716,031
Pearson PLC		79,114		902,230
Persimmon PLC		66,572		1,162,700
Phoenix Group Holdings PLC		105,968		839,889
Rio Tinto PLC		211,343		16,548,416
Shell PLC		1,138,173		33,414,208
Smith & Nephew PLC		138,011		1,905,978
Standard Chartered PLC		1,029,633		8,648,519
Taylor Wimpey PLC		973,963		1,413,143
Tesco PLC		2,682,231		8,152,318
Vodafone Group PLC		7,768,221		8,963,073
WPP PLC		193,734		2,263,537


				305,528,749


Total Common Stocks — 98.2% (Cost: $1,616,910,938)				1,683,189,254


Preferred Stocks

Germany — 1.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		23,377		2,214,710
Henkel AG & Co. KGaA, Preference Shares, NVS		41,265		2,942,206
Porsche Automobil Holding SE, Preference Shares, NVS		74,575		4,459,337


Security	Shares		Value

Germany (continued)
Volkswagen AG, Preference Shares, NVS		84,763	$	11,755,837


				21,372,090


Total Preferred Stocks — 1.3% (Cost: $27,069,895)				21,372,090


Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)^(a)		56,653		28,744


Total Rights — 0.0% (Cost: $29,108)				28,744


Total Long-Term Investments — 99.5% (Cost: $1,644,009,941)				1,704,590,088


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		1,671,135		1,672,138
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		480,000		480,000


Total Short-Term Securities — 0.1% (Cost: $2,151,272)				2,152,138


Total Investments — 99.6% (Cost: $1,646,161,213)				1,706,742,226

Other Assets Less Liabilities — 0.4%				6,959,055


Net Assets — 100.0%			$	1,713,701,281

^(a)	Non-income producing security.

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

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

^(d⁾	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI Value Factor ETF

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,831,962	$	—		$	(1,161,363	)^(a)	$	612	$	927	$	1,672,138		1,671,135	$	13,512	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		150,000	^(a)		—			—		—		480,000		480,000		13,901			—


									$	612	$	927	$	2,152,138			$	27,413		$	—

^(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		17		03/09/23	$	2,594	$	82,529
Euro STOXX 50 Index		68		03/17/23		3,098		218,011
FTSE 100 Index		29		03/17/23		2,781		108,658


							$	409,198

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)	$	—	$	—	$	409,198	$	—	$	—	$	—	$	409,198

^(a)

For the period ended January 31, 2023, 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	$	—	$	—	$	1,044,685	$	—	$	—	$	—	$	1,044,685


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	234,839	$	—	$	—	$	—	$	234,839


36		2 0 2 3 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, 2023

iShares^® MSCI Intl Value Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	11,582,936

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
Australia	$	—	$	49,050,482	$	—	$	49,050,482
Austria		—		6,094,913		—		6,094,913
Belgium		—		15,858,018		—		15,858,018
Canada		51,124,525		—		—		51,124,525
Denmark		—		14,122,202		—		14,122,202
Finland		—		11,579,284		—		11,579,284
France		—		197,506,877		—		197,506,877
Germany		—		143,756,693		—		143,756,693
Hong Kong		—		39,517,729		—		39,517,729
Ireland		—		1,739,278		—		1,739,278
Israel		9,922,119		4,173,493		—		14,095,612
Italy		—		67,040,553		—		67,040,553
Japan		—		539,559,082		—		539,559,082
Netherlands		2,214,499		39,265,675		—		41,480,174
Norway		—		7,244,557		—		7,244,557
Singapore		—		11,243,562		—		11,243,562
Spain		—		48,467,726		—		48,467,726
Sweden		—		20,324,235		—		20,324,235
Switzerland		—		97,855,003		—		97,855,003
United Kingdom		2,026,056		303,502,693		—		305,528,749
Preferred Stocks		—		21,372,090		—		21,372,090
Rights		28,744		—		—		28,744
Short-Term Securities
Money Market Funds		2,152,138		—		—		2,152,138


	$	67,468,081	$	1,639,274,145	$	—		1,706,742,226

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	409,198	$	—	$	409,198

^(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		37

Statements of Assets and Liabilities (unaudited)

January 31, 2023


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


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	915,777,792		$	4,599,828,398	$	31,197,826		$	1,704,590,088
Investments, at value — affiliated^(c)		7,302,301			1,230,000		235,434			2,152,138
Cash		6,096			5,466		8,068			5,925
Foreign currency collateral pledged for futures contracts^(d)		200,367			1,377,342		6,050			578,243
Foreign currency, at value^(e)		1,944,030			5,406,257		90,713			4,877,063
Receivables:
Securities lending income — affiliated		1,669			461		162			885
Capital shares sold		453,596			238,851		—			1,734
Dividends — unaffiliated		892,289			2,079,959		27,395			2,477,942
Dividends — affiliated		815			3,544		—			964
Tax reclaims		830,645			9,361,200		7,920			1,086,403
Variation margin on futures contracts		9,254			72,996		278			29,512


Total assets		927,418,854			4,619,604,474		31,573,846			1,715,800,897


LIABILITIES
Collateral on securities loaned, at value		7,000,364			—		235,384			1,671,218
Payables:
Investments purchased		453,596			238,852		—			—
Investment advisory fees		227,836			1,118,693		7,742			427,511
Professional fees		3,025			9,381		—			887

Total liabilities		7,684,821			1,366,926		243,126			2,099,616


NET ASSETS	$	919,734,033		$	4,618,237,548	$	31,330,720		$	1,713,701,281


NET ASSETS CONSIST OF
Paid-in capital	$	958,818,756		$	4,400,125,010	$	31,984,702		$	1,724,128,857
Accumulated earnings (loss)		(39,084,723	)		218,112,538		(653,982	)		(10,427,576	)

NET ASSETS	$	919,734,033		$	4,618,237,548	$	31,330,720		$	1,713,701,281


NET ASSETVALUE
Shares outstanding		28,400,000			131,900,000		1,200,000			68,300,000

Net asset value	$	32.39		$	35.01	$	26.11		$	25.09

Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited

Par value		None			None		None			None


^(a)Investments, at cost — unaffiliated	$	854,207,808		$	4,286,358,530	$	30,533,444		$	1,644,009,941
^(b)Securities loaned, at value	$	6,728,075		$	—	$	218,121		$	1,581,988
^(c)Investments, at cost — affiliated	$	7,300,364		$	1,230,000	$	235,369		$	2,151,272
^(d)Foreign currency collateral pledged, at cost	$	197,467		$	1,345,348	$	5,981		$	562,584
^(e)Foreign currency, at cost	$	1,935,300		$	5,374,000	$	89,842		$	4,825,608

See notes to financial statements.


38		2 0 2 3 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 Operations (unaudited)

Six Months Ended January 31, 2023


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

INVESTMENT INCOME
Dividends — unaffiliated	$	12,756,091		$	48,152,542		$	210,520		$	25,794,304
Dividends — affiliated		8,092			30,547			96			13,901
Interest — unaffiliated		—			—			29			—
Securities lending income — affiliated — net		7,312			4,473			697			13,512
Other income — unaffiliated		75			145			—			22
Foreign taxes withheld		(1,041,376	)		(3,513,360	)		(21,787	)		(2,070,853	)
Foreign withholding tax claims		30,329			93,870			—			8,888

Total investment income		11,760,523			44,768,217			189,555			23,759,774


EXPENSES
Investment advisory		1,239,081			5,986,671			30,490			2,264,518
Professional		3,040			9,401			—			891

Total expenses		1,242,121			5,996,072			30,490			2,265,409

Net investment income		10,518,402			38,772,145			159,065			21,494,365


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(32,618,556	)		(32,412,158	)		(474,912	)		(21,874,671	)
Investments — affiliated		409			1,531			50			612
Capital gain distributions from underlying funds — affiliated		—			1			—			—
Foreign currency transactions		293,604			(542,898	)		1,220			273,573
Futures contracts		150,188			1,330,749			7,684			1,044,685
In-kind redemptions — unaffiliated^(a)		738,927			40,212,594			—			21,177,544

		(31,435,428	)		8,589,819			(465,958	)		621,743


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		76,225,540			287,693,512			2,648,502			187,863,365
Investments — affiliated		1,880			—			61			927
Foreign currency translations		55,166			442,422			1,451			136,248
Futures contracts		30,294			(6,121	)		919			234,839

		76,312,880			288,129,813			2,650,933			188,235,379

Net realized and unrealized gain		44,877,452			296,719,632			2,184,975			188,857,122

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,395,854		$	335,491,777		$	2,344,040		$	210,351,487

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		39

Statements of Changes in Net Assets


	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,518,402		$	22,308,477		$	38,772,145		$	111,540,713
Net realized gain (loss)		(31,435,428	)		(59,492,989	)		8,589,819			(76,630,213	)
Net change in unrealized appreciation (depreciation)		76,312,880			(108,840,651	)		288,129,813			(667,456,307	)

Net increase (decrease) in net assets resulting from operations		55,395,854			(146,025,163	)		335,491,777			(632,545,807	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(9,709,975	)		(52,594,725	)		(37,992,566	)		(129,032,411	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		50,641,052			190,109,882			298,861,429			1,038,985,420


NET ASSETS
Total increase (decrease) in net assets		96,326,931			(8,510,006	)		596,360,640			277,407,202
Beginning of period		823,407,102			831,917,108			4,021,876,908			3,744,469,706

End of period	$	919,734,033		$	823,407,102		$	4,618,237,548		$	4,021,876,908

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

See notes to financial statements.


40		2 0 2 3 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 (continued)


	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	159,065		$	400,706		$	21,494,365		$	50,199,024
Net realized gain (loss)		(465,958	)		2,187,322			621,743			(29,882,498	)
Net change in unrealized appreciation (depreciation)		2,650,933			(4,974,237	)		188,235,379			(147,532,156	)

Net increase (decrease) in net assets resulting from operations		2,344,040			(2,386,209	)		210,351,487			(127,215,630	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(181,450	)		(610,420	)		(20,194,774	)		(57,061,791	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,349,063			(7,568,781	)		115,656,438			466,997,525


NET ASSETS
Total increase (decrease) in net assets		16,511,653			(10,565,410	)		305,813,151			282,720,104
Beginning of period		14,819,067			25,384,477			1,407,888,130			1,125,168,026

End of period	$	31,330,720		$	14,819,067		$	1,713,701,281		$	1,407,888,130

^(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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Intl Momentum Factor ETF


	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period		$	30.84		$	39.06		$	32.99		$	29.44		$	30.00		$	28.78

Net investment income^(a)			0.39	^(b)		0.94			0.43			0.46			0.69			0.67
Net realized and unrealized gain (loss)^(c)			1.51			(6.94	)		6.09			3.52			(0.57	)		1.17


Net increase (decrease) from investment operations			1.90			(6.00	)		6.52			3.98			0.12			1.84


Distributions^(d)
From net investment income			(0.35	)		(1.11	)		(0.45	)		(0.43	)		(0.68	)		(0.59	)
From net realized gain			—			(1.11	)		—			—			—			(0.03	)


Total distributions			(0.35	)		(2.22	)		(0.45	)		(0.43	)		(0.68	)		(0.62	)


Net asset value, end of period		$	32.39		$	30.84		$	39.06		$	32.99		$	29.44		$	30.00


Total Return^(e)
Based on net asset value			6.20	%^(b)(f)		(16.09	)%		19.80	%		13.65	%		0.55	%		6.41	%


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

Total expenses excluding professional fees for foreign withholding tax claims			0.30	%^(h)		N/A			N/A			N/A			N/A			N/A


Net investment income			2.55	%^(b)(h)		2.65	%		1.16	%		1.53	%		2.44	%		2.19	%


Supplemental Data
Net assets, end of period (000)		$	919,734		$	823,407		$	831,917		$	405,753		$	164,888		$	141,021


Portfolio turnover rate⁽ⁱ⁾			43	%		100	%		104	%		125	%		105	%		131	%

^(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 six months ended January 31, 2023:

• Net investment income per share by $0.00

• Total return by 0.01%

• Ratio of net investment income to average net assets by 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)	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.


42		2 0 2 3 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 MSCI Intl Quality Factor ETF


	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period		$	32.80		$	39.29		$	30.32		$	29.79		$	29.62		$	28.07

Net investment income^(a)			0.31			1.00			0.78			0.70			0.96			0.99
Net realized and unrealized gain (loss)^(b)			2.20			(6.37	)		8.90			0.44			(0.12	)		1.23


Net increase (decrease) from investment operations			2.51			(5.37	)		9.68			1.14			0.84			2.22


Distributions from net investment income^(c)			(0.30	)		(1.12	)		(0.71	)		(0.61	)		(0.67	)		(0.67	)


Net asset value, end of period		$	35.01		$	32.80		$	39.29		$	30.32		$	29.79		$	29.62


Total Return^(d)
Based on net asset value			7.69	%^(e)		(13.78	)%		32.03	%		3.86	%		2.99	%		7.97	%


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


Total expenses excluding professional fees for foreign withholding tax claims			0.30	%^(g)		N/A			N/A			N/A			N/A			N/A


Net investment income			1.94	%^(g)		2.75	%		2.18	%		2.38	%		3.31	%		3.36	%


Supplemental Data
Net assets, end of period (000)		$	4,618,238		$	4,021,877		$	3,744,470		$	1,655,632		$	822,240		$	94,784


Portfolio turnover rate^(h)			12	%		32	%		37	%		26	%		29	%		21	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	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 MSCI Intl Size Factor ETF


	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period		$	24.70		$	31.73		$	24.61		$	26.01		$	27.58		$	26.81

Net investment income^(a)			0.19			0.70			0.62			0.48			0.72			0.76
Net realized and unrealized gain (loss)^(b)			1.37			(5.18	)		7.19			(1.57	)		(1.56	)		0.81


Net increase (decrease) from investment operations			1.56			(4.48	)		7.81			(1.09	)		(0.84	)		1.57


Distributions from net investment income^(c)			(0.15	)		(2.55	)		(0.69	)		(0.31	)		(0.73	)		(0.80	)

Net asset value, end of period		$	26.11		$	24.70		$	31.73		$	24.61		$	26.01		$	27.58


Total Return^(d)
Based on net asset value			6.36	%^(e)		(14.94	)%		31.83	%		(4.25	)%		(2.93	)%		5.89	%


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

Net investment income			1.57	%^(g)		2.42	%		2.11	%		1.91	%		2.78	%		2.73	%


Supplemental Data
Net assets, end of period (000)		$	31,331		$	14,819		$	25,384		$	19,686		$	5,202		$	5,517

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

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	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.


44		2 0 2 3 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 MSCI Intl Value Factor ETF


	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period		$	22.63		$	25.69		$	19.05		$	22.61		$	25.67		$	24.84

Net investment income^(a)			0.32			0.99			0.76			0.58			0.86			0.73
Net realized and unrealized gain (loss)^(b)			2.44			(2.99	)		6.44			(3.57	)		(3.14	)		0.88


Net increase (decrease) from investment operations			2.76			(2.00	)		7.20			(2.99	)		(2.28	)		1.61


Distributions from net investment income^(c)			(0.30	)		(1.06	)		(0.56	)		(0.57	)		(0.78	)		(0.78	)

Net asset value, end of period		$	25.09		$	22.63		$	25.69		$	19.05		$	22.61		$	25.67


Total Return^(d)
Based on net asset value			12.26	%^(e)		(8.02	)%		37.95	%		(13.57	)%		(8.80	)%		6.50	%


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

Total expenses excluding professional fees for foreign withholding tax claims			0.30	%^(g)		N/A			N/A			N/A			N/A			N/A

Net investment income			2.85	%^(g)		3.96	%		3.18	%		2.76	%		3.63	%		2.81	%


Supplemental Data
Net assets, end of period (000)		$	1,713,701		$	1,407,888		$	1,125,168		$	451,494		$	314,222		$	233,633

Portfolio turnover rate^(h)			7	%		17	%		24	%		18	%		20	%		16	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	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

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
MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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


46		2 0 2 3 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)

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 Company (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.


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)

4.	*SECURITIES AND OTHER INVESTMENTS*

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by 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

MSCI Intl Momentum Factor
HSBC Bank PLC	$	6,728,075	$	(6,728,075	)	$	—		$	—

MSCI Intl Size Factor
BofA Securities, Inc	$	59,341	$	(59,341	)	$	—		$	—
Citigroup Global Markets, Inc		46,506		(46,506	)		—			—
HSBC Bank PLC		45,430		(45,430	)		—			—
J.P. Morgan Securities LLC		34,764		(34,764	)		—			—
UBS AG		32,080		(32,080	)		—			—

	$	218,121	$	(218,121	)	$	—		$	—

MSCI Intl Value Factor
BofA Securities, Inc	$	804,317	$	(804,317	)	$	—		$	—
Citigroup Global Markets, Inc		255,350		(255,350	)		—			—
Goldman Sachs & Co. LLC		513,032		(513,032	)		—			—
HSBC Bank PLC		9,289		(9,289	)		—			—

	$	1,581,988	$	(1,581,988	)	$	—		$	—

^(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).


48		2 0 2 3 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)

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

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

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

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

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



iShares ETF	Investment Advisory Fees
MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30

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

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

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

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

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

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, 2023, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
MSCI Intl Momentum Factor	$	2,042
MSCI Intl Quality Factor		1,209
MSCI Intl Size Factor		168
MSCI Intl Value Factor		3,543


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)

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

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

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Intl Momentum Factor	$	154,740,114	$	151,763,951		$ (15,550,160)
MSCI Intl Quality Factor		167,832,889		231,240,638		(18,650,650)
MSCI Intl Size Factor		1,048,463		1,237,164		(173,467)
MSCI Intl Value Factor		53,674,152		50,686,186		(5,693,315)

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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI Intl Momentum Factor	$	362,494,205	$	351,698,418
MSCI Intl Quality Factor		518,792,219		465,898,720
MSCI Intl Size Factor		3,264,082		2,630,056
MSCI Intl Value Factor		107,191,795		103,570,297

For the six months ended January 31, 2023, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Intl Momentum Factor	$	50,060,325	$	9,055,704
MSCI Intl Quality Factor		400,047,731		150,725,955
MSCI Intl Size Factor		13,655,508		—
MSCI Intl Value Factor		212,213,224		100,028,087

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
MSCI Intl Momentum Factor	$	68,033,903
MSCI Intl Quality Factor		79,690,917
MSCI Intl Size Factor		778,700
MSCI Intl Value Factor		59,732,811

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


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Notes to Financial Statements (unaudited) (continued)

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Intl Momentum Factor	$	863,287,915	$	80,505,564	$	(20,597,290	)	$	59,908,274
MSCI Intl Quality Factor		4,313,766,235		520,718,024		(232,655,924	)		288,062,100
MSCI Intl Size Factor		30,852,947		1,783,305		(1,199,805	)		583,500
MSCI Intl Value Factor		1,659,620,835		149,311,288		(101,780,699	)		47,530,589

9.	*PRINCIPAL RISKS*

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

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

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.


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)

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

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

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. 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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 01/31/23						Year Ended 07/31/22


iShares ETF	Shares			Amount			Shares			Amount

MSCI Intl Momentum Factor
Shares sold		2,000,000		$	59,894,207			6,600,000		$	232,970,183
Shares redeemed		(300,000	)		(9,253,155	)		(1,200,000	)		(42,860,301	)


		1,700,000		$	50,641,052			5,400,000		$	190,109,882


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Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 01/31/23						Year Ended 07/31/22


iShares ETF	Shares			Amount			Shares			Amount

MSCI Intl Quality Factor
Shares sold		14,000,000		$	452,337,880			28,300,000		$	1,071,350,051
Shares redeemed		(4,700,000	)		(153,476,451	)		(1,000,000	)		(32,364,631	)


		9,300,000		$	298,861,429			27,300,000		$	1,038,985,420

MSCI Intl Size Factor
Shares sold		600,000		$	14,349,063			600,000		$	16,485,728
Shares redeemed		—			—			(800,000	)		(24,054,509	)


		600,000		$	14,349,063			(200,000	)		$ (7,568,781	)

MSCI Intl Value Factor
Shares sold		10,400,000		$	216,239,491			19,500,000		$	492,584,472
Shares redeemed		(4,300,000	)		(100,583,053	)		(1,100,000	)		(25,586,947	)


		6,100,000		$	115,656,438			18,400,000		$	466,997,525

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

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

11.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) 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 iShares MSCI Intl Quality Factor ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds 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 Funds.

12.

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		53

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 MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF and iShares MSCI Intl Value 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 9, 2022 (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 40 Act 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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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 (“RATS”). 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 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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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		55

Glossary of Terms Used in this Report

Portfolio Abbreviation


ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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

Investing involves risk, including possible loss of principal.

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

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

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