Schedule of Investments (unaudited) | iShares® MSCI UAE ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 2.5% | ||||||||
Abu Dhabi Aviation Co., NVS | 148,927 | $ | 265,981 | |||||
Agility Global PLC | 984,232 | 337,630 | ||||||
Aramex PJSC(a) | 524,291 | 385,398 | ||||||
989,009 | ||||||||
Banks — 33.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 829,452 | 1,762,746 | ||||||
Abu Dhabi Islamic Bank PJSC | 564,691 | 1,724,951 | ||||||
Ajman Bank PJSC(a) | 773,107 | 371,306 | ||||||
Dubai Islamic Bank PJSC | 1,118,508 | 1,680,937 | ||||||
Emirates NBD Bank PJSC | 410,684 | 1,738,647 | ||||||
First Abu Dhabi Bank PJSC | 1,761,761 | 5,563,885 | ||||||
Sharjah Islamic Bank | 794,589 | 478,088 | ||||||
13,320,560 | ||||||||
Building Products — 0.7% | ||||||||
Ras Al Khaimah Ceramics | 419,929 | 285,818 | ||||||
Capital Markets — 2.0% | ||||||||
Dubai Financial Market PJSC | 1,103,925 | 387,706 | ||||||
Investcorp Capital PLC, NVS | 562,652 | 324,750 | ||||||
SHUAA Capital PSC(a)(b) | 1,859,319 | 66,313 | ||||||
778,769 | ||||||||
Construction & Engineering — 0.0% | ||||||||
Arabtec Holding PJSC(a)(b) | 2,433,366 | 7 | ||||||
Diversified Consumer Services — 0.6% | ||||||||
Taaleem Holdings PJSC, NVS | 242,471 | 250,191 | ||||||
Diversified Telecommunication Services — 16.2% | ||||||||
AL Yah Satellite Communications Co-PJSC-Yah Sat | 652,763 | 390,977 | ||||||
Emirates Telecommunications Group Co. PJSC | 1,366,693 | 5,990,596 | ||||||
6,381,573 | ||||||||
Financial Services — 1.9% | ||||||||
Al Waha Capital PJSC | 793,168 | 305,312 | ||||||
Amanat Holdings PJSC | 926,083 | 259,693 | ||||||
Amlak Finance PJSC(a) | 974,521 | 195,008 | ||||||
Gulf General Investment Co.(a)(b) | 7,295,803 | 20 | ||||||
760,033 | ||||||||
Food Products — 1.0% | ||||||||
Agthia Group PJSC | 250,161 | 383,088 | ||||||
Ground Transportation — 0.1% | ||||||||
Dubai Taxi Co. PJSC | 80,581 | 47,826 | ||||||
Health Care Providers & Services — 0.0% | ||||||||
NMC Health PLC, NVS(b) | 112,588 | 2 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure — 2.7% | ||||||||
Americana Restaurants International PLC | 1,224,539 | $ | 1,081,212 | |||||
Industrial Conglomerates — 6.2% | ||||||||
Dubai Investments PJSC | 1,129,358 | 657,989 | ||||||
Multiply Group PJSC(a) | 1,866,149 | 960,243 | ||||||
Q Holding PJSC(a) | 1,051,986 | 821,987 | ||||||
2,440,219 | ||||||||
Marine Transportation — 1.1% | ||||||||
Gulf Navigation Holding PJSC(a) | 237,947 | 452,825 | ||||||
Oil, Gas & Consumable Fuels — 1.4% | ||||||||
Dana Gas PJSC | 3,208,828 | 538,146 | ||||||
Passenger Airlines — 1.9% | ||||||||
Air Arabia PJSC | 1,169,826 | 737,488 | ||||||
Real Estate Management & Development — 21.9% | ||||||||
Aldar Properties PJSC | 1,124,413 | 1,683,688 | ||||||
Deyaar Development PJSC | 134,937 | 25,753 | ||||||
Emaar Development PJSC | 355,585 | 718,324 | ||||||
Emaar Properties PJSC | 2,643,097 | 5,512,074 | ||||||
Eshraq Investments PJSC(a) | 2,137,114 | 186,362 | ||||||
RAK Properties PJSC | 917,749 | 284,841 | ||||||
Union Properties PJSC(a) | 2,291,340 | 233,057 | ||||||
8,644,099 | ||||||||
Software — 0.2% | ||||||||
Phoenix Group PLC(a) | 165,758 | 83,938 | ||||||
Specialty Retail — 3.2% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 1,442,416 | 1,273,552 | ||||||
Water Utilities — 2.3% | ||||||||
Emirates Central Cooling Systems Corp. | 1,205,420 | 502,115 | ||||||
National Central Cooling Co. PJSC | 482,104 | 405,337 | ||||||
907,452 | ||||||||
Total Investments — 99.6% | ||||||||
(Cost: $40,441,093) | 39,355,807 | |||||||
Other Assets Less Liabilities — 0.4% | 165,750 | |||||||
Net Assets — 100.0% | $ | 39,521,557 |
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(a) | $ | 30,000 | $ | — | $ | (30,000 | )(b) | $ | — | $ | — | $ | — | — | $ | 2,260 | $ | — |
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
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Schedule of Investments (unaudited) (continued) | iShares® MSCI UAE ETF |
May 31, 2024 |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
MSCI Emerging Markets Index | 1 | 06/21/24 | $ | 53 | $ | (423 | ) |
Fair Value Hierarchy as of Period End
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. There may not be a secondary market, and/or there are 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent 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 | $ | 32,550,005 | $ | 6,739,460 | $ | 66,342 | $ | 39,355,807 | ||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (423 | ) | $ | — | $ | — | $ | (423 | ) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
NVS | Non-Voting Shares |
PJSC | Public Joint Stock Company |
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