UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09102
iShares, Inc.
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: August 31, 2022
Date of reporting period: February 28, 2022
Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares MSCI Austria ETF | EWO | NYSE Arca |
· | iShares MSCI Belgium ETF | EWK | NYSE Arca |
· | iShares MSCI France ETF | EWQ | NYSE Arca |
· | iShares MSCI Netherlands ETF | EWN | NYSE Arca |
· | iShares MSCI Sweden ETF | EWD | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | (2.62)% | 16.39% | ||
U.S. small cap equities | (9.46) | (6.01) | ||
International equities | (6.78) | 2.83 | ||
Emerging market equities | (9.81) | (10.69) | ||
3-month Treasury bills | 0.02 | 0.04 | ||
U.S. Treasury securities | (3.94) | (1.67) | ||
U.S. investment grade bonds | (4.07) | (2.64) | ||
Tax-exempt municipal bonds | (3.09) | (0.66) | ||
U.S. high yield bonds | (3.07) | 0.64 | ||
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 | THIS PAGEISNOT PARTOF YOUR FUND REPORT |
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Financial Statements | ||||
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3 |
Fund Summary as of February 28, 2022 | iShares® MSCI Austria ETF |
Investment Objective
The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (9.93 | )% | 7.60 | % | 7.75 | % | 5.51 | % | 7.60 | % | 45.27 | % | 71.03 | % | ||||||||||||||||||
Fund Market | (10.98 | ) | 6.93 | 7.61 | 5.37 | 6.93 | 44.28 | 68.74 | ||||||||||||||||||||||||
Index | (9.26 | ) | 8.48 | 7.95 | 5.66 | 8.48 | 46.59 | 73.47 |
Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 900.70 | $ | 2.31 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments (a) | |||
Financials | 31.3 | % | ||
Utilities | 15.0 | |||
Industrials | 13.6 | |||
Energy | 12.4 | |||
Materials | 12.1 | |||
Real Estate | 9.2 | |||
Information Technology | 2.8 | |||
Communication Services | 2.7 | |||
Consumer Staples | 0.9 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments (a) | |||
Erste Group Bank AG | 19.6 | % | ||
Verbund AG | 12.8 | |||
OMV AG | 11.1 | |||
voestalpine AG | 4.9 | |||
BAWAG Group AG | 4.5 | |||
ANDRITZ AG | 4.4 | |||
Wienerberger AG | 4.4 | |||
IMMOFINANZ AG | 4.0 | |||
Raiffeisen Bank International AG | 2.9 | |||
Lenzing AG | 2.9 |
4 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Belgium ETF |
Investment Objective
The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (7.64 | )% | 7.29 | % | 5.13 | % | 8.32 | % | 7.29 | % | 28.43 | % | 122.27 | % | ||||||||||||||||||
Fund Market | (8.13 | ) | 6.95 | 5.07 | 8.28 | 6.95 | 28.03 | 121.62 | ||||||||||||||||||||||||
Index | (7.29 | ) | 2.95 | 4.26 | 8.22 | 2.95 | 23.17 | 120.33 |
Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 923.60 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments (a) | |||
Consumer Staples | 24.0 | % | ||
Financials | 22.1 | |||
Health Care | 16.7 | |||
Real Estate | 12.1 | |||
Materials | 9.8 | |||
Communication Services | 3.5 | |||
Industrials | 3.5 | |||
Utilities | 2.4 | |||
Information Technology | 2.4 | |||
Consumer Discretionary | 2.3 | |||
Energy | 1.2 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments (a) | |||
Anheuser-Busch InBev SA/NV | 22.5 | % | ||
KBC Group NV | 8.8 | |||
UCB SA | 6.7 | |||
Argenx SE | 6.5 | |||
Groupe Bruxelles Lambert SA | 4.5 | |||
Solvay SA | 4.0 | |||
Ageas SA/NV | 4.0 | |||
Umicore SA | 3.9 | |||
Sofina SA | 3.2 | |||
Warehouses De Pauw CVA | 2.9 |
FUND SUMMARY | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI France ETF |
Investment Objective
The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (5.81 | )%(a) | 8.34 | % | 9.93 | % | 7.59 | % | 8.34 | % | 60.51 | % | 107.77 | % | ||||||||||||||||||
Fund Market | (6.11 | ) | 8.39 | 9.89 | 7.58 | 8.39 | 60.22 | 107.69 | ||||||||||||||||||||||||
Index | (5.78 | ) | 7.96 | 9.84 | 7.52 | 7.96 | 59.87 | 106.54 |
(a) | The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 941.90 | $ | 3.56 | �� | $ | 1,000.00 | $ | 1,021.10 | $ | 3.71 | 0.74 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments (a) | |||
Consumer Discretionary | 22.3 | % | ||
Industrials | 21.7 | |||
Consumer Staples | 11.0 | |||
Financials | 9.7 | |||
Health Care | 8.4 | |||
Energy | 7.0 | |||
Information Technology | 6.4 | |||
Materials | 5.8 | |||
Communication Services | 3.2 | |||
Utilities | 3.1 | |||
Real Estate | 1.4 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments (a) | |||
LVMH Moet Hennessy Louis Vuitton SE | 11.1 | % | ||
TotalEnergies SE | 7.0 | |||
Sanofi | 6.5 | |||
L’Oreal SA | 5.4 | |||
Schneider Electric SE | 4.6 | |||
Air Liquide SA | 4.3 | |||
Airbus SE | 4.1 | |||
BNP Paribas SA | 3.6 | |||
Vinci SA | 3.1 | |||
AXA SA | 2.9 |
6 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Netherlands ETF |
Investment Objective
The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (17.83 | )% | (0.83 | )% | 13.10 | % | 10.85 | % | (0.83 | )% | 85.07 | % | 180.13 | % | ||||||||||||||||||
Fund Market | (18.81 | ) | (1.69 | ) | 12.90 | 10.78 | (1.69 | ) | 83.40 | 178.43 | ||||||||||||||||||||||
Index | (17.33 | ) | (0.06 | ) | 13.71 | 11.26 | (0.06 | ) | 90.08 | 190.73 |
Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 821.70 | $ | 2.21 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments (a) | |||
Information Technology | 33.6 | % | ||
Industrials | 14.1 | |||
Financials | 12.0 | |||
Consumer Staples | 11.3 | |||
Consumer Discretionary | 10.0 | |||
Materials | 8.5 | |||
Health Care | 4.3 | |||
Communication Services | 3.8 | |||
Real Estate | 1.2 | |||
Energy | 1.1 | |||
Utilities | 0.1 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments (a) | |||
ASML Holding NV | 24.4 | % | ||
Prosus NV | 7.7 | |||
ING Groep NV | 6.1 | |||
Adyen NV | 5.5 | |||
Koninklijke DSM NV | 4.5 | |||
Koninklijke Ahold Delhaize NV | 4.4 | |||
Koninklijke Philips NV | 4.0 | |||
Wolters Kluwer NV | 3.7 | |||
Heineken NV | 3.3 | |||
Akzo Nobel NV | 2.5 |
FUND SUMMARY | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Sweden ETF |
Investment Objective
The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (18.25 | )% | (5.03 | )% | 8.52 | % | 6.43 | % | (5.03 | )% | 50.48 | % | 86.43 | % | ||||||||||||||||||
Fund Market | (18.58 | ) | (5.00 | ) | 8.51 | 6.45 | (5.00 | ) | 50.46 | 86.83 | ||||||||||||||||||||||
Index | (17.19 | ) | (4.47 | ) | 8.27 | 6.06 | (4.47 | ) | 48.80 | 80.13 |
Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 817.50 | $ | 2.34 | $ | 1,000.00 | $ | 1,022.20 | $ | 2.61 | 0.52 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments (a) | |||
Industrials | 37.4 | % | ||
Financials | 28.4 | |||
Information Technology | 10.3 | |||
Consumer Discretionary | 6.4 | |||
Consumer Staples | 4.9 | |||
Materials | 3.9 | |||
Communication Services | 3.8 | |||
Real Estate | 2.0 | |||
Health Care | 1.6 | |||
Energy | 1.3 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments (a) | |||
Investor AB, Class B | 6.6 | % | ||
Nordea Bank Abp | 6.3 | |||
Atlas Copco AB, Class A | 6.2 | |||
Volvo AB, Class B | 4.9 | |||
Telefonaktiebolaget LM Ericsson, Class B | 4.8 | |||
Assa Abloy AB, Class B | 4.7 | |||
Hexagon AB, Class B | 4.7 | |||
Sandvik AB | 4.3 | |||
Evolution AB | 3.5 | |||
Skandinaviska Enskilda Banken AB, Class A | 3.3 |
8 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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. 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.
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 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 a 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.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 9 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Austria ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
FACC AG(a)(b) | 62,356 | $ | 595,554 | |||||
|
| |||||||
Air Freight & Logistics — 2.7% | ||||||||
Oesterreichische Post AG(b) | 47,597 | 1,934,476 | ||||||
|
| |||||||
Banks — 26.7% | ||||||||
BAWAG Group AG(c) | 58,692 | 3,168,772 | ||||||
Erste Group Bank AG | 385,242 | 13,694,128 | ||||||
Raiffeisen Bank International AG | 123,544 | 2,013,140 | ||||||
|
| |||||||
18,876,040 | ||||||||
Chemicals — 2.8% | ||||||||
Lenzing AG(a) | 18,149 | 2,000,166 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.6% | ||||||||
DO & CO AG(a)(b) | 11,633 | 1,150,903 | ||||||
|
| |||||||
Construction & Engineering — 0.9% | ||||||||
Poor AG.(a) | 44,881 | 602,918 | ||||||
|
| |||||||
Construction Materials — 4.3% | ||||||||
Wienerberger AG | 102,238 | 3,057,394 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.7% | ||||||||
Telekom Austria AG | 234,251 | 1,914,747 | ||||||
|
| |||||||
Electric Utilities — 14.8% | ||||||||
EVN AG | 54,643 | 1,516,670 | ||||||
Verbund AG | 73,928 | 8,916,938 | ||||||
|
| |||||||
10,433,608 | ||||||||
Electrical Equipment — 0.9% | ||||||||
Zumtobel Group AG | 69,492 | 626,460 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.8% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 35,851 | 1,967,125 | ||||||
|
| |||||||
Energy Equipment & Services — 1.3% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG(a) | 21,110 | 904,064 | ||||||
|
| |||||||
Food Products — 0.9% | ||||||||
Agrana Beteiligungs AG | 32,835 | 608,940 | ||||||
|
| |||||||
Insurance — 4.2% | ||||||||
UNIQA Insurance Group AG | 182,954 | 1,464,254 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 57,097 | 1,495,031 | ||||||
|
| |||||||
2,959,285 |
Security | Shares | Value | ||||||
Machinery — 6.5% | ||||||||
ANDRITZ AG | 68,869 | $ | 3,087,341 | |||||
Palfinger AG | 26,395 | 785,309 | ||||||
Semperit AG Holding | 22,973 | 722,971 | ||||||
|
| |||||||
4,595,621 | ||||||||
Metals & Mining — 4.8% | ||||||||
voestalpine AG | 102,953 | 3,402,701 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 10.9% | ||||||||
OMV AG | 162,166 | 7,719,666 | ||||||
|
| |||||||
Real Estate Management & Development — 9.1% | ||||||||
CA Immobilien Anlagen AG | 57,375 | 1,962,994 | ||||||
IMMOFINANZ AG | 107,502 | 2,769,931 | ||||||
S IMMO AG | 66,366 | 1,701,064 | ||||||
|
| |||||||
6,433,989 | ||||||||
Total Common Stocks — 98.8% |
| 69,783,657 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 3.0% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 2,040,642 | 2,041,050 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 80,000 | 80,000 | ||||||
|
| |||||||
2,121,050 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.0% |
| 2,121,050 | ||||||
|
| |||||||
Total Investments in Securities — 101.8% |
| 71,904,707 | ||||||
Other Assets, Less Liabilities — (1.8)% |
| (1,271,748 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 70,632,959 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
10 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Austria ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 2,252,894 | $ | — | $ | (210,992)(a) | $ | (595 | ) | $ | (257 | ) | $ | 2,041,050 | 2,040,642 | $ | 22,798 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 30,000 | 50,000 | (a) | — | — | — | 80,000 | 80,000 | 2 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (595 | ) | $ | (257 | ) | $ | 2,121,050 | $ | 22,800 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
Euro STOXX 50 Index | 19 | 03/18/22 | $ | 831 | $ | (59,819 | ) | |||||||||
|
|
|
|
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:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 59,819 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 45,780 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (74,658 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,035,402 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
SCHEDULES OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Austria ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 5,920,078 | $ | 63,863,579 | $ | — | $ | 69,783,657 | ||||||||
Money Market Funds | 2,121,050 | — | — | 2,121,050 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,041,128 | $ | 63,863,579 | $ | — | $ | 71,904,707 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (59,819 | ) | $ | — | $ | (59,819 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
12 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Belgium ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
bpost SA(a) | 15,458 | $ | 104,129 | |||||
|
| |||||||
Banks — 9.7% | ||||||||
KBC Ancora | 4,987 | 224,493 | ||||||
KBC Group NV | 29,353 | 2,114,794 | ||||||
|
| |||||||
2,339,287 | ||||||||
Beverages — 22.4% | ||||||||
Anheuser-Busch InBev SA/NV | 87,362 | 5,390,917 | ||||||
|
| |||||||
Biotechnology — 8.2% | ||||||||
Argenx SE(a) | 5,370 | 1,554,847 | ||||||
Galapagos NV(a) | 6,146 | 405,976 | ||||||
|
| |||||||
1,960,823 | ||||||||
Capital Markets — 0.7% | ||||||||
Gimv NV | 2,872 | 170,424 | ||||||
|
| |||||||
Chemicals — 8.9% | ||||||||
Recticel SA | 6,966 | 144,588 | ||||||
Solvay SA | 8,605 | 959,634 | ||||||
Tessenderlo Group SA(a) | 2,874 | 105,488 | ||||||
Umicore SA | 22,682 | 927,913 | ||||||
|
| |||||||
2,137,623 | ||||||||
Construction & Engineering — 3.0% | ||||||||
Ackermans & van Haaren NV | 3,045 | 568,425 | ||||||
Cie d’Entreprises CFE | 1,231 | 163,621 | ||||||
|
| |||||||
732,046 | ||||||||
Distributors — 2.0% | ||||||||
D’ieteren Group | 2,897 | 467,995 | ||||||
|
| |||||||
Diversified Financial Services — 7.6% | ||||||||
Groupe Bruxelles Lambert SA | 10,374 | 1,077,197 | ||||||
Sofina SA | 1,952 | 758,070 | ||||||
|
| |||||||
1,835,267 | ||||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Proximus SADP | 20,118 | 399,951 | ||||||
|
| |||||||
Electric Utilities — 2.4% | ||||||||
Elia Group SA/NV | 4,022 | 579,019 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.9% | ||||||||
Barco NV | 9,727 | 221,961 | ||||||
|
| |||||||
Entertainment — 0.6% | ||||||||
Kinepolis Group NV(a) | 2,305 | 148,163 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 10.0% | ||||||||
Aedifica SA | 4,258 | 481,895 | ||||||
Befimmo SA | 3,541 | 188,166 | ||||||
Cofinimmo SA | 3,410 | 445,911 | ||||||
Intervest Offices & Warehouses NV | 3,632 | 106,900 | ||||||
Montea NV | 1,500 | 186,822 | ||||||
Retail Estates NV | 1,630 | 129,781 | ||||||
Warehouses De Pauw CVA | 17,542 | 689,666 | ||||||
Xior Student Housing NV | 3,128 | 170,278 | ||||||
|
| |||||||
2,399,419 | ||||||||
Food & Staples Retailing — 1.2% | ||||||||
Etablissements Franz Colruyt NV | 7,207 | 288,257 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.4% | ||||||||
Ion Beam Applications | 4,213 | 87,010 | ||||||
|
|
Security | Shares | Value | ||||||
Health Care Providers & Services — 0.7% | ||||||||
Fagron | 8,986 | $ | 156,311 | |||||
|
| |||||||
Health Care Technology — 0.4% | ||||||||
AGFA-Gevaert NV(a) | 23,524 | 95,381 | ||||||
|
| |||||||
Insurance — 4.0% | ||||||||
Ageas SA/NV | 19,823 | 953,608 | ||||||
|
| |||||||
IT Services — 0.4% | ||||||||
Econocom Group SA/NV | 24,388 | 99,047 | ||||||
|
| |||||||
Media — 0.9% | ||||||||
Telenet Group Holding NV | 6,406 | 222,988 | ||||||
|
| |||||||
Metals & Mining — 0.9% | ||||||||
Bekaert SA | 5,105 | 222,111 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.2% | ||||||||
Euronav NV | 26,728 | 297,600 | ||||||
|
| |||||||
Personal Products — 0.3% | ||||||||
Ontex Group NV(a) | 10,943 | 78,051 | ||||||
|
| |||||||
Pharmaceuticals — 7.0% | ||||||||
Mithra Pharmaceuticals SA(a) | 3,736 | 75,571 | ||||||
UCB SA | 14,805 | 1,615,769 | ||||||
|
| |||||||
1,691,340 | ||||||||
Real Estate Management & Development — 2.0% | ||||||||
Immobel SA | 856 | 69,770 | ||||||
Shurgard Self Storage SA | 2,762 | 158,222 | ||||||
VGP NV | 1,022 | 260,964 | ||||||
|
| |||||||
488,956 | ||||||||
Semiconductors & Semiconductor Equipment — 1.0% | ||||||||
Melexis NV | 2,747 | 250,752 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Van de Velde NV | 1,837 | 71,643 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Orange Belgium SA | 3,195 | 69,754 | ||||||
|
| |||||||
Total Common Stocks — 99.5% |
| 23,959,833 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, | 79,565 | 79,581 | ||||||
|
| |||||||
Total Short-Term Investments — 0.3% |
| 79,581 | ||||||
|
| |||||||
Total Investments in Securities — 99.8% |
| 24,039,414 | ||||||
Other Assets, Less Liabilities — 0.2% |
| 39,161 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 24,078,575 | |||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
SCHEDULES OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Belgium ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 125,177 | $ | — | $ | (45,568 | )(a) | $ | 10 | $ | (38 | ) | $ | 79,581 | 79,565 | $ | 5,984 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 10,000 | — | (10,000 | )(a) | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 10 | $ | (38 | ) | $ | 79,581 | $ | 5,984 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(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 | ||||||||||||||||
Euro STOXX 50 Index | 2 | 03/18/22 | $ | 88 | $ | (8,032 | ) | |||||||||
|
|
|
|
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:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 8,032 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 4,269 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (10,828 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 124,642 |
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.
14 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Belgium ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 277,178 | $ | 23,682,655 | $ | — | $ | 23,959,833 | ||||||||
Money Market Funds | 79,581 | — | — | 79,581 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 356,759 | $ | 23,682,655 | $ | — | $ | 24,039,414 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (8,032 | ) | $ | — | $ | (8,032 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 7.3% | ||||||||
Airbus SE(a) | 250,280 | $ | 31,955,516 | |||||
Dassault Aviation SA | 10,638 | 1,583,040 | ||||||
Safran SA | 145,267 | 18,470,283 | ||||||
Thales SA | 45,140 | 5,160,534 | ||||||
|
| |||||||
57,169,373 | ||||||||
Auto Components — 1.8% | ||||||||
Cie. Generale des Etablissements Michelin SCA | 71,926 | 9,901,156 | ||||||
Faurecia SE | 51,488 | 1,938,730 | ||||||
Valeo | 98,544 | 2,173,298 | ||||||
|
| |||||||
14,013,184 | ||||||||
Automobiles — 0.3% | ||||||||
Renault SA(a) | 81,337 | 2,548,938 | ||||||
|
| |||||||
Banks — 5.7% | ||||||||
BNP Paribas SA | 477,617 | 27,713,498 | ||||||
Credit Agricole SA | 526,119 | 6,701,885 | ||||||
Societe Generale SA | 344,158 | 9,731,939 | ||||||
|
| |||||||
44,147,322 | ||||||||
Beverages — 2.7% | ||||||||
Pernod Ricard SA | 88,845 | 19,394,882 | ||||||
Remy Cointreau SA | 9,614 | 1,850,242 | ||||||
|
| |||||||
21,245,124 | ||||||||
Building Products — 1.7% | ||||||||
Cie. de Saint-Gobain | 214,651 | 13,309,452 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Amundi SA(b) | 26,169 | 1,814,974 | ||||||
Euronext NV(b) | 36,250 | 3,272,338 | ||||||
|
| |||||||
5,087,312 | ||||||||
Chemicals — 4.7% | ||||||||
Air Liquide SA | 201,161 | 33,413,867 | ||||||
Arkema SA | 25,976 | 3,444,864 | ||||||
|
| |||||||
36,858,731 | ||||||||
Construction & Engineering — 4.0% | ||||||||
Bouygues SA | 97,888 | 3,500,284 | ||||||
Eiffage SA | 35,244 | 3,590,094 | ||||||
Vinci SA | 228,614 | 23,970,499 | ||||||
|
| |||||||
31,060,877 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Eurazeo SE | 16,757 | 1,294,321 | ||||||
Wendel SE | 11,596 | 1,177,208 | ||||||
|
| |||||||
2,471,529 | ||||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Orange SA | 847,793 | 10,251,251 | ||||||
|
| |||||||
Electric Utilities — 0.2% | ||||||||
Electricite de France SA | 200,448 | 1,812,156 | ||||||
|
| |||||||
Electrical Equipment — 5.9% | ||||||||
Legrand SA | 113,558 | 10,713,067 | ||||||
Schneider Electric SE | 229,510 | 35,559,383 | ||||||
|
| |||||||
46,272,450 | ||||||||
Entertainment — 0.5% | ||||||||
Bollore SA | 374,183 | 1,893,406 | ||||||
Ubisoft Entertainment SA(a) | 40,014 | 2,145,429 | ||||||
|
| |||||||
4,038,835 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
Covivio | 22,012 | $ | 1,800,811 | |||||
Gecina SA | 19,421 | 2,468,042 | ||||||
Klepierre SA | 85,997 | 2,458,185 | ||||||
Unibail-Rodamco-Westfield(a) | 53,280 | 4,061,311 | ||||||
|
| |||||||
10,788,349 | ||||||||
Food & Staples Retailing — 0.7% | ||||||||
Carrefour SA | 263,506 | 5,297,590 | ||||||
|
| |||||||
Food Products — 2.2% | ||||||||
Danone SA | 277,076 | 16,857,090 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.3% | ||||||||
BioMerieux | 17,525 | 1,926,195 | ||||||
|
| |||||||
Health Care Providers & Services — 0.1% | ||||||||
Orpea SA | 21,866 | 905,476 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.9% | ||||||||
Accor SA(a) | 72,012 | 2,459,444 | ||||||
La Francaise des Jeux SAEM(b) | 40,408 | 1,675,004 | ||||||
Sodexo SA | 37,435 | 3,125,326 | ||||||
|
| |||||||
7,259,774 | ||||||||
Household Durables — 0.2% | ||||||||
SEB SA | 11,702 | 1,701,889 | ||||||
|
| |||||||
Insurance — 3.1% | ||||||||
AXA SA | 826,458 | 22,361,980 | ||||||
CNP Assurances | 72,636 | 1,770,376 | ||||||
|
| |||||||
24,132,356 | ||||||||
IT Services — 3.1% | ||||||||
Capgemini SE | 68,024 | 14,239,432 | ||||||
Edenred | 105,619 | 4,806,178 | ||||||
Worldline SA/France(a)(b) | 100,883 | 5,144,348 | ||||||
|
| |||||||
24,189,958 | ||||||||
Life Sciences Tools & Services — 1.3% | ||||||||
Eurofins Scientific SE | 57,053 | 5,789,616 | ||||||
Sartorius Stedim Biotech | 11,697 | 4,485,453 | ||||||
|
| |||||||
10,275,069 | ||||||||
Machinery — 0.4% | ||||||||
Alstom SA | 134,268 | 3,415,765 | ||||||
|
| |||||||
Media — 1.4% | ||||||||
Publicis Groupe SA | 97,039 | 6,440,063 | ||||||
Vivendi SE | 328,296 | 4,144,334 | ||||||
|
| |||||||
10,584,397 | ||||||||
Metals & Mining — 1.1% | ||||||||
ArcelorMittal SA | 271,194 | 8,414,777 | ||||||
|
| |||||||
Multi-Utilities — 2.8% | ||||||||
Engie SA | 775,511 | 12,355,788 | ||||||
Veolia Environnement SA | 278,506 | 9,710,580 | ||||||
|
| |||||||
22,066,368 | ||||||||
Oil, Gas & Consumable Fuels — 7.0% | ||||||||
TotalEnergies SE | 1,064,866 | 54,249,811 | ||||||
|
| |||||||
Personal Products — 5.4% | ||||||||
L’Oreal SA | 106,534 | 42,115,469 | ||||||
|
| |||||||
Pharmaceuticals — 6.7% | ||||||||
Ipsen SA | 16,220 | 1,887,353 |
16 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Sanofi | 482,750 | $ | 50,463,065 | |||||
|
| |||||||
52,350,418 | ||||||||
Professional Services — 1.6% | ||||||||
Bureau Veritas SA | 124,429 | 3,557,777 | ||||||
Teleperformance | 24,946 | 9,256,514 | ||||||
|
| |||||||
12,814,291 | ||||||||
Semiconductors & Semiconductor Equipment — 1.6% | ||||||||
STMicroelectronics NV | 289,847 | 12,167,198 | ||||||
|
| |||||||
Software — 1.8% | ||||||||
Dassault Systemes SE | 282,129 | 13,608,849 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 19.0% | ||||||||
EssilorLuxottica SA | 122,020 | 21,301,058 | ||||||
Hermes International | 13,459 | 18,560,454 | ||||||
Kering SA | 31,868 | 22,104,713 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 117,853 | 86,610,753 | ||||||
|
| |||||||
148,576,978 | ||||||||
Transportation Infrastructure — 0.6% | ||||||||
Aeroports de Paris(a) | 12,762 | 1,804,413 | ||||||
Getlink SE | 186,190 | 3,036,635 | ||||||
|
| |||||||
4,841,048 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 778,825,649 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.03%(c)(d) | 4,800,000 | $ | 4,800,000 | |||||
|
| |||||||
Total Short-Term Investments — 0.6% |
| 4,800,000 | ||||||
|
| |||||||
Total Investments in Securities — 100.4% |
| 783,625,649 | ||||||
Other Assets, Less Liabilities — (0.4)% |
| (3,311,450 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 780,314,199 | |||||
|
|
(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
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | 21,424 | $ | — | $ | (21,363 | )(b) | $ | (61 | ) | $ | — | $ | — | — | $ | 9,038 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 350,000 | 4,450,000 | (b) | — | — | — | 4,800,000 | 4,800,000 | 243 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (61 | ) | $ | — | $ | 4,800,000 | $ | 9,281 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | 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 | ||||||||||||||||
CAC 40 10 Euro Index | 24 | 03/18/22 | $ | 1,777 | $ | (86,459 | ) | |||||||||
|
|
|
|
SCHEDULES OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI France 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:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 86,459 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (199,474 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (54,066 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,552,389 |
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 778,825,649 | $ | — | $ | 778,825,649 | ||||||||
Money Market Funds | 4,800,000 | — | — | 4,800,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,800,000 | $ | 778,825,649 | $ | — | $ | 783,625,649 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (86,459 | ) | $ | — | $ | (86,459 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
18 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Air Freight & Logistics — 0.7% | ||||||||
InPost SA(a) | 151,096 | $ | 933,109 | |||||
PostNL NV | 468,017 | 1,881,655 | ||||||
|
| |||||||
2,814,764 | ||||||||
Banks — 7.1% | ||||||||
ABN AMRO Bank NV, CVA(b) | 271,274 | 3,609,903 | ||||||
ING Groep NV | 1,969,195 | 22,997,223 | ||||||
|
| |||||||
26,607,126 | ||||||||
Beverages — 6.0% | ||||||||
Coca-Cola Europacific Partners PLC | 117,139 | 5,998,688 | ||||||
Heineken Holding NV | 50,690 | 4,139,800 | ||||||
Heineken NV | 122,185 | 12,394,259 | ||||||
|
| |||||||
22,532,747 | ||||||||
Biotechnology — 0.3% | ||||||||
Pharming Group NV(a)(c) | 1,186,867 | 1,061,668 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Flow Traders(b) | 40,411 | 1,387,070 | ||||||
Van Lanschot Kempen NV | 51,836 | 1,311,434 | ||||||
|
| |||||||
2,698,504 | ||||||||
Chemicals — 8.1% | ||||||||
Akzo Nobel NV | 100,462 | 9,558,166 | ||||||
Corbion NV | 47,042 | 1,741,380 | ||||||
Koninklijke DSM NV | 90,519 | 16,996,212 | ||||||
OCI NV(a) | 78,713 | 2,231,217 | ||||||
|
| |||||||
30,526,975 | ||||||||
Construction & Engineering — 1.9% | ||||||||
Arcadis NV | 56,833 | 2,597,463 | ||||||
Boskalis Westminster | 69,299 | 2,001,290 | ||||||
Fugro NV(a) | 160,464 | 1,544,722 | ||||||
Koninklijke BAM Groep NV(a) | 385,789 | 1,085,375 | ||||||
|
| |||||||
7,228,850 | ||||||||
Distributors — 0.1% | ||||||||
B&S Group Sarl(b) | 55,571 | 450,701 | ||||||
|
| |||||||
Diversified Financial Services — 0.0% | ||||||||
SNS REAAL NV(c)(d) | 63,320 | 1 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Koninklijke KPN NV | 1,914,076 | 6,550,222 | ||||||
|
| |||||||
Electric Utilities — 0.1% | ||||||||
Fastned BV(a)(c) | 7,875 | 303,568 | ||||||
|
| |||||||
Electrical Equipment — 2.2% | ||||||||
Alfen Beheer BV(a)(b)(c) | 19,855 | 1,934,967 | ||||||
SIF Holding NV | 24,026 | 297,046 | ||||||
Signify NV(b) | 80,502 | 4,117,982 | ||||||
TKH Group NV | 35,814 | 1,983,800 | ||||||
|
| |||||||
8,333,795 | ||||||||
Energy Equipment & Services — 0.5% | ||||||||
SBM Offshore NV | 131,381 | 2,001,236 | ||||||
|
| |||||||
Entertainment — 2.1% | ||||||||
Universal Music Group NV | 338,765 | 7,734,861 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.2% | ||||||||
Eurocommercial Properties NV | 56,573 | 1,405,020 | ||||||
NSI NV | 33,300 | 1,324,587 | ||||||
Vastned Retail NV | 21,511 | 611,169 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
Wereldhave NV | 64,583 | $ | 1,179,072 | |||||
|
| |||||||
4,519,848 | ||||||||
Food & Staples Retailing — 4.7% | ||||||||
Koninklijke Ahold Delhaize NV | 542,325 | 16,683,133 | ||||||
Sligro Food Group NV(a) | 45,883 | 1,170,279 | ||||||
|
| |||||||
17,853,412 | ||||||||
Food Products — 0.6% | ||||||||
ForFarmers NV | 60,836 | 248,164 | ||||||
JDE Peet’s NV | 65,178 | 2,139,745 | ||||||
|
| |||||||
2,387,909 | ||||||||
Health Care Equipment & Supplies — 4.0% | ||||||||
Koninklijke Philips NV | 442,299 | 15,108,345 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Basic-Fit NV(a)(b)(c) | 44,107 | 2,012,673 | ||||||
|
| |||||||
Insurance — 4.3% | ||||||||
Aegon NV | 1,046,145 | 5,167,739 | ||||||
ASR Nederland NV | 87,271 | 3,771,938 | ||||||
NN Group NV | 148,610 | 7,132,519 | ||||||
|
| |||||||
16,072,196 | ||||||||
Internet & Direct Marketing Retail — 8.9% | ||||||||
Just Eat Takeaway.com NV(a)(b) | 107,601 | 4,354,845 | ||||||
Prosus NV | 468,522 | 29,086,604 | ||||||
|
| |||||||
33,441,449 | ||||||||
IT Services — 5.5% | ||||||||
Adyen NV(a)(b) | 9,926 | 20,688,487 | ||||||
|
| |||||||
Leisure Products — 0.5% | ||||||||
Accell Group NV(a) | 26,930 | 1,737,979 | ||||||
|
| |||||||
Machinery — 1.0% | ||||||||
Aalberts NV | 64,130 | 3,578,030 | ||||||
|
| |||||||
Metals & Mining — 0.4% | ||||||||
AMG Advanced Metallurgical Group NV | 38,677 | 1,532,107 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Koninklijke Vopak NV | 57,316 | 2,123,983 | ||||||
|
| |||||||
Professional Services — 5.7% | ||||||||
Brunel International NV | 38,155 | 453,982 | ||||||
Intertrust NV(a)(b) | 87,327 | 1,900,915 | ||||||
Randstad NV | 71,353 | 4,862,612 | ||||||
Wolters Kluwer NV | 137,939 | 14,054,569 | ||||||
|
| |||||||
21,272,078 | ||||||||
Semiconductors & Semiconductor Equipment — 27.7% | ||||||||
ASM International NV | 25,815 | 8,337,403 | ||||||
ASML Holding NV | 137,683 | 92,113,201 | ||||||
BE Semiconductor Industries NV | 43,805 | 3,741,872 | ||||||
|
| |||||||
104,192,476 | ||||||||
Software — 0.4% | ||||||||
CM.Com NV(a) | 21,680 | 487,460 | ||||||
TomTom NV(a)(c) | 124,853 | 1,042,325 | ||||||
|
| |||||||
1,529,785 | ||||||||
Trading Companies & Distributors — 2.6% | ||||||||
AerCap Holdings NV(a)(c) | 80,121 | 4,360,986 |
SCHEDULES OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
IMCD NV | 33,720 | $ | 5,477,521 | |||||
|
| |||||||
9,838,507 | ||||||||
|
| |||||||
Total Common Stocks — 100.1% |
| 376,734,282 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.09%(e)(f)(g) | 5,594,376 | 5,595,494 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.03%(e)(f) | 140,000 | 140,000 | ||||||
|
| |||||||
5,735,494 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.5% |
| 5,735,494 | ||||||
|
| |||||||
Total Investments in Securities — 101.6% |
| 382,469,776 | ||||||
Other Assets, Less Liabilities — (1.6)% |
| (5,966,698 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 376,503,078 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 3,087,917 | $ | 2,508,823 | (a) | $ | — | $ | (936 | ) | $ | (310 | ) | $ | 5,595,494 | 5,594,376 | $ | 49,454 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 120,000 | 20,000 | (a) | — | — | — | 140,000 | 140,000 | 6 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (936 | ) | $ | (310 | ) | $ | 5,735,494 | $ | 49,460 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (5,396 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (367 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 466,377 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
20 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Netherlands ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 10,359,674 | $ | 366,374,607 | $ | 1 | $ | 376,734,282 | ||||||||
Money Market Funds | 5,735,494 | — | — | 5,735,494 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 16,095,168 | $ | 366,374,607 | $ | 1 | $ | 382,469,776 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Sweden ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Banks — 14.6% | ||||||||
Nordea Bank Abp | 3,445,785 | $ | 38,122,523 | |||||
Skandinaviska Enskilda Banken AB, Class A | 1,749,393 | 20,153,650 | ||||||
Svenska Handelsbanken AB, Class A | 1,569,128 | 14,917,397 | ||||||
Swedbank AB, Class A | 974,034 | 15,737,541 | ||||||
|
| |||||||
88,931,111 | ||||||||
|
| |||||||
Building Products — 6.9% | ||||||||
Assa Abloy AB, Class B | 1,077,356 | 28,278,107 | ||||||
Nibe Industrier AB, Class B | 1,534,982 | 13,664,049 | ||||||
|
| |||||||
41,942,156 | ||||||||
|
| |||||||
Capital Markets — 1.7% | ||||||||
EQT AB | 317,683 | 10,632,860 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.7% | ||||||||
Securitas AB, Class B | 338,109 | 4,093,444 | ||||||
|
| |||||||
Communications Equipment — 4.7% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,137,354 | 28,869,601 | ||||||
|
| |||||||
Construction & Engineering — 1.4% | ||||||||
Skanska AB, Class B | 365,251 | 8,266,830 | ||||||
|
| |||||||
Diversified Financial Services — 11.6% | ||||||||
Industrivarden AB, Class A | 140,344 | 3,875,592 | ||||||
Industrivarden AB, Class C | 174,661 | 4,734,143 | ||||||
Investor AB | 535,465 | 11,840,462 | ||||||
Investor AB, Class B | 1,958,376 | 39,877,377 | ||||||
Kinnevik AB, Class B(a) | 259,981 | 6,619,199 | ||||||
L E Lundbergforetagen AB, Class B | 82,048 | 3,961,876 | ||||||
|
| |||||||
70,908,649 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Telia Co. AB | 2,859,933 | 10,633,723 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.6% | ||||||||
Hexagon AB, Class B | 2,091,931 | 28,261,305 | ||||||
|
| |||||||
Entertainment — 0.9% | ||||||||
Embracer Group AB(a) | 601,382 | 5,162,344 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.6% | ||||||||
Getinge AB, Class B | 246,085 | 9,551,674 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 3.5% | ||||||||
Evolution AB(b) | 185,028 | 21,215,140 | ||||||
|
| |||||||
Household Durables — 0.7% | ||||||||
Electrolux AB, Class B | 241,978 | 4,332,654 | ||||||
|
| |||||||
Household Products — 2.8% | ||||||||
Essity AB, Class B | 654,156 | 16,835,310 | ||||||
|
| |||||||
Industrial Conglomerates — 1.7% | ||||||||
Investment AB Latour, Class B | 158,924 | 4,389,938 | ||||||
Lifco AB, Class B | 250,280 | 5,689,252 | ||||||
|
| |||||||
10,079,190 | ||||||||
|
| |||||||
Machinery — 26.3% | ||||||||
Alfa Laval AB | 337,773 | 10,954,287 | ||||||
Atlas Copco AB, Class A | 721,801 | 37,016,919 | ||||||
Atlas Copco AB, Class B | 419,602 | 18,959,795 | ||||||
Epiroc AB, Class A | 709,025 | 13,323,042 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Epiroc AB, Class B | 418,706 | $ | 6,787,381 | |||||
Husqvarna AB, Class B | 449,260 | 5,410,938 | ||||||
Sandvik AB | 1,213,490 | 26,153,760 | ||||||
SKF AB, Class B | 410,382 | 7,577,368 | ||||||
Volvo AB, Class A | 214,605 | 4,193,712 | ||||||
Volvo AB, Class B | 1,536,676 | 29,556,222 | ||||||
|
| |||||||
159,933,424 | ||||||||
|
| |||||||
Metals & Mining — 2.1% | ||||||||
Boliden AB | 293,667 | 13,062,435 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.3% | ||||||||
Lundin Energy AB | 214,897 | 7,929,493 | ||||||
|
| |||||||
Paper & Forest Products — 1.7% | ||||||||
Svenska Cellulosa AB SCA, Class B | 652,010 | 10,637,893 | ||||||
|
| |||||||
Real Estate Management & Development — 1.9% | ||||||||
Fastighets AB Balder, Class B(a)(c) | 113,034 | 7,046,440 | ||||||
Sagax AB, Class B | 172,782 | 4,698,188 | ||||||
|
| |||||||
11,744,628 | ||||||||
|
| |||||||
Software — 0.8% | ||||||||
Sinch AB(a)(b) | 560,803 | 4,730,597 | ||||||
|
| |||||||
Specialty Retail — 2.2% | ||||||||
H & M Hennes & Mauritz AB, Class B | 784,167 | 13,087,042 | ||||||
|
| |||||||
Tobacco — 2.0% | ||||||||
Swedish Match AB | 1,700,643 | 12,363,238 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.2% | ||||||||
Tele2 AB, Class B | 537,742 | 7,125,706 | ||||||
|
| |||||||
Total Common Stocks — 98.6% |
| 600,330,447 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 901,732 | 901,912 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 9,120,000 | 9,120,000 | ||||||
|
| |||||||
10,021,912 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.6% |
| 10,021,912 | ||||||
|
| |||||||
Total Investments in Securities — 100.2% |
| 610,352,359 | ||||||
Other Assets, Less Liabilities — (0.2)% |
| (1,412,979 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 608,939,380 | |||||
|
|
(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. |
22 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Sweden ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 901,912 | (a) | $ | — | $ | — | $ | — | $ | 901,912 | 901,732 | $ | 81 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 260,000 | 8,860,000 | (a) | — | — | — | 9,120,000 | 9,120,000 | 328 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | — | $ | — | $ | 10,021,912 | $ | 409 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
OMXS30 Index | 386 | 03/18/22 | $ | 8,620 | $ | (549,191 | ) | |||||||||
|
|
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 1,495,243 | EUR | 1,323,593 | SCB | 03/18/22 | $ | 10,208 | |||||||||||||
USD | 7,211,573 | SEK | 65,533,800 | SCB | 03/18/22 | 290,082 | ||||||||||||||
|
| |||||||||||||||||||
300,290 | ||||||||||||||||||||
|
| |||||||||||||||||||
EUR | 164,384 | USD | 186,027 | SCB | 03/18/22 | (1,592 | ) | |||||||||||||
SEK | 76,679,016 | USD | 8,467,665 | SCB | 03/18/22 | (369,049 | ) | |||||||||||||
|
| |||||||||||||||||||
(370,641 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized depreciation | $ | (70,351 | ) | |||||||||||||||||
|
|
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:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Assets — Derivative Financial Instruments | ||||||||||||
Forward foreign currency exchange contracts | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | — | $ | 300,290 | $ | 300,290 | ||||||
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Sweden ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized depreciation on futures contracts(a) | $ | 549,191 | $ | — | $ | 549,191 | ||||||
Forward foreign currency exchange contracts | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | — | $ | 370,641 | $ | 370,641 | ||||||
|
|
|
|
|
| |||||||
$ | 549,191 | $ | 370,641 | $ | 919,832 | |||||||
|
|
|
|
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | (301,910 | ) | $ | — | $ | (301,910 | ) | ||||
Forward foreign currency exchange contracts | — | 865,231 | 865,231 | |||||||||
|
|
|
|
|
| |||||||
$ | (301,910 | ) | $ | 865,231 | $ | 563,321 | ||||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | (476,464 | ) | $ | — | $ | (476,464 | ) | ||||
Forward foreign currency exchange contracts | — | (447,881 | ) | (447,881 | ) | |||||||
|
|
|
|
|
| |||||||
$ | (476,464 | ) | $ | (447,881 | ) | $ | (924,345 | ) | ||||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 9,291,651 | ||
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 4,151,075 | ||
Average amounts sold — in USD | $ | 10,150,222 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |||||||
Derivative Financial Instruments: | ||||||||
Futures contracts | $ | — | $ | 549,191 | ||||
Forward foreign currency exchange contracts | 300,290 | 370,641 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 300,290 | 919,832 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (549,191 | ) | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 300,290 | 370,641 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b) | |||||||||||||||
Standard Chartered Bank | $ | 300,290 | $ | (300,290 | ) | $ | — | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|
24 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Sweden ETF |
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities (c) | |||||||||||||||
Standard Chartered Bank | $ | 370,641 | $ | (300,290 | ) | $ | — | $ | — | $ | 70,351 |
(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable due to the counterparty in the event of default. |
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 600,330,447 | $ | — | $ | 600,330,447 | ||||||||
Money Market Funds | 10,021,912 | — | — | 10,021,912 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 10,021,912 | $ | 600,330,447 | $ | — | $ | 610,352,359 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 300,290 | $ | — | $ | 300,290 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | (370,641 | ) | — | (370,641 | ) | ||||||||||
Futures Contracts | — | (549,191 | ) | — | (549,191 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (619,542 | ) | $ | — | $ | (619,542 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 25 |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 69,783,657 | $ | 23,959,833 | $ | 778,825,649 | $ | 376,734,282 | ||||||||
Affiliated(c) | 2,121,050 | 79,581 | 4,800,000 | 5,735,494 | ||||||||||||
Cash | — | 9,297 | 6,675 | 3,214 | ||||||||||||
Foreign currency, at value(d) | 86,566 | 9,635 | 1,578,101 | 309,536 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 74,002 | 7,848 | 230,977 | 28,031 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 687,529 | 271,047 | 503,033 | 12,951,829 | ||||||||||||
Securities lending income — Affiliated | 2,812 | 360 | — | 10,582 | ||||||||||||
Dividends | — | 14,562 | 142 | 3 | ||||||||||||
Tax reclaims | 687,797 | 77,930 | 1,040,272 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 73,443,413 | 24,430,093 | 786,984,849 | 395,772,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | 46,624 | — | — | — | ||||||||||||
Collateral on securities loaned, at value | 2,044,324 | 79,581 | — | 5,599,651 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 677,713 | 261,085 | 1,430,503 | 13,513,331 | ||||||||||||
Variation margin on futures contracts | 12,466 | 1,307 | 53,287 | 6,746 | ||||||||||||
Investment advisory fees | 29,327 | 9,545 | 314,987 | 150,165 | ||||||||||||
Professional fees | — | — | 990 | — | ||||||||||||
IRS compliance fee for foreign withholding tax claims | — | — | 4,870,883 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,810,454 | 351,518 | 6,670,650 | 19,269,893 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 70,632,959 | $ | 24,078,575 | $ | 780,314,199 | $ | 376,503,078 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 116,449,364 | $ | 47,910,237 | $ | 883,008,696 | $ | 399,058,314 | ||||||||
Accumulated loss | (45,816,405 | ) | (23,831,662 | ) | (102,694,497 | ) | (22,555,236 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 70,632,959 | $ | 24,078,575 | $ | 780,314,199 | $ | 376,503,078 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 3,150,000 | 1,200,000 | 22,000,000 | 8,700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 22.42 | $ | 20.07 | $ | 35.47 | $ | 43.28 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 136.2 million | 340.2 million | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 1,935,108 | $ | — | $ | — | $ | 5,309,647 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 74,939,601 | $ | 29,911,177 | $ | 810,589,725 | $ | 389,049,224 | ||||||||
(c) Investments, at cost — Affiliated | $ | 2,120,983 | $ | 79,581 | $ | 4,800,000 | $ | 5,735,402 | ||||||||
(d) Foreign currency, at cost | $ | 79,025 | $ | 9,773 | $ | 1,601,278 | $ | 310,707 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 82,607 | $ | 8,015 | $ | 239,731 | $ | 28,296 |
See notes to financial statements.
26 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Sweden ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 600,330,447 | ||
Affiliated(c) | 10,021,912 | |||
Cash | 9,846 | |||
Foreign currency, at value(d) | 142,631 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(e) | 664,896 | |||
Receivables: | ||||
Investments sold | 867,178 | |||
Securities lending income — Affiliated | 28 | |||
Variation margin on futures contracts | 130,239 | |||
Dividends | 275 | |||
Tax reclaims | 3,284,354 | |||
Foreign withholding tax claims | 5,411,649 | |||
Unrealized appreciation on: | ||||
Forward foreign currency exchange contracts | 300,290 | |||
|
| |||
Total assets | 621,163,745 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 901,912 | |||
Payables: | ||||
Investments purchased | 93,360 | |||
Investment advisory fees | 249,200 | |||
Professional fees | 1,739,234 | |||
IRS compliance fee for foreign withholding tax claims | 8,870,018 | |||
Unrealized depreciation on: | ||||
Forward foreign currency exchange contracts | 370,641 | |||
|
| |||
Total liabilities | 12,224,365 | |||
|
| |||
NET ASSETS | $ | 608,939,380 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 711,751,336 | ||
Accumulated loss | (102,811,956 | ) | ||
|
| |||
NET ASSETS | $ | 608,939,380 | ||
|
| |||
Shares outstanding | 16,050,000 | |||
|
| |||
Net asset value | $ | 37.94 | ||
|
| |||
Shares authorized | 63.6 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 870,753 | ||
(b) Investments, at cost — Unaffiliated | $ | 680,180,187 | ||
(c) Investments, at cost — Affiliated | $ | 10,021,912 | ||
(d) Foreign currency, at cost | $ | 92,154 | ||
(e) Foreign currency collateral pledged, at cost | $ | 783,428 |
See notes to financial statements.
FINANCIAL STATEMENTS | 27 |
Statements of Operations (unaudited))
Six Months Ended February 28, 2022
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 1,367,449 | $ | 218,908 | (a) | $ | 3,371,168 | $ | 1,766,111 | |||||||
Dividends — Affiliated | 166 | 8 | 248 | 537 | ||||||||||||
Interest — Unaffiliated | 492 | — | — | — | ||||||||||||
Securities lending income — Affiliated — net | 22,634 | 5,976 | 9,033 | 48,923 | ||||||||||||
Other income — Unaffiliated | — | — | 1,041,223 | — | ||||||||||||
Foreign taxes withheld | (131,730 | ) | (33,469 | ) | (1,618,755 | ) | (231,741 | ) | ||||||||
Foreign withholding tax claims | — | — | 8,161,260 | — | ||||||||||||
IRS Compliance fee for foreign withholding tax claims | — | — | (3,203,371 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,259,011 | 191,423 | 7,760,806 | 1,583,830 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 214,369 | 76,776 | 1,832,775 | 887,758 | ||||||||||||
Professional fees | 217 | 217 | 920,757 | 217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 214,586 | 76,993 | 2,753,532 | 887,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 1,044,425 | 114,430 | 5,007,274 | 695,855 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (1,575,879 | ) | (598,644 | ) | (10,680,428 | ) | (714,597 | ) | ||||||||
Investments — Affiliated | (595 | ) | 10 | (61 | ) | (936 | ) | |||||||||
In-kind redemptions — Unaffiliated | 4,122,921 | 2,197,438 | 9,091,102 | 13,163,406 | ||||||||||||
Futures contracts | 45,780 | 4,269 | (199,474 | ) | (5,396 | ) | ||||||||||
Foreign currency transactions | (434 | ) | (3,672 | ) | (20,159 | ) | (19,821 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 2,591,793 | 1,599,401 | (1,809,020 | ) | 12,422,656 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (10,809,768 | ) | (4,464,449 | ) | (59,246,811 | ) | (83,626,683 | ) | ||||||||
Investments — Affiliated | (257 | ) | (38 | ) | — | (310 | ) | |||||||||
Futures contracts | (74,658 | ) | (10,828 | ) | (54,066 | ) | (367 | ) | ||||||||
Foreign currency translations | (41,714 | ) | (4,742 | ) | (89,244 | ) | (7,393 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (10,926,397 | ) | (4,480,057 | ) | (59,390,121 | ) | (83,634,753 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (8,334,604 | ) | (2,880,656 | ) | (61,199,141 | ) | (71,212,097 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,290,179 | ) | $ | (2,766,226 | ) | $ | (56,191,867 | ) | $ | (70,516,242 | ) | ||||
|
|
|
|
|
|
|
|
(a) | Includes $122,197 related to a special distribution from KBC Group NV. |
See notes to financial statements.
28 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI Sweden ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 7,243,407 | ||
Dividends — Affiliated | 328 | |||
Securities lending income — Affiliated — net | 81 | |||
Other income — Unaffiliated | 219,359 | |||
Foreign taxes withheld | (1,042,323 | ) | ||
Foreign withholding tax claims | 694,433 | |||
|
| |||
Total investment income | 7,115,285 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 1,617,781 | |||
Professional fees | 97,324 | |||
|
| |||
Total expenses | 1,715,105 | |||
|
| |||
Net investment income | 5,400,180 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (7,715,604 | ) | ||
In-kind redemptions — Unaffiliated | 41,676,319 | |||
Futures contracts | (301,910 | ) | ||
Forward foreign currency exchange contracts | 865,231 | |||
Foreign currency transactions | (934,931 | ) | ||
|
| |||
Net realized gain | 33,589,105 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (160,328,284 | ) | ||
Futures contracts | (476,464 | ) | ||
Forward foreign currency exchange contracts | (447,881 | ) | ||
Foreign currency translations | (330,708 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (161,583,337 | ) | ||
|
| |||
Net realized and unrealized loss | (127,994,232 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (122,594,052 | ) | |
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 29 |
Statements of Changes in Net Assets
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | |||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 1,044,425 | $ | 1,595,649 | $ | 114,430 | $ | 552,137 | ||||||||||||
Net realized gain (loss) | 2,591,793 | (40,021 | ) | 1,599,401 | 2,042,739 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (10,926,397 | ) | 27,074,882 | (4,480,057 | ) | 5,680,438 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,290,179 | ) | 28,630,510 | (2,766,226 | ) | 8,275,314 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,371,535 | ) | (1,309,857 | ) | (755,110 | ) | (778,166 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (10,457,184 | ) | 19,326,873 | (13,401,712 | ) | 819,739 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (19,118,898 | ) | 46,647,526 | (16,923,048 | ) | 8,316,887 | ||||||||||||||
Beginning of period | 89,751,857 | 43,104,331 | 41,001,623 | 32,684,736 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 70,632,959 | $ | 89,751,857 | $ | 24,078,575 | $ | 41,001,623 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 5,007,274 | $ | 17,152,439 | $ | 695,855 | $ | 2,487,402 | ||||||||||||
Net realized gain (loss) | (1,809,020 | ) | 74,041,475 | 12,422,656 | 43,329,778 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (59,390,121 | ) | 146,352,924 | (83,634,753 | ) | 71,011,334 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (56,191,867 | ) | 237,546,838 | (70,516,242 | ) | 116,828,514 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (19,497,668 | ) | (13,737,972 | ) | (1,273,709 | ) | (2,794,712 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 94,468,148 | (347,207,800 | ) | 117,858,573 | 28,881,932 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 18,778,613 | (123,398,934 | ) | 46,068,622 | 142,915,734 | |||||||||||||||
Beginning of period | 761,535,586 | 884,934,520 | 330,434,456 | 187,518,722 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 780,314,199 | $ | 761,535,586 | $ | 376,503,078 | $ | 330,434,456 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 31 |
Statements of Changes in Net Assets (continued)
iShares MSCI Sweden ETF | ||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 5,400,180 | $ | 10,194,996 | ||||
Net realized gain | 33,589,105 | 35,585,909 | ||||||
Net change in unrealized appreciation (depreciation) | (161,583,337 | ) | 93,813,419 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (122,594,052 | ) | 139,594,324 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (20,778,162 | ) | (14,882,668 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 98,915,100 | 282,181,881 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | (44,457,114 | ) | 406,893,537 | |||||
Beginning of period | 653,396,494 | 246,502,957 | ||||||
|
|
|
| |||||
End of period | $ | 608,939,380 | $ | 653,396,494 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
32 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares MSCI Austria ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 25.28 | $ | 15.67 | $ | 18.89 | $ | 22.88 | $ | 22.87 | $ | 15.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.30 | 0.54 | 0.06 | 0.48 | 0.58 | 0.53 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.78 | ) | 9.50 | (3.16 | ) | (3.69 | ) | 0.11 | 7.13 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.48 | ) | 10.04 | (3.10 | ) | (3.21 | ) | 0.69 | 7.66 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.38 | ) | (0.43 | ) | (0.12 | ) | (0.78 | ) | (0.68 | ) | (0.37 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.38 | ) | (0.43 | ) | (0.12 | ) | (0.78 | ) | (0.68 | ) | (0.37 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 22.42 | $ | 25.28 | $ | 15.67 | $ | 18.89 | $ | 22.88 | $ | 22.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (9.93 | )%(e) | 64.50 | % | (16.58 | )% | (14.07 | )% | 3.03 | % | 49.52 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.41 | %(g) | 2.55 | % | 0.32 | % | 2.34 | % | 2.37 | % | 2.75 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 70,633 | $ | 89,752 | $ | 43,104 | $ | 54,767 | $ | 146,463 | $ | 233,322 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 9 | %(e) | 14 | % | 16 | % | 17 | % | 19 | % | 18 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
FINANCIAL HIGHLIGHTS | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Belgium ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 22.28 | $ | 17.76 | $ | 18.48 | $ | 19.70 | $ | 20.59 | $ | 18.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.08 | (b) | 0.31 | 0.24 | 0.44 | 0.50 | 0.43 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.77 | ) | 4.64 | (0.60 | ) | (1.22 | ) | (0.77 | ) | 2.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.69 | ) | 4.95 | (0.36 | ) | (0.78 | ) | (0.27 | ) | 2.94 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.52 | ) | (0.43 | ) | (0.36 | ) | (0.44 | ) | (0.62 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.52 | ) | (0.43 | ) | (0.36 | ) | (0.44 | ) | (0.62 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 20.07 | $ | 22.28 | $ | 17.76 | $ | 18.48 | $ | 19.70 | $ | 20.59 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | (7.64 | )%(f) | 27.96 | %(g) | (2.02 | )% | (3.80 | )% | (1.34 | )% | 16.44 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||
Total expenses | 0.50 | %(i) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.74 | %(b)(i) | 1.52 | % | 1.34 | % | 2.43 | % | 2.40 | % | 2.31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 24,079 | $ | 41,002 | $ | 32,685 | $ | 47,305 | $ | 59,903 | $ | 74,128 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(j) | 2 | %(f) | 16 | % | 18 | % | 11 | % | 13 | % | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Includes a special distribution from KBC Group NV. Excluding such special distribution, the net investment income would have been $(0.01) per share and (0.05)% of average net assets. |
(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) | Includes payment received from a settlement of litigation, which impacted the Fund’s total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI France ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 38.85 | $ | 29.30 | $ | 29.41 | $ | 31.10 | $ | 29.64 | $ | 23.84 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.26 | (b) | 0.72 | (b) | 0.32 | 0.83 | 0.80 | 0.69 | ||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.60 | ) | 9.43 | (0.18 | ) | (1.67 | ) | 1.40 | 5.69 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.34 | ) | 10.15 | 0.14 | (0.84 | ) | 2.20 | 6.38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (1.04 | ) | (0.60 | ) | (0.25 | ) | (0.85 | ) | (0.74 | ) | (0.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.04 | ) | (0.60 | ) | (0.25 | ) | (0.85 | ) | (0.74 | ) | (0.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 35.47 | $ | 38.85 | $ | 29.30 | $ | 29.41 | $ | 31.10 | $ | 29.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | (6.18 | )%(b)(f) | 34.74 | %(b) | 0.50 | % | (2.64 | )% | 7.46 | % | 26.93 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||
Total expenses | 0.74 | %(h) | 0.60 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.49 | %(h) | 0.50 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.35 | %(b)(h) | 2.13 | %(b) | 1.09 | % | 2.84 | % | 2.53 | % | 2.57 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 780,314 | $ | 761,536 | $ | 884,935 | $ | 1,129,200 | $ | 939,218 | $ | 640,201 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(i) | 5 | %(f) | 4 | % | 2 | % | 2 | % | 4 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2022 and year ended August 31, 2021: |
• | Net investment income per share by $0.37 and $0.30. |
• | Total return by 1.24% and 1.25%. |
• | Ratio of net investment income to average net assets by 1.95% and 0.89%. |
(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.
FINANCIAL HIGHLIGHTS | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Netherlands ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 52.87 | $ | 35.38 | $ | 30.58 | $ | 31.12 | $ | 30.56 | $ | 24.78 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.09 | 0.40 | 0.33 | 0.88 | 0.62 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (9.50 | ) | 17.55 | 4.80 | (0.56 | ) | 0.62 | 5.98 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (9.41 | ) | 17.95 | 5.13 | 0.32 | 1.24 | 6.44 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.18 | ) | (0.46 | ) | (0.33 | ) | (0.86 | ) | (0.68 | ) | (0.66 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.18 | ) | (0.46 | ) | (0.33 | ) | (0.86 | ) | (0.68 | ) | (0.66 | ) | ||||||||||||
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Net asset value, end of period | $ | 43.28 | $ | 52.87 | $ | 35.38 | $ | 30.58 | $ | 31.12 | $ | 30.56 | ||||||||||||
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Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (17.83 | )%(e) | 50.92 | % | 16.88 | % | 1.16 | % | 4.08 | % | 26.44 | % | ||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||
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Net investment income | 0.39 | %(g) | 0.90 | % | 1.03 | % | 2.97 | % | 1.95 | % | 1.74 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 376,503 | $ | 330,434 | $ | 187,519 | $ | 133,042 | $ | 129,168 | $ | 192,540 | ||||||||||||
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Portfolio turnover rate(h) | 6 | %(e) | 36 | % | 19 | % | 13 | % | 7 | % | 14 | % | ||||||||||||
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(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.
36 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Sweden ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
Net asset value, beginning of period | $ | 47.87 | $ | 35.73 | $ | 28.25 | $ | 31.85 | $ | 34.68 | $ | 28.54 | ||||||||||||
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Net investment income(a) | 0.37 | 0.99 | 0.34 | 0.95 | 1.14 | 0.86 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (8.89 | ) | 12.57 | 7.65 | (3.58 | ) | (2.19 | ) | 6.04 | |||||||||||||||
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Net increase (decrease) from investment operations | (8.52 | ) | 13.56 | 7.99 | (2.63 | ) | (1.05 | ) | 6.90 | |||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||
From net investment income | (1.41 | ) | (1.42 | ) | (0.51 | ) | (0.97 | ) | (1.78 | ) | (0.76 | ) | ||||||||||||
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Total distributions | (1.41 | ) | (1.42 | ) | (0.51 | ) | (0.97 | ) | (1.78 | ) | (0.76 | ) | ||||||||||||
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Net asset value, end of period | $ | 37.94 | $ | 47.87 | $ | 35.73 | $ | 28.25 | $ | 31.85 | $ | 34.68 | ||||||||||||
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Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (18.25 | )%(e) | 38.09 | % | 28.51 | % | (8.41 | )% | (2.88 | )% | 24.30 | % | ||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.52 | %(g) | 0.54 | % | 0.55 | % | 0.55 | % | 0.53 | % | 0.53 | % | ||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
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Net investment income | 1.65 | %(g) | 2.27 | % | 1.09 | % | 3.16 | % | 3.34 | % | 2.74 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 608,939 | $ | 653,396 | $ | 246,503 | $ | 205,516 | $ | 248,468 | $ | 460,315 | ||||||||||||
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Portfolio turnover rate(h) | 9 | %(e) | 11 | % | 8 | % | 4 | % | 5 | % | 9 | % | ||||||||||||
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(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.
FINANCIAL HIGHLIGHTS | 37 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Austria | Non-diversified | |
MSCI Belgium | Non-diversified | |
MSCI France | Non-diversified | |
MSCI Netherlands | Non-diversified | |
MSCI Sweden | Non-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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
38 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
NOTESTO FINANCIAL STATEMENTS | 39 |
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | Market Value of Securities on Loan | Cash Collateral Received (a) | Non-Cash Collateral Received | Net Amount | ||||||||||||
MSCI Austria | ||||||||||||||||
BofA Securities, Inc. | $ | 155,708 | $ | 155,708 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. LLC | 358,242 | 358,242 | — | — | ||||||||||||
Morgan Stanley | 1,421,158 | 1,421,158 | — | — | ||||||||||||
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| |||||||||
$ | 1,935,108 | $ | 1,935,108 | $ | — | $ | — | |||||||||
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| |||||||||
MSCI Netherlands | ||||||||||||||||
Barclays Capital, Inc. | $ | 3,051,792 | $ | 3,051,792 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 236,515 | 236,515 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 222,197 | 217,403 | — | (4,794 | )(b) | |||||||||||
J.P. Morgan Securities LLC | 1,031,898 | 1,031,898 | — | — | ||||||||||||
Macquarie Bank Ltd. | 41,616 | 41,616 | — | — | ||||||||||||
Morgan Stanley | 689,386 | 689,386 | — | — | ||||||||||||
UBS AG | 36,243 | 36,243 | — | — | ||||||||||||
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| |||||||||
$ | 5,309,647 | $ | 5,304,853 | $ | — | $ | (4,794 | ) | ||||||||
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MSCI Sweden | ||||||||||||||||
Morgan Stanley | $ | 870,753 | $ | 870,753 | $ | — | $ | — | ||||||||
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| |||||||||
$ | 870,753 | $ | 870,753 | $ | — | $ | — | |||||||||
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(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
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.
40 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
NOTESTO FINANCIAL STATEMENTS | 41 |
Notes to Financial Statements (unaudited) (continued)
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 directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Austria | $ | 5,491 | ||
MSCI Belgium | 1,370 | |||
MSCI France | 2,016 | |||
MSCI Netherlands | 11,381 | |||
MSCI Sweden | 31 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
42 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, 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 Austria | $ | 1,743,652 | $ | 1,813,206 | $ | (529,041 | ) | |||||
MSCI Belgium | 2,550 | 218,879 | (26,421 | ) | ||||||||
MSCI France | 2,465,398 | 2,150,998 | (2,025,145 | ) | ||||||||
MSCI Netherlands | 13,899,731 | 1,439,794 | (329,057 | ) | ||||||||
MSCI Sweden | 12,433,007 | 21,780,558 | (3,500,949 | ) |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 7,370,952 | $ | 7,795,914 | ||||
MSCI Belgium | 691,606 | 1,382,132 | ||||||
MSCI France | 40,224,061 | 41,206,384 | ||||||
MSCI Netherlands | 22,134,222 | 21,254,917 | ||||||
MSCI Sweden | 54,944,008 | 61,284,325 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Austria | $ | 5,925,988 | $ | 16,255,316 | ||||
MSCI Belgium | 3,361,753 | 16,690,372 | ||||||
MSCI France | 147,150,517 | 53,014,048 | ||||||
MSCI Netherlands | 157,615,425 | 40,009,041 | ||||||
MSCI Sweden | 234,973,588 | 144,683,650 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Austria | $ | 42,339,628 | ||
MSCI Belgium | 18,348,892 | |||
MSCI France | 57,740,289 | |||
MSCI Netherlands | 20,655,123 | |||
MSCI Sweden | 37,687,462 |
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.
NOTESTO FINANCIAL STATEMENTS | 43 |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2022, 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 Austria | $ | 78,244,769 | $ | 6,413,622 | $ | (12,813,503 | ) | $ | (6,399,881 | ) | ||||||
MSCI Belgium | 31,139,218 | 971,263 | (8,079,099 | ) | (7,107,836 | ) | ||||||||||
MSCI France | 826,263,059 | 59,225,668 | (101,949,537 | ) | (42,723,869 | ) | ||||||||||
MSCI Netherlands | 396,707,692 | 29,990,520 | (44,228,436 | ) | (14,237,916 | ) | ||||||||||
MSCI Sweden | 704,276,612 | 6,175,640 | (100,719,435 | ) | (94,543,795 | ) |
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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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
44 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
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. 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 could 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 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 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Austria | ||||||||||||||||
Shares sold | 250,000 | $ | 6,002,433 | 950,000 | $ | 22,686,385 | ||||||||||
Shares redeemed | (650,000 | ) | (16,459,617 | ) | (150,000 | ) | (3,359,512 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (400,000 | ) | $ | (10,457,184 | ) | 800,000 | $ | 19,326,873 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Belgium | ||||||||||||||||
Shares sold | 160,000 | $ | 3,383,071 | 720,000 | $ | 14,720,313 | ||||||||||
Shares redeemed | (800,000 | ) | (16,784,783 | ) | (720,000 | ) | (13,900,574 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (640,000 | ) | $ | (13,401,712 | ) | — | $ | 819,739 | ||||||||
|
|
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 45 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI France | ||||||||||||||||
Shares sold | 3,800,000 | $ | 147,643,058 | 4,800,000 | $ | 167,669,958 | ||||||||||
Shares redeemed | (1,400,000 | ) | (53,174,910 | ) | (15,400,000 | ) | (514,877,758 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,400,000 | $ | 94,468,148 | (10,600,000 | ) | $ | (347,207,800 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Netherlands | ||||||||||||||||
Shares sold | 3,250,000 | $ | 157,949,750 | 3,750,000 | $ | 154,457,636 | ||||||||||
Shares redeemed | (800,000 | ) | (40,091,177 | ) | (2,800,000 | ) | (125,575,704 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 2,450,000 | $ | 117,858,573 | 950,000 | $ | 28,881,932 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Sweden | ||||||||||||||||
Shares sold | 5,625,000 | $ | 245,792,872 | 8,850,000 | $ | 382,010,407 | ||||||||||
Shares redeemed | (3,225,000 | ) | (146,877,772 | ) | (2,100,000 | ) | (99,828,526 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 2,400,000 | $ | 98,915,100 | 6,750,000 | $ | 282,181,881 | ||||||||||
|
|
|
|
|
|
|
|
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 iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2022, is $3,672,415 or $0.23 per share.
The iShares MSCI France ETF is expected to seek and the iShares MSCI Sweden ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
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.
46 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.
b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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.
c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.
d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.
e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 47 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Sweden(a) | $ | 1.157127 | $ | — | $ | 0.250291 | $ | 1.407418 | 82 | % | — | % | 18 | % | 100 | % |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
48 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 Company’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.
GENERAL INFORMATION | 49 |
Glossary of Terms Used in this Report
Counterparty Abbreviations | ||
SCB | Standard Chartered Bank | |
Currency Abbreviations | ||
EUR | Euro | |
SEK | Swedish Krona | |
USD | United States Dollar |
50 | 2022ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-802-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· | iShares MSCI Eurozone ETF | EZU | Cboe BZX |
· | iShares MSCI Germany ETF | EWG | NYSE Arca |
· | iShares MSCI Italy ETF | EWI | NYSE Arca |
· | iShares MSCI Spain ETF | EWP | NYSE Arca |
· | iShares MSCI Switzerland ETF | EWL | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | (2.62)% | 16.39% | ||
U.S. small cap equities (Russell 2000® Index) | (9.46) | (6.01) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (6.78) | 2.83 | ||
Emerging market equities (MSCI Emerging Markets Index) | (9.81) | (10.69) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.02 | 0.04 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (3.94) | (1.67) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.07) | (2.64) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (3.09) | (0.66) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (3.07) | 0.64 | ||
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 | ||||
2 | ||||
4 | ||||
9 | ||||
9 | ||||
10 | ||||
Financial Statements | ||||
24 | ||||
26 | ||||
28 | ||||
31 | ||||
36 | ||||
44 | ||||
45 | ||||
46 | ||||
47 |
Fund Summary as of February 28, 2022 | iShares® MSCI Eurozone ETF |
Investment Objective
The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (11.90 | )% | 0.60 | % | 7.14 | % | 6.16 | % | 0.60 | % | 41.18 | % | 81.73 | % | ||||||||||||||||||
Fund Market | (12.37 | ) | 0.41 | 7.09 | 6.13 | 0.41 | 40.84 | 81.38 | ||||||||||||||||||||||||
Index | (11.15 | ) | 1.15 | 7.23 | 6.25 | 1.15 | 41.74 | 83.31 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 881.00 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.56 | 0.51 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Discretionary | 16.6 | % | ||
Industrials | 15.4 | |||
Financials | 15.0 | |||
Information Technology | 13.4 | |||
Consumer Staples | 8.1 | |||
Health Care | 7.7 | |||
Materials | 7.1 | |||
Utilities | 6.5 | |||
Communication Services | 4.3 | |||
Energy | 4.3 | |||
Real Estate | 1.6 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
France | 34.5 | % | ||
Germany | 26.0 | |||
Netherlands | 16.2 | |||
Spain | 7.3 | |||
Italy | 6.2 | |||
Finland | 3.0 | |||
Belgium | 2.7 | |||
Ireland | 2.0 | |||
Austria | 0.7 | |||
Liechtenstein | 0.5 |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Germany ETF |
Investment Objective
The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (15.40 | )% | (6.55 | )% | 3.69 | % | 4.82 | % | (6.55 | )% | 19.84 | % | 60.12 | % | ||||||||||||||||||
Fund Market | (16.08 | ) | (6.81 | ) | 3.59 | 4.78 | (6.81 | ) | 19.27 | 59.51 | ||||||||||||||||||||||
Index | (14.67 | ) | (5.69 | ) | 4.03 | 5.07 | (5.69 | ) | 21.84 | 63.96 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 846.00 | $ | 2.29 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Discretionary | 18.5 | % | ||
Industrials | 17.1 | |||
Financials | 15.3 | |||
Information Technology | 12.6 | |||
Health Care | 11.6 | |||
Materials | 8.1 | |||
Communication Services | 5.1 | |||
Utilities | 4.7 | |||
Real Estate | 4.0 | |||
Consumer Staples | 3.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
SAP SE | 8.7 | % | ||
Siemens AG | 7.9 | |||
Allianz SE | 6.8 | |||
Mercedes-Benz Group AG | 4.9 | |||
BASF SE | 4.5 | |||
Deutsche Telekom AG | 4.3 | |||
Bayer AG | 4.2 | |||
Deutsche Post AG | 3.7 | |||
adidas AG | 3.3 | |||
Infineon Technologies AG | 3.3 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Italy ETF |
Investment Objective
The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.02 | )% | 4.01 | % | 8.37 | % | 4.20 | % | 4.01 | % | 49.45 | % | 50.83 | % | ||||||||||||||||||
Fund Market | (6.89 | ) | 3.79 | 8.26 | 4.14 | 3.79 | 48.72 | 50.04 | ||||||||||||||||||||||||
Index | (5.34 | ) | 4.75 | 8.63 | 4.31 | 4.75 | 51.30 | 52.49 |
Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 939.80 | $ | 2.36 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 28.0 | % | ||
Utilities | 21.7 | |||
Consumer Discretionary | 17.5 | |||
Energy | 11.9 | |||
Industrials | 9.3 | |||
Health Care | 4.9 | |||
Communication Services | 2.7 | |||
Information Technology | 2.2 | |||
Consumer Staples | 1.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Enel SpA | 15.1 | % | ||
Intesa Sanpaolo SpA | 10.7 | |||
Eni SpA | 9.9 | |||
Stellantis NV | 9.4 | |||
Ferrari NV | 4.7 | |||
Assicurazioni Generali SpA | 4.4 | |||
CNH Industrial NV | 4.0 | |||
UniCredit SpA | 3.5 | |||
Moncler SpA | 3.5 | |||
Terna - Rete Elettrica Nazionale | 3.4 |
6 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Spain ETF |
Investment Objective
The iShares MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.92 | )% | (2.43 | )% | 1.85 | % | 1.72 | % | (2.43 | )% | 9.60 | % | 18.62 | % | ||||||||||||||||||
Fund Market | (7.41 | ) | (2.33 | ) | 1.84 | 1.71 | (2.33 | ) | 9.55 | 18.45 | ||||||||||||||||||||||
Index | (5.89 | ) | (1.61 | ) | 2.29 | �� | 2.13 | (1.61 | ) | 11.98 | 23.51 |
Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 930.80 | $ | 2.35 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 30.6 | % | ||
Utilities | 29.5 | |||
Industrials | 14.6 | |||
Communication Services | 9.3 | |||
Energy | 4.5 | |||
Information Technology | 4.4 | |||
Consumer Discretionary | 4.2 | |||
Health Care | 2.9 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Iberdrola SA | 17.9 | % | ||
Banco Santander SA | 15.6 | |||
Banco Bilbao Vizcaya Argentaria SA | 10.9 | |||
Cellnex Telecom SA | 4.8 | |||
Telefonica SA | 4.5 | |||
Repsol SA | 4.5 | |||
Ferrovial SA | 4.5 | |||
Aena SME SA | 4.4 | |||
Amadeus IT Group SA | 4.4 | |||
Industria de Diseno Textil SA | 4.3 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Switzerland ETF |
Investment Objective
The iShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.84 | )% | 13.60 | % | 11.38 | % | 9.45 | % | 13.60 | % | 71.44 | % | 146.73 | % | ||||||||||||||||||
Fund Market | (5.70 | ) | 12.94 | 11.31 | 9.42 | 12.94 | 70.84 | 145.96 | ||||||||||||||||||||||||
Index | (4.33 | ) | 14.20 | 11.62 | 9.69 | 14.20 | 73.29 | 152.18 |
Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 951.60 | $ | 2.37 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Health Care | 34.5 | % | ||
Consumer Staples | 23.2 | |||
Financials | 16.3 | |||
Industrials | 9.6 | |||
Materials | 8.1 | |||
Consumer Discretionary | 5.2 | |||
Information Technology | 1.4 | |||
Communication Services | 1.1 | |||
Real Estate | 0.6 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Nestle SA | 20.8 | % | ||
Roche Holding AG | 14.8 | |||
Novartis AG | 10.3 | |||
Zurich Insurance Group AG | 4.3 | |||
Cie. Financiere Richemont SA, Class A | 4.2 | |||
UBS Group AG | 4.1 | |||
ABB Ltd. | 3.5 | |||
Lonza Group AG | 3.3 | |||
Sika AG | 3.0 | |||
Givaudan SA | 2.5 |
8 | 2 0 2 2 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 |
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. 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.
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 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 a 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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Austria — 0.7% | ||||||||
Erste Group Bank AG | 457,592 | $ | 16,265,940 | |||||
OMV AG | 196,030 | 9,331,710 | ||||||
Raiffeisen Bank International AG | 199,539 | 3,251,472 | ||||||
Verbund AG | 90,629 | 10,931,355 | ||||||
voestalpine AG | 150,873 | 4,986,506 | ||||||
|
| |||||||
44,766,983 | ||||||||
Belgium — 2.6% | ||||||||
Ageas SA/NV | 228,793 | 11,006,352 | ||||||
Anheuser-Busch InBev SA/NV | 1,150,755 | 71,010,567 | ||||||
Elia Group SA/NV | 40,283 | 5,799,262 | ||||||
Etablissements Franz Colruyt NV | 68,403 | 2,735,906 | ||||||
Groupe Bruxelles Lambert SA | 144,497 | 15,004,033 | ||||||
KBC Group NV | 331,279 | 23,867,635 | ||||||
Proximus SADP | 202,418 | 4,024,126 | ||||||
Sofina SA | 20,504 | 7,962,839 | ||||||
Solvay SA | 98,613 | 10,997,375 | ||||||
UCB SA | 167,339 | 18,262,830 | ||||||
Umicore SA | 259,405 | 10,612,174 | ||||||
|
| |||||||
181,283,099 | ||||||||
Finland — 3.0% | ||||||||
Elisa Oyj | 189,289 | 10,487,962 | ||||||
Fortum Oyj | 591,222 | 12,372,977 | ||||||
Kesko Oyj, Class B | 363,479 | 10,697,077 | ||||||
Kone Oyj, Class B | 450,853 | 26,308,893 | ||||||
Neste Oyj | 560,421 | 21,853,405 | ||||||
Nokia Oyj(a) | 7,136,734 | 38,590,739 | ||||||
Orion Oyj, Class B | 141,270 | 6,633,879 | ||||||
Sampo Oyj, Class A | 659,282 | 31,107,901 | ||||||
Stora Enso Oyj, Class R | 774,206 | 14,744,020 | ||||||
UPM-Kymmene Oyj | 707,363 | 24,441,664 | ||||||
Wartsila OYJ Abp | 619,418 | 6,937,217 | ||||||
|
| |||||||
204,175,734 | ||||||||
France — 34.5% | ||||||||
Accor SA(a) | 222,713 | 7,606,374 | ||||||
Aeroports de Paris(a) | 38,692 | 5,470,644 | ||||||
Air Liquide SA | 628,054 | 104,322,968 | ||||||
Airbus SE(a) | 781,419 | 99,770,845 | ||||||
Alstom SA | 421,255 | 10,716,687 | ||||||
Amundi SA(b) | 79,425 | 5,508,591 | ||||||
Arkema SA | 81,677 | 10,831,776 | ||||||
AXA SA | 2,569,437 | 69,522,830 | ||||||
BioMerieux | 55,114 | 6,057,651 | ||||||
BNP Paribas SA | 1,490,746 | 86,499,822 | ||||||
Bollore SA | 1,176,774 | 5,954,604 | ||||||
Bouygues SA | 304,331 | 10,882,283 | ||||||
Bureau Veritas SA | 391,304 | 11,188,488 | ||||||
Capgemini SE | 212,242 | 44,428,517 | ||||||
Carrefour SA | 819,797 | 16,481,402 | ||||||
Cie. de Saint-Gobain | 669,817 | 41,532,055 | ||||||
Cie. Generale des Etablissements Michelin SCA | 224,861 | 30,953,813 | ||||||
CNP Assurances | 228,434 | 5,567,681 | ||||||
Covivio | 67,817 | 5,548,136 | ||||||
Credit Agricole SA | 1,637,814 | 20,863,038 | ||||||
Danone SA | 865,480 | 52,655,136 | ||||||
Dassault Aviation SA | 32,510 | 4,837,812 | ||||||
Dassault Systemes SE | 882,532 | 42,570,046 | ||||||
Edenred | 330,850 | 15,055,285 | ||||||
Eiffage SA | 110,843 | 11,290,908 |
Security | Shares | Value | ||||||
| ||||||||
France (continued) | ||||||||
Electricite de France SA | 630,150 | $ | 5,696,888 | |||||
Engie SA | 2,417,154 | 38,511,178 | ||||||
EssilorLuxottica SA | 381,270 | 66,558,387 | ||||||
Eurazeo SE | 52,718 | 4,071,970 | ||||||
Eurofins Scientific SE | 177,915 | 18,054,431 | ||||||
Faurecia SE | 156,125 | 5,878,733 | ||||||
Gecina SA | 61,094 | 7,763,895 | ||||||
Getlink SE | 585,548 | 9,549,897 | ||||||
Hermes International | 41,966 | 57,872,651 | ||||||
Ipsen SA | 50,183 | 5,839,274 | ||||||
Kering SA | 99,309 | 68,884,051 | ||||||
Klepierre SA | 270,477 | 7,731,461 | ||||||
La Francaise des Jeux SAEM(b) | 127,111 | 5,269,041 | ||||||
Legrand SA | 355,042 | 33,494,678 | ||||||
L’Oreal SA | 332,578 | 131,476,135 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 368,066 | 270,493,524 | ||||||
Orange SA | 2,637,084 | 31,886,806 | ||||||
Orpea SA | 69,573 | 2,881,034 | ||||||
Pernod Ricard SA | 277,639 | 60,608,652 | ||||||
Publicis Groupe SA | 301,805 | 20,029,505 | ||||||
Remy Cointreau SA | 30,243 | 5,820,350 | ||||||
Renault SA(a) | 255,814 | 8,016,697 | ||||||
Safran SA | 452,868 | 57,580,868 | ||||||
Sanofi | 1,507,756 | 157,609,507 | ||||||
Sartorius Stedim Biotech | 36,827 | 14,122,066 | ||||||
Schneider Electric SE | 716,064 | 110,944,160 | ||||||
SEB SA | 36,799 | 5,351,891 | ||||||
Societe Generale SA | 1,071,997 | 30,313,430 | ||||||
Sodexo SA | 117,713 | 9,827,474 | ||||||
Teleperformance | 77,928 | 28,916,125 | ||||||
Thales SA | 141,960 | 16,229,273 | ||||||
TotalEnergies SE | 3,324,985 | 169,392,026 | ||||||
Ubisoft Entertainment SA(a) | 124,779 | 6,690,270 | ||||||
Unibail-Rodamco-Westfield(a) | 166,000 | 12,653,485 | ||||||
Valeo | 305,599 | 6,739,706 | ||||||
Veolia Environnement SA | 866,226 | 30,202,428 | ||||||
Vinci SA | 714,318 | 74,897,245 | ||||||
Vivendi SE | 1,032,448 | 13,033,389 | ||||||
Wendel SE | 36,281 | 3,683,192 | ||||||
Worldline SA/France(a)(b) | 316,626 | 16,145,777 | ||||||
|
| |||||||
2,356,838,942 | ||||||||
Germany — 24.3% | ||||||||
adidas AG | 252,334 | 59,662,271 | ||||||
Allianz SE, Registered | 541,306 | 122,019,743 | ||||||
Aroundtown SA | 1,307,751 | 8,063,777 | ||||||
BASF SE | 1,216,320 | 80,990,181 | ||||||
Bayer AG, Registered | 1,302,394 | 75,230,138 | ||||||
Bayerische Motoren Werke AG | 438,353 | 42,216,538 | ||||||
Bechtle AG | 108,395 | 5,560,249 | ||||||
Beiersdorf AG | 134,132 | 13,596,691 | ||||||
Brenntag SE | 205,595 | 17,235,539 | ||||||
Carl Zeiss Meditec AG, Bearer | 53,546 | 8,403,223 | ||||||
Commerzbank AG(a) | 1,333,351 | 11,142,967 | ||||||
Continental AG(a) | 146,383 | 12,473,755 | ||||||
Covestro AG(b) | 257,076 | 13,595,647 | ||||||
Daimler Truck Holding AG(a) | 547,501 | 16,685,403 | ||||||
Delivery Hero SE(a)(b) | 215,595 | 11,556,026 | ||||||
Deutsche Bank AG, Registered(a) | 2,733,689 | 33,746,810 | ||||||
Deutsche Boerse AG | 252,166 | 42,924,362 | ||||||
Deutsche Lufthansa AG, Registered(a) | 792,095 | 6,015,994 |
10 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Deutsche Post AG, Registered | 1,313,791 | $ | 66,034,024 | |||||
Deutsche Telekom AG, Registered | 4,299,935 | 77,074,925 | ||||||
E.ON SE | 2,980,300 | 40,536,678 | ||||||
Evonik Industries AG | 279,077 | 8,400,670 | ||||||
Fresenius Medical Care AG & Co. KGaA | 272,802 | 17,502,609 | ||||||
Fresenius SE & Co. KGaA | 554,370 | 19,343,206 | ||||||
GEA Group AG | 204,153 | 8,927,359 | ||||||
Hannover Rueck SE | 80,204 | 14,765,698 | ||||||
HeidelbergCement AG | 198,022 | 12,849,036 | ||||||
HelloFresh SE(a) | 219,971 | 11,998,531 | ||||||
Henkel AG & Co. KGaA | 138,292 | 10,632,873 | ||||||
Infineon Technologies AG | 1,730,620 | 58,557,088 | ||||||
KION Group AG | 96,002 | 7,696,118 | ||||||
Knorr-Bremse AG | 96,531 | 8,510,174 | ||||||
LANXESS AG | 106,923 | 5,208,401 | ||||||
LEG Immobilien SE | 95,942 | 12,337,206 | ||||||
Mercedes-Benz Group AG | 1,134,173 | 88,601,002 | ||||||
Merck KGaA | 170,937 | 33,904,921 | ||||||
MTU Aero Engines AG | 71,027 | 17,002,883 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 185,937 | 51,009,418 | ||||||
Nemetschek SE | 76,838 | 6,817,941 | ||||||
Puma SE | 140,486 | 12,883,185 | ||||||
Rational AG | 6,778 | 4,988,347 | ||||||
RWE AG | 849,930 | 39,354,212 | ||||||
SAP SE | 1,384,503 | 156,177,462 | ||||||
Scout24 SE(b) | 109,294 | 6,375,157 | ||||||
Siemens AG, Registered | 1,014,035 | 142,859,624 | ||||||
Siemens Healthineers AG(b) | 373,898 | 23,993,196 | ||||||
Symrise AG | 175,809 | 20,911,873 | ||||||
Telefonica Deutschland Holding AG | 1,385,510 | 3,780,842 | ||||||
Uniper SE | 121,742 | 3,894,667 | ||||||
United Internet AG, Registered | 128,016 | 4,353,610 | ||||||
Volkswagen AG | 43,188 | 11,170,112 | ||||||
Vonovia SE | 979,103 | 51,973,743 | ||||||
Zalando SE(a)(b) | 295,846 | 19,581,057 | ||||||
|
| |||||||
1,661,127,162 | ||||||||
Ireland — 2.0% | ||||||||
CRH PLC | 1,022,357 | 46,474,536 | ||||||
Flutter Entertainment PLC, Class DI(a) | 220,940 | 31,817,142 | ||||||
Kerry Group PLC, Class A | 210,881 | 25,124,175 | ||||||
Kingspan Group PLC | 204,978 | 20,018,605 | ||||||
Smurfit Kappa Group PLC | 327,478 | 16,354,981 | ||||||
|
| |||||||
139,789,439 | ||||||||
Italy — 6.2% | ||||||||
Amplifon SpA | 165,680 | 7,110,069 | ||||||
Assicurazioni Generali SpA | 1,462,505 | 28,923,726 | ||||||
Atlantia SpA(a) | 659,656 | 12,134,540 | ||||||
DiaSorin SpA | 33,487 | 5,011,476 | ||||||
Enel SpA | 10,786,935 | 79,488,258 | ||||||
Eni SpA | 3,343,804 | 52,011,891 | ||||||
Ferrari NV | 166,764 | 35,835,639 | ||||||
FinecoBank Banca Fineco SpA | 775,708 | 12,927,811 | ||||||
Infrastrutture Wireless Italiane SpA(b) | 447,240 | 4,566,906 | ||||||
Intesa Sanpaolo SpA | 21,888,787 | 55,954,875 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 826,576 | 8,608,149 | ||||||
Moncler SpA | 271,584 | 16,308,642 | ||||||
Nexi SpA(a)(b) | 697,251 | 9,523,027 | ||||||
Poste Italiane SpA(b) | 685,013 | 7,856,767 |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Prysmian SpA | 335,053 | $ | 11,029,731 | |||||
Recordati Industria Chimica e Farmaceutica SpA | 139,132 | 6,805,152 | ||||||
Snam SpA | 2,684,302 | 14,914,664 | ||||||
Telecom Italia SpA/Milano | 13,174,980 | 5,535,411 | ||||||
Terna - Rete Elettrica Nazionale | 1,872,494 | 15,340,952 | ||||||
UniCredit SpA | 2,803,274 | 35,418,005 | ||||||
|
| |||||||
425,305,691 | ||||||||
Liechtenstein — 0.5% | ||||||||
ArcelorMittal SA | 846,252 | 26,258,035 | ||||||
Tenaris SA | 619,119 | 7,978,753 | ||||||
|
| |||||||
34,236,788 | ||||||||
Netherlands — 16.1% | ||||||||
ABN AMRO Bank NV, CVA(b) | 562,943 | 7,491,206 | ||||||
Adyen NV(a)(b) | 26,319 | 54,855,962 | ||||||
Aegon NV | 2,378,569 | 11,749,637 | ||||||
AerCap Holdings NV(a) | 178,661 | 9,724,518 | ||||||
Akzo Nobel NV | 248,520 | 23,644,716 | ||||||
Argenx SE(a) | 60,711 | 17,578,455 | ||||||
ASM International NV | 62,096 | 20,054,984 | ||||||
ASML Holding NV | 547,834 | 366,513,971 | ||||||
CNH Industrial NV | 1,355,588 | 19,282,571 | ||||||
Davide Campari-Milano NV | 695,635 | 7,570,487 | ||||||
Euronext NV(b) | 114,016 | 10,292,383 | ||||||
EXOR NV | 142,654 | 10,808,266 | ||||||
Heineken Holding NV | 153,300 | 12,519,852 | ||||||
Heineken NV | 342,909 | 34,784,163 | ||||||
IMCD NV | 75,812 | 12,315,001 | ||||||
ING Groep NV | 5,174,979 | 60,435,938 | ||||||
InPost SA(a) | 272,904 | 1,685,347 | ||||||
JDE Peet’s NV | 135,248 | 4,440,090 | ||||||
Just Eat Takeaway.com NV(a)(b) | 238,918 | 9,669,528 | ||||||
Koninklijke Ahold Delhaize NV | 1,388,193 | 42,703,928 | ||||||
Koninklijke DSM NV | 231,399 | 43,448,409 | ||||||
Koninklijke KPN NV | 4,471,591 | 15,302,377 | ||||||
Koninklijke Philips NV | 1,217,846 | 41,599,997 | ||||||
NN Group NV | 359,445 | 17,251,521 | ||||||
Prosus NV | 1,235,880 | 76,725,431 | ||||||
QIAGEN NV(a) | 303,971 | 15,272,228 | ||||||
Randstad NV | 157,423 | 10,728,169 | ||||||
Stellantis NV | 2,701,861 | 49,097,887 | ||||||
STMicroelectronics NV | 903,810 | 37,940,137 | ||||||
Universal Music Group NV | 961,602 | 21,955,803 | ||||||
Wolters Kluwer NV | 347,146 | 35,370,615 | ||||||
|
| |||||||
1,102,813,577 | ||||||||
Portugal — 0.5% | ||||||||
EDP - Energias de Portugal SA | 3,694,388 | 18,037,687 | ||||||
Galp Energia SGPS SA | 656,624 | 7,268,372 | ||||||
Jeronimo Martins SGPS SA | 371,332 | 8,095,663 | ||||||
|
| |||||||
33,401,722 | ||||||||
Spain — 7.3% | ||||||||
ACS Actividades de Construccion y Servicios SA | 341,504 | 8,298,743 | ||||||
Aena SME SA(a)(b) | 99,801 | 16,288,041 | ||||||
Amadeus IT Group SA(a) | 599,520 | 39,554,289 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 8,897,796 | 52,797,066 | ||||||
Banco Santander SA | 23,077,733 | 76,849,201 | ||||||
CaixaBank SA | 5,900,107 | 19,379,393 | ||||||
Cellnex Telecom SA(b) | 678,047 | 30,669,564 | ||||||
EDP Renovaveis SA | 383,585 | 9,323,867 | ||||||
Enagas SA | 213,004 | 4,501,538 |
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) February 28, 2022 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Endesa SA | 422,746 | $ | 9,292,557 | |||||
Ferrovial SA | 646,170 | 17,604,387 | ||||||
Grifols SA | 413,967 | 7,848,857 | ||||||
Iberdrola SA | 7,842,046 | 88,972,598 | ||||||
Industria de Diseno Textil SA | 1,467,501 | 38,280,887 | ||||||
Naturgy Energy Group SA | 268,955 | 7,215,964 | ||||||
Red Electrica Corp. SA | 392,304 | 7,771,721 | ||||||
Repsol SA | 1,931,068 | 25,057,609 | ||||||
Siemens Gamesa Renewable Energy SA(a) | 317,296 | 7,300,915 | ||||||
Telefonica SA | 7,019,734 | 33,525,676 | ||||||
|
| |||||||
500,532,873 | ||||||||
Switzerland — 0.2% | ||||||||
Siemens Energy AG(a) | 531,490 | 12,640,798 | ||||||
|
| |||||||
United Kingdom — 0.2% | ||||||||
Coca-Cola Europacific Partners PLC | 271,983 | 13,928,249 | ||||||
|
| |||||||
Total Common Stocks — 98.1% | 6,710,841,057 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Germany — 1.7% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 76,175 | 6,160,121 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS | 91,426 | 3,612,304 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 235,771 | 18,712,600 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 202,727 | 20,233,838 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Sartorius AG, Preference Shares, NVS | 34,900 | $ | 15,408,807 | |||||
Volkswagen AG, Preference Shares, NVS | 246,290 | 48,415,094 | ||||||
|
| |||||||
112,542,764 | ||||||||
|
| |||||||
Total Preferred Stocks — 1.7% | 112,542,764 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Treasury, | 20,330,000 | 20,330,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.3% |
| 20,330,000 | ||||||
|
| |||||||
Total Investments in Securities — 100.1% |
| 6,843,713,821 | ||||||
Other Assets, Less Liabilities — (0.1)% |
| (5,236,005 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 6,838,477,816 | ||||||
|
|
(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
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | 7,962,763 | $ | — | $ | (7,961,296 | )(b) | $ | 4,167 | $ | (5,634 | ) | $ | — | — | $ | 150,765 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 27,350,000 | — | (7,020,000 | )(b) | — | — | 20,330,000 | 20,330,000 | 1,012 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 4,167 | $ | (5,634 | ) | $ | 20,330,000 | $ | 151,777 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | 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. |
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Eurozone ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 294 | 03/18/22 | $ | 12,968 | $ | (441,634 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 441,634 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 659,542 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (454,012 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 5,618,473 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 40,338,170 | $ | 6,670,502,887 | $ | — | $ | 6,710,841,057 | ||||||||
Preferred Stocks | — | 112,542,764 | — | 112,542,764 | ||||||||||||
Money Market Funds | 20,330,000 | — | — | 20,330,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 60,668,170 | $ | 6,783,045,651 | $ | — | $ | 6,843,713,821 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (441,634 | ) | $ | — | $ | (441,634 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 13 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.9% | ||||||||
MTU Aero Engines AG | 85,469 | $ | 20,460,098 | |||||
|
| |||||||
Air Freight & Logistics — 3.6% | ||||||||
Deutsche Post AG, Registered | 1,583,128 | 79,571,494 | ||||||
|
| |||||||
Airlines — 0.3% | ||||||||
Deutsche Lufthansa AG, Registered(a) | 950,477 | 7,218,911 | ||||||
|
| |||||||
Auto Components — 0.7% | ||||||||
Continental AG(a) | 175,207 | 14,929,939 | ||||||
|
| |||||||
Automobiles — 7.8% | ||||||||
Bayerische Motoren Werke AG | 528,799 | 50,927,137 | ||||||
Mercedes-Benz Group AG | 1,366,916 | 106,782,763 | ||||||
Volkswagen AG | 51,701 | 13,371,908 | ||||||
|
| |||||||
171,081,808 | ||||||||
Banks — 0.6% | ||||||||
Commerzbank AG(a) | 1,601,418 | 13,383,234 | ||||||
|
| |||||||
Capital Markets — 4.2% | ||||||||
Deutsche Bank AG, Registered(a) | 3,300,856 | 40,748,366 | ||||||
Deutsche Boerse AG | 303,451 | 51,654,230 | ||||||
|
| |||||||
92,402,596 | ||||||||
Chemicals — 7.1% | ||||||||
BASF SE | 1,466,908 | 97,675,894 | ||||||
Covestro AG(b) | 307,718 | 16,273,885 | ||||||
Evonik Industries AG | 335,265 | 10,092,020 | ||||||
LANXESS AG | 131,727 | 6,416,646 | ||||||
Symrise AG | 212,124 | 25,231,417 | ||||||
|
| |||||||
155,689,862 | ||||||||
Construction Materials — 0.7% | ||||||||
HeidelbergCement AG | 237,020 | 15,379,496 | ||||||
|
| |||||||
Diversified Telecommunication Services — 4.7% | ||||||||
Deutsche Telekom AG, Registered | 5,175,363 | 92,766,685 | ||||||
Telefonica Deutschland Holding AG | 1,677,290 | 4,577,064 | ||||||
United Internet AG, Registered | 155,924 | 5,302,714 | ||||||
|
| |||||||
102,646,463 | ||||||||
Electrical Equipment — 0.7% | ||||||||
Siemens Energy AG(a) | 636,544 | 15,139,371 | ||||||
|
| |||||||
Food & Staples Retailing — 0.7% | ||||||||
HelloFresh SE(a) | 263,075 | 14,349,681 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.8% | ||||||||
Carl Zeiss Meditec AG, Bearer | 64,009 | 10,045,230 | ||||||
Siemens Healthineers AG(b) | 450,755 | 28,925,143 | ||||||
|
| |||||||
38,970,373 | ||||||||
Health Care Providers & Services — 2.0% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 328,128 | 21,052,250 | ||||||
Fresenius SE & Co. KGaA | 669,404 | 23,356,999 | ||||||
|
| |||||||
44,409,249 | ||||||||
Household Products — 0.6% | ||||||||
Henkel AG & Co. KGaA | 166,365 | 12,791,325 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
Uniper SE | 145,720 | 4,661,751 | ||||||
|
| |||||||
Industrial Conglomerates — 7.9% | ||||||||
Siemens AG, Registered | 1,221,787 | 172,128,212 | ||||||
|
|
Security | Shares | Value | ||||||
Insurance — 10.3% | ||||||||
Allianz SE, Registered | 652,302 | $ | 147,040,162 | |||||
Hannover Rueck SE | 96,041 | 17,681,318 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 223,753 | 61,383,750 | ||||||
|
| |||||||
226,105,230 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Scout24 SE(b) | 139,357 | 8,128,743 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.7% | ||||||||
Delivery Hero SE(a)(b) | 260,473 | 13,961,515 | ||||||
Zalando SE(a)(b) | 355,671 | 23,540,673 | ||||||
|
| |||||||
37,502,188 | ||||||||
IT Services — 0.3% | ||||||||
Bechtle AG | 130,058 | 6,671,478 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% | ||||||||
QIAGEN NV(a) | 368,689 | 18,523,814 | ||||||
|
| |||||||
Machinery — 2.6% | ||||||||
Daimler Truck Holding AG(a) | 658,165 | 20,057,951 | ||||||
GEA Group AG | 244,255 | 10,680,970 | ||||||
KION Group AG | 114,692 | 9,194,425 | ||||||
Knorr-Bremse AG | 116,079 | 10,233,526 | ||||||
Rational AG | 8,119 | 5,975,271 | ||||||
|
| |||||||
56,142,143 | ||||||||
Multi-Utilities — 4.4% | ||||||||
E.ON SE | 3,585,698 | 48,771,024 | ||||||
RWE AG | 1,025,996 | 47,506,577 | ||||||
|
| |||||||
96,277,601 | ||||||||
Personal Products — 0.7% | ||||||||
Beiersdorf AG | 160,549 | 16,274,529 | ||||||
|
| |||||||
Pharmaceuticals — 6.0% | ||||||||
Bayer AG, Registered | 1,569,035 | 90,632,113 | ||||||
Merck KGaA | 206,415 | 40,941,892 | ||||||
|
| |||||||
131,574,005 | ||||||||
Real Estate Management & Development — 4.0% | ||||||||
Aroundtown SA | 1,586,373 | 9,781,800 | ||||||
LEG Immobilien SE | 116,016 | 14,918,527 | ||||||
Vonovia SE | 1,178,293 | 62,547,349 | ||||||
|
| |||||||
87,247,676 | ||||||||
Semiconductors & Semiconductor Equipment — 3.2% | ||||||||
Infineon Technologies AG | 2,085,695 | 70,571,371 | ||||||
|
| |||||||
Software — 9.0% | ||||||||
Nemetschek SE | 92,458 | 8,203,926 | ||||||
SAP SE | 1,667,744 | 188,128,177 | ||||||
|
| |||||||
196,332,103 | ||||||||
Textiles, Apparel & Luxury Goods — 4.0% | ||||||||
adidas AG | 304,083 | 71,897,890 | ||||||
Puma SE | 168,157 | 15,420,738 | ||||||
|
| |||||||
87,318,628 | ||||||||
Trading Companies & Distributors — 1.0% | ||||||||
Brenntag SE | 247,199 | 20,723,306 | ||||||
|
| |||||||
Total Common Stocks — 92.9% |
| 2,034,606,678 | ||||||
|
|
14 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Automobiles — 4.1% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS . | 92,332 | $ | 7,466,705 | |||||
Porsche Automobil Holding SE, Preference Shares, NVS . | 244,891 | 24,442,155 | ||||||
Volkswagen AG, Preference Shares, NVS | 296,399 | 58,265,401 | ||||||
|
| |||||||
90,174,261 | ||||||||
Chemicals — 0.2% | ||||||||
Fuchs Petrolub SE, Preference Shares, NVS | 110,819 | 4,378,535 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.9% | ||||||||
Sartorius AG, Preference Shares, NVS | 41,744 | 18,430,522 | ||||||
|
| |||||||
Household Products — 1.0% | ||||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 283,767 | 22,521,932 | ||||||
|
| |||||||
Total Preferred Stocks — 6.2% | 135,505,250 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 1,010,000 | 1,010,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% |
| 1,010,000 | ||||||
|
| |||||||
Total Investments in Securities — 99.2% |
| 2,171,121,928 | ||||||
Other Assets, Less Liabilities — 0.8% |
| 17,967,443 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,189,089,371 | ||||||
|
|
(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
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | 5,585,515 | $ | — | $ | (5,585,452 | )(b) | $ | (63 | ) | $ | — | $ | — | — | $ | 77,057 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,620,000 | — | (610,000 | )(b) | — | — | 1,010,000 | 1,010,000 | 63 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (63 | ) | $ | — | $ | 1,010,000 | $ | 77,120 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Germany ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
DAX Index | 46 | 03/18/22 | $ | 18,564 | $ | (1,536,160 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 1,536,160 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 155,775 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (1,661,265 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 18,432,854 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 20,057,951 | $ | 2,014,548,727 | $ | — | $ | 2,034,606,678 | ||||||||
Preferred Stocks | — | 135,505,250 | — | 135,505,250 | ||||||||||||
Money Market Funds | 1,010,000 | — | — | 1,010,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 21,067,951 | $ | 2,150,053,977 | $ | — | $ | 2,171,121,928 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (1,536,160 | ) | $ | — | $ | (1,536,160 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Italy ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Automobiles — 14.0% | ||||||||
Ferrari NV | 115,178 | $ | 24,750,409 | |||||
Stellantis NV | 2,739,309 | 49,778,388 | ||||||
|
| |||||||
74,528,797 | ||||||||
Banks — 19.2% | ||||||||
FinecoBank Banca Fineco SpA | 965,364 | 16,088,584 | ||||||
Intesa Sanpaolo SpA | 22,201,361 | 56,753,916 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,022,618 | 10,649,775 | ||||||
UniCredit SpA | 1,493,127 | 18,864,934 | ||||||
|
| |||||||
102,357,209 | ||||||||
Beverages — 1.8% | ||||||||
Davide Campari-Milano NV | 889,188 | 9,676,894 | ||||||
|
| |||||||
Diversified Financial Services — 2.5% | ||||||||
EXOR NV | 171,924 | 13,025,926 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.7% | ||||||||
Infrastrutture Wireless Italiane SpA(a) | 673,007 | 6,872,283 | ||||||
Telecom Italia SpA/Milano | 18,117,197 | 7,611,863 | ||||||
|
| |||||||
14,484,146 | ||||||||
Electric Utilities — 18.5% | ||||||||
Enel SpA | 10,929,675 | 80,540,100 | ||||||
Terna - Rete Elettrica Nazionale | 2,177,308 | 17,838,230 | ||||||
|
| |||||||
98,378,330 | ||||||||
Electrical Equipment — 2.5% | ||||||||
Prysmian SpA | 409,136 | 13,468,497 | ||||||
|
| |||||||
Energy Equipment & Services — 2.0% | ||||||||
Tenaris SA | 825,071 | 10,632,912 | ||||||
|
| |||||||
Gas Utilities — 3.3% | ||||||||
Snam SpA | 3,112,843 | 17,295,747 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.4% | ||||||||
DiaSorin SpA | 49,951 | 7,475,385 | ||||||
|
| |||||||
Health Care Providers & Services — 1.8% | ||||||||
Amplifon SpA | 222,226 | 9,536,710 | ||||||
|
| |||||||
Insurance — 6.3% | ||||||||
Assicurazioni Generali SpA | 1,188,830 | 23,511,299 |
Security | Shares | Value | ||||||
| ||||||||
Insurance (continued) | ||||||||
Poste Italiane SpA(a) | 878,195 | $ | 10,072,470 | |||||
|
| |||||||
33,583,769 | ||||||||
IT Services — 2.2% | ||||||||
Nexi SpA(a)(b) | 854,412 | 11,669,526 | ||||||
|
| |||||||
Machinery — 4.0% | ||||||||
CNH Industrial NV | 1,510,477 | 21,485,790 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.9% | ||||||||
Eni SpA | 3,395,886 | 52,822,011 | ||||||
|
| |||||||
Pharmaceuticals — 1.7% | ||||||||
Recordati Industria Chimica e Farmaceutica SpA | 183,525 | 8,976,479 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 3.5% | ||||||||
Moncler SpA | 310,516 | 18,646,512 | ||||||
|
| |||||||
Transportation Infrastructure — 2.7% | ||||||||
Atlantia SpA(b) | 782,884 | 14,401,350 | ||||||
|
| |||||||
Total Common Stocks — 100.0% | 532,445,990 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 210,000 | 210,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.0% |
| 210,000 | ||||||
|
| |||||||
Total Investments in Securities — 100.0% |
| 532,655,990 | ||||||
Other Assets, Less Liabilities — (0.0)% |
| (98,355 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 532,557,635 | |||||
|
|
(a) | 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. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
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) February 28, 2022 | iShares® MSCI Italy ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | 713 | (b) | $ | — | $ | (713 | ) | $ | — | $ | — | — | $ | 1,604 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 450,000 | — | (240,000 | )(b) | — | — | 210,000 | 210,000 | 16 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (713 | ) | $ | — | $ | 210,000 | $ | 1,620 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | 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 Categorized by Risk Exposure
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (61,242 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 1,238 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,186,818 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 532,445,990 | $ | — | $ | 532,445,990 | ||||||||
Money Market Funds | 210,000 | — | — | 210,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 210,000 | $ | 532,445,990 | $ | — | $ | 532,655,990 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Spain ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 30.6% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 9,635,943 | $ | 57,177,027 | |||||
Banco Santander SA | 24,730,112 | 82,351,648 | ||||||
CaixaBank SA | 6,655,667 | 21,861,093 | ||||||
|
| |||||||
161,389,768 | ||||||||
Biotechnology — 2.9% | ||||||||
Grifols SA | 805,902 | 15,279,985 | ||||||
|
| |||||||
Construction & Engineering — 7.2% | ||||||||
ACS Actividades de Construccion y Servicios SA | 602,967 | 14,652,444 | ||||||
Ferrovial SA | 867,455 | 23,633,120 | ||||||
|
| |||||||
38,285,564 | ||||||||
Diversified Telecommunication Services — 9.3% | ||||||||
Cellnex Telecom SA(a) | 555,066 | 25,106,861 | ||||||
Telefonica SA | 4,979,608 | 23,782,201 | ||||||
|
| |||||||
48,889,062 | ||||||||
Electric Utilities — 24.5% | ||||||||
Endesa SA | 755,792 | 16,613,380 | ||||||
Iberdrola SA | 8,329,523 | 94,503,310 | ||||||
Red Electrica Corp. SA | 916,571 | 18,157,690 | ||||||
|
| |||||||
129,274,380 | ||||||||
Electrical Equipment — 2.9% | ||||||||
Siemens Gamesa Renewable Energy SA(b) | 672,350 | 15,470,634 | ||||||
|
| |||||||
Gas Utilities — 5.0% | ||||||||
Enagas SA | 583,681 | 12,335,271 | ||||||
Naturgy Energy Group SA(c) | 518,502 | 13,911,218 | ||||||
|
| |||||||
26,246,489 | ||||||||
IT Services — 4.3% | ||||||||
Amadeus IT Group SA(b) | 348,203 | 22,973,249 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.5% | ||||||||
Repsol SA | 1,829,286 | 23,736,882 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Specialty Retail — 4.2% | ||||||||
Industria de Diseno Textil SA | 858,539 | $ | 22,395,647 | |||||
|
| |||||||
Transportation Infrastructure — 4.4% | ||||||||
Aena SME SA(a)(b) | 141,188 | 23,042,614 | ||||||
|
| |||||||
Total Common Stocks — 99.8% | 526,984,274 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 965,169 | 965,362 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 3,100,000 | 3,100,000 | ||||||
|
| |||||||
4,065,362 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.8% |
| 4,065,362 | ||||||
|
| |||||||
Total Investments in Securities — 100.6% |
| 531,049,636 | ||||||
Other Assets, Less Liabilities — (0.6)% |
| (3,146,130 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 527,903,506 | |||||
|
|
(a) | 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. |
(b) | Non-income producing security. |
(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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 966,407 | (a) | $ | — | $ | (953 | ) | $ | (92 | ) | $ | 965,362 | 965,169 | $ | 229,310 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 3,290,000 | — | (190,000 | )(a) | — | — | 3,100,000 | 3,100,000 | 169 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (953 | ) | $ | (92 | ) | $ | 4,065,362 | $ | 229,479 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Spain ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
IBEX 35 Index | 9 | 03/18/22 | $ | 851 | $ | (23,957 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 23,957 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,833 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (21,853 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,028,428 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 526,984,274 | $ | — | $ | 526,984,274 | ||||||||
Money Market Funds | 4,065,362 | — | — | 4,065,362 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,065,362 | $ | 526,984,274 | $ | — | $ | 531,049,636 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (23,957 | ) | $ | — | $ | (23,957 | ) | ||||||
|
|
|
|
|
|
|
|
(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 2 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) February 28, 2022 | iShares® MSCI Switzerland ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Building Products — 1.6% | ||||||||
Geberit AG, Registered | 40,069 | $ | 26,212,222 | |||||
|
| |||||||
Capital Markets — 8.2% | ||||||||
Credit Suisse Group AG, Registered | 2,696,516 | 22,588,998 | ||||||
Julius Baer Group Ltd. | 266,629 | 15,612,837 | ||||||
Partners Group Holding AG | 23,077 | 31,195,224 | ||||||
UBS Group AG, Registered | 3,727,548 | 68,574,840 | ||||||
|
| |||||||
137,971,899 | ||||||||
Chemicals — 6.4% | ||||||||
Clariant AG, Registered | 315,660 | 5,698,536 | ||||||
EMS-Chemie Holding AG, Registered | 9,920 | 9,812,177 | ||||||
Givaudan SA, Registered | 9,945 | 41,524,414 | ||||||
Sika AG, Registered | 151,072 | 50,130,926 | ||||||
|
| |||||||
107,166,053 | ||||||||
Construction Materials — 1.7% | ||||||||
Holcim Ltd. | 576,237 | 29,006,623 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.1% | ||||||||
Swisscom AG, Registered | 30,985 | 18,560,390 | ||||||
|
| |||||||
Electrical Equipment — 3.5% | ||||||||
ABB Ltd., Registered | 1,746,666 | 59,024,926 | ||||||
|
| |||||||
Food Products — 23.1% | ||||||||
Barry Callebaut AG, Registered | 4,764 | 10,988,928 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 1,308 | 13,874,861 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 129 | 14,479,586 | ||||||
Nestle SA, Registered | 2,681,619 | 349,403,476 | ||||||
|
| |||||||
388,746,851 | ||||||||
Health Care Equipment & Supplies — 5.0% | ||||||||
Alcon Inc. | 533,338 | 41,204,387 | ||||||
Sonova Holding AG, Registered | 62,954 | 24,375,421 | ||||||
Straumann Holding AG, Registered | 11,808 | 18,756,572 | ||||||
|
| |||||||
84,336,380 | ||||||||
Insurance — 8.0% | ||||||||
Baloise Holding AG, Registered | 61,054 | 10,241,351 | ||||||
Swiss Life Holding AG, Registered | 35,973 | 21,949,907 | ||||||
Swiss Re AG | 316,735 | 30,265,818 | ||||||
Zurich Insurance Group AG | 158,832 | 72,903,257 | ||||||
|
| |||||||
135,360,333 | ||||||||
Life Sciences Tools & Services — 3.5% | ||||||||
Bachem Holding AG, Class B, Registered | 6,408 | 3,813,562 | ||||||
Lonza Group AG, Registered | 79,117 | 54,741,197 | ||||||
|
| |||||||
58,554,759 | ||||||||
Machinery — 1.7% | ||||||||
Schindler Holding AG, Participation Certificates, NVS | 50,009 | 11,474,331 | ||||||
Schindler Holding AG, Registered | 29,185 | 6,541,858 | ||||||
VAT Group AG(a) | 27,586 | 10,424,609 | ||||||
|
| |||||||
28,440,798 |
Security | Shares | Value | ||||||
| ||||||||
Marine — 1.1% | ||||||||
Kuehne + Nagel International AG, Registered | 64,476 | $ | 17,583,581 | |||||
|
| |||||||
Pharmaceuticals — 25.9% | ||||||||
Novartis AG, Registered | 1,969,674 | 173,117,403 | ||||||
Roche Holding AG, NVS | 654,256 | 247,788,547 | ||||||
Roche Holding AG, Bearer | 7,888 | 3,292,523 | ||||||
Vifor Pharma AG | 64,644 | 11,346,914 | ||||||
|
| |||||||
435,545,387 | ||||||||
Professional Services — 1.7% | ||||||||
Adecco Group AG, Registered | 194,999 | 9,209,535 | ||||||
SGS SA, Registered | 6,950 | 19,886,380 | ||||||
|
| |||||||
29,095,915 | ||||||||
Real Estate Management & Development — 0.6% | ||||||||
Swiss Prime Site AG, Registered | 102,529 | 10,047,173 | ||||||
|
| |||||||
Software — 0.5% | ||||||||
Temenos AG, Registered | 87,772 | 8,822,355 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.8% | ||||||||
Logitech International SA, Registered | 187,498 | 14,030,266 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 5.2% | ||||||||
Cie. Financiere Richemont SA, Class A, Registered | 530,099 | 70,983,710 | ||||||
Swatch Group AG (The), Bearer | 37,579 | 11,556,155 | ||||||
Swatch Group AG (The), Registered | 95,999 | 5,687,244 | ||||||
|
| |||||||
88,227,109 | ||||||||
|
| |||||||
Total Common Stocks — 99.6% | 1,676,733,020 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c) | 840,000 | 840,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.0% |
| 840,000 | ||||||
|
| |||||||
Total Investments in Securities — 99.6% |
| 1,677,573,020 | ||||||
Other Assets, Less Liabilities — 0.4% |
| 6,312,702 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,683,885,722 | |||||
|
|
(a) | 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. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
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) February 28, 2022 | iShares® MSCI Switzerland ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, | $ | 730,000 | $110,000 | (a) | $ | — | $ | — | $ | — | $ | 840,000 | 840,000 | $ | 37 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
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 | ||||||||||||||||
Swiss Market Index | 54 | 03/18/22 | $ | 6,958 | $ | (385,880 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 385,880 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 292,053 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (563,312 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 10,760,642 | ||
|
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.
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Switzerland ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 1,676,733,020 | $ | — | $ | 1,676,733,020 | ||||||||
Money Market Funds | 840,000 | — | — | 840,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 840,000 | $ | 1,676,733,020 | $ | — | $ | 1,677,573,020 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (385,880 | ) | $ | — | $ | (385,880 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 23 |
Statement of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Eurozone | iShares MSCI Germany | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||||||||||
| ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||||||||||
Unaffiliated(b) | $ | 6,823,383,821 | $ | 2,170,111,928 | $ | 532,445,990 | $ | 526,984,274 | ||||||||||||||||
Affiliated(c) | 20,330,000 | 1,010,000 | 210,000 | 4,065,362 | ||||||||||||||||||||
Cash | 2,040 | 2,622 | 9,063 | 9,609 | ||||||||||||||||||||
Foreign currency, at value(d) | 1,246,138 | 5,788,059 | 1,024,627 | 818,411 | ||||||||||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||||||||||
Futures contracts(e) | 605,475 | 1,797,588 | 143,520 | 102,034 | ||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Investments sold | 28,772,255 | 3,390,697 | 15,668,700 | 16,215,254 | ||||||||||||||||||||
Securities lending income — Affiliated | — | 9 | 566 | 227 | ||||||||||||||||||||
Dividends | 51,214 | 60,697 | 6 | 91 | ||||||||||||||||||||
Tax reclaims | 6,536,605 | 13,917,988 | — | 58,372 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total assets | 6,880,927,548 | 2,196,079,588 | 549,502,472 | 548,253,634 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Collateral on securities loaned, at value | — | — | — | 965,580 | ||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Investments purchased | 19,762,157 | 5,885,583 | 15,983,669 | 15,829,363 | ||||||||||||||||||||
Variation margin on futures contracts | 117,387 | 203,878 | 19,401 | 6,445 | ||||||||||||||||||||
Capital shares redeemed | — | — | 709,177 | 449,770 | ||||||||||||||||||||
Investment advisory fees | 2,752,565 | 900,756 | 232,590 | 213,024 | ||||||||||||||||||||
IRS compliance fee for foreign withholding tax claims | 19,817,623 | — | — | 2,885,946 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total liabilities | 42,449,732 | 6,990,217 | 16,944,837 | 20,350,128 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
NET ASSETS | $ | 6,838,477,816 | $ | 2,189,089,371 | $ | 532,557,635 | $ | 527,903,506 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 8,175,908,352 | $ | 3,053,930,897 | $ | 804,416,353 | $ | 1,061,232,507 | ||||||||||||||||
Accumulated loss | (1,337,430,536 | ) | (864,841,526 | ) | (271,858,718 | ) | (533,329,001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
NET ASSETS | $ | 6,838,477,816 | $ | 2,189,089,371 | $ | 532,557,635 | $ | 527,903,506 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Shares outstanding | 155,000,000 | 74,700,000 | 17,475,000 | 20,550,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value | $ | 44.12 | $ | 29.31 | $ | 30.48 | $ | 25.69 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Shares authorized | 1 billion | 482.2 million | 295.4 million | 127.8 million | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
(a) Securities loaned, at value | $ | — | $ | — | $ | — | $ | 892,085 | ||||||||||||||||
(b) Investments, at cost — Unaffiliated | $ | 7,475,828,180 | $ | 2,700,926,641 | $ | 594,745,250 | $ | 684,626,243 | ||||||||||||||||
(c) Investments, at cost — Affiliated | $ | 20,330,000 | $ | 1,010,000 | $ | 210,000 | $ | 4,065,454 | ||||||||||||||||
(d) Foreign currency, at cost | $ | 1,220,879 | $ | 5,785,390 | $ | 1,034,222 | $ | 826,401 | ||||||||||||||||
(e) Foreign currency collateral pledged, at cost | $ | 625,732 | $ | 1,885,172 | $ | 145,241 | $ | 103,754 |
See notes to financial statements.
24 | 2 0 2 2 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 |
Statement of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Switzerland ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 1,676,733,020 | ||
Affiliated(b) | 840,000 | |||
Cash | 2,674 | |||
Foreign currency, at value(c) | 861,789 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(d) | 427,196 | |||
Receivables: | ||||
Investments sold | 12,882,383 | |||
Variation margin on futures contracts | 149,037 | |||
Dividends | 21 | |||
Tax reclaims | 5,314,585 | |||
|
| |||
Total assets | 1,697,210,705 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 12,685,548 | |||
Investment advisory fees | 639,435 | |||
|
| |||
Total liabilities | 13,324,983 | |||
|
| |||
NET ASSETS | $ | 1,683,885,722 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 1,489,682,989 | ||
Accumulated earnings | 194,202,733 | |||
|
| |||
NET ASSETS | $ | 1,683,885,722 | ||
|
| |||
Shares outstanding | 34,875,000 | |||
|
| |||
Net asset value | $ | 48.28 | ||
|
| |||
Shares authorized | 318.625 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — Unaffiliated | $ | 1,468,700,529 | ||
(b) Investments, at cost — Affiliated | $ | 840,000 | ||
(c) Foreign currency, at cost | $ | 802,510 | ||
(d) Foreign currency collateral pledged, at cost | $ | 486,768 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 25 |
Statement of Operations (unaudited)
Six Months Ended February 28, 2022
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||||||
| ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends — Unaffiliated | $ | 42,942,361 | $ | 6,766,068 | $ | 12,023,914 | $ | 5,324,879 | ||||||||||||
Dividends — Affiliated | 1,292 | 70 | 49 | 256 | ||||||||||||||||
Non-cash dividends — Unaffiliated | 2,993,139 | — | — | 3,494,926 | ||||||||||||||||
Securities lending income — Affiliated — net | 150,485 | 77,050 | 1,571 | 229,223 | ||||||||||||||||
Other income — Unaffiliated | 3,021,227 | — | — | — | ||||||||||||||||
Foreign taxes withheld | (10,405,157 | ) | (1,021,054 | ) | (1,787,288 | ) | (799,888 | ) | ||||||||||||
Foreign withholding tax claims | 1,179,051 | — | — | — | ||||||||||||||||
IRS Compliance fee for foreign withholding tax claims | (283,775 | ) | — | — | (41,460 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 39,598,623 | 5,822,134 | 10,238,246 | 8,207,936 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees | 18,643,922 | 6,380,333 | 1,505,477 | 1,537,084 | ||||||||||||||||
Professional fees | 425,613 | 46,645 | 217 | 217 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 19,069,535 | 6,426,978 | 1,505,694 | 1,537,301 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | 20,529,088 | (604,844 | ) | 8,732,552 | 6,670,635 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — Unaffiliated | (59,449,206 | ) | (16,398,642 | ) | (6,646,576 | ) | (22,643,516 | ) | ||||||||||||
Investments — Affiliated | 4,167 | (63 | ) | (713 | ) | (953 | ) | |||||||||||||
In-kind redemptions — Unaffiliated | 184,372,291 | 70,252,174 | 12,066,946 | 9,553,242 | ||||||||||||||||
Futures contracts | 659,542 | 155,775 | (61,242 | ) | 1,833 | |||||||||||||||
Foreign currency transactions | (87,062 | ) | (412,736 | ) | (183 | ) | (37,267 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 125,499,732 | 53,596,508 | 5,358,232 | (13,126,661 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments — Unaffiliated | (1,085,219,935 | ) | (465,216,699 | ) | (49,713,996 | ) | (39,328,660 | ) | ||||||||||||
Investments — Affiliated | (5,634 | ) | — | — | (92 | ) | ||||||||||||||
Futures contracts | (454,012 | ) | (1,661,265 | ) | 1,238 | (21,853 | ) | |||||||||||||
Foreign currency translations | (354,239 | ) | (794,786 | ) | (16,898 | ) | (8,945 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) | (1,086,033,820 | ) | (467,672,750 | ) | (49,729,656 | ) | (39,359,550 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized loss | (960,534,088 | ) | (414,076,242 | ) | (44,371,424 | ) | (52,486,211 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (940,005,000 | ) | $ | (414,681,086 | ) | $ | (35,638,872 | ) | $ | (45,815,576 | ) | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
26 | 2 0 2 2 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 |
Statement of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI Switzerland ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 1,494,192 | ||
Dividends — Affiliated | 37 | |||
Foreign taxes withheld | (325,607 | ) | ||
|
| |||
Total investment income | 1,168,622 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 4,135,609 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 4,135,826 | |||
|
| |||
Net investment loss | (2,967,204 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (2,618,852 | ) | ||
In-kind redemptions — Unaffiliated | 78,697,768 | |||
Futures contracts | 292,053 | |||
Foreign currency transactions | 256,054 | |||
|
| |||
Net realized gain | 76,627,023 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (164,566,200 | ) | ||
Futures contracts | (563,312 | ) | ||
Foreign currency translations | (257,763 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (165,387,275 | ) | ||
|
| |||
Net realized and unrealized loss | (88,760,252 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (91,727,456 | ) | |
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 27 |
Statement of Changes in Net Assets
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | |||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
02/28/22 (unaudited) | Year Ended 08/31/21 | 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income (loss) | $ | 20,529,088 | $ | 150,910,071 | $ | (604,844 | ) | $ | 48,767,475 | |||||||||||
Net realized gain | 125,499,732 | 165,896,622 | 53,596,508 | 187,396,899 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (1,086,033,820 | ) | 1,076,571,572 | (467,672,750 | ) | 227,425,973 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (940,005,000 | ) | 1,393,378,265 | (414,681,086 | ) | 463,590,347 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (108,880,897 | ) | (148,429,017 | ) | (21,379,767 | ) | (87,044,205 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (356,579,011 | ) | 2,521,753,816 | (247,247,440 | ) | (418,000,085 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (1,405,464,908 | ) | 3,766,703,064 | (683,308,293 | ) | (41,453,943 | ) | |||||||||||||
Beginning of period | 8,243,942,724 | 4,477,239,660 | 2,872,397,664 | 2,913,851,607 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 6,838,477,816 | $ | 8,243,942,724 | $ | 2,189,089,371 | $ | 2,872,397,664 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
28 | 2 0 2 2 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 |
Statement of Changes in Net Assets (continued)
iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 8,732,552 | $ | 9,657,021 | $ | 6,670,635 | $ | 15,971,063 | ||||||||||||||||||||
Net realized gain (loss) | 5,358,232 | 25,177,673 | (13,126,661 | ) | (38,570,977 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (49,729,656 | ) | 30,551,365 | (39,359,550 | ) | 109,186,541 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (35,638,872 | ) | 65,386,059 | (45,815,576 | ) | 86,586,627 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (8,742,446 | ) | (9,237,069 | ) | (9,336,370 | ) | (17,641,966 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (17,605,823 | ) | 329,750,788 | (124,590,604 | ) | 169,877,395 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | (61,987,141 | ) | 385,899,778 | (179,742,550 | ) | 238,822,056 | ||||||||||||||||||||||
Beginning of period | 594,544,776 | 208,644,998 | 707,646,056 | 468,824,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 532,557,635 | $ | 594,544,776 | $ | 527,903,506 | $ | 707,646,056 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(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 | 29 |
Statement of Changes in Net Assets (continued)
iShares MSCI Switzerland ETF | ||||||||||||
|
| |||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/21 | |||||||||||
| ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | (2,967,204 | ) | $ | 27,948,334 | |||||||
Net realized gain | 76,627,023 | 144,899,114 | ||||||||||
Net change in unrealized appreciation (depreciation) | (165,387,275 | ) | 173,640,457 | |||||||||
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (91,727,456 | ) | 346,487,905 | |||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
Decrease in net assets resulting from distributions to shareholders | — | (30,852,327 | ) | |||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 12,233,317 | (273,957,210 | ) | |||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total increase (decrease) in net assets | (79,494,139 | ) | 41,678,368 | |||||||||
Beginning of period | 1,763,379,861 | 1,721,701,493 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 1,683,885,722 | $ | 1,763,379,861 | ||||||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 2 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 |
(For a share outstanding throughout each period)
iShares MSCI Eurozone ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.86 | $ | 39.52 | $ | 37.91 | $ | 41.29 | $ | 41.71 | $ | 34.20 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.13 | (b) | 1.21 | (b) | 0.55 | 1.05 | 1.03 | 0.99 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (6.15 | ) | 11.24 | 1.55 | (3.22 | ) | (0.23 | ) | 7.38 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | (6.02 | ) | 12.45 | 2.10 | (2.17 | ) | 0.80 | 8.37 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||
From net investment income | (0.72 | ) | (1.11 | ) | (0.49 | ) | (1.21 | ) | (1.22 | ) | (0.86 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.72 | ) | (1.11 | ) | (0.49 | ) | (1.21 | ) | (1.22 | ) | (0.86 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 44.12 | $ | 50.86 | $ | 39.52 | $ | 37.91 | $ | 41.29 | $ | 41.71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | (11.90 | )%(b)(f) | 31.72 | %(b) | 5.61 | % | (5.22 | )% | 1.87 | % | 24.72 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.65 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.49 | %(h) | 0.50 | % | 0.51 | % | 0.49 | % | N/A | 0.49 | % | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 0.54 | %(b)(h) | 2.64 | %(b) | 1.46 | % | 2.74 | % | 2.36 | % | 2.63 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,838,478 | $ | 8,243,943 | $ | 4,477,240 | $ | 5,231,511 | $ | 9,558,234 | $ | 13,286,216 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(i) | 3 | %(f) | 5 | % | 5 | % | 6 | % | 5 | % | 4 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2022 and for the year ended August 31, 2021, respectively: |
• Net investment income per share by $0.00 and $0.53, respectively.
• Total return by 0.00% and 1.07%, respectively.
• Ratio of net investment income to average net assets by 0.02% and 1.16%, respectively.
(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.
F I N A N C I A L H I G H L I G H T S | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Germany ETF | ||||||||||||||||||||||||||||||||
|
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Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 34.94 | $ | 30.16 | $ | 26.28 | $ | 30.36 | $ | 30.71 | $ | 26.18 | ||||||||||||||||||||
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Net investment income (loss)(a) | (0.01 | ) | 0.56 | 0.50 | 0.65 | 0.64 | 0.59 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (5.34 | ) | 5.21 | 3.66 | (3.99 | ) | (0.16 | ) | 4.54 | |||||||||||||||||||||||
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Net increase (decrease) from investment operations | (5.35 | ) | 5.77 | 4.16 | (3.34 | ) | 0.48 | 5.13 | ||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.28 | ) | (0.99 | ) | (0.28 | ) | (0.74 | ) | (0.83 | ) | (0.60 | ) | ||||||||||||||||||||
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Total distributions | (0.28 | ) | (0.99 | ) | (0.28 | ) | (0.74 | ) | (0.83 | ) | (0.60 | ) | ||||||||||||||||||||
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Net asset value, end of period | $ | 29.31 | $ | 34.94 | $ | 30.16 | $ | 26.28 | $ | 30.36 | $ | 30.71 | ||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (15.40 | )%(e) | 19.30 | % | 15.98 | % | (11.07 | )% | 1.52 | % | 19.63 | % | ||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||
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Net investment income (loss) | (0.05 | )%(g) | 1.72 | % | 1.85 | % | 2.38 | % | 1.99 | % | 2.08 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,189,089 | $ | 2,872,398 | $ | 2,913,852 | $ | 2,002,685 | $ | 3,351,228 | $ | 4,809,899 | ||||||||||||||||||||
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Portfolio turnover rate(h) | 3 | %(e) | 6 | % | 4 | % | 9 | % | 6 | % | 3 | % | ||||||||||||||||||||
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(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.
32 | 2 0 2 2 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 Italy ETF | ||||||||||||||||||||||||||||||||
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| Six Months Ended (unaudited) |
| | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||||||||||
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Net asset value, beginning of period | $ | 32.89 | $ | 25.76 | $ | 26.83 | $ | 27.18 | $ | 30.21 | $ | 22.60 | ||||||||||||||||||||
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Net investment income(b) | 0.46 | 0.83 | 0.43 | 1.00 | 0.82 | 0.57 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.42 | ) | 6.95 | (1.05 | ) | (0.12 | ) | (2.86 | ) | 7.76 | ||||||||||||||||||||||
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Net increase (decrease) from investment operations | (1.96 | ) | 7.78 | (0.62 | ) | 0.88 | (2.04 | ) | 8.33 | |||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||
From net investment income | (0.45 | ) | (0.65 | ) | (0.45 | ) | (1.23 | ) | (0.99 | ) | (0.72 | ) | ||||||||||||||||||||
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Total distributions | (0.45 | ) | (0.65 | ) | (0.45 | ) | (1.23 | ) | (0.99 | ) | (0.72 | ) | ||||||||||||||||||||
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Net asset value, end of period | $ | 30.48 | $ | 32.89 | $ | 25.76 | $ | 26.83 | $ | 27.18 | $ | 30.21 | ||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | (6.02 | )%(f) | 30.30 | % | (2.29 | )% | 3.46 | % | (6.98 | )% | 37.37 | % | ||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||
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Net investment income | 2.87 | %(h) | 2.70 | % | 1.64 | % | 3.72 | % | 2.64 | % | 2.59 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 532,558 | $ | 594,545 | $ | 208,645 | $ | 235,457 | $ | 405,625 | $ | 840,630 | ||||||||||||||||||||
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Portfolio turnover rate(i) | 6 | %(f) | 13 | % | 16 | % | 13 | % | 10 | % | 18 | % | ||||||||||||||||||||
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(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
F I N A N C I A L H I G H L I G H T S | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Spain ETF | ||||||||||||||||||||||||||||||||
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Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 28.08 | $ | 23.15 | $ | 26.71 | $ | 29.85 | $ | 33.63 | $ | 26.49 | ||||||||||||||||||||
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Net investment income(a) | 0.29 | 0.84 | (b) | 0.77 | 1.04 | 0.99 | 0.94 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.24 | ) | 5.00 | (3.44 | ) | (3.26 | ) | (3.72 | ) | 7.19 | ||||||||||||||||||||||
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Net increase (decrease) from investment operations | (1.95 | ) | 5.84 | (2.67 | ) | (2.22 | ) | (2.73 | ) | 8.13 | ||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||
From net investment income | (0.44 | ) | (0.91 | ) | (0.89 | ) | (0.92 | ) | (1.05 | ) | (0.99 | ) | ||||||||||||||||||||
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Total distributions | (0.44 | ) | (0.91 | ) | (0.89 | ) | (0.92 | ) | (1.05 | ) | (0.99 | ) | ||||||||||||||||||||
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Net asset value, end of period | $ | 25.69 | $ | 28.08 | $ | 23.15 | $ | 26.71 | $ | 29.85 | $ | 33.63 | ||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | (6.92 | )%(f) | 25.25 | %(b) | (10.44 | )% | (7.53 | )% | (8.28 | )% | 31.48 | % | ||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.62 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.50 | % | 0.51 | % | N/A | N/A | N/A | ||||||||||||||||||||||||
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Net investment income | 2.14 | %(h) | 3.10 | %(b) | 2.99 | % | 3.65 | % | 3.02 | % | 3.10 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 527,904 | $ | 707,646 | $ | 468,824 | $ | 825,211 | $ | 875,442 | $ | 1,528,533 | ||||||||||||||||||||
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Portfolio turnover rate(i) | 7 | %(f) | 34 | % | 19 | % | 12 | % | 21 | % | 16 | % | ||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021: |
• Net investment income per share by $0.18.
• Total return by 0.63%.
• Ratio of net investment income to average net assets by 0.65%.
(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.
34 | 2 0 2 2 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 Switzerland ETF | ||||||||||||||||||||||||||||||||
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Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 50.74 | $ | 41.87 | $ | 37.31 | $ | 34.91 | $ | 34.27 | $ | 30.22 | ||||||||||||||||||||
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Net investment income (loss)(a) | (0.09) | 0.75 | 0.73 | 0.72 | 0.66 | 0.69 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.37 | ) | 9.06 | 4.45 | 2.43 | 0.79 | 4.11 | |||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (2.46 | ) | 9.81 | 5.18 | 3.15 | 1.45 | 4.80 | |||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | — | (0.94 | ) | (0.62 | ) | (0.75 | ) | (0.81 | ) | (0.75 | ) | |||||||||||||||||||||
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Total distributions | — | (0.94 | ) | (0.62 | ) | (0.75 | ) | (0.81 | ) | (0.75 | ) | |||||||||||||||||||||
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Net asset value, end of period | $ | 48.28 | $ | 50.74 | $ | 41.87 | $ | 37.31 | $ | 34.91 | $ | 34.27 | ||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (4.84 | )%(e) | 23.49 | % | 14.07 | % | 9.07 | % | 4.43 | % | 15.90 | % | ||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||
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Net investment income (loss) | (0.35 | )%(g) | 1.66 | % | 1.89 | % | 2.06 | % | 1.91 | % | 2.18 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,683,886 | $ | 1,763,380 | $ | 1,721,701 | $ | 1,138,036 | $ | 1,034,086 | $ | 1,259,258 | ||||||||||||||||||||
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Portfolio turnover rate(h) | 2 | %(e) | 7 | % | 16 | % | 11 | % | 9 | % | 13 | % | ||||||||||||||||||||
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(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 | 35 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Eurozone | Diversified | |||
MSCI Germany | Non-diversified | |||
MSCI Italy | Non-diversified | |||
MSCI Spain | Non-diversified | |||
MSCI Switzerland | Non-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.
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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
36 | 2 0 2 2 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)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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 | 37 |
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | |||||||||||
MSCI Spain | ||||||||||||||||||||
Morgan Stanley | $ | 892,085 | $ | 892,085 | $ | — | $ | — | ||||||||||||
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(a) | Collateral received 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 statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
38 | 2 0 2 2 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)
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 directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets
| Investment Advisory Fee
| |||
First $7 billion |
|
0.59 |
% | |
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion
|
| 0.32
|
|
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Eurozone | $ | 35,618 | ||
MSCI Germany | 18,691 | |||
MSCI Italy | 624 | |||
MSCI Spain | 51,504 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 39 |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, 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 Eurozone | $ | 22,434,477 | $ | 13,570,931 | $ | (12,233,771 | ) | |||||
MSCI Germany | 6,942,826 | 1,873,088 | (5,244,372 | ) | ||||||||
MSCI Italy | 16,725,454 | 9,466,269 | (587,957 | ) | ||||||||
MSCI Spain | 11,637,240 | 7,747,747 | (1,847,059 | ) | ||||||||
MSCI Switzerland | 21,585,341 | 5,830,288 | (295,388 | ) |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Eurozone | $ | 190,830,861 | $ | 232,992,457 | ||||
MSCI Germany | 86,388,024 | 93,878,690 | ||||||
MSCI Italy | 45,466,096 | 37,659,175 | ||||||
MSCI Spain | 43,152,501 | 52,756,970 | ||||||
MSCI Switzerland | 43,715,222 | 40,426,129 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Eurozone | $ | 333,205,231 | $ | 696,648,685 | ||||
MSCI Germany | 166,797,295 | 409,672,189 | ||||||
MSCI Italy | 117,024,951 | 141,269,163 | ||||||
MSCI Spain | 71,796,838 | 192,401,489 | ||||||
MSCI Switzerland | 274,683,348 | 263,138,106 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Eurozone | $ | 724,614,576 | ||
MSCI Germany | 332,181,041 | |||
MSCI Italy | 215,057,389 | |||
MSCI Spain | 351,575,831 | |||
MSCI Switzerland | 76,944,921 |
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.
40 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2022, 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 Eurozone | $ | 7,582,352,525 | $ | 499,701,694 | $ | (1,238,782,032 | ) | $ | (739,080,338 | ) | ||||||
MSCI Germany | 2,755,141,494 | 74,701,943 | (660,257,669 | ) | (585,555,726 | ) | ||||||||||
MSCI Italy | 597,871,549 | 5,318,535 | (70,534,094 | ) | (65,215,559 | ) | ||||||||||
MSCI Spain | 701,890,506 | 783,319 | (171,648,146 | ) | (170,864,827 | ) | ||||||||||
MSCI Switzerland | 1,479,553,709 | 243,702,466 | (46,069,035 | ) | 197,633,431 |
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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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.
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 the Manager 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 | 41 |
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. 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 could 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 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.
LIBORTransition 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 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Eurozone | ||||||||||||||||
Shares sold | 7,200,000 | $ | 345,485,071 | 70,100,000 | $ | 3,444,946,850 | ||||||||||
Shares redeemed | (14,300,000 | ) | (702,064,082 | ) | (21,300,000 | ) | (923,193,034 | ) | ||||||||
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Net increase (decrease) | (7,100,000 | ) | $ | (356,579,011 | ) | 48,800,000 | $ | 2,521,753,816 | ||||||||
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|
| |||||||||
MSCI Germany | ||||||||||||||||
Shares sold | 5,100,000 | $ | 168,469,123 | 22,500,000 | $ | 730,874,698 | ||||||||||
Shares redeemed | (12,600,000 | ) | (415,716,563 | ) | (36,900,000 | ) | (1,148,874,783 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (7,500,000 | ) | $ | (247,247,440 | ) | (14,400,000 | ) | $ | (418,000,085 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Italy | ||||||||||||||||
Shares sold | 3,900,000 | $ | 128,247,173 | 22,125,000 | $ | 697,979,291 | ||||||||||
Shares redeemed | (4,500,000 | ) | (145,852,996 | ) | (12,150,000 | ) | (368,228,503 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (600,000 | ) | $ | (17,605,823 | ) | 9,975,000 | $ | 329,750,788 | ||||||||
|
|
|
|
|
|
|
|
42 | 2 0 2 2 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)
| ||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Spain | ||||||||||||||||
Shares sold | 2,925,000 | $ | 79,053,402 | 17,175,000 | $ | 478,809,053 | ||||||||||
Shares redeemed | (7,575,000 | ) | (203,644,006 | ) | (12,225,000 | ) | (308,931,658 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (4,650,000 | ) | $ | (124,590,604 | ) | 4,950,000 | $ | 169,877,395 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Switzerland | ||||||||||||||||
Shares sold | 5,625,000 | $ | 280,916,699 | 5,375,000 | $ | 251,082,659 | ||||||||||
Shares redeemed | (5,500,000 | ) | (268,683,382 | ) | (11,750,000 | ) | (525,039,869 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 125,000 | $ | 12,233,317 | (6,375,000 | ) | $ | (273,957,210 | ) | ||||||||
|
|
|
|
|
|
|
|
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 iShares MSCI Eurozone ETF and iShares MSCI Spain ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
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 | 43 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
44 | 2 0 2 2 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 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Eurozone(a) | $ | 0.707026 | $ | — | $ | 0.013661 | $ | 0.720687 | 98 | % | — | % | 2 | % | 100 | % | ||||||||||||||||
MSCI Germany(a) | 0.277504 | — | 0.005568 | 0.283072 | 98 | — | 2 | 100 | ||||||||||||||||||||||||
MSCI Spain(a) | 0.398769 | — | 0.036493 | 0.435262 | 92 | — | 8 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 45 |
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 Company’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.
46 | 2 0 2 2 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 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
NVS | Non-Voting Shares |
GLOSSARY OF TERMS USED IN THIS REPORT | 47 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-807-0222
FEBRUARY 28, 2022 |
| 2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· iShares MSCI Hong Kong ETF | EWH | NYSE Arca
· iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca
· iShares MSCI Malaysia ETF | EWM | NYSE Arca
· iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca
· iShares MSCI Singapore ETF | EWS | NYSE Arca
· iShares MSCI Taiwan ETF | EWT | NYSE Arca
· iShares MSCI Thailand ETF | THD | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | (2.62)% | 16.39% | ||
U.S. small cap equities (Russell 2000® Index) | (9.46) | (6.01) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (6.78) | 2.83 | ||
Emerging market equities (MSCI Emerging Markets Index) | (9.81) | (10.69) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.02 | 0.04 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (3.94) | (1.67) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.07) | (2.64) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (3.09) | (0.66) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (3.07) | 0.64 | ||
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 | ||
2 | ||
4 | ||
11 | ||
11 | ||
12 | ||
Financial Statements | ||
40 | ||
42 | ||
44 | ||
48 | ||
55 | ||
64 | ||
65 | ||
66 | ||
67 |
|
Fund Summary as of February 28, 2022 | iShares® MSCI Hong Kong ETF |
Investment Objective
The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (10.83 | )% | (11.66 | )% | 4.21 | % | 5.34 | % | (11.66 | )% | 22.91 | % | 68.28 | % | ||||||||||||||||||
Fund Market | (11.00 | ) | (11.59 | ) | 4.10 | 5.36 | (11.59 | ) | 22.22 | 68.56 | ||||||||||||||||||||||
Index | (10.78 | ) | (11.36 | ) | 4.72 | 5.89 | (11.36 | ) | 25.92 | 77.31 |
Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 891.70 | $ 2.30 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 41.7 | % | ||
Real Estate | 21.2 | |||
Industrials | 16.1 | |||
Utilities | 11.3 | |||
Consumer Discretionary | 5.7 | |||
Consumer Staples | 2.7 | |||
Communication Services | 1.3 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
AIA Group Ltd. | 22.3 | % | ||
Hong Kong Exchanges & Clearing Ltd. | 12.6 | |||
Techtronic Industries Co. Ltd. | 4.7 | |||
CK Hutchison Holdings Ltd. | 4.1 | |||
Hong Kong & China Gas Co. Ltd. | 3.8 | |||
CLP Holdings Ltd. | 3.8 | |||
Link REIT | 3.7 | |||
Sun Hung Kai Properties Ltd. | 3.4 | |||
Hang Seng Bank Ltd. | 3.2 | |||
BOC Hong Kong Holdings Ltd. | 3.0 |
(a) | Excludes money market funds. |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Japan Small-Cap ETF |
Investment Objective
The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (9.75 | )% | (5.50 | )% | 4.04 | % | 7.05 | % | (5.50 | )% | 21.92 | % | 97.58 | % | ||||||||||||||||||
Fund Market | (9.20 | ) | (5.90 | ) | 4.22 | 7.14 | (5.90 | ) | 22.97 | 99.27 | ||||||||||||||||||||||
Index | (10.36 | ) | (5.75 | ) | 4.24 | 7.33 | (5.75 | ) | 23.07 | 102.95 |
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 902.50 | $ 2.31 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 25.2 | % | ||
Consumer Discretionary | 15.5 | |||
Information Technology | 11.6 | |||
Real Estate | 10.7 | |||
Materials | 10.4 | |||
Consumer Staples | 8.6 | |||
Financials | 6.9 | |||
Health Care | 5.5 | |||
Utilities | 2.5 | |||
Communication Services | 2.4 | |||
Energy | 0.7 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
BayCurrent Consulting Inc. | 0.7 | % | ||
Ebara Corp. | 0.7 | |||
Taiyo Yuden Co. Ltd. | 0.6 | |||
MatsukiyoCocokara & Co. | 0.5 | |||
Sojitz Corp. | 0.5 | |||
SCREEN Holdings Co. Ltd. | 0.5 | |||
Advance Residence Investment Corp. | 0.5 | |||
Food & Life Companies Ltd. | 0.5 | |||
Nagoya Railroad Co. Ltd. | 0.4 | |||
Tokyu Fudosan Holdings Corp. | 0.4 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Malaysia ETF |
Investment Objective
The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.37 | )% | (0.80 | )% | 1.35 | % | (1.53 | )% | (0.80 | )% | 6.92 | % | (14.30 | )% | ||||||||||||||||||
Fund Market | 0.91 | 1.57 | 1.60 | (1.43 | ) | 1.57 | 8.24 | (13.39 | ) | |||||||||||||||||||||||
Index | (0.28 | ) | (0.75 | ) | 1.64 | (1.24 | ) | (0.75 | ) | 8.47 | (11.75 | ) |
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 996.30 | $ 2.47 | $ 1,000.00 | $ 1,022.30 | $ 2.51 | 0.50 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 38.4 | % | ||
Consumer Staples | 13.0 | |||
Materials | 9.7 | |||
Communication Services | 8.3 | |||
Utilities | 7.5 | |||
Industrials | 6.7 | |||
Health Care | 6.5 | |||
Consumer Discretionary | 4.0 | |||
Energy | 3.8 | |||
Information Technology | 2.1 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Public Bank Bhd | 13.9 | % | ||
Malayan Banking Bhd | 8.9 | |||
CIMB Group Holdings Bhd | 8.2 | |||
Petronas Chemicals Group Bhd | 4.9 | |||
Press Metal Aluminium Holdings Bhd | 4.7 | |||
Tenaga Nasional Bhd | 4.5 | |||
Petronas Gas Bhd | 3.0 | |||
Hong Leong Bank Bhd | 2.8 | |||
DiGi.Com Bhd | 2.7 | |||
IOI Corp. Bhd | 2.5 |
(a) | Excludes money market funds. |
6 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Pacific ex Japan ETF |
Investment Objective
The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.05 | )% | (1.92 | )% | 5.49 | % | 4.62 | % | (1.92 | )% | 30.65 | % | 57.07 | % | ||||||||||||||||||
Fund Market | (5.73 | ) | (1.54 | ) | 5.53 | 4.76 | (1.54 | ) | 30.89 | 59.14 | ||||||||||||||||||||||
Index | (6.53 | ) | (1.93 | ) | 5.84 | 5.01 | (1.93 | ) | 32.80 | 63.11 |
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 939.50 | $ 2.26 | $ 1,000.00 | $ 1,022.50 | $ 2.36 | 0.47 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 36.8 | % | ||
Materials | 15.8 | |||
Real Estate | 10.5 | |||
Industrials | 7.9 | |||
Health Care | 7.0 | |||
Consumer Discretionary | 5.4 | |||
Communication Services | 5.0 | |||
Consumer Staples | 4.1 | |||
Utilities | 3.7 | |||
Energy | 2.4 | |||
Information Technology | 1.4 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Australia | 60.6 | % | ||
Hong Kong | 23.2 | |||
Singapore | 12.0 | |||
New Zealand | 2.2 | |||
Cayman Islands | 1.3 | |||
Ireland | 0.7 | |||
Malta | 0.0 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Singapore ETF |
Investment Objective
The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.70 | )%(a) | (0.15 | )% | 2.98 | % | 1.86 | % | (0.15 | )% | 15.81 | % | 20.29 | % | ||||||||||||||||||
Fund Market | (4.80 | ) | 0.81 | 3.00 | 1.93 | 0.81 | 15.92 | 21.11 | ||||||||||||||||||||||||
Index | (5.54 | ) | (0.46 | ) | 3.33 | 2.24 | (0.46 | ) | 17.77 | 24.84 |
(a) | The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. |
Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 953.00 | $ 2.37 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 35.5 | % | ||
Communication Services | 21.4 | |||
Real Estate | 19.4 | |||
Industrials | 14.1 | |||
Consumer Staples | 3.9 | |||
Information Technology | 2.9 | |||
Consumer Discretionary | 2.8 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
DBS Group Holdings Ltd. | 17.2 | % | ||
Sea Ltd. | 16.7 | |||
Oversea-Chinese Banking Corp. Ltd. | 10.5 | |||
Singapore Telecommunications Ltd. | 4.7 | |||
United Overseas Bank Ltd. | 4.3 | |||
Ascendas Real Estate Investment Trust | 4.3 | |||
Keppel Corp. Ltd. | 4.1 | |||
Wilmar International Ltd. | 3.9 | |||
Singapore Exchange Ltd. | 3.5 | |||
Singapore Airlines Ltd. | 3.5 |
(a) | Excludes money market funds. |
8 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Taiwan ETF |
Investment Objective
The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 1.57 | % | 12.93 | % | 17.48 | % | 11.50 | % | 12.93 | % | 123.80 | % | 196.99 | % | ||||||||||||||||||
Fund Market | 1.11 | 12.37 | 17.58 | 11.57 | 12.37 | 124.78 | 198.91 | |||||||||||||||||||||||||
Index | 0.52 | 12.64 | 17.89 | 12.04 | 12.64 | 127.75 | 211.61 |
Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,015.70 | $ 2.90 | $ 1,000.00 | $ 1,021.90 | $ 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 58.8 | % | ||
Financials | 18.9 | |||
Materials | 7.1 | |||
Industrials | 4.9 | |||
Consumer Discretionary | 3.8 | |||
Communication Services | 2.9 | |||
Consumer Staples | 1.8 | |||
Other (each representing less than 1%) | 1.8 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 21.7 | % | ||
MediaTek Inc. | 5.3 | |||
Hon Hai Precision Industry Co. Ltd. | 4.1 | |||
United Microelectronics Corp. | 2.1 | |||
Fubon Financial Holding Co. Ltd. | 2.0 | |||
Cathay Financial Holding Co. Ltd. | 1.8 | |||
CTBC Financial Holding Co. Ltd. | 1.7 | |||
Delta Electronics Inc. | 1.7 | |||
Chunghwa Telecom Co. Ltd. | 1.6 | |||
Nan Ya Plastics Corp. | 1.6 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 9 |
Fund Summary as of February 28, 2022 | iShares® MSCI Thailand ETF |
Investment Objective
The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.84 | % | 4.84 | % | 3.70 | % | 3.56 | % | 4.84 | % | 19.92 | % | 41.82 | % | ||||||||||||||||||
Fund Market | 2.06 | 5.82 | 3.92 | 3.70 | 5.82 | 21.17 | 43.76 | |||||||||||||||||||||||||
Index | 0.42 | 2.40 | 3.88 | 3.72 | 2.40 | 20.97 | 44.15 |
Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,008.40 | $ 2.84 | $ 1,000.00 | $ 1,022.00 | $ 2.86 | 0.57 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Energy | 13.9 | % | ||
Consumer Staples | 12.1 | |||
Materials | 11.2 | |||
Utilities | 9.8 | |||
Financials | 9.2 | |||
Industrials | 9.1 | |||
Consumer Discretionary | 8.7 | |||
Communication Services | 8.6 | |||
Health Care | 6.9 | |||
Real Estate | 6.4 | |||
Information Technology | 4.1 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
CP ALL PCL | 6.8 | % | ||
PTT PCL | 6.7 | |||
Siam Cement PCL (The) | 5.2 | |||
Airports of Thailand PCL | 4.7 | |||
Advanced Info Service PCL | 4.6 | |||
Bangkok Dusit Medical Services PCL | 3.8 | |||
PTT Exploration & Production PCL | 3.2 | |||
Gulf Energy Development PCL | 2.5 | |||
Energy Absolute PCL | 2.4 | |||
Delta Electronics Thailand PCL | 2.2 |
(a) | Excludes money market funds. |
10 | 2 0 2 2 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 |
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. 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.
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 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 a 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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 11 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Hong Kong ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 6.2% | ||||||||
BOC Hong Kong Holdings Ltd. | 7,245,000 | $ | 26,046,238 | |||||
Hang Seng Bank Ltd. | 1,474,600 | 27,193,229 | ||||||
|
| |||||||
53,239,467 | ||||||||
Beverages — 1.3% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a) | 3,585,900 | 11,130,524 | ||||||
|
| |||||||
Building Products — 1.2% | ||||||||
Xinyi Glass Holdings Ltd. | 3,907,000 | 10,407,235 | ||||||
|
| |||||||
Capital Markets — 13.2% | ||||||||
Futu Holdings Ltd., ADR(b)(c) | 108,967 | 4,658,339 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 2,220,426 | 107,594,413 | ||||||
|
| |||||||
112,252,752 | ||||||||
Diversified Telecommunication Services — 1.3% | ||||||||
HKT Trust & HKT Ltd., Class SS | 8,070,500 | 10,885,147 | ||||||
|
| |||||||
Electric Utilities — 7.5% | ||||||||
CK Infrastructure Holdings Ltd. | 1,318,500 | 8,185,249 | ||||||
CLP Holdings Ltd. | 3,150,700 | 32,097,089 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS | 6,418,000 | 6,332,094 | ||||||
Power Assets Holdings Ltd. | 2,790,000 | 17,584,049 | ||||||
|
| |||||||
64,198,481 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.7% | ||||||||
Link REIT | 3,934,800 | 31,796,326 | ||||||
|
| |||||||
Food Products — 1.4% | ||||||||
WH Group Ltd.(a) | 16,853,000 | 11,769,724 | ||||||
|
| |||||||
Gas Utilities — 3.8% | ||||||||
Hong Kong & China Gas Co. Ltd. | 21,453,495 | 32,442,969 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.7% | ||||||||
Galaxy Entertainment Group Ltd.(b) | 4,138,000 | 23,078,580 | ||||||
Melco Resorts & Entertainment Ltd., ADR(b) | 477,838 | 4,787,937 | ||||||
Sands China Ltd.(b) | 4,788,400 | 12,629,314 | ||||||
|
| |||||||
40,495,831 | ||||||||
Industrial Conglomerates — 7.0% | ||||||||
CK Hutchison Holdings Ltd. | 4,989,767 | 34,983,571 | ||||||
Jardine Matheson Holdings Ltd. | 420,400 | 25,013,800 | ||||||
|
| |||||||
59,997,371 | ||||||||
Insurance — 22.3% | ||||||||
AIA Group Ltd. | 18,301,400 | 190,038,896 | ||||||
|
| |||||||
Machinery — 4.7% | ||||||||
Techtronic Industries Co. Ltd. | 2,375,147 | 39,798,095 | ||||||
|
| |||||||
Marine — 1.3% | ||||||||
SITC International Holdings Co. Ltd. | 2,630,000 | 10,843,903 | ||||||
|
|
Security | Shares | Value | ||||||
Real Estate Management & Development — 17.5% | ||||||||
CK Asset Holdings Ltd. | 3,918,767 | $ | 24,751,103 | |||||
ESR Cayman Ltd.(a)(b) | 3,818,200 | 11,779,246 | ||||||
Hang Lung Properties Ltd. | 4,247,000 | 8,902,037 | ||||||
Henderson Land Development Co. Ltd. | 3,000,762 | 12,475,784 | ||||||
Hongkong Land Holdings Ltd. | 2,401,000 | 13,002,368 | ||||||
New World Development Co. Ltd. | 3,115,266 | 12,459,945 | ||||||
Sino Land Co. Ltd. | 6,836,000 | 8,628,391 | ||||||
Sun Hung Kai Properties Ltd. | 2,496,500 | 29,023,761 | ||||||
Swire Pacific Ltd., Class A | 1,127,500 | 6,230,805 | ||||||
Swire Properties Ltd. | 2,655,000 | 6,904,374 | ||||||
Wharf Real Estate Investment Co. Ltd. | 3,335,150 | 14,972,438 | ||||||
|
| |||||||
149,130,252 | ||||||||
Road & Rail — 1.9% | ||||||||
MTR Corp. Ltd. | 3,094,083 | 16,038,185 | ||||||
|
| |||||||
Specialty Retail — 1.0% | ||||||||
Chow Tai Fook Jewellery Group Ltd.(b) | 4,014,200 | 8,335,640 | ||||||
|
| |||||||
Total Common Stocks — 100.0% |
| 852,800,798 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, | 1,036,519 | 1,036,726 | ||||||
BlackRock Cash Funds: Treasury, | 710,000 | 710,000 | ||||||
|
| |||||||
1,746,726 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.2% |
| 1,746,726 | ||||||
|
| |||||||
Total Investments in Securities — 100.2% |
| 854,547,524 | ||||||
Other Assets, Less Liabilities — (0.2)% |
| (1,420,721 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 853,126,803 | |||||
|
|
(a) | 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. |
(b) | Non-income producing security. |
(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. |
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Hong Kong ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 14,915,960 | $ | — | $ | (13,879,130 | )(a) | $ | (23 | ) | $ | (81 | ) | $ | 1,036,726 | 1,036,519 | $ | 517,214 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,700,000 | — | (990,000 | )(a) | — | — | 710,000 | 710,000 | 61 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (23 | ) | $ | (81 | ) | $ | 1,746,726 | $ | 517,275 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI EAFE Index | 3 | 03/18/22 | $ | 324 | $ | (14,688 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 14,688 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (228,556 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (40,639 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,536,465 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Hong Kong ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 60,579,354 | $ | 792,221,444 | $ | — | $ | 852,800,798 | ||||||||
Money Market Funds | 1,746,726 | — | — | 1,746,726 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 62,326,080 | $ | 792,221,444 | $ | — | $ | 854,547,524 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (14,688 | ) | $ | — | $ | — | $ | (14,688 | ) | ||||||
|
|
|
|
|
|
|
|
(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 2 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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
Kintetsu World Express Inc. | 3,000 | $ | 78,622 | |||||
Konoike Transport Co. Ltd. | 3,000 | 31,376 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 3,000 | 27,728 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 2,000 | 41,629 | ||||||
SBS Holdings Inc. | 2,000 | 58,102 | ||||||
|
| |||||||
237,457 | ||||||||
Auto Components — 3.0% | ||||||||
Eagle Industry Co. Ltd. | 2,000 | 18,049 | ||||||
Exedy Corp. | 3,000 | 43,653 | ||||||
FCC Co. Ltd. | 3,000 | 36,914 | ||||||
G-Tekt Corp. | 2,000 | 25,303 | ||||||
Ichikoh Industries Ltd. | 3,000 | 13,234 | ||||||
JTEKT Corp. | 18,000 | 155,275 | ||||||
KYB Corp. | 2,000 | 53,722 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 4,000 | 62,436 | ||||||
NGK Spark Plug Co. Ltd. | 14,000 | 252,289 | ||||||
NHK Spring Co. Ltd. | 17,000 | 135,486 | ||||||
Nifco Inc./Japan | 7,000 | 199,052 | ||||||
Nippon Seiki Co. Ltd. | 4,000 | 33,898 | ||||||
NOK Corp. | 8,000 | 83,745 | ||||||
Pacific Industrial Co. Ltd. | 4,000 | 35,461 | ||||||
Piolax Inc. | 2,000 | 30,059 | ||||||
Shoei Co. Ltd. | 2,000 | 79,408 | ||||||
Sumitomo Riko Co. Ltd. | 3,000 | 16,412 | ||||||
Sumitomo Rubber Industries Ltd. | 15,000 | 145,143 | ||||||
Tokai Rika Co. Ltd. | 5,000 | 66,358 | ||||||
Topre Corp. | 3,000 | 31,113 | ||||||
Toyo Tire Corp. | 10,000 | 132,541 | ||||||
Toyoda Gosei Co. Ltd. | 6,000 | 114,189 | ||||||
Toyota Boshoku Corp. | 6,000 | 109,800 | ||||||
TPR Co. Ltd. | 2,000 | 24,207 | ||||||
TS Tech Co. Ltd. | 8,000 | 107,948 | ||||||
Yokohama Rubber Co. Ltd. (The) | 11,000 | 154,224 | ||||||
|
| |||||||
2,159,919 | ||||||||
Automobiles — 0.3% | ||||||||
Mitsubishi Motors Corp.(a) | 59,000 | 154,835 | ||||||
Nissan Shatai Co. Ltd. | 6,000 | 34,288 | ||||||
|
| |||||||
189,123 | ||||||||
Banks — 4.3% | ||||||||
77 Bank Ltd. (The) | 5,000 | 67,516 | ||||||
Aozora Bank Ltd. | 11,000 | 247,679 | ||||||
Awa Bank Ltd. (The) | 3,000 | 60,468 | ||||||
Bank of Kyoto Ltd. (The) | 5,000 | 222,176 | ||||||
Chugoku Bank Ltd. (The) | 13,000 | 102,296 | ||||||
Daishi Hokuetsu Financial Group Inc. | 3,000 | 69,391 | ||||||
Fukuoka Financial Group Inc. | 15,000 | 295,717 | ||||||
Gunma Bank Ltd. (The) | 32,000 | 105,784 | ||||||
Hachijuni Bank Ltd. (The) | 33,000 | 124,711 | ||||||
Hirogin Holdings Inc. | 25,000 | 147,272 | ||||||
Hokkoku Financial Holdings Inc. | 2,000 | 52,812 | ||||||
Hokuhoku Financial Group Inc. | 10,000 | 81,326 | ||||||
Hyakugo Bank Ltd. (The) | 18,000 | 55,503 | ||||||
Iyo Bank Ltd. (The) | 20,000 | 107,184 | ||||||
Juroku Financial Group Inc. | 2,000 | 42,361 | ||||||
Keiyo Bank Ltd. (The) | 10,000 | 44,541 | ||||||
Kiyo Bank Ltd. (The) | 5,000 | 64,123 | ||||||
Kyushu Financial Group Inc. | 32,000 | 114,204 | ||||||
Mebuki Financial Group Inc. | 87,000 | 204,009 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Musashino Bank Ltd. (The) | 2,000 | $ | 33,039 | |||||
Nanto Bank Ltd. (The) | 2,000 | 37,040 | ||||||
Nishi-Nippon Financial Holdings Inc. | 11,000 | 78,613 | ||||||
North Pacific Bank Ltd. | 23,000 | 50,695 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 3,000 | 52,987 | ||||||
Okinawa Financial Group Inc. | 2,000 | 40,867 | ||||||
San-in Godo Bank Ltd. (The) | 13,000 | 76,605 | ||||||
Seven Bank Ltd. | 54,000 | 115,276 | ||||||
Shiga Bank Ltd. (The) | 3,000 | 58,224 | ||||||
Shinsei Bank Ltd. | 6,000 | 112,452 | ||||||
Suruga Bank Ltd. | 14,000 | 54,902 | ||||||
Toho Bank Ltd. (The) | 17,000 | 31,268 | ||||||
TOMONY Holdings Inc. | 12,000 | 35,985 | ||||||
Yamaguchi Financial Group Inc. | 17,500 | 108,040 | ||||||
|
| |||||||
3,095,066 | ||||||||
Beverages — 0.5% | ||||||||
Coca-Cola Bottlers Japan Holdings Inc. | 11,000 | 140,051 | ||||||
Sapporo Holdings Ltd. | 6,000 | 118,687 | ||||||
Takara Holdings Inc. | 13,000 | 129,166 | ||||||
|
| |||||||
387,904 | ||||||||
Biotechnology — 0.6% | ||||||||
AnGes Inc.(a) | 13,000 | 35,793 | ||||||
GNI Group Ltd.(a) | 4,097 | 45,436 | ||||||
HEALIOS K.K.(a) | 2,000 | 22,119 | ||||||
PeptiDream Inc.(a) | 9,000 | 160,199 | ||||||
Pharma Foods International Co. Ltd. | 2,000 | 28,071 | ||||||
SanBio Co. Ltd.(a) | 3,000 | 48,884 | ||||||
Takara Bio Inc. | 4,000 | 83,588 | ||||||
|
| |||||||
424,090 | ||||||||
Building Products — 1.2% | ||||||||
Aica Kogyo Co. Ltd. | 5,000 | 139,993 | ||||||
Bunka Shutter Co. Ltd. | 5,000 | 47,364 | ||||||
Central Glass Co. Ltd. | 3,000 | 53,835 | ||||||
Nichias Corp. | 5,000 | 113,266 | ||||||
Nichiha Corp. | 2,000 | 45,050 | ||||||
Nippon Sheet Glass Co. Ltd.(a) | 8,000 | 33,389 | ||||||
Nitto Boseki Co. Ltd. | 2,000 | 53,139 | ||||||
Noritz Corp. | 2,000 | 26,914 | ||||||
Sanwa Holdings Corp. | 16,000 | 178,811 | ||||||
Sekisui Jushi Corp. | 2,000 | 33,386 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 1,000 | 17,896 | ||||||
Sinko Industries Ltd. | 2,000 | 30,271 | ||||||
Takara Standard Co. Ltd. | 3,000 | 35,633 | ||||||
Takasago Thermal Engineering Co. Ltd. | 4,000 | 67,419 | ||||||
|
| |||||||
876,366 | ||||||||
Capital Markets — 0.7% | ||||||||
GMO Financial Holdings Inc. | 3,000 | 21,315 | ||||||
JAFCO Group Co. Ltd. | 7,000 | 105,294 | ||||||
M&A Capital Partners Co. Ltd.(a) | 1,000 | 43,887 | ||||||
Matsui Securities Co. Ltd. | 10,000 | 70,262 | ||||||
Monex Group Inc. | 14,000 | 63,827 | ||||||
Okasan Securities Group Inc. | 13,000 | 44,248 | ||||||
SPARX Group Co. Ltd. | 8,000 | 17,728 | ||||||
Strike Co. Ltd. | 1,000 | 38,960 | ||||||
Tokai Tokyo Financial Holdings Inc. | 17,000 | 62,154 | ||||||
Uzabase Inc.(a) | 2,000 | 17,363 | ||||||
WealthNavi Inc.(a) | 2,000 | 30,169 | ||||||
|
| |||||||
515,207 |
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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chemicals — 6.6% | ||||||||
ADEKA Corp. | 7,000 | $ | 162,346 | |||||
Air Water Inc. | 16,000 | 232,938 | ||||||
C.I. Takiron Corp. | 4,000 | 19,512 | ||||||
Chugoku Marine Paints Ltd. | 3,000 | 24,043 | ||||||
Daicel Corp. | 23,000 | 176,999 | ||||||
Denka Co. Ltd. | 7,000 | 214,989 | ||||||
DIC Corp. | 7,000 | 159,456 | ||||||
Fujimi Inc. | 2,000 | 119,322 | ||||||
Fujimori Kogyo Co. Ltd. | 1,000 | 34,705 | ||||||
Fuso Chemical Co. Ltd. | 2,000 | 80,704 | ||||||
JCU Corp. | 2,000 | 86,523 | ||||||
JSP Corp. | 1,000 | 14,033 | ||||||
Kaneka Corp. | 4,000 | 130,836 | ||||||
Kanto Denka Kogyo Co. Ltd. | 4,000 | 41,861 | ||||||
KeePer Technical Laboratory Co. Ltd. | 1,000 | 18,889 | ||||||
KH Neochem Co. Ltd. | 3,000 | 74,182 | ||||||
Konishi Co. Ltd. | 3,000 | 41,691 | ||||||
Kumiai Chemical Industry Co. Ltd. | 7,049 | 50,022 | ||||||
Kuraray Co. Ltd. | 27,000 | 253,439 | ||||||
Kureha Corp. | 1,400 | 112,349 | ||||||
Lintec Corp. | 4,000 | 89,162 | ||||||
Nihon Parkerizing Co. Ltd. | 7,000 | 60,209 | ||||||
Nippon Kayaku Co. Ltd. | 12,000 | 118,861 | ||||||
Nippon Shokubai Co. Ltd. | 2,000 | 97,527 | ||||||
Nippon Soda Co. Ltd. | 2,000 | 58,591 | ||||||
NOF Corp. | 6,000 | 261,026 | ||||||
Okamoto Industries Inc. | 1,000 | 34,901 | ||||||
Osaka Organic Chemical Industry Ltd. | 1,000 | 26,473 | ||||||
Osaka Soda Co. Ltd. | 1,000 | 27,362 | ||||||
Sakata INX Corp. | 4,000 | 33,455 | ||||||
Sanyo Chemical Industries Ltd. | 1,000 | 44,677 | ||||||
Shikoku Chemicals Corp. | 3,000 | 38,067 | ||||||
Shin-Etsu Polymer Co. Ltd. | 4,000 | 38,294 | ||||||
Showa Denko KK | 16,000 | 292,489 | ||||||
Sumitomo Bakelite Co. Ltd. | 3,000 | 125,156 | ||||||
T. Hasegawa Co. Ltd. | 3,000 | 62,991 | ||||||
Taiyo Holdings Co. Ltd. | 3,000 | 80,514 | ||||||
Takasago International Corp. | 1,000 | 24,030 | ||||||
Taki Chemical Co. Ltd. | 400 | 16,627 | ||||||
Teijin Ltd. | 16,000 | 192,478 | ||||||
Tenma Corp. | 1,000 | 22,663 | ||||||
Toagosei Co. Ltd. | 9,000 | 85,613 | ||||||
Tokai Carbon Co. Ltd. | 17,000 | 163,171 | ||||||
Tokuyama Corp. | 5,000 | 77,047 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 3,000 | 191,289 | ||||||
Toyo Gosei Co. Ltd. | 400 | 33,568 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 3,000 | 50,286 | ||||||
Toyobo Co. Ltd. | 7,000 | 75,770 | ||||||
Ube Industries Ltd. | 9,000 | 165,886 | ||||||
Zeon Corp. | 12,000 | 140,828 | ||||||
|
| |||||||
4,777,850 | ||||||||
Commercial Services & Supplies — 1.5% | ||||||||
Aeon Delight Co. Ltd. | 2,000 | 51,927 | ||||||
Daiseki Co. Ltd. | 4,012 | 163,441 | ||||||
Duskin Co. Ltd. | 3,000 | 73,238 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 5,000 | 65,597 | ||||||
Kokuyo Co. Ltd. | 7,000 | 98,133 | ||||||
Matsuda Sangyo Co. Ltd. | 1,060 | 22,958 | ||||||
Midac Holdings Co. Ltd. | 1,000 | 20,461 | ||||||
Mitsubishi Pencil Co. Ltd. | 3,000 | 33,526 |
Security | Shares | Value | ||||||
Commercial Services & Supplies (continued) | ||||||||
Nippon Kanzai Co. Ltd. | 2,000 | $ | 49,665 | |||||
Nippon Parking Development Co. Ltd. | 16,000 | 19,523 | ||||||
Okamura Corp. | 5,000 | 51,519 | ||||||
Park24 Co. Ltd.(a) | 10,000 | 149,458 | ||||||
Pilot Corp. | 2,000 | 82,265 | ||||||
Prestige International Inc. | 8,000 | 48,725 | ||||||
Raksul Inc.(a) | 2,000 | 54,631 | ||||||
Sato Holdings Corp. | 2,000 | 35,525 | ||||||
TRE Holdings Corp. | 4,000 | 59,952 | ||||||
|
| |||||||
1,080,544 | ||||||||
Construction & Engineering — 4.1% | ||||||||
Chiyoda Corp.(a) | 14,000 | 43,811 | ||||||
Chudenko Corp. | 2,000 | 38,089 | ||||||
COMSYS Holdings Corp. | 10,000 | 241,821 | ||||||
Dai-Dan Co. Ltd. | 1,000 | 20,308 | ||||||
Daiho Corp. | 1,000 | 31,254 | ||||||
EXEO Group Inc. | 9,000 | 187,347 | ||||||
Hazama Ando Corp. | 12,000 | 96,658 | ||||||
INFRONEER Holdings Inc. | 18,840 | 167,153 | ||||||
JDC Corp. | 4,000 | 18,680 | ||||||
JGC Holdings Corp. | 20,000 | 200,458 | ||||||
JTOWER Inc.(a) | 1,000 | 36,122 | ||||||
Kandenko Co. Ltd. | 9,000 | 68,437 | ||||||
Kinden Corp. | 11,000 | 156,009 | ||||||
Kumagai Gumi Co. Ltd. | 3,000 | 75,418 | ||||||
Kyudenko Corp. | 4,000 | 107,387 | ||||||
Mirait Holdings Corp. | 8,000 | 135,960 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 3,000 | 41,598 | ||||||
Nippon Koei Co. Ltd. | 1,000 | 26,738 | ||||||
Nippon Road Co. Ltd. (The) | 900 | 76,376 | ||||||
Nishimatsu Construction Co. Ltd. | 3,000 | 99,796 | ||||||
Okumura Corp. | 3,000 | 84,725 | ||||||
Penta-Ocean Construction Co. Ltd. | 25,000 | 131,598 | ||||||
Raito Kogyo Co. Ltd. | 4,000 | 68,150 | ||||||
Raiznext Corp. | 2,000 | 19,803 | ||||||
Sanki Engineering Co. Ltd. | 4,000 | 51,909 | ||||||
Shinnihon Corp. | 2,000 | 13,053 | ||||||
SHO-BOND Holdings Co. Ltd. | 4,000 | 179,193 | ||||||
Sumitomo Densetsu Co. Ltd. | 1,000 | 20,152 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 13,000 | 49,942 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,000 | 22,785 | ||||||
Taikisha Ltd. | �� | 2,000 | 54,073 | |||||
Takamatsu Construction Group Co. Ltd. | 1,000 | 17,727 | ||||||
Toa Corp./Tokyo | 1,000 | 22,507 | ||||||
Toda Corp. | 20,000 | 133,554 | ||||||
Toenec Corp. | 1,000 | 30,965 | ||||||
Tokyu Construction Co. Ltd. | 7,040 | 43,635 | ||||||
Totetsu Kogyo Co. Ltd. | 2,000 | 43,673 | ||||||
Toyo Construction Co. Ltd. | 6,000 | 31,264 | ||||||
Yokogawa Bridge Holdings Corp. | 3,000 | 54,801 | ||||||
Yurtec Corp. | 3,000 | 19,258 | ||||||
|
| |||||||
2,962,187 | ||||||||
Construction Materials — 0.5% | ||||||||
Maeda Kosen Co. Ltd. | 2,000 | 57,907 | ||||||
Mitani Sekisan Co. Ltd. | 1,000 | 53,697 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 3,000 | 89,118 | ||||||
Taiheiyo Cement Corp. | 10,000 | 192,284 | ||||||
|
| |||||||
393,006 |
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Consume Finance — 1.0% | ||||||||
AEON Financial Service Co. Ltd. | 10,000 | $ | 102,996 | |||||
Aiful Corp. | 28,000 | 89,773 | ||||||
Credit Saison Co. Ltd. | 13,000 | 146,340 | ||||||
Jaccs Co. Ltd. | 2,000 | 56,483 | ||||||
Marui Group Co. Ltd. | 15,000 | 295,214 | ||||||
Orient Corp. | 47,000 | 51,645 | ||||||
|
| |||||||
742,451 | ||||||||
Containers & Packaging — 0.7% | ||||||||
FP Corp. | 4,100 | 116,503 | ||||||
Fuji Seal International Inc. | 4,000 | 63,207 | ||||||
Pack Corp. (The) | 1,000 | 23,922 | ||||||
Rengo Co. Ltd. | 16,000 | 119,757 | ||||||
Toyo Seikan Group Holdings Ltd. | 13,000 | 173,685 | ||||||
|
| |||||||
497,074 | ||||||||
Distributors — 0.2% | ||||||||
Arata Corp. | 1,000 | 34,857 | ||||||
Doshisha Co. Ltd. | 2,000 | 27,117 | ||||||
Paltac Corp. | 3,000 | 116,742 | ||||||
|
| |||||||
178,716 | ||||||||
Diversified Consumer Services — 0.3% | ||||||||
Benesse Holdings Inc. | 6,000 | 122,210 | ||||||
LITALICO Inc. | 2,000 | 49,771 | ||||||
Riso Kyoiku Co. Ltd. | 10,000 | 31,343 | ||||||
|
| |||||||
203,324 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
eGuarantee Inc. | 3,000 | 53,392 | ||||||
Financial Products Group Co. Ltd. | 6,000 | 44,685 | ||||||
Fuyo General Lease Co. Ltd. | 1,500 | 98,258 | ||||||
Japan Securities Finance Co. Ltd. | 8,000 | 63,832 | ||||||
Mizuho Leasing Co. Ltd. | 2,000 | 54,024 | ||||||
Ricoh Leasing Co. Ltd. | 1,000 | 32,359 | ||||||
Zenkoku Hosho Co. Ltd. | 5,000 | 210,263 | ||||||
|
| |||||||
556,813 | ||||||||
Diversified Telecommunication Services — 0.3% | ||||||||
ARTERIA Networks Corp. | 2,000 | 23,164 | ||||||
Internet Initiative Japan Inc. | 5,000 | 160,691 | ||||||
Usen-Next Holdings Co. Ltd. | 1,000 | 21,169 | ||||||
Vision Inc./Tokyo Japan(a) | 3,000 | 30,479 | ||||||
|
| |||||||
235,503 | ||||||||
Electric Utilities — 1.4% | ||||||||
Chugoku Electric Power Co. Inc. (The) | 26,000 | 203,528 | ||||||
Hokkaido Electric Power Co. Inc. | 16,000 | 70,050 | ||||||
Hokuriku Electric Power Co. | 15,000 | 73,454 | ||||||
Kyushu Electric Power Co. Inc. | 36,000 | 271,489 | ||||||
Okinawa Electric Power Co. Inc. (The) | 4,092 | 51,525 | ||||||
Shikoku Electric Power Co. Inc. | 14,000 | 107,645 | ||||||
Tohoku Electric Power Co. Inc. | 39,000 | 253,243 | ||||||
|
| |||||||
1,030,934 | ||||||||
Electrical Equipment — 1.3% | ||||||||
Daihen Corp. | 2,000 | 75,297 | ||||||
Fujikura Ltd.(a) | 21,000 | 113,544 | ||||||
Furukawa Electric Co. Ltd. | 6,000 | 118,787 | ||||||
GS Yuasa Corp. | 6,000 | 129,198 | ||||||
Idec Corp./Japan | 2,000 | 44,411 | ||||||
Mabuchi Motor Co. Ltd. | 4,000 | 138,277 | ||||||
Nippon Carbon Co. Ltd. | 1,000 | 35,667 | ||||||
Nissin Electric Co. Ltd. | 4,000 | 50,903 | ||||||
Nitto Kogyo Corp. | 2,000 | 28,117 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) | ||||||||
Sanyo Denki Co. Ltd. | 1,000 | $ | 44,319 | |||||
Toyo Tanso Co. Ltd. | 1,000 | 26,978 | ||||||
Ushio Inc. | 8,000 | 130,698 | ||||||
|
| |||||||
936,196 | ||||||||
Electronic Equipment, Instruments & Components — 4.2% | ||||||||
Ai Holdings Corp. | 3,000 | 45,220 | ||||||
Alps Alpine Co. Ltd. | 19,000 | 190,766 | ||||||
Amano Corp. | 5,000 | 98,023 | ||||||
Anritsu Corp. | 12,000 | 168,582 | ||||||
Canon Electronics Inc. | 2,000 | 27,914 | ||||||
Canon Marketing Japan Inc. | 4,000 | 83,601 | ||||||
Citizen Watch Co. Ltd. | 24,000 | 104,546 | ||||||
CONEXIO Corp. | 1,000 | 12,117 | ||||||
Daiwabo Holdings Co. Ltd. | 8,000 | 123,835 | ||||||
Dexerials Corp. | 5,000 | 142,756 | ||||||
ESPEC Corp. | 1,000 | 18,011 | ||||||
Hioki E.E. Corp. | 1,000 | 60,043 | ||||||
Horiba Ltd. | 3,000 | 172,606 | ||||||
Hosiden Corp. | 4,000 | 41,320 | ||||||
Iriso Electronics Co. Ltd. | 2,000 | 71,437 | ||||||
Japan Aviation Electronics Industry Ltd. | 4,000 | 63,038 | ||||||
Japan Display Inc.(a) | 48,000 | 17,659 | ||||||
Kaga Electronics Co. Ltd. | 1,000 | 26,319 | ||||||
Koa Corp. | 3,000 | 38,017 | ||||||
Macnica Fuji Electronics Holdings Inc. | 4,000 | 94,146 | ||||||
Maruwa Co. Ltd./Aichi | 1,000 | 130,595 | ||||||
Meiko Electronics Co. Ltd. | 2,000 | 70,072 | ||||||
Nichicon Corp. | 4,000 | 42,530 | ||||||
Nippon Ceramic Co. Ltd. | 2,000 | 43,969 | ||||||
Nippon Electric Glass Co. Ltd. | 7,000 | 168,496 | ||||||
Nippon Signal Company Ltd. | 4,000 | 30,295 | ||||||
Nissha Co. Ltd. | 3,000 | 34,485 | ||||||
Nohmi Bosai Ltd. | 2,000 | 34,797 | ||||||
Oki Electric Industry Co. Ltd. | 8,000 | 58,944 | ||||||
Optex Group Co. Ltd. | 3,000 | 43,704 | ||||||
Restar Holdings Corp. | 1,000 | 17,280 | ||||||
Riken Keiki Co. Ltd. | 1,000 | 42,188 | ||||||
Ryosan Co. Ltd. | 2,000 | 40,832 | ||||||
Ryoyo Electro Corp. | 1,000 | 19,034 | ||||||
Siix Corp. | 3,000 | 29,336 | ||||||
Taiyo Yuden Co. Ltd. | 10,000 | 452,116 | ||||||
Tamura Corp. | 6,000 | 31,474 | ||||||
Topcon Corp. | 9,000 | 118,676 | ||||||
Yokowo Co. Ltd. | 1,000 | 23,899 | ||||||
|
| |||||||
3,032,678 | ||||||||
Energy Equipment & Services — 0.0% | ||||||||
Modec Inc. | 2,000 | 20,457 | ||||||
|
| |||||||
Entertainment — 0.8% | ||||||||
Avex Inc. | 3,000 | 36,149 | ||||||
Bushiroad Inc.(a) | 1,000 | 10,703 | ||||||
COLOPL Inc. | 5,000 | 28,182 | ||||||
Daiichikosho Co. Ltd. | 3,000 | 91,425 | ||||||
DeNA Co. Ltd. | 8,000 | 122,938 | ||||||
GungHo Online Entertainment Inc. | 4,000 | 88,780 | ||||||
Shochiku Co. Ltd.(a) | 1,000 | 104,176 | ||||||
Toei Co. Ltd. | 500 | 77,776 | ||||||
|
| |||||||
560,129 |
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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 8.6% | ||||||||
Activia Properties Inc. | 60 | $ | 203,648 | |||||
Advance Residence Investment Corp. | 120 | 336,102 | ||||||
AEON REIT Investment Corp. | 140 | 174,568 | ||||||
Comforia Residential REIT Inc. | 60 | 161,951 | ||||||
CRE Logistics REIT Inc. | 50 | 82,911 | ||||||
Daiwa Office Investment Corp. | 30 | 185,508 | ||||||
Daiwa Securities Living Investments Corp. | 170 | 155,334 | ||||||
Frontier Real Estate Investment Corp. | 40 | 164,660 | ||||||
Fukuoka REIT Corp. | 60 | 81,918 | ||||||
Global One Real Estate Investment Corp. | 90 | 86,902 | ||||||
Hankyu Hanshin REIT Inc. | 60 | 75,593 | ||||||
Heiwa Real Estate REIT Inc. | 80 | 96,332 | ||||||
Hoshino Resorts REIT Inc. | 20 | 113,146 | ||||||
Hulic Reit Inc. | 110 | 149,511 | ||||||
Ichigo Office REIT Investment Corp. | 110 | 79,490 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 170 | 255,739 | ||||||
Invincible Investment Corp. | 550 | 188,611 | ||||||
Itochu Advance Logistics Investment Corp. | 50 | 63,787 | ||||||
Japan Excellent Inc. | 110 | 122,825 | ||||||
Japan Hotel REIT Investment Corp. | 400 | 204,702 | ||||||
Japan Logistics Fund Inc. | 70 | 183,698 | ||||||
Japan Prime Realty Investment Corp. | 70 | 227,917 | ||||||
Kenedix Office Investment Corp. | 40 | 237,178 | ||||||
Kenedix Residential Next Investment Corp. | 80 | 131,427 | ||||||
Kenedix Retail REIT Corp. | 50 | 114,060 | ||||||
LaSalle Logiport REIT | 160 | 229,526 | ||||||
Mirai Corp. | 150 | 63,932 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 32 | 118,730 | ||||||
Mitsui Fudosan Logistics Park Inc. | 51 | 232,897 | ||||||
Mori Hills REIT Investment Corp. | 140 | 168,267 | ||||||
Mori Trust Hotel Reit Inc. | 30 | 32,026 | ||||||
Mori Trust Sogo REIT Inc. | 90 | 107,653 | ||||||
Nippon Accommodations Fund Inc. | 40 | 210,499 | ||||||
NIPPON REIT Investment Corp. | 40 | 125,209 | ||||||
NTT UD REIT Investment Corp. | 120 | 157,274 | ||||||
One REIT Inc. | 20 | 49,863 | ||||||
Samty Residential Investment Corp. | 30 | 30,747 | ||||||
Sekisui House Reit Inc. | 360 | 239,238 | ||||||
SOSiLA Logistics REIT Inc. | 60 | 77,196 | ||||||
Star Asia Investment Corp. | 130 | 65,683 | ||||||
Starts Proceed Investment Corp. | 20 | 39,306 | ||||||
Takara Leben Real Estate Investment Corp. | 50 | 49,846 | ||||||
Tokyu REIT Inc. | 70 | 110,003 | ||||||
United Urban Investment Corp. | 260 | 298,095 | ||||||
|
| |||||||
6,283,508 | ||||||||
Food & Staples Retailing — 2.7% | ||||||||
Aeon Hokkaido Corp. | 2,000 | 20,414 | ||||||
Ain Holdings Inc. | 2,200 | 122,763 | ||||||
Arcs Co. Ltd. | 4,000 | 75,757 | ||||||
Axial Retailing Inc. | 1,000 | 28,954 | ||||||
Belc Co. Ltd. | 1,000 | 47,889 | ||||||
Cawachi Ltd. | 1,000 | 21,356 | ||||||
Create SD Holdings Co. Ltd. | 2,000 | 54,862 | ||||||
Daikokutenbussan Co. Ltd. | 500 | 20,759 | ||||||
Fuji Co. Ltd./Ehime | 1,000 | 27,386 | ||||||
G-7 Holdings Inc. | 2,000 | 28,931 | ||||||
Genky DrugStores Co. Ltd. | 1,000 | 34,365 | ||||||
Halows Co. Ltd. | 1,000 | 25,451 | ||||||
Heiwado Co. Ltd. | 3,000 | 52,290 | ||||||
Inageya Co. Ltd. | 2,000 | 25,020 |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
JM Holdings Co. Ltd. | 1,000 | $ | 15,547 | |||||
Kato Sangyo Co. Ltd. | 2,000 | 53,913 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 1,400 | 82,317 | ||||||
Life Corp. | 1,000 | 26,483 | ||||||
MatsukiyoCocokara & Co. | 10,000 | 385,522 | ||||||
Maxvalu Tokai Co. Ltd. | 1,000 | 22,697 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 1,000 | 26,956 | ||||||
Nihon Chouzai Co. Ltd. | 1,000 | 12,116 | ||||||
Qol Holdings Co. Ltd. | 2,000 | 22,374 | ||||||
Retail Partners Co. Ltd. | 2,000 | 22,386 | ||||||
San-A Co. Ltd. | 2,000 | 74,260 | ||||||
Shoei Foods Corp. | 1,000 | 36,784 | ||||||
Sugi Holdings Co. Ltd. | 3,000 | 170,907 | ||||||
Sundrug Co. Ltd. | 6,000 | 163,331 | ||||||
United Super Markets Holdings Inc. | 5,000 | 46,184 | ||||||
Valor Holdings Co. Ltd. | 3,000 | 58,101 | ||||||
Yaoko Co. Ltd. | 2,000 | 114,593 | ||||||
Yokorei Co. Ltd. | 4,000 | 30,409 | ||||||
|
| |||||||
1,951,077 | ||||||||
Food Products — 4.0% | ||||||||
Ariake Japan Co. Ltd. | 2,000 | 99,872 | ||||||
Calbee Inc. | 8,000 | 179,886 | ||||||
DyDo Group Holdings Inc. | 1,000 | 44,888 | ||||||
Ezaki Glico Co. Ltd. | 4,000 | 136,457 | ||||||
Fuji Oil Holdings Inc. | 4,000 | 77,599 | ||||||
Fujicco Co. Ltd. | 2,000 | 34,780 | ||||||
Fujiya Co. Ltd. | 1,000 | 22,235 | ||||||
Hokuto Corp. | 2,000 | 34,310 | ||||||
House Foods Group Inc. | 5,000 | 129,262 | ||||||
Itoham Yonekyu Holdings Inc. | 13,000 | 78,117 | ||||||
J-Oil Mills Inc. | 2,000 | 30,231 | ||||||
Kagome Co. Ltd. | 7,000 | 186,872 | ||||||
Kameda Seika Co. Ltd. | 1,000 | 35,933 | ||||||
Kewpie Corp. | 9,000 | 192,110 | ||||||
Kotobuki Spirits Co. Ltd. | 2,000 | 106,668 | ||||||
Maruha Nichiro Corp. | 4,000 | 87,273 | ||||||
Megmilk Snow Brand Co. Ltd. | 4,000 | 70,439 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 1,000 | 17,851 | ||||||
Morinaga & Co. Ltd./Japan | 3,000 | 97,608 | ||||||
Morinaga Milk Industry Co. Ltd. | 3,000 | 150,387 | ||||||
NH Foods Ltd. | 7,000 | 262,729 | ||||||
Nichirei Corp. | 10,000 | 220,358 | ||||||
Nippn Corp., New | 4,000 | 59,338 | ||||||
Nippon Suisan Kaisha Ltd. | 25,000 | 118,384 | ||||||
Nisshin Oillio Group Ltd. (The) | 2,000 | 53,161 | ||||||
Prima Meat Packers Ltd. | 2,000 | 42,219 | ||||||
Riken Vitamin Co. Ltd. | 2,000 | 30,243 | ||||||
S Foods Inc. | 2,000 | 57,511 | ||||||
Sakata Seed Corp. | 2,000 | 58,761 | ||||||
Showa Sangyo Co. Ltd. | 1,000 | 23,843 | ||||||
Yamazaki Baking Co. Ltd. | 11,000 | 148,920 | ||||||
Yukiguni Maitake Co. Ltd. | 2,000 | 20,869 | ||||||
|
| |||||||
2,909,114 | ||||||||
Gas Utilities — 0.6% | ||||||||
Nippon Gas Co. Ltd. | 10,000 | 150,471 | ||||||
Saibu Gas Holdings Co. Ltd. | 2,000 | 39,956 | ||||||
Shizuoka Gas Co. Ltd. | 4,000 | 30,196 | ||||||
Toho Gas Co. Ltd. | 7,000 | 187,227 | ||||||
|
| |||||||
407,850 |
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies — 1.5% | ||||||||
CYBERDYNE Inc.(a)(b) | 10,000 | $ | 30,209 | |||||
Eiken Chemical Co. Ltd. | 3,000 | 45,579 | ||||||
Hogy Medical Co. Ltd. | 2,000 | 58,324 | ||||||
Japan Lifeline Co. Ltd. | 6,000 | 57,309 | ||||||
Jeol Ltd. | 3,000 | 174,949 | ||||||
Mani Inc. | 7,000 | 99,041 | ||||||
Menicon Co. Ltd. | 5,000 | 130,810 | ||||||
Nagaileben Co. Ltd. | 2,000 | 38,207 | ||||||
Nakanishi Inc. | 6,000 | 112,143 | ||||||
Nihon Kohden Corp. | 7,000 | 190,990 | ||||||
Nipro Corp. | 12,000 | 114,600 | ||||||
Paramount Bed Holdings Co. Ltd. | 3,000 | 52,883 | ||||||
|
| |||||||
1,105,044 | ||||||||
Health Care Providers & Services — 1.5% | ||||||||
Alfresa Holdings Corp. | 17,000 | 261,618 | ||||||
As One Corp. | 2,400 | 145,086 | ||||||
BML Inc. | 2,000 | 58,013 | ||||||
Elan Corp. | 3,000 | 25,556 | ||||||
H.U. Group Holdings Inc. | 5,000 | 132,331 | ||||||
Japan Medical Dynamic Marketing Inc. | 1,000 | 14,007 | ||||||
Ship Healthcare Holdings Inc. | 7,000 | 139,339 | ||||||
Solasto Corp. | 5,000 | 44,770 | ||||||
Suzuken Co. Ltd. | 6,000 | 193,417 | ||||||
Toho Holdings Co. Ltd. | 5,000 | 82,265 | ||||||
Tokai Corp./Gifu | 2,000 | 32,766 | ||||||
|
| |||||||
1,129,168 | ||||||||
Health Care Technology — 0.3% | ||||||||
EM Systems Co. Ltd. | 3,000 | 18,844 | ||||||
JMDC Inc.(a) | 2,200 | 122,102 | ||||||
Medical Data Vision Co. Ltd. | 2,000 | 18,729 | ||||||
Medley Inc.(a) | 2,000 | 39,131 | ||||||
MedPeer Inc.(a) | 1,000 | 27,817 | ||||||
|
| |||||||
226,623 | ||||||||
Hotels, Restaurants & Leisure — 3.5% | ||||||||
Airtrip Corp. | 1,000 | 27,045 | ||||||
Arcland Service Holdings Co. Ltd. | 1,000 | 19,779 | ||||||
Atom Corp. | 10,000 | 67,155 | ||||||
Colowide Co. Ltd. | 7,000 | 105,343 | ||||||
Create Restaurants Holdings Inc. | 10,000 | 63,054 | ||||||
Curves Holdings Co. Ltd. | 5,000 | 30,815 | ||||||
Doutor Nichires Holdings Co. Ltd. | 3,000 | 42,300 | ||||||
Food & Life Companies Ltd. | 10,000 | 332,870 | ||||||
Fuji Kyuko Co. Ltd. | 2,000 | 69,978 | ||||||
Fujio Food Group Inc. | 1,000 | 11,433 | ||||||
Hiday Hidaka Corp. | 2,084 | 32,518 | ||||||
HIS Co. Ltd.(a) | 4,000 | 68,851 | ||||||
Ichibanya Co. Ltd. | 1,000 | 40,704 | ||||||
Kappa Create Co. Ltd.(a) | 2,000 | 24,168 | ||||||
KFC Holdings Japan Ltd. | 1,000 | 25,305 | ||||||
Kisoji Co. Ltd. | 2,000 | 37,637 | ||||||
KOMEDA Holdings Co. Ltd. | 4,000 | 73,620 | ||||||
Koshidaka Holdings Co. Ltd. | 4,000 | 22,220 | ||||||
Kura Sushi Inc. | 2,000 | 64,672 | ||||||
Kyoritsu Maintenance Co. Ltd. | 3,080 | 114,100 | ||||||
Matsuyafoods Holdings Co. Ltd. | 1,000 | 32,067 | ||||||
Monogatari Corp. (The) | 1,000 | 55,298 | ||||||
MOS Food Services Inc. | 2,000 | 53,033 | ||||||
Ohsho Food Service Corp. | 1,000 | 52,637 | ||||||
Open Door Inc.(a) | 1,000 | 16,943 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Plenus Co. Ltd. | 2,000 | $ | 34,795 | |||||
Resorttrust Inc. | 7,000 | 118,204 | ||||||
Ringer Hut Co. Ltd. | 2,000 | 39,036 | ||||||
Round One Corp. | 5,000 | 56,172 | ||||||
Royal Holdings Co. Ltd. | 2,000 | 34,307 | ||||||
Saizeriya Co. Ltd. | 3,000 | 76,720 | ||||||
Skylark Holdings Co. Ltd. | 20,000 | 262,426 | ||||||
Tokyotokeiba Co. Ltd. | 1,000 | 35,538 | ||||||
Toridoll Holdings Corp. | 4,000 | 84,994 | ||||||
Tosho Co. Ltd. | 1,000 | 15,124 | ||||||
Yoshinoya Holdings Co. Ltd. | 6,000 | 124,796 | ||||||
Zensho Holdings Co. Ltd. | 8,000 | 192,182 | ||||||
|
| |||||||
2,557,839 | ||||||||
Household Durables — 2.1% | ||||||||
Casio Computer Co. Ltd. | 17,000 | 199,179 | ||||||
Chofu Seisakusho Co. Ltd. | 1,000 | 17,401 | ||||||
ES-Con Japan Ltd. | 3,000 | 19,801 | ||||||
Fujitsu General Ltd. | 5,000 | 108,428 | ||||||
Haseko Corp. | 23,000 | 293,593 | ||||||
Ki-Star Real Estate Co. Ltd. | 1,000 | 44,182 | ||||||
Nagawa Co. Ltd. | 1,000 | 84,818 | ||||||
Nikon Corp. | 27,000 | 282,226 | ||||||
Pressance Corp. | 2,000 | 31,352 | ||||||
Sangetsu Corp. | 4,000 | 56,104 | ||||||
Sumitomo Forestry Co. Ltd. | 13,000 | 250,686 | ||||||
Tama Home Co. Ltd. | 1,000 | 20,143 | ||||||
Tamron Co. Ltd. | 1,000 | 20,550 | ||||||
Token Corp. | 1,000 | 79,207 | ||||||
Zojirushi Corp. | 3,000 | 37,909 | ||||||
|
| |||||||
1,545,579 | ||||||||
Household Products — 0.3% | ||||||||
Earth Corp. | 1,000 | 48,917 | ||||||
Pigeon Corp. | 10,000 | 184,137 | ||||||
|
| |||||||
233,054 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Electric Power Development Co. Ltd. | 13,000 | 206,260 | ||||||
eRex Co. Ltd. | 2,000 | 32,316 | ||||||
RENOVA Inc.(a) | 3,000 | 37,419 | ||||||
West Holdings Corp. | 2,080 | 78,542 | ||||||
|
| |||||||
354,537 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
Katakura Industries Co. Ltd. | 2,000 | 40,941 | ||||||
Keihan Holdings Co. Ltd. | 9,000 | 240,175 | ||||||
Mie Kotsu Group Holdings Inc. | 4,000 | 16,135 | ||||||
Nisshinbo Holdings Inc. | 13,000 | 114,750 | ||||||
Noritsu Koki Co. Ltd. | 2,000 | 35,978 | ||||||
TOKAI Holdings Corp. | 9,000 | 71,630 | ||||||
|
| |||||||
519,609 | ||||||||
Insurance — 0.1% | ||||||||
Anicom Holdings Inc. | 7,000 | 45,083 | ||||||
LIFENET INSURANCE CO.(a) | 4,000 | 20,175 | ||||||
|
| |||||||
65,258 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Bengo4.com Inc.(a) | 1,000 | 37,705 | ||||||
Dip Corp. | 3,000 | 89,011 | ||||||
giftee Inc.(a) | 1,000 | 7,486 | ||||||
Gree Inc. | 10,000 | 82,317 |
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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) | ||||||||
Mixi Inc. | 4,000 | $ | 77,804 | |||||
|
| |||||||
294,323 | ||||||||
Internet & Direct Marketing Retail — 0.2% | ||||||||
ASKUL Corp. | 3,000 | 43,568 | ||||||
Belluna Co. Ltd. | 4,000 | 25,725 | ||||||
Demae-Can Co. Ltd.(a) | 4,000 | 25,828 | ||||||
Media Do Co. Ltd. | 1,000 | 21,917 | ||||||
Oisix ra daichi Inc.(a) | 2,000 | 44,929 | ||||||
|
| |||||||
161,967 | ||||||||
IT Services — 2.8% | ||||||||
Argo Graphics Inc. | 1,000 | 27,768 | ||||||
BASE Inc.(a) | 7,000 | 25,658 | ||||||
Bell System24 Holdings Inc. | 3,000 | 35,023 | ||||||
Change Inc.(a) | 3,000 | 46,334 | ||||||
Comture Corp. | 2,000 | 51,496 | ||||||
Digital Garage Inc. | 3,000 | 104,492 | ||||||
DTS Corp. | 3,000 | 71,881 | ||||||
Future Corp. | 4,000 | 49,732 | ||||||
GMO GlobalSign Holdings KK | 400 | 15,364 | ||||||
GMO internet Inc. | 6,000 | 136,592 | ||||||
Hennge KK(a) | 1,000 | 7,464 | ||||||
Infocom Corp. | 2,000 | 35,451 | ||||||
Infomart Corp. | 17,000 | 101,293 | ||||||
Information Services International-Dentsu Ltd. | 2,000 | 65,098 | ||||||
JIG-SAW Inc.(a) | 500 | 24,684 | ||||||
Kanematsu Electronics Ltd. | 1,000 | 34,064 | ||||||
Mitsubishi Research Institute Inc. | 1,000 | 33,811 | ||||||
NEC Networks & System Integration Corp. | 6,000 | 92,253 | ||||||
NET One Systems Co. Ltd. | 8,000 | 196,828 | ||||||
Nihon Unisys Ltd. | 6,000 | 164,377 | ||||||
NS Solutions Corp. | 3,000 | 95,548 | ||||||
NSD Co. Ltd. | 6,000 | 112,657 | ||||||
Oro Co. Ltd. | 1,000 | 20,887 | ||||||
Relia Inc. | 3,000 | 27,580 | ||||||
SB Technology Corp. | 1,000 | 22,911 | ||||||
SHIFT Inc.(a) | 1,000 | 193,838 | ||||||
TechMatrix Corp. | 3,000 | 46,937 | ||||||
TKC Corp. | 3,000 | 81,908 | ||||||
Transcosmos Inc. | 2,000 | 55,314 | ||||||
Uchida Yoko Co. Ltd. | 1,000 | 41,540 | ||||||
Zuken Inc. | 1,000 | 28,102 | ||||||
|
| |||||||
2,046,885 | ||||||||
Leisure Products — 1.1% | ||||||||
GLOBERIDE Inc. | 1,000 | 25,051 | ||||||
Heiwa Corp. | 5,016 | 84,621 | ||||||
Mizuno Corp. | 2,000 | 39,522 | ||||||
Roland Corp. | 1,000 | 33,892 | ||||||
Sankyo Co. Ltd. | 4,000 | 111,672 | ||||||
Sega Sammy Holdings Inc. | 15,000 | 273,591 | ||||||
Snow Peak Inc. | 2,000 | 49,427 | ||||||
Tomy Co. Ltd. | 7,000 | 76,555 | ||||||
Universal Entertainment Corp.(a) | 2,000 | 41,140 | ||||||
Yonex Co. Ltd. | 5,000 | 39,811 | ||||||
|
| |||||||
775,282 | ||||||||
Life Sciences Tools & Services — 0.0% | ||||||||
CellSource Co. Ltd.(a) | 1,000 | 30,541 | ||||||
|
| |||||||
Machinery — 7.1% | ||||||||
Aichi Corp. | 2,000 | 15,354 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Aida Engineering Ltd. | 4,000 | $ | 34,634 | |||||
Amada Co. Ltd. | 30,000 | 265,823 | ||||||
CKD Corp. | 5,000 | 87,206 | ||||||
Daiwa Industries Ltd. | 3,000 | 28,989 | ||||||
DMG Mori Co. Ltd. | 10,000 | 139,693 | ||||||
Ebara Corp. | 9,000 | 469,721 | ||||||
Fuji Corp./Aichi | 6,000 | 122,013 | ||||||
Fujitec Co. Ltd. | 6,000 | 143,844 | ||||||
Fukushima Galilei Co. Ltd. | 1,000 | 34,413 | ||||||
Furukawa Co. Ltd. | 3,000 | 34,755 | ||||||
Giken Ltd. | 1,000 | 31,146 | ||||||
Glory Ltd. | 4,000 | 72,546 | ||||||
Harmonic Drive Systems Inc. | 4,000 | 163,615 | ||||||
Hirata Corp. | 1,000 | 45,628 | ||||||
Hitachi Zosen Corp. | 14,000 | 97,044 | ||||||
Hosokawa Micron Corp. | 1,000 | 23,395 | ||||||
IHI Corp. | 12,000 | 277,714 | ||||||
Japan Steel Works Ltd. (The) | 5,000 | 163,291 | ||||||
Kawasaki Heavy Industries Ltd. | 13,000 | 239,845 | ||||||
Kitz Corp. | 5,000 | 28,537 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,000 | 37,876 | ||||||
Makino Milling Machine Co. Ltd. | 2,000 | 65,312 | ||||||
Max Co. Ltd. | 2,000 | 30,856 | ||||||
Meidensha Corp. | 3,000 | 58,727 | ||||||
METAWATER Co. Ltd. | 2,000 | 36,919 | ||||||
Mitsubishi Logisnext Co. Ltd. | 2,000 | 16,241 | ||||||
Mitsuboshi Belting Ltd. | 2,000 | 37,699 | ||||||
Morita Holdings Corp. | 3,000 | 32,001 | ||||||
Nabtesco Corp. | 10,000 | 277,155 | ||||||
Nachi-Fujikoshi Corp. | 1,000 | 36,361 | ||||||
Nikkiso Co. Ltd. | 4,000 | 27,711 | ||||||
Nissei ASB Machine Co. Ltd. | 1,000 | 26,239 | ||||||
Nitta Corp. | 2,000 | 48,483 | ||||||
Nittoku Co. Ltd. | 1,000 | 23,123 | ||||||
Noritake Co. Ltd./Nagoya Japan | 1,000 | 39,934 | ||||||
NSK Ltd. | 34,000 | 219,355 | ||||||
NTN Corp.(a) | 36,000 | 68,095 | ||||||
Obara Group Inc. | 1,000 | 27,036 | ||||||
Oiles Corp. | 2,096 | 29,240 | ||||||
OKUMA Corp. | 2,000 | �� | 81,569 | |||||
Organo Corp. | 1,000 | 71,178 | ||||||
OSG Corp. | 7,000 | 116,993 | ||||||
Shibaura Machine Co. Ltd. | 2,000 | 53,402 | ||||||
Shibuya Corp. | 1,000 | 21,517 | ||||||
Shima Seiki Manufacturing Ltd. | 2,000 | 31,132 | ||||||
Shinmaywa Industries Ltd. | 5,000 | 40,633 | ||||||
Sodick Co. Ltd. | 4,000 | 27,106 | ||||||
Star Micronics Co. Ltd. | 3,000 | 38,273 | ||||||
Sumitomo Heavy Industries Ltd. | 10,000 | 242,308 | ||||||
Tadano Ltd. | 9,000 | 76,847 | ||||||
Takeuchi Manufacturing Co. Ltd. | 3,000 | 67,066 | ||||||
Takuma Co. Ltd. | 6,000 | 76,253 | ||||||
Teikoku Sen-I Co. Ltd. | 2,000 | 33,160 | ||||||
THK Co. Ltd. | 10,000 | 229,730 | ||||||
Tocalo Co. Ltd. | 5,000 | 58,718 | ||||||
Tsubaki Nakashima Co. Ltd. | 4,000 | 34,011 | ||||||
Tsubakimoto Chain Co. | 2,000 | 57,196 | ||||||
Tsugami Corp. | 3,000 | 33,261 | ||||||
Tsukishima Kikai Co. Ltd. | 2,000 | 18,229 | ||||||
Union Tool Co. | 1,000 | 32,374 |
20 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
YAMABIKO Corp. | 3,000 | $ | 34,744 | |||||
|
| |||||||
5,133,269 | ||||||||
Marine — 0.5% | ||||||||
Iino Kaiun Kaisha Ltd. | 7,000 | 54,147 | ||||||
Kawasaki Kisen Kaisha Ltd.(a) | 4,000 | 281,808 | ||||||
NS United Kaiun Kaisha Ltd. | 1,000 | 36,547 | ||||||
|
| |||||||
372,502 | ||||||||
Media — 0.8% | ||||||||
Direct Marketing MiX Inc. | 2,000 | 27,995 | ||||||
Fuji Media Holdings Inc. | 4,000 | 43,415 | ||||||
Gakken Holdings Co. Ltd. | 2,000 | 17,984 | ||||||
Kadokawa Corp. | 8,016 | 203,427 | ||||||
Nippon Television Holdings Inc. | 5,000 | 57,199 | ||||||
Proto Corp. | 2,000 | 20,128 | ||||||
Septeni Holdings Co. Ltd. | 6,000 | 33,625 | ||||||
SKY Perfect JSAT Holdings Inc. | 13,000 | 48,886 | ||||||
TBS Holdings Inc. | 3,000 | 48,576 | ||||||
TV Asahi Holdings Corp. | 2,000 | 27,335 | ||||||
ValueCommerce Co. Ltd. | 1,000 | 31,297 | ||||||
Vector Inc. | 3,000 | 29,117 | ||||||
Zenrin Co. Ltd. | 3,000 | 29,179 | ||||||
|
| |||||||
618,163 | ||||||||
Metals & Mining — 2.1% | ||||||||
Aichi Steel Corp. | 1,000 | 22,922 | ||||||
Asahi Holdings Inc. | 7,000 | 135,943 | ||||||
Daido Steel Co. Ltd. | 2,000 | 71,922 | ||||||
Daiki Aluminium Industry Co. Ltd. | 2,000 | 30,315 | ||||||
Dowa Holdings Co. Ltd. | 4,000 | 180,522 | ||||||
Kobe Steel Ltd. | 30,000 | 159,324 | ||||||
Kyoei Steel Ltd. | 2,000 | 27,684 | ||||||
Maruichi Steel Tube Ltd. | 5,000 | 124,098 | ||||||
Mitsubishi Materials Corp. | 10,000 | 179,993 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 5,000 | 146,413 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 5,000 | 80,124 | ||||||
Sanyo Special Steel Co. Ltd. | 2,000 | 37,053 | ||||||
Toho Titanium Co. Ltd. | 3,000 | 28,426 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 8,000 | 78,270 | ||||||
UACJ Corp.(a) | 3,014 | 61,786 | ||||||
Yamato Kogyo Co. Ltd. | 4,000 | 128,622 | ||||||
Yodogawa Steel Works Ltd. | 2,000 | 48,035 | ||||||
|
| |||||||
1,541,452 | ||||||||
Multiline Retail — 1.1% | ||||||||
H2O Retailing Corp. | 8,035 | 60,080 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 30,000 | 241,936 | ||||||
Izumi Co. Ltd. | 3,000 | 83,881 | ||||||
J Front Retailing Co. Ltd. | 22,000 | 184,268 | ||||||
Kintetsu Department Store Co. Ltd.(a) | 1,000 | 21,984 | ||||||
Matsuya Co. Ltd.(a) | 2,000 | 12,038 | ||||||
Seria Co. Ltd. | 4,000 | 102,620 | ||||||
Takashimaya Co. Ltd. | 13,000 | 126,892 | ||||||
|
| |||||||
833,699 | ||||||||
Oil, Gas & Consumable Fuels — 0.7% |
| |||||||
Cosmo Energy Holdings Co. Ltd. | 5,000 | 113,014 | ||||||
Itochu Enex Co. Ltd. | 4,000 | 36,401 | ||||||
Iwatani Corp. | 4,200 | 199,619 | ||||||
Japan Petroleum Exploration Co. Ltd. | 3,000 | 71,211 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 3,000 | 28,265 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
San-Ai Oil Co. Ltd. | 5,000 | $ | 41,571 | |||||
|
| |||||||
490,081 | ||||||||
Paper & Forest Products — 0.4% | ||||||||
Daiken Corp. | 1,000 | 19,558 | ||||||
Daio Paper Corp. | 7,000 | 103,992 | ||||||
Hokuetsu Corp. | 11,000 | 68,597 | ||||||
Nippon Paper Industries Co. Ltd. | 9,000 | 85,907 | ||||||
Tokushu Tokai Paper Co. Ltd. | 1,000 | 28,859 | ||||||
|
| |||||||
306,913 | ||||||||
Personal Products — 1.1% | ||||||||
Euglena Co. Ltd.(a) | 9,000 | 60,026 | ||||||
Fancl Corp. | 7,000 | 198,751 | ||||||
Kitanotatsujin Corp. | 6,000 | 11,754 | ||||||
Mandom Corp. | 3,000 | 35,975 | ||||||
Milbon Co. Ltd. | 2,000 | 105,884 | ||||||
Noevir Holdings Co. Ltd. | 1,000 | 45,070 | ||||||
Premier Anti-Aging Co. Ltd.(a) | 300 | 16,965 | ||||||
Rohto Pharmaceutical Co. Ltd. | 8,000 | 268,335 | ||||||
YA-MAN Ltd. | 3,000 | 24,890 | ||||||
|
| |||||||
767,650 | ||||||||
Pharmaceuticals — 1.5% | ||||||||
Hisamitsu Pharmaceutical Co. Inc. | 5,000 | 159,772 | ||||||
JCR Pharmaceuticals Co. Ltd. | 6,000 | 114,534 | ||||||
Kaken Pharmaceutical Co. Ltd. | 3,000 | 110,257 | ||||||
Kissei Pharmaceutical Co. Ltd. | 2,000 | 42,277 | ||||||
KYORIN Holdings Inc. | 4,000 | 65,091 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,000 | 66,785 | ||||||
Nichi-Iko Pharmaceutical Co. Ltd. | 5,050 | 37,137 | ||||||
Sawai Group Holdings Co. Ltd. | 3,000 | 119,228 | ||||||
Seikagaku Corp. | 3,000 | 23,809 | ||||||
Sosei Group Corp.(a) | 7,000 | 87,288 | ||||||
Torii Pharmaceutical Co. Ltd. | 1,000 | 25,429 | ||||||
Towa Pharmaceutical Co. Ltd. | 2,000 | 51,828 | ||||||
Tsumura & Co. | 5,000 | 138,874 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 2,000 | 34,508 | ||||||
|
| |||||||
1,076,817 | ||||||||
Professional Services — 2.6% | ||||||||
Altech Corp. | 1,080 | 18,228 | ||||||
BayCurrent Consulting Inc. | 1,200 | 479,872 | ||||||
BeNext-Yumeshin Group Co. | 5,016 | 71,454 | ||||||
en Japan Inc. | 3,000 | 79,247 | ||||||
Fullcast Holdings Co. Ltd. | 2,000 | 41,291 | ||||||
Funai Soken Holdings Inc. | 3,000 | 58,335 | ||||||
Insource Co. Ltd. | 2,000 | 34,425 | ||||||
IR Japan Holdings Ltd. | 1,000 | 35,662 | ||||||
JAC Recruitment Co. Ltd. | 1,000 | 15,939 | ||||||
Link And Motivation Inc. | 3,000 | 10,884 | ||||||
Makuake Inc.(a) | 400 | 6,385 | ||||||
Meitec Corp. | 2,000 | 118,031 | ||||||
Nomura Co. Ltd. | 7,000 | 56,613 | ||||||
Outsourcing Inc. | 10,000 | 123,945 | ||||||
Pasona Group Inc. | 2,000 | 44,007 | ||||||
SMS Co. Ltd. | 6,000 | 163,418 | ||||||
S-Pool Inc. | 6,000 | 52,871 | ||||||
TechnoPro Holdings Inc. | 10,000 | 290,356 | ||||||
UT Group Co. Ltd. | 2,000 | 60,855 | ||||||
Visional Inc.(a) | 1,000 | 73,119 | ||||||
WDB Holdings Co. Ltd. | 1,000 | 22,680 | ||||||
Weathernews Inc. | 400 | 27,737 |
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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Professional Services (continued) | ||||||||
World Holdings Co. Ltd. | 1,000 | $ | 18,753 | |||||
|
| |||||||
1,904,107 | ||||||||
Real Estate Management & Development — 2.0% | ||||||||
Aeon Mall Co. Ltd. | 9,000 | 126,558 | ||||||
Goldcrest Co. Ltd. | 1,000 | 16,234 | ||||||
Heiwa Real Estate Co. Ltd. | 3,000 | 107,270 | ||||||
Ichigo Inc. | 22,000 | 51,194 | ||||||
Katitas Co. Ltd. | 5,000 | 157,828 | ||||||
Keihanshin Building Co. Ltd. | 3,000 | 38,992 | ||||||
Leopalace21 Corp.(a) | 18,000 | 32,029 | ||||||
Relo Group Inc. | 10,000 | 150,510 | ||||||
SAMTY Co. Ltd. | 2,000 | 37,930 | ||||||
SRE Holdings Corp.(a) | 600 | 19,462 | ||||||
Starts Corp. Inc. | 3,000 | 67,800 | ||||||
Sun Frontier Fudousan Co. Ltd. | 2,000 | 18,805 | ||||||
TKP Corp.(a) | 1,000 | 12,623 | ||||||
TOC Co. Ltd. | 3,000 | 18,608 | ||||||
Tokyo Tatemono Co. Ltd. | 17,000 | 260,602 | ||||||
Tokyu Fudosan Holdings Corp. | 55,000 | 305,109 | ||||||
Tosei Corp. | 3,000 | 28,590 | ||||||
|
| |||||||
1,450,144 | ||||||||
Road & Rail — 3.2% | ||||||||
Fukuyama Transporting Co. Ltd. | 2,000 | 69,068 | ||||||
Hamakyorex Co. Ltd. | 1,000 | 25,336 | ||||||
Hitachi Transport System Ltd. | 4,000 | 211,982 | ||||||
Keikyu Corp. | 20,000 | 209,563 | ||||||
Kyushu Railway Co. | 12,000 | 265,488 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,000 | 27,830 | ||||||
Nagoya Railroad Co. Ltd.(a) | 17,000 | 312,184 | ||||||
Nankai Electric Railway Co. Ltd. | 9,000 | 183,515 | ||||||
Nikkon Holdings Co. Ltd. | 5,000 | 95,242 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 5,000 | 113,335 | ||||||
Sakai Moving Service Co. Ltd. | 1,000 | 38,507 | ||||||
Sankyu Inc. | 5,000 | 173,364 | ||||||
Seibu Holdings Inc.(a) | 20,000 | 209,298 | ||||||
Seino Holdings Co. Ltd. | 11,000 | 115,073 | ||||||
Senko Group Holdings Co. Ltd. | 10,000 | 82,143 | ||||||
Sotetsu Holdings Inc.(a) | 7,000 | 132,874 | ||||||
Trancom Co. Ltd. | 1,000 | 63,562 | ||||||
|
| |||||||
2,328,364 | ||||||||
Semiconductors & Semiconductor Equipment — 2.3% |
| |||||||
Ferrotec Holdings Corp. | 4,000 | 84,652 | ||||||
Japan Material Co. Ltd. | 6,000 | 88,064 | ||||||
Megachips Corp. | 1,000 | 31,874 | ||||||
Micronics Japan Co. Ltd. | 2,000 | 28,805 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 1,000 | 21,342 | ||||||
Mitsui High-Tec Inc. | 2,000 | 147,516 | ||||||
Optorun Co. Ltd. | 2,000 | 32,383 | ||||||
Rorze Corp. | 1,000 | 95,052 | ||||||
RS Technologies Co. Ltd. | 1,000 | 48,884 | ||||||
Sanken Electric Co. Ltd. | 2,000 | 90,793 | ||||||
SCREEN Holdings Co. Ltd. | 3,408 | 336,327 | ||||||
Shinko Electric Industries Co. Ltd. | 6,000 | 256,265 | ||||||
Tokyo Seimitsu Co. Ltd. | 3,000 | 124,912 | ||||||
Tri Chemical Laboratories Inc. | 2,300 | 53,987 | ||||||
Ulvac Inc. | 4,000 | 199,653 | ||||||
|
| |||||||
1,640,509 | ||||||||
Software — 1.5% | ||||||||
Alpha Systems Inc. | 1,000 | 32,552 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Broadleaf Co. Ltd. | 8,000 | $ | 24,313 | |||||
Cybozu Inc. | 2,000 | 24,179 | ||||||
Digital Arts Inc. | 1,000 | 56,307 | ||||||
Freee KK(a) | 3,000 | 100,863 | ||||||
Fuji Soft Inc. | 2,000 | 98,073 | ||||||
Fukui Computer Holdings Inc. | 1,000 | 27,502 | ||||||
Justsystems Corp. | 3,000 | 145,966 | ||||||
Miroku Jyoho Service Co. Ltd. | 2,000 | 26,605 | ||||||
Money Forward Inc.(a) | 4,000 | 178,129 | ||||||
OBIC Business Consultants Co. Ltd. | 3,000 | 110,287 | ||||||
Optim Corp.(a) | 1,000 | 8,373 | ||||||
PKSHA Technology Inc.(a) | 1,000 | 17,653 | ||||||
Plaid Inc.(a) | 1,000 | 10,206 | ||||||
Plus Alpha Consulting Co. Ltd. | 1,000 | 20,201 | ||||||
Rakus Co. Ltd. | 6,000 | 99,509 | ||||||
Sansan Inc.(a) | 6,000 | 52,811 | ||||||
Systena Corp. | 24,000 | 87,705 | ||||||
|
| |||||||
1,121,234 | ||||||||
Specialty Retail — 2.6% | ||||||||
ABC-Mart Inc. | 3,000 | 130,171 | ||||||
Adastria Co. Ltd. | 2,000 | 29,486 | ||||||
Alpen Co. Ltd. | 1,000 | 18,432 | ||||||
AOKI Holdings Inc. | 3,000 | 15,653 | ||||||
Arcland Sakamoto Co. Ltd. | 2,000 | 27,371 | ||||||
Autobacs Seven Co. Ltd. | 6,000 | 75,177 | ||||||
Bic Camera Inc. | 8,000 | 69,603 | ||||||
DCM Holdings Co. Ltd. | 11,000 | 106,904 | ||||||
EDION Corp. | 7,000 | 72,977 | ||||||
Geo Holdings Corp. | 2,000 | 26,416 | ||||||
IDOM Inc. | 5,000 | 28,640 | ||||||
JINS Holdings Inc. | 1,000 | 56,194 | ||||||
Joshin Denki Co. Ltd. | 1,000 | 18,259 | ||||||
Joyful Honda Co. Ltd. | 5,000 | 69,495 | ||||||
Keiyo Co. Ltd. | 3,000 | 23,285 | ||||||
Kohnan Shoji Co. Ltd. | 2,000 | 63,599 | ||||||
Komeri Co. Ltd. | 3,000 | 73,765 | ||||||
K’s Holdings Corp. | 15,000 | 162,540 | ||||||
Nafco Co. Ltd. | 1,000 | 14,530 | ||||||
Nextage Co. Ltd. | 4,000 | 85,894 | ||||||
Nishimatsuya Chain Co. Ltd. | 3,000 | 37,415 | ||||||
Nojima Corp. | 3,000 | 66,633 | ||||||
PAL GROUP Holdings Co. Ltd. | 2,000 | 27,753 | ||||||
Sanrio Co. Ltd. | 4,000 | 81,996 | ||||||
Shimamura Co. Ltd. | 2,000 | 181,420 | ||||||
T-Gaia Corp. | 2,000 | 30,248 | ||||||
United Arrows Ltd. | 2,000 | 29,686 | ||||||
VT Holdings Co. Ltd. | 7,000 | 30,047 | ||||||
Xebio Holdings Co. Ltd. | 2,000 | 16,749 | ||||||
Yamada Holdings Co. Ltd. | 62,000 | 215,267 | ||||||
Yellow Hat Ltd. | 3,000 | 42,594 | ||||||
|
| |||||||
1,928,199 | ||||||||
Technology Hardware, Storage & Peripherals — 0.8% |
| |||||||
Eizo Corp. | 1,000 | 32,133 | ||||||
Elecom Co. Ltd. | 4,000 | 55,143 | ||||||
Konica Minolta Inc. | 40,000 | 169,464 | ||||||
Maxell Ltd. | 4,000 | 41,204 | ||||||
MCJ Co. Ltd. | 6,000 | 52,532 | ||||||
Riso Kagaku Corp. | 2,000 | 39,940 | ||||||
Sun Corp. | 1,000 | 15,773 |
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||
Toshiba TEC Corp. | 2,000 | $ | 85,105 | |||||
Wacom Co. Ltd. | 13,000 | 98,719 | ||||||
|
| |||||||
590,013 | ||||||||
Textiles, Apparel & Luxury Goods — 1.0% | ||||||||
Asics Corp. | 14,000 | 280,401 | ||||||
Descente Ltd.(a) | 3,000 | 79,295 | ||||||
Goldwin Inc. | 2,000 | 105,658 | ||||||
Gunze Ltd. | 1,000 | 34,353 | ||||||
Japan Wool Textile Co. Ltd. (The) | 4,000 | 31,495 | ||||||
Onward Holdings Co. Ltd. | 9,000 | 21,569 | ||||||
Seiko Holdings Corp. | 2,000 | 41,796 | ||||||
Seiren Co. Ltd. | 4,000 | 80,306 | ||||||
Wacoal Holdings Corp. | 3,000 | 51,496 | ||||||
|
| |||||||
726,369 | ||||||||
Trading Companies & Distributors — 1.8% | ||||||||
Advan Group Co. Ltd. | 1,000 | 8,235 | ||||||
Daiichi Jitsugyo Co. Ltd | 1,000 | 38,029 | ||||||
Hanwa Co. Ltd. | 3,000 | 87,262 | ||||||
Inaba Denki Sangyo Co. Ltd. | 4,000 | 93,116 | ||||||
Inabata & Co. Ltd. | 4,000 | 80,778 | ||||||
Japan Pulp & Paper Co. Ltd. | 1,000 | 36,663 | ||||||
Kanamoto Co. Ltd. | 3,000 | 59,439 | ||||||
Kanematsu Corp. | 7,000 | 85,461 | ||||||
Nagase & Co. Ltd. | 9,000 | 143,995 | ||||||
Nichiden Corp. | 1,000 | 19,938 | ||||||
Nippon Steel Trading Corp. | 1,044 | 49,523 | ||||||
Nishio Rent All Co. Ltd. | 2,000 | 50,001 | ||||||
Sojitz Corp. | 21,000 | 346,859 | ||||||
Trusco Nakayama Corp. | 4,000 | 87,644 | ||||||
Wakita & Co. Ltd. | 3,000 | 25,953 | ||||||
Yamazen Corp. | 5,000 | 44,815 | ||||||
Yuasa Trading Co. Ltd. | 1,000 | 26,012 | ||||||
|
| |||||||
1,283,723 |
Security | Shares | Value | ||||||
Transportation Infrastructure — 0.9% | ||||||||
Japan Airport Terminal Co. Ltd.(a) | 5,000 | $ | 233,482 | |||||
Kamigumi Co. Ltd. | 9,000 | 174,891 | ||||||
Mitsubishi Logistics Corp. | 5,000 | 119,571 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 5,000 | 92,735 | ||||||
|
| |||||||
620,679 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Okinawa Cellular Telephone Co. | 1,000 | 45,012 | ||||||
|
| |||||||
Total Common Stocks — 99.6% | 72,469,151 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Institutional, | 9,029 | 9,031 | ||||||
BlackRock Cash Funds: Treasury, | 30,000 | 30,000 | ||||||
|
| |||||||
39,031 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.1% | 39,031 | |||||||
|
| |||||||
Total Investments in Securities — 99.7% | 72,508,182 | |||||||
Other Assets, Less Liabilities — 0.3% | 249,704 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 72,757,886 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 9,031 | (a) | $ | — | $ | — | $ | — | $ | 9,031 | 9,029 | $ | 8 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 30,000 | 0 | (a) | — | — | — | 30,000 | 30,000 | 2 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 39,031 | $ | 10 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Japan Small-Cap ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Mini TOPIX Index | 15 | 03/10/22 | $ | 247 | $ | (5,621 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 5,621 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (10,308 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (10,322 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 313,726 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,185,889 | $ | 71,283,262 | $ | — | $ | 72,469,151 | ||||||||
Money Market Funds | 39,031 | — | — | 39,031 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,224,920 | $ | 71,283,262 | $ | — | $ | 72,508,182 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (5,621 | ) | $ | — | $ | (5,621 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
24 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Malaysia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 38.3% | ||||||||
AMMB Holdings Bhd(a) | 4,406,937 | $ | 3,534,335 | |||||
CIMB Group Holdings Bhd | 16,064,212 | 21,882,567 | ||||||
Hong Leong Bank Bhd | 1,572,240 | 7,527,040 | ||||||
Hong Leong Financial Group Bhd | 553,800 | 2,548,390 | ||||||
Malayan Banking Bhd | 11,483,181 | 23,993,621 | ||||||
Public Bank Bhd | 35,199,900 | 37,383,887 | ||||||
RHB Bank Bhd | 4,507,302 | 6,352,120 | ||||||
|
| |||||||
103,221,960 | ||||||||
Beverages — 0.6% | ||||||||
Fraser & Neave Holdings Bhd(b) | 310,200 | 1,669,768 | ||||||
|
| |||||||
Chemicals — 4.9% | ||||||||
Petronas Chemicals Group Bhd | 5,802,700 | 13,198,948 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Telekom Malaysia Bhd | 2,741,300 | 3,303,794 | ||||||
|
| |||||||
Electric Utilities — 4.5% | ||||||||
Tenaga Nasional Bhd | 5,537,812 | 12,105,599 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.1% | ||||||||
Inari Amertron Bhd | 7,149,400 | 5,535,589 | ||||||
|
| |||||||
Energy Equipment & Services — 2.4% | ||||||||
Dialog Group Bhd | 9,555,654 | 6,437,780 | ||||||
|
| |||||||
Food Products — 12.3% | ||||||||
IOI Corp. Bhd | 6,084,130 | 6,685,268 | ||||||
Kuala Lumpur Kepong Bhd | 1,045,500 | 6,474,455 | ||||||
Nestle Malaysia Bhd | 170,000 | 5,432,606 | ||||||
PPB Group Bhd | 1,547,619 | 6,612,906 | ||||||
QL Resources Bhd | 2,640,950 | 3,113,660 | ||||||
Sime Darby Plantation Bhd | 4,180,055 | 4,904,199 | ||||||
|
| |||||||
33,223,094 | ||||||||
Gas Utilities — 3.0% | ||||||||
Petronas Gas Bhd | 1,913,400 | 7,943,287 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 4.0% | ||||||||
Hartalega Holdings Bhd(b) | 4,151,700 | 4,568,502 | ||||||
Top Glove Corp. Bhd(b) | 12,898,300 | 6,297,848 | ||||||
|
| |||||||
10,866,350 | ||||||||
Health Care Providers & Services — 2.5% | ||||||||
IHH Healthcare Bhd | 4,254,100 | 6,674,153 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.0% | ||||||||
Genting Bhd | 5,156,900 | 5,716,193 | ||||||
Genting Malaysia Bhd | 7,183,600 | 5,141,425 | ||||||
|
| |||||||
10,857,618 |
Security | Shares | Value | ||||||
Industrial Conglomerates — 2.3% | ||||||||
HAP Seng Consolidated Bhd(b) | 1,508,700 | $ | 2,723,817 | |||||
Sime Darby Bhd | 6,578,755 | 3,562,650 | ||||||
|
| |||||||
6,286,467 | ||||||||
Marine — 2.1% | ||||||||
MISC Bhd | 3,237,820 | 5,678,973 | ||||||
|
| |||||||
Metals & Mining — 4.7% | ||||||||
Press Metal Aluminium Holdings Bhd | 7,810,600 | 12,706,061 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.4% | ||||||||
Petronas Dagangan Bhd | 721,300 | 3,697,124 | ||||||
|
| |||||||
Transportation Infrastructure — 2.3% | ||||||||
Malaysia Airports Holdings Bhd(a) | 2,613,000 | 3,827,545 | ||||||
Westports Holdings Bhd | 2,483,100 | 2,312,474 | ||||||
|
| |||||||
6,140,019 | ||||||||
Wireless Telecommunication Services — 7.0% | ||||||||
Axiata Group Bhd | 6,655,100 | 6,229,497 | ||||||
DiGi.Com Bhd | 7,519,700 | 7,269,702 | ||||||
Maxis Bhd | 5,678,700 | 5,444,392 | ||||||
|
| |||||||
18,943,591 | ||||||||
Total Common Stocks — 99.6% | 268,490,175 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.4% | ||||||||
BlackRock Cash Funds: Institutional, | 3,426,950 | 3,427,635 | ||||||
BlackRock Cash Funds: Treasury, | 230,000 | 230,000 | ||||||
|
| |||||||
3,657,635 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.4% |
| 3,657,635 | ||||||
|
| |||||||
Total Investments in Securities — 101.0% |
| 272,147,810 | ||||||
Other Assets, Less Liabilities — (1.0)% |
| (2,732,344 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 269,415,466 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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 | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Malaysia ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 8,505,154 | $ | — | $ | (5,076,844 | )(a) | $ | 617 | $ | (1,292 | ) | $ | 3,427,635 | 3,426,950 | $ | 147,531 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 360,000 | — | (130,000 | )(a) | — | — | 230,000 | 230,000 | 13 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 617 | $ | (1,292 | ) | $ | 3,657,635 | $ | 147,544 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 11 | 03/18/22 | $ | 647 | $ | (12,251 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 12,251 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (74,588 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,768 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $668,708 | |||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Malaysia ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 79,284,789 | $ | 189,205,386 | $ | — | $ | 268,490,175 | ||||||||
Money Market Funds | 3,657,635 | — | — | 3,657,635 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 82,942,424 | $ | 189,205,386 | $ | — | $ | 272,147,810 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (12,251 | ) | $ | — | $ | — | $ | (12,251 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 27 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 59.8% | ||||||||
Ampol Ltd. | 273,313 | $ | 5,903,656 | |||||
APA Group | 1,359,563 | 9,939,048 | ||||||
Aristocrat Leisure Ltd. | 692,078 | 18,983,697 | ||||||
ASX Ltd. | 222,319 | 13,352,802 | ||||||
Aurizon Holdings Ltd. | 2,106,208 | 5,372,749 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,237,310 | 61,288,241 | ||||||
BHP Group Ltd. | 5,813,425 | 198,506,148 | ||||||
BlueScope Steel Ltd. | 567,669 | 8,405,960 | ||||||
Brambles Ltd. | 1,647,369 | 11,865,538 | ||||||
Cochlear Ltd. | 75,836 | 12,379,773 | ||||||
Coles Group Ltd. | 1,531,846 | 19,379,517 | ||||||
Commonwealth Bank of Australia | 1,959,571 | 132,944,067 | ||||||
Computershare Ltd. | 623,975 | 9,859,015 | ||||||
Crown Resorts Ltd.(a) | 433,932 | 3,921,786 | ||||||
CSL Ltd. | 549,781 | 104,526,576 | ||||||
Dexus | 1,235,148 | 9,777,408 | ||||||
Domino’s Pizza Enterprises Ltd. | 69,246 | 3,998,415 | ||||||
Endeavour Group Ltd./Australia | 1,540,278 | 8,044,432 | ||||||
Evolution Mining Ltd. | 2,100,565 | 6,495,341 | ||||||
Fortescue Metals Group Ltd. | 1,944,687 | 25,907,775 | ||||||
Goodman Group | 1,930,621 | 31,236,764 | ||||||
GPT Group/The | 2,199,794 | 7,849,031 | ||||||
IDP Education Ltd. | 238,296 | 4,608,547 | ||||||
Insurance Australia Group Ltd. | 2,830,850 | 9,450,678 | ||||||
Lendlease Corp. Ltd. | 788,500 | 6,083,095 | ||||||
Macquarie Group Ltd. | 389,182 | 51,217,615 | ||||||
Medibank Pvt Ltd. | 3,162,617 | 7,294,608 | ||||||
Mineral Resources Ltd. | 195,183 | 6,414,702 | ||||||
Mirvac Group | 4,527,646 | 8,443,671 | ||||||
National Australia Bank Ltd. | 3,757,834 | 78,925,917 | ||||||
Newcrest Mining Ltd. | 939,319 | 17,425,119 | ||||||
Northern Star Resources Ltd. | 1,270,535 | 9,469,279 | ||||||
Orica Ltd. | 465,457 | 4,962,579 | ||||||
Origin Energy Ltd. | 2,022,524 | 8,398,854 | ||||||
Qantas Airways Ltd.(a) | 1,076,753 | 3,989,882 | ||||||
QBE Insurance Group Ltd. | 1,695,584 | 14,149,677 | ||||||
Ramsay Health Care Ltd. | 210,273 | 9,808,753 | ||||||
REA Group Ltd. | 60,564 | 5,837,707 | ||||||
Reece Ltd. | 331,865 | 4,698,283 | ||||||
Rio Tinto Ltd. | 426,294 | 36,762,319 | ||||||
Santos Ltd. | 3,694,966 | 19,678,776 | ||||||
Scentre Group | 5,960,480 | 13,241,810 | ||||||
SEEK Ltd. | 386,110 | 7,537,956 | ||||||
Sonic Healthcare Ltd. | 523,297 | 13,353,282 | ||||||
South32 Ltd. | 5,355,616 | 18,798,277 | ||||||
Stockland | 2,741,359 | 8,295,060 | ||||||
Suncorp Group Ltd. | 1,449,939 | 11,278,676 | ||||||
Tabcorp Holdings Ltd. | 2,556,012 | 9,243,626 | ||||||
Telstra Corp. Ltd. | 4,758,677 | 13,674,689 | ||||||
Transurban Group | 3,525,225 | 32,560,397 | ||||||
Treasury Wine Estates Ltd. | 828,950 | 6,992,350 | ||||||
Vicinity Centres | 4,433,555 | 5,773,109 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 246,935 | 4,530,260 | ||||||
Wesfarmers Ltd. | 1,302,069 | 45,663,378 | ||||||
Westpac Banking Corp. | 4,212,904 | 69,623,471 | ||||||
WiseTech Global Ltd. | 167,397 | 5,359,385 | ||||||
Woodside Petroleum Ltd. | 1,116,800 | 23,336,953 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Woolworths Group Ltd. | 1,391,797 | $ | 35,988,637 | |||||
|
| |||||||
1,342,809,116 | ||||||||
Cayman Islands — 1.3% | ||||||||
CK Hutchison Holdings Ltd. | 3,083,732 | 21,620,239 | ||||||
Grab Holdings Ltd., Class A(a) | 1,246,513 | 7,179,915 | ||||||
|
| |||||||
28,800,154 | ||||||||
Hong Kong — 23.0% | ||||||||
AIA Group Ltd. | 13,891,414 | 144,246,286 | ||||||
BOC Hong Kong Holdings Ltd. | 4,284,500 | 15,403,051 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) | 1,977,100 | 6,136,858 | ||||||
Chow Tai Fook Jewellery Group Ltd.(a) | 2,330,000 | 4,838,334 | ||||||
CK Asset Holdings Ltd. | 2,317,732 | 14,638,896 | ||||||
CK Infrastructure Holdings Ltd. | 770,708 | 4,784,556 | ||||||
CLP Holdings Ltd. | 1,886,000 | 19,213,226 | ||||||
ESR Cayman Ltd.(a)(b) | 2,274,800 | 7,017,817 | ||||||
Futu Holdings Ltd., ADR(a)(c) | 61,722 | 2,638,616 | ||||||
Galaxy Entertainment Group Ltd.(a) | 2,501,000 | 13,948,654 | ||||||
Hang Lung Properties Ltd. | 2,308,736 | 4,839,287 | ||||||
Hang Seng Bank Ltd. | 878,200 | 16,194,964 | ||||||
Henderson Land Development Co. Ltd. | 1,690,442 | 7,028,078 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS | 3,088,000 | 3,046,667 | ||||||
HKT Trust & HKT Ltd., Class SS | 4,350,338 | 5,867,551 | ||||||
Hong Kong & China Gas Co. Ltd. | 12,857,253 | 19,443,333 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,368,500 | 66,312,930 | ||||||
Hongkong Land Holdings Ltd.(c) | 1,324,000 | 7,169,986 | ||||||
Jardine Matheson Holdings Ltd. | 247,700 | 14,738,150 | ||||||
Link REIT | 2,400,786 | 19,400,268 | ||||||
Melco Resorts & Entertainment Ltd., ADR(a) | 251,304 | 2,518,066 | ||||||
MTR Corp. Ltd. | 1,778,286 | 9,217,749 | ||||||
New World Development Co. Ltd. | 1,712,480 | 6,849,305 | ||||||
Power Assets Holdings Ltd. | 1,593,000 | 10,039,925 | ||||||
Sands China Ltd.(a) | 2,788,000 | 7,353,297 | ||||||
Sino Land Co. Ltd. | 3,800,800 | 4,797,365 | ||||||
SITC International Holdings Co. Ltd.(c) | 1,535,000 | 6,329,046 | ||||||
Sun Hung Kai Properties Ltd. | 1,497,500 | 17,409,606 | ||||||
Swire Pacific Ltd., Class A | 579,500 | 3,202,440 | ||||||
Swire Properties Ltd. | 1,363,000 | 3,544,506 | ||||||
Techtronic Industries Co. Ltd. | 1,580,207 | 26,478,037 | ||||||
WH Group Ltd.(b) | 9,577,000 | 6,688,343 | ||||||
Wharf Real Estate Investment Co. Ltd. | 1,920,600 | 8,622,120 | ||||||
Xinyi Glass Holdings Ltd. | 2,081,000 | 5,543,244 | ||||||
|
| |||||||
515,500,557 | ||||||||
Ireland — 0.7% | ||||||||
James Hardie Industries PLC | 511,171 | 16,688,223 | ||||||
|
| |||||||
Malta — 0.0% | ||||||||
BGP Holdings PLC(a)(d) | 27,004,595 | 303 | ||||||
|
| |||||||
New Zealand — 2.1% | ||||||||
Auckland International Airport Ltd.(a) | 1,437,387 | 6,959,861 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 662,668 | 12,452,864 | ||||||
Mercury NZ Ltd. | 791,665 | 3,083,779 | ||||||
Meridian Energy Ltd. | 1,492,579 | 5,067,444 | ||||||
Ryman Healthcare Ltd. | 495,172 | 3,368,104 | ||||||
Spark New Zealand Ltd. | 2,139,767 | 6,569,727 | ||||||
Xero Ltd.(a) | 153,711 | 10,568,860 | ||||||
|
| |||||||
48,070,639 | ||||||||
Singapore — 11.8% | ||||||||
Ascendas Real Estate Investment Trust(c) | 3,853,880 | 7,902,154 |
28 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
CapitaLand Integrated Commercial Trust | 5,590,238 | $ | 8,748,807 | |||||
Capitaland Investment Ltd/Singapore(a) | 3,030,000 | 8,302,987 | ||||||
City Developments Ltd. | 471,700 | 2,496,005 | ||||||
DBS Group Holdings Ltd. | 2,080,100 | 52,293,989 | ||||||
Genting Singapore Ltd. | 6,873,900 | 3,929,612 | ||||||
Keppel Corp. Ltd. | 1,660,100 | 7,390,686 | ||||||
Mapletree Commercial Trust | 2,499,600 | 3,352,029 | ||||||
Mapletree Logistics Trust(c) | 3,633,584 | 4,724,134 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,888,524 | 33,695,694 | ||||||
Sea Ltd., ADR(a) | 367,459 | 53,502,030 | ||||||
Singapore Airlines Ltd.(a)(c) | 1,535,450 | 5,813,956 | ||||||
Singapore Exchange Ltd.(c) | 916,700 | 6,359,869 | ||||||
Singapore Technologies Engineering Ltd. | 1,783,700 | 5,054,868 | ||||||
Singapore Telecommunications Ltd. | 9,482,428 | 17,786,928 | ||||||
United Overseas Bank Ltd. | 1,355,300 | 30,122,055 | ||||||
UOL Group Ltd. | 540,800 | 2,802,676 | ||||||
Venture Corp. Ltd. | 322,600 | 4,208,120 | ||||||
Wilmar International Ltd. | 2,206,000 | 7,169,572 | ||||||
|
| |||||||
265,656,171 | ||||||||
|
| |||||||
Total Common Stocks — 98.7% |
| 2,217,525,163 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, | 7,097,787 | 7,099,206 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 830,000 | $ | 830,000 | |||||
|
| |||||||
7,929,206 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.4% |
| 7,929,206 | ||||||
|
| |||||||
Total Investments in Securities — 99.1% |
| 2,225,454,369 | ||||||
Other Assets, Less Liabilities — 0.9% |
| 21,286,968 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,246,741,337 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 24,751,750 | $ | — | $ | (17,647,440 | )(a) | $ | (4,562 | ) | $ | (542 | ) | $ | 7,099,206 | 7,097,787 | $ | 621,261 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 930,000 | — | (100,000 | )(a) | — | — | 830,000 | 830,000 | 47 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (4,562 | ) | $ | (542 | ) | $ | 7,929,206 | $ | 621,308 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
ASX SPI 200 Index | 195 | 03/17/22 | $ | 24,946 | $ | (124,820 | ) |
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) February 28, 2022 | iShares® MSCI Pacific ex Japan ETF |
Futures Contracts (continued)
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
MSCI Singapore Index | 388 | 03/30/22 | $ | 9,551 | $ | (150,121 | ) | |||||||||
|
| |||||||||||||||
$ | (274,941 | ) | ||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 274,941 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (948,370 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (221,456 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 22,032,648 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 94,330,282 | $ | 2,123,194,578 | $ | 303 | $ | 2,217,525,163 | ||||||||
Money Market Funds | 7,929,206 | — | — | 7,929,206 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 102,259,488 | $ | 2,123,194,578 | $ | 303 | $ | 2,225,454,369 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (274,941 | ) | $ | — | $ | (274,941 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
30 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Singapore ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 3.3% | ||||||||
Singapore Technologies Engineering Ltd. | 7,190,900 | $ | 20,378,455 | |||||
|
| |||||||
Airlines — 3.5% | ||||||||
Singapore Airlines Ltd.(a)(b) | 5,757,367 | 21,800,176 | ||||||
|
| |||||||
Banks — 32.4% | ||||||||
DBS Group Holdings Ltd. | 4,302,700 | 108,170,446 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 7,631,250 | 66,127,987 | ||||||
United Overseas Bank Ltd. | 1,214,100 | 26,983,832 | ||||||
|
| |||||||
201,282,265 | ||||||||
Capital Markets — 3.5% | ||||||||
Singapore Exchange Ltd. | 3,155,700 | 21,893,572 | ||||||
|
| |||||||
Diversified Telecommunication Services — 4.7% | ||||||||
Singapore Telecommunications Ltd. | 15,603,268 | 29,268,264 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.9% | ||||||||
Venture Corp. Ltd. | 1,379,800 | 17,998,651 | ||||||
|
| |||||||
Entertainment — 16.9% | ||||||||
Sea Ltd., ADR(a) | 721,403 | 105,036,277 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 12.6% | ||||||||
Ascendas Real Estate Investment Trust | 13,040,294 | 26,738,355 | ||||||
CapitaLand Integrated Commercial Trust | 9,834,494 | 15,391,132 | ||||||
Mapletree Commercial Trust | 12,284,200 | 16,473,432 | ||||||
Mapletree Logistics Trust | 15,010,913 | 19,516,146 | ||||||
|
| |||||||
78,119,065 | ||||||||
Food Products — 4.0% | ||||||||
Wilmar International Ltd. | 7,577,700 | 24,627,771 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.9% | ||||||||
Genting Singapore Ltd. | 31,061,242 | 17,756,826 | ||||||
|
| |||||||
Industrial Conglomerates — 4.1% | ||||||||
Keppel Corp. Ltd. | 5,790,700 | 25,779,921 | ||||||
|
|
Security | Shares | Value | ||||||
Real Estate Management & Development — 7.0% | ||||||||
Capitaland Investment Ltd/Singapore(a) | 5,255,900 | $ | 14,402,531 | |||||
City Developments Ltd. | 2,706,800 | 14,323,057 | ||||||
UOL Group Ltd. | 2,861,300 | 14,828,581 | ||||||
|
| |||||||
43,554,169 | ||||||||
Road & Rail — 3.3% | ||||||||
Grab Holdings Ltd., Class A(a) | 3,597,596 | 20,722,153 | ||||||
|
| |||||||
Total Common Stocks — 101.1% | 628,217,565 | |||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.2% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e) | 564,659 | 564,772 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 1,030,000 | 1,030,000 | ||||||
|
| |||||||
1,594,772 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.2% |
| 1,594,772 | ||||||
|
| |||||||
Total Investments in Securities — 101.3% |
| 629,812,337 | ||||||
Other Assets, Less Liabilities — (1.3)% |
| (8,339,783 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 621,472,554 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $20,464,697 | $ | — | $ | (19,895,259 | )(a) | $ | (3,093 | ) | $ | (1,573 | ) | $ | 564,772 | 564,659 | $ | 29,474 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 300,000 | 730,000 | (a) | — | — | — | 1,030,000 | 1,030,000 | 24 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | (3,093 | ) | $ | (1,573 | ) | $ | 1,594,772 | $ | 29,498 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Singapore ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Singapore Index | 80 | 03/30/22 | $ | 1,969 | $ | (53,965 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 53,965 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (190,681 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 26,256 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,630,814 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 125,758,430 | $ | 502,459,135 | $ | — | $ | 628,217,565 | ||||||||
Money Market Funds | 1,594,772 | — | — | 1,594,772 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 127,353,202 | $ | 502,459,135 | $ | — | $ | 629,812,337 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (53,965 | ) | $ | — | $ | (53,965 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
32 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Auto Components — 0.4% | ||||||||
Cheng Shin Rubber Industry Co. Ltd.(a) | 22,599,670 | $ | 28,911,765 | |||||
|
| |||||||
Banks — 10.5% | ||||||||
Chang Hwa Commercial Bank Ltd. | 58,965,840 | 37,436,479 | ||||||
CTBC Financial Holding Co. Ltd. | 121,265,325 | 118,534,124 | ||||||
E.Sun Financial Holding Co Ltd(a) | 85,553,789 | 90,434,868 | ||||||
First Financial Holding Co. Ltd. | 76,791,123 | 70,704,462 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 76,068,924 | 60,317,333 | ||||||
Mega Financial Holding Co. Ltd.(a) | 76,193,271 | 102,678,120 | ||||||
Shanghai Commercial & Savings Bank Ltd/The | 28,925,306 | 47,647,105 | ||||||
SinoPac Financial Holdings Co. Ltd. | 99,799,724 | 61,283,125 | ||||||
Taishin Financial Holding Co. Ltd. | 96,580,978 | 67,686,382 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 78,339,460 | 74,319,367 | ||||||
|
| |||||||
731,041,365 | ||||||||
Chemicals — 4.1% | ||||||||
Formosa Chemicals & Fibre Corp. | 25,534,610 | 72,392,480 | ||||||
Formosa Plastics Corp. | 27,003,518 | 101,965,689 | ||||||
Nan Ya Plastics Corp. | 34,563,938 | 109,014,653 | ||||||
|
| |||||||
283,372,822 | ||||||||
Communications Equipment — 0.6% | ||||||||
Accton Technology Corp.(a) | 4,569,000 | 41,434,279 | ||||||
|
| |||||||
Construction Materials — 1.5% | ||||||||
Asia Cement Corp. | 22,683,136 | 36,661,760 | ||||||
Taiwan Cement Corp.(a) | 37,905,646 | 64,349,493 | ||||||
|
| |||||||
101,011,253 | ||||||||
Diversified Financial Services — 2.3% | ||||||||
Chailease Holding Co. Ltd.(a) | 10,197,017 | 92,543,130 | ||||||
Yuanta Financial Holding Co. Ltd. | 74,718,657 | 66,745,620 | ||||||
|
| |||||||
159,288,750 | ||||||||
Diversified Telecommunication Services — 1.6% | ||||||||
Chunghwa Telecom Co. Ltd. | 24,843,648 | 110,420,493 | ||||||
|
| |||||||
Electrical Equipment — 0.4% | ||||||||
Voltronic Power Technology Corp. | 508,000 | 26,382,079 | ||||||
Ya Hsin Industrial Co. Ltd.(b) | 6,845,461 | 2 | ||||||
|
| |||||||
26,382,081 | ||||||||
Electronic Equipment, Instruments & Components — 13.8% | ||||||||
AU Optronics Corp.(a) | 73,182,830 | 54,790,284 | ||||||
Delta Electronics Inc.(a) | 13,273,180 | 118,292,001 | ||||||
E Ink Holdings Inc. | 6,566,000 | 35,386,131 | ||||||
Foxconn Technology Co. Ltd.(a) | 13,884,499 | 31,958,673 | ||||||
Hon Hai Precision Industry Co. Ltd.(a) | 76,038,002 | 282,447,573 | ||||||
Innolux Corp.(a) | 78,492,873 | 47,763,967 | ||||||
Largan Precision Co. Ltd.(a) | 711,794 | 51,728,067 | ||||||
Nan Ya Printed Circuit Board Corp.(a) | 2,986,000 | 57,180,753 | ||||||
Pacific Electric Wire & Cable Co. Ltd.(b) | 197 | — | ||||||
Synnex Technology International Corp. | 17,178,364 | 44,474,213 | ||||||
Unimicron Technology Corp. | 11,338,000 | 105,418,402 | ||||||
WPG Holdings Ltd. | 21,015,604 | 41,941,031 | ||||||
Yageo Corp.(a) | 3,688,125 | 60,510,162 | ||||||
Zhen Ding Technology Holding Ltd.(a) | 6,623,072 | 21,967,325 | ||||||
|
| |||||||
953,858,582 | ||||||||
Food & Staples Retailing — 0.7% | ||||||||
President Chain Store Corp. | 4,980,215 | 46,537,665 | ||||||
|
| |||||||
Food Products — 1.2% | ||||||||
Uni-President Enterprises Corp.(a) | 33,099,189 | 79,633,081 | ||||||
|
|
Security | Shares | Value | ||||||
Household Durables — 0.4% | ||||||||
Nien Made Enterprise Co. Ltd.(a) | 2,309,000 | $ | 29,933,314 | |||||
|
| |||||||
Industrial Conglomerates — 0.5% | ||||||||
Far Eastern New Century Corp. | 34,563,843 | 36,639,173 | ||||||
|
| |||||||
Insurance — 6.0% | ||||||||
Cathay Financial Holding Co. Ltd. | 56,061,315 | 126,061,465 | ||||||
China Development Financial Holding Corp. | 148,947,587 | 102,001,470 | ||||||
Fubon Financial Holding Co. Ltd. | 51,843,689 | 139,981,278 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 124,949,273 | 50,671,242 | ||||||
|
| |||||||
418,715,455 | ||||||||
Internet & Direct Marketing Retail — 0.0% | ||||||||
momo.com Inc. | 10,000 | 355,990 | ||||||
|
| |||||||
Leisure Products — 0.5% | ||||||||
Giant Manufacturing Co. Ltd.(a) | 3,479,590 | 36,124,405 | ||||||
|
| |||||||
Machinery — 1.0% | ||||||||
Airtac International Group(a) | 1,249,826 | 41,571,830 | ||||||
Hiwin Technologies Corp. | 3,143,591 | 30,013,648 | ||||||
|
| |||||||
71,585,478 | ||||||||
Marine — 2.5% | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 19,324,533 | 101,516,734 | ||||||
Wan Hai Lines Ltd.(a) | 4,373,200 | 29,787,859 | ||||||
Yang Ming Marine Transport Corp.(a)(c) | 10,712,000 | 45,274,232 | ||||||
|
| |||||||
176,578,825 | ||||||||
Metals & Mining — 1.6% | ||||||||
China Steel Corp.(a) | 83,163,977 | 108,142,645 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Formosa Petrochemical Corp.(a) | 11,364,950 | 39,977,162 | ||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Oneness Biotech Co. Ltd.(a)(c) | 3,455,000 | 30,501,605 | ||||||
|
| |||||||
Real Estate Management & Development — 0.7% | ||||||||
Ruentex Development Co. Ltd.(a) | 18,847,459 | 48,664,629 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 37.5% | ||||||||
ASE Technology Holding Co. Ltd.(a) | 22,818,432 | 82,472,829 | ||||||
ASMedia Technology Inc.(a) | 422,000 | 26,125,310 | ||||||
eMemory Technology Inc. | 438,000 | 29,559,416 | ||||||
Globalwafers Co. Ltd.(a) | 1,996,000 | 49,405,823 | ||||||
MediaTek Inc.(a) | 9,354,175 | 369,637,968 | ||||||
Nanya Technology Corp.(a) | 12,539,000 | 35,114,224 | ||||||
Novatek Microelectronics Corp.(a) | 4,414,544 | 73,186,362 | ||||||
Parade Technologies Ltd. | 438,000 | 30,240,246 | ||||||
Realtek Semiconductor Corp.(a) | 3,634,063 | 59,918,278 | ||||||
Silergy Corp.(a) | 631,000 | 84,081,467 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 69,792,882 | 1,500,515,984 | ||||||
United Microelectronics Corp.(a) | 77,763,501 | 146,533,741 | ||||||
Vanguard International Semiconductor | 8,853,000 | 40,178,135 | ||||||
Win Semiconductors Corp.(a) | 2,944,000 | 32,230,114 | ||||||
Winbond Electronics Corp.(a) | 35,142,000 | 42,321,197 | ||||||
|
| |||||||
2,601,521,094 | ||||||||
Specialty Retail — 0.8% | ||||||||
Hotai Motor Co. Ltd.(a) | 2,477,000 | 56,082,842 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 6.9% | ||||||||
Acer Inc.(a) | 36,322,737 | 37,696,764 | ||||||
Advantech Co. Ltd.(a) | 3,528,827 | 46,469,386 | ||||||
Asustek Computer Inc.(a) | 5,490,857 | 73,250,636 |
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) February 28, 2022 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) |
| |||||||
Catcher Technology Co. Ltd. | 2,944,743 | $ | 15,114,806 | |||||
Compal Electronics Inc.(a) | 41,383,554 | 37,700,895 | ||||||
Inventec Corp.(a) | 37,264,868 | 34,414,094 | ||||||
Lite-On Technology Corp. | 19,443,071 | 47,808,165 | ||||||
Micro-Star International Co. Ltd.(a) | 7,086,000 | 39,942,199 | ||||||
Pegatron Corp. | 15,964,037 | 39,567,771 | ||||||
Quanta Computer Inc. | 20,431,240 | 68,319,948 | ||||||
Wiwynn Corp.(a) | 1,087,000 | 38,822,856 | ||||||
|
| |||||||
479,107,520 | ||||||||
Textiles, Apparel & Luxury Goods — 1.6% | ||||||||
Eclat Textile Co. Ltd. | 2,081,601 | 43,147,799 | ||||||
Feng TAY Enterprise Co. Ltd. | 4,737,747 | 35,316,850 | ||||||
Pou Chen Corp. | 30,547,103 | 35,227,306 | ||||||
|
| |||||||
113,691,955 | ||||||||
Transportation Infrastructure — 0.4% | ||||||||
Taiwan High Speed Rail Corp.(a) | 29,047,000 | 30,742,522 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.3% | ||||||||
Far EasTone Telecommunications Co. Ltd.(a) | 16,203,259 | 40,076,030 | ||||||
Taiwan Mobile Co. Ltd. | 12,963,609 | 47,938,007 | ||||||
|
| |||||||
88,014,037 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 6,928,270,787 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 8.3% | ||||||||
BlackRock Cash Funds: Institutional, | 572,474,767 | $ | 572,589,262 | |||||
BlackRock Cash Funds: Treasury, | 1,680,000 | 1,680,000 | ||||||
|
| |||||||
574,269,262 | ||||||||
|
| |||||||
Total Short-Term Investments — 8.3% | 574,269,262 | |||||||
|
| |||||||
Total Investments in Securities — 108.1% | 7,502,540,049 | |||||||
Other Assets, Less Liabilities — (8.1)% | (565,238,473 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,937,301,576 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Non-income producing security. |
(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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 836,443,148 | $ | — | $ | (263,644,310 | )(a) | $ | (133,896 | ) | $ | (75,680 | ) | $ | 572,589,262 | 572,474,767 | $ | 5,667,039 | (b) | $ | — | ||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 46,300,000 | — | (44,620,000 | )(a) | — | — | 1,680,000 | 1,680,000 | 217 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (133,896 | ) | $ | (75,680 | ) | $ | 574,269,262 | $ | 5,667,256 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
FTSE Taiwan Index | 147 | 03/30/22 | $ | 9,167 | $ | (173,233 | ) | |||||||||
|
|
34 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Taiwan 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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 173,233 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 2,583,934 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (2,764,482 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 33,872,721 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 30,501,605 | $ | 6,897,769,180 | $ | 2 | $ | 6,928,270,787 | ||||||||
Money Market Funds | 574,269,262 | — | — | 574,269,262 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 604,770,867 | $ | 6,897,769,180 | $ | 2 | $ | 7,502,540,049 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (173,233 | ) | $ | — | $ | (173,233 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 35 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.2% | ||||||||
Asia Aviation PCL, NVDR(a)(b) | 7,820,247 | $ | 606,126 | |||||
Bangkok Airways PCL, NVDR(a) | 1,872,600 | 543,594 | ||||||
|
| |||||||
1,149,720 | ||||||||
Auto Components — 0.4% | ||||||||
Sri Trang Agro-Industry PCL, NVDR | 2,350,345 | 1,930,105 | ||||||
|
| |||||||
Banks — 3.4% | ||||||||
Kiatnakin Phatra Bank PCL, NVDR | 543,973 | 1,139,382 | ||||||
Krung Thai Bank PCL, NVDR | 8,933,700 | 3,843,526 | ||||||
Siam Commercial Bank PCL (The), NVDR | 2,170,100 | 8,385,821 | ||||||
Thanachart Capital PCL, NVDR | 737,200 | 945,886 | ||||||
Tisco Financial Group PCL, NVDR | 514,800 | 1,544,356 | ||||||
|
| |||||||
15,858,971 | ||||||||
Beverages — 1.3% | ||||||||
Carabao Group PCL, NVDR(b) | 766,200 | 2,508,504 | ||||||
Osotspa PCL, NVDR | 3,071,600 | 3,324,905 | ||||||
|
| |||||||
5,833,409 | ||||||||
Building Products — 0.2% | ||||||||
Dynasty Ceramic PCL, NVDR | 10,561,040 | 969,644 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Bangkok Commercial Asset Management PCL, NVDR | 4,544,700 | 3,059,573 | ||||||
|
| |||||||
Chemicals — 3.9% | ||||||||
Eastern Polymer Group PCL, NVDR | 2,494,600 | 756,655 | ||||||
Indorama Ventures PCL, NVDR | 4,319,910 | 5,985,010 | ||||||
PTT Global Chemical PCL, NVDR | 5,763,907 | 9,393,248 | ||||||
TOA Paint Thailand PCL, NVDR(b) | 1,565,000 | 1,394,920 | ||||||
Vinythai PCL, NVDR | 540,300 | 587,303 | ||||||
|
| |||||||
18,117,136 | ||||||||
Construction & Engineering — 0.6% | ||||||||
CH Karnchang PCL, NVDR | 2,805,000 | 1,809,691 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR(b) | 2,743,528 | 1,191,445 | ||||||
|
| |||||||
3,001,136 | ||||||||
Construction Materials — 5.8% | ||||||||
Siam Cement PCL (The), NVDR | 1,995,300 | 24,012,705 | ||||||
Siam City Cement PCL, NVDR | 229,000 | 1,128,355 | ||||||
Tipco Asphalt PCL, NVDR(b) | 1,800,400 | 1,008,334 | ||||||
TPI Polene PCL, NVDR | 14,756,500 | 783,175 | ||||||
|
| |||||||
26,932,569 | ||||||||
Consumer Finance — 4.1% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR(b) | 224,400 | 1,360,090 | ||||||
JMT Network Services PCL, NVDR | 1,397,900 | 2,925,021 | ||||||
Krungthai Card PCL, NVDR | 2,307,300 | 4,490,010 | ||||||
Muangthai Capital PCL, NVDR | 1,897,200 | 3,004,868 | ||||||
Ngern Tid Lor PCL, NVDR(a) | 2,668,400 | 3,075,185 | ||||||
Ratchthani Leasing PCL, NVDR | 5,756,527 | 771,364 | ||||||
Srisawad Corp. PCL, NVDR | 1,931,160 | 3,428,428 | ||||||
|
| |||||||
19,054,966 | ||||||||
Containers & Packaging — 1.5% | ||||||||
Polyplex Thailand PCL, NVDR(b) | 686,700 | 572,688 | ||||||
SCG Packaging PCL, NVDR | 3,292,600 | 6,193,091 | ||||||
|
| |||||||
6,765,779 | ||||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Jasmine International PCL, NVDR(a)(b) | 11,029,868 | 1,219,179 | ||||||
True Corp. PCL, NVDR | 29,863,418 | 4,590,522 | ||||||
|
| |||||||
5,809,701 |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components — 4.1% | ||||||||
Delta Electronics Thailand PCL, NVDR | 798,400 | $ | 9,996,210 | |||||
Hana Microelectronics PCL, NVDR | 1,440,500 | 2,267,254 | ||||||
Jay Mart PCL, NVDR(b) | 1,229,200 | 2,136,792 | ||||||
KCE Electronics PCL, NVDR | 2,113,200 | 3,934,302 | ||||||
Synnex Thailand PCL, NVDR(b) | 647,900 | 527,993 | ||||||
|
| |||||||
18,862,551 | ||||||||
Entertainment — 0.3% | ||||||||
Major Cineplex Group PCL, NVDR | 1,362,100 | 842,064 | ||||||
RS PCL, NVDR(a)(b) | 1,231,200 | 639,740 | ||||||
|
| |||||||
1,481,804 | ||||||||
Food & Staples Retailing — 7.4% | ||||||||
Berli Jucker PCL, NVDR | 3,073,500 | 3,160,372 | ||||||
CP ALL PCL, NVDR | 14,942,000 | 31,217,065 | ||||||
|
| |||||||
34,377,437 | ||||||||
Food Products — 3.4% | ||||||||
Charoen Pokphand Foods PCL, NVDR | 9,907,700 | 7,676,645 | ||||||
GFPT PCL, NVDR(b) | 1,296,700 | 519,870 | ||||||
Ichitan Group PCL, NVDR(b) | 1,325,800 | 418,986 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a) | 3,933,378 | 409,197 | ||||||
R&B Food Supply PCL, NVDR(b) | 1,290,400 | 626,523 | ||||||
Thai Union Group PCL, NVDR | 7,320,200 | 4,570,224 | ||||||
Thai Vegetable Oil PCL, NVDR | 1,132,553 | 1,126,487 | ||||||
Thaifoods Group PCL, NVDR(b) | 2,864,600 | 372,636 | ||||||
|
| |||||||
15,720,568 | ||||||||
Health Care Equipment & Supplies — 0.4% | ||||||||
Sri Trang Gloves Thailand PCL, NVDR(b) | 2,557,300 | 2,015,317 | ||||||
|
| |||||||
Health Care Providers & Services — 6.2% | ||||||||
Bangkok Chain Hospital PCL, NVDR | 3,499,925 | 2,045,863 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 24,407,200 | 17,745,573 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,218,876 | �� | 5,743,712 | |||||
Chularat Hospital PCL, NVDR(b) | 12,736,200 | 1,365,546 | ||||||
Thonburi Healthcare Group PCL, NVDR | 1,301,400 | 1,981,474 | ||||||
|
| |||||||
28,882,168 | ||||||||
Hotels, Restaurants & Leisure — 2.8% | ||||||||
Asset World Corp. PCL, NVDR(a) | 20,449,200 | 3,012,603 | ||||||
Central Plaza Hotel PCL, NVDR(a) | 1,042,500 | 1,101,733 | ||||||
Minor International PCL, NVDR(a) | 7,975,710 | 7,553,382 | ||||||
MK Restaurants Group PCL, NVDR | 827,100 | 1,371,063 | ||||||
|
| |||||||
13,038,781 | ||||||||
Independent Power and Renewable Electricity Producers — 9.4% | ||||||||
Absolute Clean Energy PCL, NVDR(b) | 5,122,600 | 494,101 | ||||||
B Grimm Power PCL, NVDR(b) | 1,996,600 | 2,118,307 | ||||||
Banpu Power PCL, NVDR(b) | 1,959,500 | 1,003,596 | ||||||
BCPG PCL, NVDR | 2,215,950 | 849,412 | ||||||
CK Power PCL, NVDR | 5,244,560 | 821,463 | ||||||
Electricity Generating PCL, NVDR | 672,400 | 3,703,830 | ||||||
Energy Absolute PCL, NVDR(b) | 3,815,100 | 11,150,160 | ||||||
Global Power Synergy PCL, NVDR | 1,802,500 | 4,160,858 | ||||||
Gulf Energy Development PCL, NVDR | 7,513,400 | 11,681,326 | ||||||
Gunkul Engineering PCL, NVDR | 10,272,722 | 1,960,743 | ||||||
Ratch Group PCL, NVDR | 2,038,500 | 2,874,739 | ||||||
SPCG PCL, NVDR | 1,224,500 | 668,112 | ||||||
Super Energy Corp. PCL, NVDR | 42,126,750 | 1,188,721 | ||||||
TPI Polene Power PCL, NVDR(b) | 6,437,500 | 804,373 | ||||||
|
| |||||||
43,479,741 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Thoresen Thai Agencies PCL, NVDR | 3,516,400 | 1,077,050 | ||||||
|
|
36 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance — 0.9% | ||||||||
Bangkok Life Assurance PCL, NVDR(b) | 1,316,000 | $ | 1,765,391 | |||||
Dhipaya Group Holdings PCL(a) | 910,600 | 1,665,137 | ||||||
TQM Corp. PCL, NVDR(b) | 693,800 | 960,809 | ||||||
|
| |||||||
4,391,337 | ||||||||
Marine — 0.5% | ||||||||
Precious Shipping PCL, NVDR | 1,984,900 | 1,068,642 | ||||||
Regional Container Lines PCL, NVDR | 844,700 | 1,228,516 | ||||||
|
| |||||||
2,297,158 | ||||||||
Media — 0.9% | ||||||||
BEC World PCL, NVDR(a)(b) | 2,300,500 | 1,167,739 | ||||||
Plan B Media PCL, NVDR(a) | 5,321,060 | 1,298,467 | ||||||
VGI PCL, NVDR(b) | 8,777,500 | 1,565,691 | ||||||
|
| |||||||
4,031,897 | ||||||||
Multiline Retail — 1.2% | ||||||||
Central Retail Corp. PCL, NVDR | 4,626,034 | 5,439,517 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 13.8% | ||||||||
Bangchak Corp. PCL, NVDR | 2,634,200 | 2,511,151 | ||||||
Banpu PCL, NVDR | 13,841,300 | 4,638,915 | ||||||
Esso Thailand PCL, NVDR(a)(b) | 2,685,400 | 620,032 | ||||||
IRPC PCL, NVDR(b) | 28,738,700 | 3,368,771 | ||||||
Prima Marine PCL, NVDR | 2,532,900 | 446,807 | ||||||
PTT Exploration & Production PCL, NVDR | 3,557,784 | 14,979,171 | ||||||
PTT PCL, NVDR | 25,581,900 | 31,140,041 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 1,402,500 | 598,560 | ||||||
Star Petroleum Refining PCL, NVDR(a) | 4,449,900 | 1,223,589 | ||||||
Thai Oil PCL, NVDR | 2,868,800 | 4,769,029 | ||||||
|
| |||||||
64,296,066 | ||||||||
Pharmaceuticals — 0.3% | ||||||||
Mega Lifesciences PCL, NVDR | 896,200 | 1,180,509 | ||||||
|
| |||||||
Real Estate Management & Development — 6.4% | ||||||||
Amata Corp. PCL, NVDR | 2,217,800 | 1,456,901 | ||||||
AP Thailand PCL, NVDR | 6,067,186 | 1,972,139 | ||||||
Bangkok Land PCL, NVDR(b) | 28,889,400 | 919,510 | ||||||
Central Pattana PCL, NVDR | 5,174,100 | 8,798,721 | ||||||
Land & Houses PCL, NVDR | 21,389,400 | 6,299,211 | ||||||
MBK PCL, NVDR(a) | 2,235,700 | 859,009 | ||||||
Origin Property PCL, NVDR | 1,874,700 | 686,463 | ||||||
Pruksa Holding PCL, NVDR | 1,978,800 | 872,390 | ||||||
Quality Houses PCL, NVDR | 19,178,232 | 1,341,518 | ||||||
Sansiri PCL, NVDR(b) | 30,579,237 | 1,158,218 | ||||||
SC Asset Corp. PCL, NVDR | 3,744,704 | 446,897 | ||||||
Singha Estate PCL, NVDR(a)(b) | 7,788,400 | 464,801 | ||||||
Supalai PCL, NVDR | 3,281,600 | 2,210,050 | ||||||
WHA Corp. PCL, NVDR | 20,983,640 | 2,190,269 | ||||||
|
| |||||||
29,676,097 | ||||||||
Road & Rail — 1.3% | ||||||||
BTS Group Holdings PCL, NVDR | 20,195,600 | 5,887,026 | ||||||
|
| |||||||
Specialty Retail — 4.3% | ||||||||
Com7 PCL, NVDR | 1,380,800 | 3,505,346 | ||||||
Dohome PCL, NVDR(b) | 1,559,910 | 1,131,019 | ||||||
Home Product Center PCL, NVDR | 15,132,473 | 7,086,214 | ||||||
PTG Energy PCL, NVDR(b) | 2,142,500 | 947,979 | ||||||
PTT Oil & Retail Business PCL, NVDR | 7,670,400 | 6,078,093 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Singer Thailand PCL, NVDR | 715,524 | $ | 1,062,875 | |||||
|
| |||||||
19,811,526 | ||||||||
Transportation Infrastructure — 5.9% | ||||||||
Airports of Thailand PCL, NVDR(a) | 10,967,800 | 21,669,436 | ||||||
Bangkok Aviation Fuel Services PCL, | 491,800 | 388,409 | ||||||
Bangkok Expressway & Metro PCL, NVDR(b) | 19,542,253 | 5,343,274 | ||||||
|
| |||||||
27,401,119 | ||||||||
Water Utilities — 0.4% | ||||||||
Eastern Water Resources Development and | 1,494,700 | 349,945 | ||||||
TTW PCL, NVDR(b) | 3,576,666 | 1,258,811 | ||||||
WHA Utilities and Power PCL, NVDR(b) | 2,945,100 | 368,385 | ||||||
|
| |||||||
1,977,141 | ||||||||
Wireless Telecommunication Services — 6.1% | ||||||||
Advanced Info Service PCL, NVDR | 3,044,219 | 21,429,220 | ||||||
Intouch Holdings PCL, NVDR | 2,876,000 | 6,687,700 | ||||||
|
| |||||||
28,116,920 | ||||||||
|
| |||||||
Total Common Stocks — 99.5% | 461,924,439 | |||||||
|
| |||||||
Rights | ||||||||
Food Products — 0.0% | ||||||||
Khon Kaen Sugar, (Expires 02/28/22)(a) | 35,671 | — | ||||||
|
| |||||||
Media — 0.0% | ||||||||
VGI PCL, (Expires 03/25/22)(a) | 2,385,750 | 58,412 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.0% | ||||||||
Bangchak Corp. PCL, (Expires 02/28/22)(a) | 117,773 | — | ||||||
|
| |||||||
Total Rights — 0.0% | 58,412 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e) | 12,971,255 | 12,973,849 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 1,080,000 | 1,080,000 | ||||||
|
| |||||||
14,053,849 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.0% | 14,053,849 | |||||||
|
| |||||||
Total Investments in Securities — 102.5% | 476,036,700 | |||||||
Other Assets, Less Liabilities — (2.5)% | (11,435,215 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 464,601,485 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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 | 37 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Thailand ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 33,250,286 | $ | — | $ | (20,267,365 | )(a) | $ | (6,515 | ) | $ | (2,557 | ) | $ | 12,973,849 | 12,971,255 | $ | 1,273,311 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,130,000 | — | (50,000 | )(a) | — | — | 1,080,000 | 1,080,000 | 50 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (6,515 | ) | $ | (2,557 | ) | $ | 14,053,849 | $ | 1,273,361 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 35 | 03/18/22 | $ | 2,057 | $ | (46,645 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 46,645 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (341 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (72,558 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,605,215 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
38 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Thailand ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 22,399,333 | $ | 439,525,106 | $ | — | $ | 461,924,439 | ||||||||
Rights | — | 58,412 | — | 58,412 | ||||||||||||
Money Market Funds | 14,053,849 | — | — | 14,053,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 36,453,182 | $ | 439,583,518 | $ | — | $ | 476,036,700 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (46,645 | ) | $ | — | $ | — | $ | (46,645 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 39 |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Hong Kong | iShares MSCI Japan Small-Cap ETF | iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 852,800,798 | $ | 72,469,151 | $ | 268,490,175 | $ | 2,217,525,163 | ||||||||
Affiliated(c) | 1,746,726 | 39,031 | 3,657,635 | 7,929,206 | ||||||||||||
Cash | 3,065 | 5,062 | 1,214 | — | ||||||||||||
Foreign currency, at value(d) | 52,195 | 14,397 | 150,228 | 5,166,613 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts(e) | 15,000 | — | 19,000 | — | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | — | 9,490 | — | 2,341,760 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 7,511,989 | 988,297 | 869,273 | 48,761,588 | ||||||||||||
Securities lending income — Affiliated | 281 | 7 | 6,200 | 47,207 | ||||||||||||
Variation margin on futures contracts | — | 4,235 | — | 459,504 | ||||||||||||
Capital shares sold | — | — | 9,631,870 | — | ||||||||||||
Dividends | 22 | 228,255 | 340,055 | 16,286,359 | ||||||||||||
Tax reclaims | — | 810 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 862,130,076 | 73,758,735 | 283,165,650 | 2,298,517,400 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | — | — | 104,392 | ||||||||||||
Collateral on securities loaned, at value | 1,036,830 | 9,031 | 3,432,098 | 7,136,638 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 7,608,538 | 964,264 | 10,220,061 | 43,713,981 | ||||||||||||
Variation margin on futures contracts | 6,308 | — | 2,559 | — | ||||||||||||
Investment advisory fees | 351,597 | 27,554 | 95,466 | 821,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 9,003,273 | 1,000,849 | 13,750,184 | 51,776,063 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 853,126,803 | $ | 72,757,886 | $ | 269,415,466 | $ | 2,246,741,337 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 1,471,908,959 | $ | 98,772,177 | $ | 290,922,821 | $ | 2,825,774,249 | ||||||||
Accumulated loss | (618,782,156 | ) | (26,014,291 | ) | (21,507,355 | ) | (579,032,912 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 853,126,803 | $ | 72,757,886 | $ | 269,415,466 | $ | 2,246,741,337 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 37,500,000 | 1,000,000 | 10,500,000 | 48,300,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 22.75 | $ | 72.76 | $ | 25.66 | $ | 46.52 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 375 million | 500 million | 300 million | 1 billion | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 1,042,929 | $ | 8,661 | $ | 4,113,207 | $ | 6,954,948 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 975,239,202 | $ | 85,859,628 | $ | 150,417,280 | $ | 2,141,758,881 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,746,807 | $ | 39,031 | $ | 3,657,310 | $ | 7,927,763 | ||||||||
(d) Foreign currency, at cost | $ | 52,200 | $ | 14,283 | $ | 150,174 | $ | 5,151,231 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | 9,556 | $ | — | $ | 2,333,982 |
See notes to financial statements.
40 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Unaffiliated(b) | $ | 628,217,565 | $ | 6,928,270,787 | $ | 461,982,851 | ||||||
Affiliated(c) | 1,594,772 | 574,269,262 | 14,053,849 | |||||||||
Cash | 6,856 | 1,418 | 7,579 | |||||||||
Foreign currency, at value(d) | 1,581,087 | 10,607,816 | 130,374 | |||||||||
Cash pledged: | ||||||||||||
Futures contracts | — | 441,000 | 63,000 | |||||||||
Foreign currency collateral pledged: | ||||||||||||
Futures contracts(e) | 114,598 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | 60,426,930 | 189,699,442 | — | |||||||||
Securities lending income — Affiliated | 2,076 | 971,025 | 144,962 | |||||||||
Variation margin on futures contracts | 4,832 | 107,240 | — | |||||||||
Capital shares sold | 626,675 | — | 33,302 | |||||||||
Dividends | 773,249 | 398,340 | 1,480,023 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 693,348,640 | 7,704,766,330 | 477,895,940 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Collateral on securities loaned, at value | 580,540 | 572,842,804 | 12,986,536 | |||||||||
Payables: | ||||||||||||
Investments purchased | 71,065,472 | 129,266,209 | 107,566 | |||||||||
Variation margin on futures contracts | — | — | 11,125 | |||||||||
Capital shares redeemed | — | 61,578,386 | — | |||||||||
Investment advisory fees | 230,074 | 3,134,738 | 189,228 | |||||||||
Foreign taxes | — | 642,617 | — | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 71,876,086 | 767,464,754 | 13,294,455 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 621,472,554 | $ | 6,937,301,576 | $ | 464,601,485 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 882,252,917 | $ | 2,935,832,565 | $ | 634,196,709 | ||||||
Accumulated earnings (loss) | (260,780,363 | ) | 4,001,469,011 | (169,595,224 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 621,472,554 | $ | 6,937,301,576 | $ | 464,601,485 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 29,700,000 | 108,300,000 | 5,850,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 20.93 | $ | 64.06 | $ | 79.42 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | 300 million | 900 million | 200 million | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | 557,920 | $ | 528,494,208 | $ | 11,754,235 | ||||||
(b) Investments, at cost — Unaffiliated | $ | 635,631,162 | $ | 2,784,948,911 | $ | 512,847,245 | ||||||
(c) Investments, at cost — Affiliated | $ | 1,594,339 | $ | 574,285,708 | $ | 14,051,763 | ||||||
(d) Foreign currency, at cost | $ | 1,588,312 | $ | 10,655,234 | $ | 130,344 | ||||||
(e) Foreign currency collateral pledged, at cost | $ | 117,852 | $ | — | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 41 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares MSCI Hong | iShares ETF | iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 8,016,465 | $ | 853,484 | $ | 5,233,123 | $ | 50,029,365 | ||||||||
Dividends — Affiliated | 61 | 2 | 314 | 395 | ||||||||||||
Securities lending income — Affiliated — net | 517,214 | 8 | 147,230 | 620,913 | ||||||||||||
Foreign taxes withheld | — | (84,911 | ) | — | (697,539 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 8,533,740 | 768,583 | 5,380,667 | 49,953,134 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 2,334,311 | 188,839 | 603,137 | 5,416,272 | ||||||||||||
Commitment fees | — | — | 1,183 | — | ||||||||||||
Professional fees | 217 | 217 | 217 | 217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 2,334,528 | 189,056 | 604,537 | 5,416,489 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 6,199,212 | 579,527 | 4,776,130 | 44,536,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (21,029,471 | ) | (906,322 | ) | (9,647,507 | ) | (74,805,478 | ) | ||||||||
Investments — Affiliated | (23 | ) | — | 617 | (4,562 | ) | ||||||||||
In-kind redemptions — Unaffiliated | 136,785 | — | — | 6,381,192 | ||||||||||||
Futures contracts | (228,556 | ) | (10,308 | ) | (74,588 | ) | (948,370 | ) | ||||||||
Foreign currency transactions | (3,851 | ) | (16,629 | ) | (56,093 | ) | (522,738 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (21,125,116 | ) | (933,259 | ) | (9,777,571 | ) | (69,899,956 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (93,180,024 | ) | (8,089,380 | ) | 2,570,907 | (121,627,286 | ) | |||||||||
Investments — Affiliated | (81 | ) | — | (1,292 | ) | (542 | ) | |||||||||
Futures contracts | (40,639 | ) | (10,322 | ) | (4,768 | ) | (221,456 | ) | ||||||||
Foreign currency translations | (3,655 | ) | 179 | (4,148 | ) | 124,244 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (93,224,399 | ) | (8,099,523 | ) | 2,560,699 | (121,725,040 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (114,349,515 | ) | (9,032,782 | ) | (7,216,872 | ) | (191,624,996 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (108,150,303 | ) | $ | (8,453,255 | ) | $ | (2,440,742 | ) | $ | (147,088,351 | ) | ||||
|
|
|
|
|
|
|
|
See notes to financial statements.
42 | 2 0 2 2 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) (continued)
Six Months Ended February 28, 2022
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Unaffiliated | $ | 4,612,163 | $ | 29,348,674 | $ | 4,060,808 | ||||||
Dividends — Affiliated | 116 | 63,819 | 2,295 | |||||||||
Securities lending income — Affiliated — net(a) | 29,382 | 5,603,437 | 1,271,066 | |||||||||
Foreign taxes withheld | (133,784 | ) | (6,146,415 | ) | (385,221 | ) | ||||||
Other foreign taxes | — | (1,101,857 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 4,507,877 | 27,767,658 | 4,948,948 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees | 1,469,685 | 20,493,791 | 1,133,796 | |||||||||
Commitment fees | — | 19,090 | — | |||||||||
Professional fees | 217 | 217 | 217 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,469,902 | 20,513,098 | 1,134,013 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 3,037,975 | 7,254,560 | 3,814,935 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Unaffiliated | (9,177,922 | ) | 31,861,520 | (3,159,046 | ) | |||||||
Investments — Affiliated | (3,093 | ) | (133,896 | ) | (6,515 | ) | ||||||
In-kind redemptions — Unaffiliated | 8,397,180 | — | 2,586,901 | |||||||||
Futures contracts | (190,681 | ) | 2,583,934 | (341 | ) | |||||||
Foreign currency transactions | (364,448 | ) | (1,241,912 | ) | (9,285 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (1,338,964 | ) | 33,069,646 | (588,286 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Unaffiliated | (30,220,007 | ) | 49,352,091 | 419,841 | ||||||||
Investments — Affiliated | (1,573 | ) | (75,680 | ) | (2,557 | ) | ||||||
Futures contracts | 26,256 | (2,764,482 | ) | (72,558 | ) | |||||||
Foreign currency translations | (142,855 | ) | (392,720 | ) | (44,253 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (30,338,179 | ) | 46,119,209 | 300,473 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (31,677,143 | ) | 79,188,855 | (287,813 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (28,639,168 | ) | $ | 86,443,415 | $ | 3,527,122 | |||||
|
|
|
|
|
| |||||||
(a) Net of securities lending income tax paid of | $ | — | $ | 1,399,592 | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 43 |
Statements of Changes in Net Assets
iShares MSCI Hong Kong ETF | iShares MSCI Japan Small-Cap ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/21 | Six Months Ended (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 6,199,212 | $ | 28,969,140 | $ | 579,527 | $ | 892,504 | ||||||||||||||||||
Net realized gain (loss) | (21,125,116 | ) | 55,547,845 | (933,259 | ) | (3,561,252 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (93,224,399 | ) | 120,477,914 | (8,099,523 | ) | 13,425,992 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (108,150,303 | ) | 204,994,899 | (8,453,255 | ) | 10,757,244 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (10,473,189 | ) | (29,103,228 | ) | (818,006 | ) | (534,743 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (52,022,756 | ) | (480,399,865 | ) | 8,692,269 | 192,888 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | (170,646,248 | ) | (304,508,194 | ) | (578,992 | ) | 10,415,389 | |||||||||||||||||||
Beginning of period | 1,023,773,051 | 1,328,281,245 | 73,336,878 | 62,921,489 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 853,126,803 | $ | 1,023,773,051 | $ | 72,757,886 | $ | 73,336,878 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
44 | 2 0 2 2 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 Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 4,776,130 | $ | 11,760,680 | $ | 44,536,645 | $ | 59,989,395 | ||||||||||||||||||
Net realized gain (loss) | (9,777,571 | ) | 17,588 | (69,899,956 | ) | 28,747,225 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 2,560,699 | 1,061,655 | (121,725,040 | ) | 324,866,037 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,440,742 | ) | 12,839,923 | (147,088,351 | ) | 413,602,657 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,979,020 | ) | (8,199,614 | ) | (74,045,047 | ) | (55,488,183 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 13,536,163 | (81,263,223 | ) | 27,111,010 | 200,269,201 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | 4,116,401 | (76,622,914 | ) | (194,022,388 | ) | 558,383,675 | ||||||||||||||||||||
Beginning of period | 265,299,065 | 341,921,979 | 2,440,763,725 | 1,882,380,050 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 269,415,466 | $ | 265,299,065 | $ | 2,246,741,337 | $ | 2,440,763,725 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(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 | 45 |
Statements of Changes in Net Assets (continued)
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 3,037,975 | $ | 18,463,333 | $ | 7,254,560 | $ | 132,498,576 | ||||||||||||||||||
Net realized gain (loss) | (1,338,964 | ) | (755,655 | ) | 33,069,646 | 109,814,384 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (30,338,179 | ) | 112,664,961 | 46,119,209 | 2,042,034,196 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (28,639,168 | ) | 130,372,639 | 86,443,415 | 2,284,347,156 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (25,731,003 | ) | (19,029,698 | ) | (190,635,508 | ) | (99,705,133 | ) | ||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 57,604,705 | (18,837,564 | ) | (513,570,532 | ) | 1,138,966,691 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | 3,234,534 | 92,505,377 | (617,762,625 | ) | 3,323,608,714 | |||||||||||||||||||||
Beginning of period | 618,238,020 | 525,732,643 | 7,555,064,201 | 4,231,455,487 | ||||||||||||||||||||||
|
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| |||||||||||||||||||
End of period | $ | 621,472,554 | $ | 618,238,020 | $ | 6,937,301,576 | �� | $ | 7,555,064,201 | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
46 | 2 0 2 2 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 Thailand ETF | ||||||||||||
|
| |||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||
| ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income | $ | 3,814,935 | $ | 9,439,648 | ||||||||
Net realized loss | (588,286 | ) | (12,016,117 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 300,473 | 81,676,622 | ||||||||||
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 3,527,122 | 79,100,153 | ||||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,789,084 | ) | (8,978,515 | ) | ||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 55,125,254 | (95,172,234 | ) | |||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total increase (decrease) in net assets | 52,863,292 | (25,050,596 | ) | |||||||||
Beginning of period | 411,738,193 | 436,788,789 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 464,601,485 | $ | 411,738,193 | ||||||||
|
|
|
|
(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 | 47 |
(For a share outstanding throughout each period)
iShares MSCI Hong Kong ETF | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | $ | 24.69 | $ | 21.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.16 | 0.57 | 0.54 | 0.62 | 0.71 | 0.68 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.95 | ) | 2.92 | (0.01 | ) | (1.08 | ) | (0.12 | ) | 3.54 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) from investment operations | (2.79 | ) | 3.49 | 0.53 | (0.46 | ) | 0.59 | 4.22 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||
From net investment income | (0.26 | ) | (0.60 | ) | (0.62 | ) | (0.72 | ) | (1.10 | ) | (0.61 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.26 | ) | (0.60 | ) | (0.62 | ) | (0.72 | ) | (1.10 | ) | (0.61 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value, end of period | $ | 22.75 | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | $ | 24.69 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | (10.83 | )%(e) | 15.24 | % | 2.46 | % | (2.00 | )% | 2.33 | % | 20.38 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.48 | % | 0.49 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income | 1.31 | %(g) | 2.26 | % | 2.37 | % | 2.52 | % | 2.83 | % | 3.08 | % | ||||||||||||||||||
|
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|
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|
|
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| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 853,127 | $ | 1,023,773 | $ | 1,328,281 | $ | 1,424,663 | $ | 2,729,621 | $ | 1,855,447 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Portfolio turnover rate(h) | 5 | %(e) | 21 | % | 16 | % | 12 | % | 7 | % | 8 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
48 | 2 0 2 2 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 Japan Small-Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | $ | 72.78 | $ | 60.95 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 0.58 | 1.04 | 1.21 | 1.37 | 0.94 | 1.02 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (8.49 | ) | 11.13 | 2.78 | (7.90 | ) | 4.24 | 12.62 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (7.91 | ) | 12.17 | 3.99 | (6.53 | ) | 5.18 | 13.64 | ||||||||||||||||||||||||||||||||||||
|
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|
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|
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.82 | ) | (0.59 | ) | (2.83 | ) | (1.72 | ) | (0.96 | ) | (1.81 | ) | ||||||||||||||||||||||||||||||||
|
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|
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|
|
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| |||||||||||||||||||||||||||||||||
Total distributions | (0.82 | ) | (0.59 | ) | (2.83 | ) | (1.72 | ) | (0.96 | ) | (1.81 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 72.76 | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | $ | 72.78 | ||||||||||||||||||||||||||||||||
|
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|
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| |||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (9.75 | )%(e) | 17.41 | % | 5.72 | % | (8.42 | )% | 7.09 | % | 22.81 | % | ||||||||||||||||||||||||||||||||
|
|
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 1.52 | %(g) | 1.33 | % | 1.75 | % | 1.94 | % | 1.18 | % | 1.53 | % | ||||||||||||||||||||||||||||||||
|
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|
|
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 72,758 | $ | 73,337 | $ | 62,921 | $ | 109,995 | $ | 284,912 | $ | 189,216 | ||||||||||||||||||||||||||||||||
|
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|
|
|
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|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) | 8 | %(e) | 21 | % | 10 | % | 10 | % | 9 | % | 8 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Malaysia ETF | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
02/28/22 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
(unaudited) | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | 08/31/17 | (a) | ||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | $ | 32.03 | $ | 33.13 | ||||||||||||||||||||||||||||||||
|
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|
|
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| |||||||||||||||||||||||||||||||||
Net investment income(b) | 0.49 | 0.98 | 0.76 | 1.03 | 0.91 | 0.56 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.65 | ) | (0.05 | ) | (1.41 | ) | (4.85 | ) | 2.06 | (0.05 | ) | |||||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
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|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.16 | ) | 0.93 | (0.65 | ) | (3.82 | ) | 2.97 | 0.51 | |||||||||||||||||||||||||||||||||||
|
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|
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| |||||||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.78 | ) | (0.84 | ) | (0.86 | ) | (1.03 | ) | (2.13 | ) | (1.61 | ) | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Total distributions | (0.78 | ) | (0.84 | ) | (0.86 | ) | (1.03 | ) | (2.13 | ) | (1.61 | ) | ||||||||||||||||||||||||||||||||
|
|
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|
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|
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|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 25.66 | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | $ | 32.03 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (0.37 | )%(f) | 3.51 | % | (2.27 | )% | (11.69 | )% | 9.59 | % | 2.14 | % | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(h) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Net investment income | 3.91 | %(h) | 3.62 | % | 2.86 | % | 3.41 | % | 2.69 | % | 2.73 | % | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 269,415 | $ | 265,299 | $ | 341,922 | $ | 390,889 | $ | 557,220 | $ | 437,224 | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate | 17 | %(f) | 28 | %(i) | 58 | %(i) | 48 | %(i) | 63 | %(i) | 24 | %(i) | ||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||||||||||||||||
(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.
(b) Based on average shares outstanding.
(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
(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 excluding cash creations was as follows: | 6 | % | 7 | % | 16 | % | 9 | % | 17 | % | 10 | % | ||||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
See notes to financial statements.
50 | 2 0 2 2 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 Pacific ex Japan ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | $ | 46.43 | $ | 40.94 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.94 | 1.30 | 1.29 | 1.74 | 1.66 | 1.60 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.03 | ) | 8.06 | (0.98 | ) | (1.58 | ) | 0.03 | 5.55 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (3.09 | ) | 9.36 | 0.31 | 0.16 | 1.69 | 7.15 | |||||||||||||||||||||
|
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|
|
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|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (1.56 | ) | (1.17 | ) | (1.50 | ) | (2.01 | ) | (2.10 | ) | (1.66 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (1.56 | ) | (1.17 | ) | (1.50 | ) | (2.01 | ) | (2.10 | ) | (1.66 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 46.52 | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | $ | 46.43 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (6.05 | )%(e) | 21.82 | % | 0.72 | % | 0.56 | % | 3.63 | % | 18.06 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.47 | %(g) | 0.47 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.49 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 3.86 | %(g) | 2.66 | % | 3.04 | % | 3.89 | % | 3.52 | % | 3.69 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,246,741 | $ | 2,440,764 | $ | 1,882,380 | $ | 2,266,116 | $ | 2,374,834 | $ | 3,120,426 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(h) | 10 | %(e) | 9 | % | 8 | % | 7 | % | 6 | % | 3 | % | ||||||||||||||||
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(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 | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Singapore ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
| 02/28/22 (unaudited) | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | $ | 24.70 | $ | 21.22 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(b) | 0.11 | 0.63 | 0.76 | 0.91 | 1.04 | 0.56 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.21 | ) | 3.92 | (3.57 | ) | (1.02 | ) | (0.77 | ) | 3.84 | ||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | (1.10 | ) | 4.55 | (2.81 | ) | (0.11 | ) | 0.27 | 4.40 | |||||||||||||||||||
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| |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||
From net investment income | (1.00 | ) | (0.64 | ) | (0.90 | ) | (0.90 | ) | (1.13 | ) | (0.92 | ) | ||||||||||||||||
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| |||||||||||||||||
Total distributions | (1.00 | ) | (0.64 | ) | (0.90 | ) | (0.90 | ) | (1.13 | ) | (0.92 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 20.93 | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | $ | 24.70 | ||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | (4.80 | )%(f) | 23.91 | % | (12.84 | )% | (0.41 | )% | 0.91 | % | 21.51 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.02 | %(h) | 2.87 | % | 3.59 | % | 3.86 | % | 4.03 | % | 3.00 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 621,473 | $ | 618,238 | $ | 525,733 | $ | 513,651 | $ | 579,292 | $ | 600,268 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(i) | 28 | %(f) | 17 | % | 22 | % | 9 | % | 26 | % | 12 | % | ||||||||||||||||
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(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
52 | 2 0 2 2 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 Taiwan ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
| 02/28/22 (unaudited) | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | $ | 37.35 | $ | 30.30 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(b) | 0.07 | 1.22 | 1.05 | 0.92 | 0.98 | 0.87 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.96 | 20.46 | 9.11 | (2.89 | ) | 0.60 | 6.88 | |||||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 1.03 | 21.68 | 10.16 | (1.97 | ) | 1.58 | 7.75 | |||||||||||||||||||||
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| |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||
From net investment income | (1.39 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | (0.70 | ) | ||||||||||||||||
From net realized gain | (0.37 | ) | — | — | — | — | — | |||||||||||||||||||||
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| |||||||||||||||||
Total distributions | (1.76 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | (0.70 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 64.06 | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | $ | 37.35 | ||||||||||||||||
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| |||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | 1.57 | %(f) | 49.79 | % | 29.34 | % | (4.92 | )% | 4.43 | % | 26.17 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.58 | %(h) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 0.20 | %(h) | 2.16 | % | 2.68 | % | 2.70 | % | 2.65 | % | 3.10 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,937,302 | $ | 7,555,064 | $ | 4,231,455 | $ | 2,662,495 | $ | 4,082,891 | $ | 3,764,790 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(i) | 6 | %(f) | 12 | % | 15 | % | 7 | % | 12 | %(j) | 11 | %(j) | ||||||||||||||||
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| |||||||||||||||||
(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.
(b) Based on average shares outstanding.
(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”)
|
| |||||||||||||||||||||||||||
(j) Portfolio turnover rate excluding cash creations was as follows: | 5 | % | 12 | % | 14 | % | 6 | % | 11 | % | 8 | % | ||||||||||||||||
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|
|
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Thailand ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | $ | 82.70 | $ | 75.94 | ||||||||||||||||
|
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|
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|
| |||||||||||||||||
Net investment income(a) | 0.74 | 1.70 | 1.97 | 2.10 | 2.12 | 1.99 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.15 | ) | 11.73 | (22.24 | ) | (0.33 | ) | 8.13 | 6.90 | |||||||||||||||||||
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|
|
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|
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.59 | 13.43 | (20.27 | ) | 1.77 | 10.25 | 8.89 | |||||||||||||||||||||
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| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (1.12 | ) | (1.73 | ) | (2.01 | ) | (2.04 | ) | (2.15 | ) | (2.13 | ) | ||||||||||||||||
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|
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|
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| |||||||||||||||||
Total distributions | (1.12 | ) | (1.73 | ) | (2.01 | ) | (2.04 | ) | (2.15 | ) | (2.13 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 79.42 | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | $ | 82.70 | ||||||||||||||||
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| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.84 | %(e) | 19.65 | % | (22.57 | )% | 2.03 | % | 12.55 | % | 12.01 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.57 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.93 | %(g) | 2.26 | % | 2.57 | % | 2.36 | % | 2.30 | % | 2.63 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 464,601 | $ | 411,738 | $ | 436,789 | $ | 466,237 | $ | 435,842 | $ | 355,590 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(h) | 2 | %(e) | 17 | % | 11 | % | 17 | % | 10 | % | 7 | % | ||||||||||||||||
|
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|
|
(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.
54 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Hong Kong | Non-diversified | |
MSCI Japan Small-Cap | Diversified | |
MSCI Malaysia | Non-diversified | |
MSCI Pacific ex Japan | Diversified | |
MSCI Singapore | Non-diversified | |
MSCI Taiwan | Non-diversified | |
MSCI Thailand | Non-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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 55 |
Notes to Financial Statements (unaudited) (continued)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
56 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
4. SECURITIES AND OTHER INVESTMENTS
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Hong Kong | ||||||||||||||||
BNP Paribas SA | $ | 1,042,929 | $ | 1,036,726 | $ | — | $ | (6,203 | )(b) | |||||||
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|
|
| |||||||||
MSCI Japan Small-Cap | ||||||||||||||||
BNP Paribas SA | $ | 8,661 | $ | 8,661 | $ | — | $ | — | ||||||||
|
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|
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|
|
| |||||||||
MSCI Malaysia | ||||||||||||||||
Morgan Stanley | $ | 2,923,083 | $ | 2,436,640 | $ | — | $ | (486,443 | )(b) | |||||||
UBS AG | 1,190,124 | 990,995 | — | (199,129 | )(b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,113,207 | $ | 3,427,635 | $ | — | $ | (685,572 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
BNP Paribas SA | $ | 1,749,073 | $ | 1,729,724 | $ | — | $ | (19,349 | )(b) | |||||||
BofA Securities, Inc. | 2,563,297 | 2,563,297 | — | — | ||||||||||||
HSBC Bank PLC | 39,099 | 39,099 | — | — | ||||||||||||
Morgan Stanley | 2,188,804 | 2,188,804 | — | — | ||||||||||||
UBS Securities LLC | 414,675 | 409,123 | — | (5,552 | )(b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,954,948 | $ | 6,930,047 | $ | — | $ | (24,901 | ) | ||||||||
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|
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| |||||||||
MSCI Singapore | ||||||||||||||||
Morgan Stanley | $ | 47,123 | $ | 47,123 | $ | — | $ | — | ||||||||
State Street Bank & Trust Co. | 510,797 | 510,797 | — | — | ||||||||||||
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| |||||||||
$ | 557,920 | $ | 557,920 | $ | — | $ | — | |||||||||
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| |||||||||
MSCI Taiwan | ||||||||||||||||
Citigroup Global Markets Ltd. | $ | 41,929,595 | $ | 41,929,595 | $ | — | $ | — | ||||||||
Goldman Sachs International | 93,661,291 | 93,661,291 | — | — | ||||||||||||
J.P. Morgan Securities PLC | 148,270,180 | 148,270,180 | — | — | ||||||||||||
Macquarie Bank Ltd. | 11,711,921 | 11,711,921 | — | — | ||||||||||||
Morgan Stanley | 232,921,221 | 232,921,221 | — | — | ||||||||||||
|
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| |||||||||
$ | 528,494,208 | $ | 528,494,208 | $ | — | $ | — | |||||||||
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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 | 57 |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Thailand | ||||||||||||||||
Barclays Capital, Inc. | $ | 2,044,113 | $ | 2,044,113 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 72,529 | 72,529 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 254,416 | 254,416 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 469,519 | 469,519 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 156,633 | 156,633 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 5,296,857 | 5,296,857 | — | — | ||||||||||||
Morgan Stanley | 1,309,353 | 1,309,353 | — | — | ||||||||||||
SG Americas Securities LLC | 1,951,810 | 1,951,810 | — | — | ||||||||||||
UBS AG | 199,005 | 199,005 | — | — | ||||||||||||
|
|
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|
|
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|
| |||||||||
$ | 11,754,235 | $ | 11,754,235 | $ | — | $ | — | |||||||||
|
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|
|
|
|
|
|
(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 directors).
For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
58 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $46 billion | 0.5000 | % | ||
Over $46 billion, up to and including $81 billion | 0.4750 | |||
Over $81 billion, up to and including $111 billion | 0.4513 | |||
Over $111 billion, up to and including $141 billion | 0.4287 | |||
Over $141 billion, up to and including $171 billion | 0.4073 | |||
Over $171 billion | 0.3869 |
For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.7400 | % | ||
Over $2 billion, up to and including $4 billion | 0.6900 | |||
Over $4 billion, up to and including $8 billion | 0.6400 | |||
Over $8 billion, up to and including $16 billion | 0.5700 | |||
Over $16 billion, up to and including $24 billion | 0.5100 | |||
Over $24 billion, up to and including $32 billion | 0.4800 | |||
Over $32 billion, up to and including $40 billion | 0.4500 | |||
Over $40 billion | 0.4275 |
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Hong Kong | $ | 112,481 | ||
MSCI Japan Small-Cap | 2 | |||
MSCI Malaysia | 33,225 | |||
MSCI Pacific ex Japan | 141,656 | |||
MSCI Singapore | 10,316 | |||
MSCI Taiwan | 1,677,861 | |||
MSCI Thailand | 284,377 |
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 | 59 |
Notes to Financial Statements (unaudited) (continued)
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, 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 Hong Kong | $ | 9,313,881 | $ | 3,628,158 | $ | (8,037,151) | ||||||
MSCI Japan Small-Cap | 3,205,313 | 1,767,434 | 851,227 | |||||||||
MSCI Pacific ex Japan | 6,281,153 | 18,182,613 | (11,764,569) | |||||||||
MSCI Singapore | 5,918,418 | 66,436,926 | 4,317,134 | |||||||||
MSCI Taiwan | 19,430,316 | 7,167,171 | 920,874 |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 76,713,293 | $ | 49,741,050 | ||||
MSCI Japan Small-Cap | 5,901,748 | 5,986,462 | ||||||
MSCI Malaysia | 54,763,106 | 43,927,553 | ||||||
MSCI Pacific ex Japan | 234,427,263 | 258,110,616 | ||||||
MSCI Singapore | 172,837,645 | 165,584,066 | ||||||
MSCI Taiwan | 428,762,444 | 1,049,234,124 | ||||||
MSCI Thailand | 10,865,227 | 8,515,261 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Hong Kong | $ | 2,012,097 | $ | 83,631,354 | ||||
MSCI Japan Small-Cap | 8,449,537 | — | ||||||
MSCI Pacific ex Japan | 41,463,371 | 26,900,613 | ||||||
MSCI Singapore | 104,141,614 | 53,771,213 | ||||||
MSCI Thailand | 74,153,338 | 22,999,985 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Hong Kong | $ | 464,534,433 | ||
MSCI Japan Small-Cap | 10,918,565 | |||
MSCI Malaysia | 102,921,977 | |||
MSCI Pacific ex Japan | 510,753,366 | |||
MSCI Singapore | 215,141,841 | |||
MSCI Thailand | 113,015,960 |
60 | 2 0 2 2 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)
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.
As of February 28, 2022, 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 Hong Kong | $ | 986,843,175 | $ | 77,022,460 | $ | (209,332,799 | ) | $ | (132,310,339 | ) | ||||||
MSCI Japan Small-Cap | 86,882,923 | 4,124,105 | (18,504,467 | ) | (14,380,362 | ) | ||||||||||
MSCI Malaysia | 181,807,593 | 121,604,696 | (31,276,730 | ) | 90,327,966 | |||||||||||
MSCI Pacific ex Japan | 2,229,729,162 | 339,002,429 | (343,552,163 | ) | (4,549,734 | ) | ||||||||||
MSCI Singapore | 651,316,269 | 54,883,520 | (76,441,417 | ) | (21,557,897 | ) | ||||||||||
MSCI Taiwan | 3,536,611,737 | 4,154,169,776 | (188,414,697 | ) | 3,965,755,079 | |||||||||||
MSCI Thailand | 532,108,611 | 21,498,207 | (77,616,763 | ) | (56,118,556 | ) |
9. LINE OF CREDIT
The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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.
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 | 61 |
Notes to Financial Statements (unaudited) (continued)
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 the Manager 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.
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 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.
LIBORTransition 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.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
62 | 2 0 2 2 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)
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Hong Kong | ||||||||||||||||
Shares sold | 2,025,000 | $ | 48,791,689 | 8,700,000 | $ | 209,932,705 | ||||||||||
Shares redeemed | (4,200,000 | ) | (100,814,445 | ) | (27,000,000 | ) | (690,332,570 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (2,175,000 | ) | $ | (52,022,756 | ) | (18,300,000 | ) | $ | (480,399,865 | ) | ||||||
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|
|
|
|
|
|
| |||||||||
MSCI Japan Small-Cap | ||||||||||||||||
Shares sold | 100,000 | $ | 8,692,269 | 200,000 | $ | 15,401,017 | ||||||||||
Shares redeemed | — | — | (200,000 | ) | (15,208,129 | ) | ||||||||||
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|
|
|
|
|
|
| |||||||||
Net increase | 100,000 | $ | 8,692,269 | — | $ | 192,888 | ||||||||||
|
|
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|
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|
|
| |||||||||
MSCI Malaysia | ||||||||||||||||
Shares sold | 1,875,000 | $ | 47,336,875 | 2,550,000 | $ | 68,530,419 | ||||||||||
Shares redeemed | (1,350,000 | ) | (33,800,712 | ) | (5,475,000 | ) | (149,793,642 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 525,000 | $ | 13,536,163 | (2,925,000 | ) | $ | (81,263,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
Shares sold | 1,200,000 | $ | 55,442,378 | 9,300,000 | $ | 467,556,958 | ||||||||||
Shares redeemed | (600,000 | ) | (28,331,368 | ) | (5,400,000 | ) | (267,287,757 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 600,000 | $ | 27,111,010 | 3,900,000 | $ | 200,269,201 | ||||||||||
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|
|
|
|
|
|
| |||||||||
MSCI Singapore | ||||||||||||||||
Shares sold | 5,350,000 | $ | 114,314,496 | 5,800,000 | $ | 122,874,810 | ||||||||||
Shares redeemed | (2,500,000 | ) | (56,709,791 | ) | (6,450,000 | ) | (141,712,374 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,850,000 | $ | 57,604,705 | (650,000 | ) | $ | (18,837,564 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Taiwan | ||||||||||||||||
Shares sold | 1,000,000 | $ | 67,752,959 | 20,600,000 | $ | 1,138,966,691 | ||||||||||
Shares redeemed | (9,300,000 | ) | (581,323,491 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (8,300,000 | ) | $ | (513,570,532 | ) | 20,600,000 | $ | 1,138,966,691 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Thailand | ||||||||||||||||
Shares sold | 1,000,000 | $ | 78,350,999 | 1,450,000 | $ | 109,985,794 | ||||||||||
Shares redeemed | (300,000 | ) | (23,225,745 | ) | (2,700,000 | ) | (205,158,028 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 700,000 | $ | 55,125,254 | (1,250,000 | ) | $ | (95,172,234 | ) | ||||||||
|
|
|
|
|
|
|
|
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.
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 | 63 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
64 | 2 0 2 2 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 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
MSCI Hong Kong(a) | $ | 0.257000 | $ | — | $ | 0.005408 | $ | 0.262408 | 98 | % | — | % | 2 | % | 100 | % | ||||||||||||||||||||
MSCI Pacific ex Japan(a) | 1.196722 | — | 0.367275 | 1.563997 | 77 | — | 23 | 100 | ||||||||||||||||||||||||||||
MSCI Singapore(a) | 0.550878 | — | 0.452280 | 1.003158 | 55 | — | 45 | 100 | ||||||||||||||||||||||||||||
MSCI Thailand(a) | 0.850090 | — | 0.274004 | 1.124094 | 76 | — | 24 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 65 |
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 Company’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.
66 | 2 0 2 2 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 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
REIT | Real Estate Investment Trust |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 67 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-803-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares MSCI Brazil ETF | EWZ | NYSE Arca |
· | iShares MSCI Chile ETF | ECH | Cboe BZX |
· | iShares MSCI Colombia ETF | ICOL | NYSE Arca |
· | iShares MSCI Israel ETF | EIS | NYSE Arca |
· | iShares MSCI South Africa ETF | EZA | NYSE Arca |
· | iShares MSCI Turkey ETF | TUR | NASDAQ |
· | iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | (2.62)% | 16.39% | ||
U.S. small cap equities (Russell 2000® Index) | (9.46) | (6.01) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (6.78) | 2.83 | ||
Emerging market equities (MSCI Emerging Markets Index) | (9.81) | (10.69) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.02 | 0.04 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (3.94) | (1.67) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.07) | (2.64) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (3.09) | (0.66) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (3.07) | 0.64 | ||
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
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2 | ||||
4 | ||||
11 | ||||
11 | ||||
12 | ||||
Financial Statements | ||||
38 | ||||
40 | ||||
42 | ||||
46 | ||||
53 | ||||
63 | ||||
64 | ||||
65 | ||||
66 |
Fund Summary as of February 28, 2022 | iShares® MSCI Brazil ETF |
Investment Objective
The iShares MSCI Brazil ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (2.42 | )% | 12.87 | % | 0.73 | % | (3.96 | )% | 12.87 | % | 3.73 | % | (33.25 | )% | ||||||||||||||||||
Fund Market | (2.78 | ) | 12.64 | 0.97 | (4.06 | ) | 12.64 | 4.96 | (33.92 | ) | ||||||||||||||||||||||
Index | (3.50 | ) | 13.04 | 1.34 | (3.41 | ) | 13.04 | 6.88 | (29.32 | ) |
Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 975.80 | $ | 2.84 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Materials | 26.5 | % | ||
Financials | 22.3 | |||
Energy | 17.8 | |||
Consumer Staples | 9.1 | |||
Industrials | 6.7 | |||
Utilities | 5.6 | |||
Consumer Discretionary | 4.9 | |||
Health Care | 4.2 | |||
Communication Services | 2.2 | |||
Information Technology | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Vale SA | 20.1 | % | ||
Petroleo Brasileiro SA (Preferred) | 8.2 | |||
Petroleo Brasileiro SA | 6.9 | |||
Itau Unibanco Holding SA (Preferred) | 6.2 | |||
B3 SA - Brasil, Bolsa, Balcao | 4.4 | |||
Banco Bradesco SA (Preferred) | 4.0 | |||
Ambev SA | 3.5 | |||
WEG SA | 2.7 | |||
Hapvida Participacoes e Investimentos SA | 2.4 | |||
Suzano SA | 2.3 |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Chile ETF |
Investment Objective
The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (5.54 | )%(a) | (14.45 | )% | (5.97 | )% | (7.13 | )% | (14.45 | )% | (26.50 | )% | (52.26 | )% | ||||||||||||||||||
Fund Market | (5.96 | ) | (12.98 | ) | (5.92 | ) | (7.18 | ) | (12.98 | ) | (26.29 | ) | (52.53 | ) | ||||||||||||||||||
Index | (4.77 | ) | (13.81 | ) | (5.75 | ) | (6.90 | ) | (13.81 | ) | (25.64 | ) | (51.09 | ) |
(a) | The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. |
Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 944.60 | $ | 2.80 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Materials | 30.4 | % | ||
Financials | 23.8 | |||
Utilities | 17.6 | |||
Consumer Staples | 14.5 | |||
Energy | 4.3 | |||
Consumer Discretionary | 4.0 | |||
Real Estate | 3.2 | |||
Communication Services | 2.2 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Sociedad Quimica y Minera de Chile SA (Preferred), Class B | 23.2 | % | ||
Banco de Chile | 12.8 | |||
Enel Americas SA | 7.1 | |||
Banco Santander Chile | 4.5 | |||
Banco de Credito e Inversiones SA | 4.3 | |||
Empresas COPEC SA | 4.3 | |||
Empresas CMPC SA | 4.2 | |||
Falabella SA | 4.0 | |||
Cencosud SA | 4.0 | |||
Cia. Cervecerias Unidas SA | 3.7 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Colombia ETF |
Investment Objective
The iShares MSCI Colombia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped 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 Months | 1 Year | 5 Years | | Since Inception | | 1 Year | 5 Years | | Since Inception | | ||||||||||||||||||||||
Fund NAV | 8.71 | % | 10.30 | % | (1.09 | )% | (7.05 | )% | 10.30 | % | (5.31 | )% | (47.05 | )% | ||||||||||||||||||
Fund Market | 7.66 | 10.64 | (1.38 | ) | (7.16 | ) | 10.64 | (6.70 | ) | (47.60 | ) | |||||||||||||||||||||
Index | 10.12 | 12.23 | (0.44 | ) | (6.58 | ) | 12.23 | (2.20 | ) | (44.70 | ) |
The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,087.10 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.06 | 0.61 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 39.0 | % | ||
Energy | 23.1 | |||
Utilities | 19.8 | |||
Consumer Staples | 6.4 | |||
Materials | 5.5 | |||
Industrials | 2.8 | |||
Communication Services | 1.9 | |||
Consumer Discretionary | 1.5 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Ecopetrol SA | 14.5 | % | ||
Bancolombia SA (Preferred) | 14.1 | |||
Interconexion Electrica SA ESP | 9.4 | |||
Bancolombia SA | 8.8 | |||
Grupo Energia Bogota SA ESP | 4.4 | |||
Banco Davivienda SA (Preferred) | 4.4 | |||
Grupo Nutresa SA | 4.1 | |||
Canacol Energy Ltd. | 3.0 | |||
Parex Resources Inc. | 3.0 | |||
Enel Americas SA | 2.8 |
6 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Israel ETF |
Investment Objective
The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 3.52 | % | 15.86 | % | 9.35 | % | 8.02 | % | 15.86 | % | 56.37 | % | 116.30 | % | ||||||||||||||||||
Fund Market | 3.78 | 16.79 | 9.42 | 8.05 | 16.79 | 56.83 | 116.80 | |||||||||||||||||||||||||
Index | 3.66 | 16.52 | 9.92 | 8.40 | 16.52 | 60.43 | 123.97 |
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,035.20 | $ | 2.93 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 28.7 | % | ||
Financials | 24.9 | |||
Real Estate | 11.5 | |||
Industrials | 9.9 | |||
Health Care | 5.9 | |||
Materials | 4.8 | |||
Consumer Discretionary | 4.2 | |||
Communication Services | 2.9 | |||
Utilities | 2.7 | |||
Consumer Staples | 2.5 | |||
Energy | 2.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Bank Leumi Le-Israel BM | 7.6 | % | ||
Check Point Software Technologies Ltd. | 7.3 | |||
Nice Ltd. | 6.8 | |||
Bank Hapoalim BM | 5.8 | |||
Teva Pharmaceutical Industries Ltd. | 4.3 | |||
ICL Group Ltd. | 3.8 | |||
Israel Discount Bank Ltd., Class A | 3.6 | |||
CyberArk Software Ltd. | 3.2 | |||
Mizrahi Tefahot Bank Ltd. | 2.6 | |||
Elbit Systems Ltd. | 2.6 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI South Africa ETF |
Investment Objective
The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 6.55 | % | 15.31 | % | 3.91 | % | 0.92 | % | 15.31 | % | 21.11 | % | 9.56 | % | ||||||||||||||||||
Fund Market | 7.66 | 16.09 | 4.28 | 1.20 | 16.09 | 23.34 | 12.63 | |||||||||||||||||||||||||
Index | 5.86 | 14.88 | 4.29 | 1.42 | 14.88 | 23.38 | 15.11 |
Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,065.50 | $ | 2.92 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.86 | 0.57 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 31.5 | % | ||
Materials | 30.1 | |||
Consumer Discretionary | 12.9 | |||
Communication Services | 10.9 | |||
Consumer Staples | 8.2 | |||
Real Estate | 2.1 | |||
Health Care | 1.8 | |||
Industrials | 1.4 | |||
Energy | 1.1 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Naspers Ltd., Class N | 9.8 | % | ||
FirstRand Ltd. | 7.8 | |||
MTN Group Ltd. | 7.6 | |||
Impala Platinum Holdings Ltd. | 5.6 | |||
Standard Bank Group Ltd. | 5.1 | |||
Sasol Ltd. | 4.7 | |||
Sibanye Stillwater Ltd. | 4.5 | |||
Gold Fields Ltd. | 4.4 | |||
Capitec Bank Holdings Ltd. | 3.9 | |||
AngloGold Ashanti Ltd. | 3.5 |
8 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Turkey ETF |
Investment Objective
The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (20.12 | )% | (26.38 | )% | (9.13 | )% | (7.39 | )% | (26.38 | )% | (38.05 | )% | (53.59 | )% | ||||||||||||||||||
Fund Market | (20.96 | ) | (27.53 | ) | (9.26 | ) | (7.42 | ) | (27.53 | ) | (38.48 | ) | (53.75 | ) | ||||||||||||||||||
Index | (20.17 | ) | (26.41 | ) | (8.97 | ) | (7.15 | ) | (26.41 | ) | (37.48 | ) | (52.35 | ) |
Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 798.80 | $ | 2.54 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.86 | 0.57 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 21.9 | % | ||
Financials | 20.3 | |||
Materials | 19.6 | |||
Consumer Staples | 13.6 | |||
Consumer Discretionary | 10.5 | |||
Energy | 5.4 | |||
Communication Services | 5.2 | |||
Utilities | 1.7 | |||
Real Estate | 1.0 | |||
Health Care | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Eregli Demir ve Celik Fabrikalari TAS | 9.9 | % | ||
BIM Birlesik Magazalar AS | 7.6 | |||
Turkiye Petrol Rafinerileri AS | 5.4 | |||
KOC Holding AS | 5.4 | |||
Turkcell Iletisim Hizmetleri AS | 5.2 | |||
Akbank TAS | 5.0 | |||
Ford Otomotiv Sanayi AS | 4.7 | |||
Turkiye Garanti Bankasi AS | 4.4 | |||
Turkiye Sise ve Cam Fabrikalari AS | 3.8 | |||
Turk Hava Yollari AO | 3.5 |
F U N D S U M M A R Y | 9 |
Fund Summary as of February 28, 2022 | iShares® MSCI USA Equal Weighted ETF |
Investment Objective
The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.36 | )% | 12.00 | % | 12.54 | % | 12.97 | % | 12.00 | % | 80.51 | % | 238.53 | % | ||||||||||||||||||
Fund Market | (4.36 | ) | 11.77 | 12.54 | 12.96 | 11.77 | 80.50 | 238.37 | ||||||||||||||||||||||||
Index | (4.32 | ) | 12.16 | 12.69 | 13.13 | 12.16 | 81.73 | 243.34 |
Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.
Past performance is no guarantee 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” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 956.40 | $ | 0.44 | $ | 1,000.00 | $ | 1,024.30 | $ | 0.45 | 0.09 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 18.4 | % | ||
Financials | 13.8 | |||
Industrials | 13.3 | |||
Health Care | 13.2 | |||
Consumer Discretionary | 10.7 | |||
Real Estate | 5.8 | |||
Communication Services | 5.6 | |||
Consumer Staples | 5.4 | |||
Utilities | 5.4 | |||
Materials | 5.0 | |||
Energy | 3.4 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
S&P Global Inc. | 0.3 | % | ||
SolarEdge Technologies Inc. | 0.2 | |||
Block Inc. | 0.2 | |||
Cheniere Energy Inc. | 0.2 | |||
Leidos Holdings Inc. | 0.2 | |||
L3Harris Technologies Inc. | 0.2 | |||
Mosaic Co. (The) | 0.2 | |||
Palo Alto Networks Inc. | 0.2 | |||
Northrop Grumman Corp. | 0.2 | |||
Lockheed Martin Corp. | 0.2 |
10 | 2 0 2 2 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 |
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.
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 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 a 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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 11 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 3.0% | ||||||||
Banco Bradesco SA | 4,188,471 | $ | 13,737,557 | |||||
Banco do Brasil SA | 14,448,019 | 97,684,151 | ||||||
Banco Inter SA | 3,553,044 | 13,776,933 | ||||||
Banco Santander Brasil SA | 7,404,855 | 43,890,358 | ||||||
|
| |||||||
169,088,999 | ||||||||
Beverages — 3.5% | ||||||||
Ambev SA | 66,621,961 | 195,519,607 | ||||||
|
| |||||||
Capital Markets — 5.8% | ||||||||
B3 SA - Brasil, Bolsa, Balcao | 87,239,280 | 245,437,673 | ||||||
Banco BTG Pactual SA | 15,507,593 | 77,046,178 | ||||||
XP Inc.(a) | 1 | 32 | ||||||
|
| |||||||
322,483,883 | ||||||||
Containers & Packaging — 1.0% | ||||||||
Klabin SA | 12,421,579 | 55,793,218 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.4% | ||||||||
Telefonica Brasil SA | 7,832,634 | 76,811,931 | ||||||
|
| |||||||
Electric Utilities — 2.6% | ||||||||
Centrais Eletricas Brasileiras SA | 5,520,424 | 37,255,994 | ||||||
Energisa SA | 2,491,305 | 21,257,535 | ||||||
Equatorial Energia SA | 17,407,287 | 86,084,145 | ||||||
|
| |||||||
144,597,674 | ||||||||
Electrical Equipment — 2.6% | ||||||||
WEG SA | 26,183,745 | 148,351,533 | ||||||
|
| |||||||
Food & Staples Retailing — 2.0% | ||||||||
Atacadao SA | 8,273,221 | 30,496,357 | ||||||
Raia Drogasil SA | 17,831,632 | 80,726,270 | ||||||
|
| |||||||
111,222,627 | ||||||||
Food Products — 2.4% | ||||||||
BRF SA(a) | 11,171,469 | 35,229,794 | ||||||
JBS SA | 14,422,106 | 101,023,903 | ||||||
|
| |||||||
136,253,697 | ||||||||
Health Care Providers & Services — 3.3% | ||||||||
Hapvida Participacoes e Investimentos SA(b) | 58,063,249 | 135,914,179 | ||||||
Rede D’Or Sao Luiz SA(b) | 5,008,014 | 49,333,787 | ||||||
|
| |||||||
185,247,966 | ||||||||
Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
Engie Brasil Energia SA | 4,186,947 | 32,436,966 | ||||||
|
| |||||||
Insurance — 1.0% | ||||||||
BB Seguridade Participacoes SA | 12,238,698 | 53,966,714 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.0% | ||||||||
Americanas SA | 9,656,811 | 56,590,511 | ||||||
|
| |||||||
Metals & Mining — 21.0% | ||||||||
Cia. Siderurgica Nacional SA | 11,600,572 | 57,094,918 | ||||||
Vale SA | 60,104,783 | 1,115,164,732 | ||||||
|
| |||||||
1,172,259,650 | ||||||||
Multiline Retail — 2.4% | ||||||||
Lojas Renner SA | 16,020,660 | 79,187,451 | ||||||
Magazine Luiza SA | 45,787,266 | 52,824,775 | ||||||
|
| |||||||
132,012,226 | ||||||||
Oil, Gas & Consumable Fuels — 9.6% | ||||||||
Cosan SA | 17,549,806 | 71,950,389 | ||||||
Petro Rio SA(a) | 8,566,306 | 43,534,951 |
Security | Shares | Value | ||||||
| ||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Petroleo Brasileiro SA | 53,653,691 | $ | 381,500,124 | |||||
Ultrapar Participacoes SA | 13,490,840 | 37,940,971 | ||||||
|
| |||||||
534,926,435 | ||||||||
Paper & Forest Products — 2.3% | ||||||||
Suzano SA | 11,963,865 | 128,958,094 | ||||||
|
| |||||||
Personal Products — 1.1% | ||||||||
Natura & Co. Holding SA(a) | 14,147,753 | 63,133,693 | ||||||
|
| |||||||
Pharmaceuticals — 0.8% | ||||||||
Hypera SA | 6,900,446 | 44,763,175 | ||||||
|
| |||||||
Road & Rail — 3.1% | ||||||||
Localiza Rent a Car SA | 9,839,852 | 109,540,601 | ||||||
Rumo SA(a) | 22,025,366 | 65,985,161 | ||||||
|
| |||||||
175,525,762 | ||||||||
Software — 0.7% | ||||||||
TOTVS SA | 6,204,367 | 39,746,595 | ||||||
|
| |||||||
Specialty Retail — 1.2% | ||||||||
Vibra Energia SA | 15,282,135 | 69,608,845 | ||||||
|
| |||||||
Transportation Infrastructure — 0.9% | ||||||||
CCR SA | 22,076,552 | 50,224,981 | ||||||
|
| |||||||
Water Utilities — 0.9% | ||||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 6,142,865 | 49,291,683 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.8% | ||||||||
TIM SA | 16,220,756 | 43,025,356 | ||||||
|
| |||||||
Total Common Stocks — 75.0% | 4,191,841,821 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Banks — 12.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 56,988,329 | 223,241,217 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 69,835,057 | 342,831,027 | ||||||
Itausa SA, Preference Shares, NVS | 64,041,813 | 124,024,503 | ||||||
|
| |||||||
690,096,747 | ||||||||
Chemicals — 0.4% | ||||||||
Braskem SA, Class A, Preference Shares, NVS | 2,270,462 | 21,275,563 | ||||||
|
| |||||||
Electric Utilities — 1.5% | ||||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 5,122,610 | 34,023,165 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 20,181,721 | 49,591,907 | ||||||
|
| |||||||
83,615,072 | ||||||||
Metals & Mining — 1.7% | ||||||||
Gerdau SA, Preference Shares, NVS | 18,775,509 | 93,123,044 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 8.1% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 68,886,720 | 452,823,859 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
Alpargatas SA, Preference Shares, NVS | 2,745,526 | 13,670,454 | ||||||
|
| |||||||
Total Preferred Stocks — 24.3% | 1,354,604,739 |
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Rights |
| |||||||
Internet & Direct Marketing Retail — 0.0% | ||||||||
Americanas SA, (Expires 03/03/22)(a) | 215,430 | $ | 283,103 | |||||
|
| |||||||
Total Rights — 0.0% |
| 283,103 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 1,850,000 | 1,850,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.0% | 1,850,000 | |||||||
|
| |||||||
Total Investments in Securities — 99.3% |
| 5,548,579,663 | ||||||
Other Assets, Less Liabilities — 0.7% | 38,321,754 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 5,586,901,417 | ||||||
|
|
(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
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | — | $ | 1,850,000 | (a) | $ | — | $ | — | $ | — | $ | 1,850,000 | 1,850,000 | $ | 302 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Brazil Index | 651 | 03/18/22 | $ | 32,190 | $ | 2,119,975 | ||||||||||
|
|
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:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 2,119,975 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Brazil ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (5,611,194 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 607,061 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 33,471,638 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 4,191,841,821 | $ | — | $ | 4,191,841,821 | ||||||||
Preferred Stocks | — | 1,354,604,739 | — | 1,354,604,739 | ||||||||||||
Rights | — | 283,103 | — | 283,103 | ||||||||||||
Money Market Funds | 1,850,000 | — | — | 1,850,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,850,000 | $ | 5,546,729,663 | $ | — | $ | 5,548,579,663 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 2,119,975 | $ | — | $ | — | $ | 2,119,975 | ||||||||
|
|
|
|
|
|
|
|
(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 2 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) February 28, 2022 | iShares® MSCI Chile ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 23.7% | ||||||||
Banco de Chile | 502,893,775 | $ | 53,317,854 | |||||
Banco de Credito e Inversiones SA | 501,577 | 17,931,127 | ||||||
Banco Santander Chile | 378,328,135 | 18,577,344 | ||||||
Itau CorpBanca Chile SA(a) | 4,644,004,315 | 9,112,749 | ||||||
|
| |||||||
98,939,074 | ||||||||
Beverages — 6.1% | ||||||||
Cia. Cervecerias Unidas SA | 1,934,484 | 15,336,692 | ||||||
Vina Concha y Toro SA | 6,812,272 | 10,007,016 | ||||||
|
| |||||||
25,343,708 | ||||||||
Electric Utilities — 11.5% | ||||||||
Enel Americas SA | 250,176,355 | 29,293,508 | ||||||
Enel Chile SA | 382,099,959 | 12,526,300 | ||||||
Engie Energia Chile SA | 10,419,307 | 6,323,028 | ||||||
|
| |||||||
48,142,836 | ||||||||
Food & Staples Retailing — 5.4% | ||||||||
Cencosud SA | 8,985,911 | 16,528,140 | ||||||
SMU SA | 59,382,766 | 5,951,710 | ||||||
|
| |||||||
22,479,850 | ||||||||
Independent Power and Renewable Electricity Producers — 2.3% | ||||||||
Colbun SA | 129,841,040 | 9,455,391 | ||||||
|
| |||||||
Metals & Mining — 3.0% | ||||||||
CAP SA | 1,063,045 | 12,292,057 | ||||||
|
| |||||||
Multiline Retail — 4.0% | ||||||||
Falabella SA | 5,083,458 | 16,728,597 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.2% | ||||||||
Empresas COPEC SA | 2,273,892 | 17,640,303 | ||||||
|
| |||||||
Paper & Forest Products — 4.2% | ||||||||
Empresas CMPC SA | 10,585,360 | 17,488,625 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Real Estate Management & Development — 3.2% | ||||||||
Cencosud Shopping SA | 2,265,192 | $ | 2,431,850 | |||||
Parque Arauco SA(a) | 8,481,040 | 8,463,957 | ||||||
Plaza SA | 2,341,696 | 2,517,381 | ||||||
|
| |||||||
13,413,188 | ||||||||
Water Utilities — 3.7% | ||||||||
Aguas Andinas SA, Class A | 46,449,398 | 9,796,880 | ||||||
Inversiones Aguas Metropolitanas SA | 11,561,976 | 5,793,928 | ||||||
|
| |||||||
15,590,808 | ||||||||
Wireless Telecommunication Services — 2.2% | ||||||||
Empresa Nacional de Telecomunicaciones SA | 2,456,719 | 9,129,699 | ||||||
|
| |||||||
Total Common Stocks — 73.5% |
| 306,644,136 | ||||||
|
| |||||||
Preferred Stocks |
| |||||||
Beverages — 2.9% |
| |||||||
Embotelladora Andina SA, Class B, Preference Shares | 5,583,649 | 12,158,986 | ||||||
|
| |||||||
Chemicals — 23.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 1,448,847 | 96,220,650 | ||||||
|
| |||||||
Total Preferred Stocks — 26.0% | 108,379,636 | |||||||
|
| |||||||
Total Investments in Securities — 99.5% | 415,023,772 | |||||||
Other Assets, Less Liabilities — 0.5% | 2,202,532 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 417,226,304 | ||||||
|
|
(a) | Non-income producing security. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(a) | $ | 1,120,000 | $ | — | $ | (1,120,000 | )(b) | $ | — | $ | — | $ | — | — | $ | 38 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
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) February 28, 2022 | iShares® MSCI Chile ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 9 | 03/18/22 | $ | 529 | $ | (45,420 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 45,420 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (65,866 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (32,962 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,131,825 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 163,818,825 | $ | 142,825,311 | $ | — | $ | 306,644,136 | ||||||||
Preferred Stocks | — | 108,379,636 | — | 108,379,636 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 163,818,825 | $ | 251,204,947 | $ | — | $ | 415,023,772 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (45,420 | ) | $ | — | $ | — | $ | (45,420 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Colombia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 11.7% | ||||||||
Banco de Bogota SA | 6,315 | $ | 115,794 | |||||
Bancolombia SA | 341,354 | 3,384,924 | ||||||
Grupo Aval Acciones y Valores SA | 357,995 | 96,841 | ||||||
Grupo Bolivar SA | 46,052 | 935,894 | ||||||
|
| |||||||
4,533,453 | ||||||||
Building Products — 2.8% | ||||||||
Tecnoglass Inc.(a) | 52,188 | 1,071,420 | ||||||
|
| |||||||
Capital Markets — 1.1% | ||||||||
Bolsa de Valores de Colombia | 169,179 | 429,715 | ||||||
|
| |||||||
Construction Materials — 3.3% | ||||||||
Cementos Argos SA | 296,975 | 457,870 | ||||||
Grupo Argos SA | 249,517 | 817,568 | ||||||
|
| |||||||
1,275,438 | ||||||||
Diversified Financial Services — 3.5% | ||||||||
Corp. Financiera Colombiana SA(b) | 48,233 | 339,358 | ||||||
Grupo de Inversiones Suramericana SA | 127,041 | 1,030,977 | ||||||
|
| |||||||
1,370,335 | ||||||||
Electric Utilities — 12.5% | ||||||||
Celsia SA ESP | 133,060 | 141,273 | ||||||
Enel Americas SA | 9,215,287 | 1,079,031 | ||||||
Interconexion Electrica SA ESP | 590,416 | 3,644,168 | ||||||
|
| |||||||
4,864,472 | ||||||||
Food & Staples Retailing — 2.3% | ||||||||
Cia Brasileira de Distribuicao(a) | 198,796 | 904,522 | ||||||
|
| |||||||
Food Products — 4.1% | ||||||||
Grupo Nutresa SA | 140,681 | 1,580,113 | ||||||
|
| |||||||
Gas Utilities — 4.7% | ||||||||
Grupo Energia Bogota SA ESP | 2,731,472 | 1,699,796 | ||||||
Promigas SA ESP | 78,153 | 143,125 | ||||||
|
| |||||||
1,842,921 | ||||||||
Independent Power and Renewable Electricity Producers — 2.3% | ||||||||
Brookfield Renewable Corp., Class A | 24,376 | 913,499 | ||||||
|
| |||||||
Metals & Mining — 1.4% | ||||||||
Mineros SA | 603,950 | 555,320 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 22.9% | ||||||||
Canacol Energy Ltd | 456,480 | 1,156,056 | ||||||
Ecopetrol SA | 6,740,224 | 5,586,315 | ||||||
Empresas COPEC SA | 131,563 | 1,020,634 | ||||||
Parex Resources Inc. | 51,665 | 1,139,279 | ||||||
|
| |||||||
8,902,284 | ||||||||
Specialty Retail — 1.5% | ||||||||
Organizacion Terpel SA(b) | 198,536 | 574,377 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Wireless Telecommunication Services — 1.9% | ||||||||
Millicom International Cellular SA, SDR(b) | 31,138 | $ | 722,331 | |||||
|
| |||||||
Total Common Stocks — 76.0% | 29,540,200 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Banks — 20.6% | ||||||||
Banco Davivienda SA, Preference Shares, NVS | 207,323 | 1,685,123 | ||||||
Bancolombia SA, Preference Shares, NVS | 616,349 | 5,448,036 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 3,316,566 | 892,953 | ||||||
|
| |||||||
8,026,112 | ||||||||
Construction Materials — 0.8% | ||||||||
Cementos Argos SA, Preference Shares, NVS | 127,820 | 136,326 | ||||||
Grupo Argos SA/Colombia, Preference Shares, NVS | 65,996 | 162,433 | ||||||
|
| |||||||
298,759 | ||||||||
Diversified Financial Services — 1.8% | ||||||||
Corp. Financiera Colombiana SA, Preference Shares, NVS(b) | 23,910 | 138,529 | ||||||
Grupo de Inversiones Suramericana SA, Preference Shares, NVS | 95,164 | 557,157 | ||||||
|
| |||||||
695,686 | ||||||||
|
| |||||||
Total Preferred Stocks — 23.2% | 9,020,557 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e) | 1,312,123 | 1,312,385 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 50,000 | 50,000 | ||||||
1,362,385 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.5% | 1,362,385 | |||||||
|
| |||||||
Total Investments in Securities — 102.7% | 39,923,142 | |||||||
Other Assets, Less Liabilities — (2.7)% | (1,032,742 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 38,890,400 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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 | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Colombia ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | �� | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 1,312,578 | (a) | $ | — | $ | (193 | ) | $ | — | $ | 1,312,385 | 1,312,123 | $ | 3,640 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,000 | 40,000 | (a) | — | — | — | 50,000 | 50,000 | 3 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | (193 | ) | $ | — | $ | 1,362,385 | $ | 3,643 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 Categorized by Risk Exposure
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (2,894 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 40,410 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 27,738,838 | $ | 1,801,362 | $ | — | $ | 29,540,200 | ||||||||
Preferred Stocks | 9,020,557 | — | — | 9,020,557 | ||||||||||||
Money Market Funds | 1,362,385 | — | — | 1,362,385 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 38,121,780 | $ | 1,801,362 | $ | — | $ | 39,923,142 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Aerospace & Defense — 2.6% | ||||||||
Elbit Systems Ltd. | 22,849 | $ | 4,697,221 | |||||
|
| |||||||
Banks — 21.3% | ||||||||
Bank Hapoalim BM | 999,461 | 10,592,776 | ||||||
Bank Leumi Le-Israel BM | 1,278,285 | 13,847,559 | ||||||
FIBI Holdings Ltd. | 15,393 | 730,455 | ||||||
First International Bank Of Israel Ltd. (The) | 47,548 | 2,045,316 | ||||||
Israel Discount Bank Ltd., Class A | 1,002,779 | 6,612,474 | ||||||
Mizrahi Tefahot Bank Ltd. | 121,365 | 4,742,863 | ||||||
|
| |||||||
38,571,443 | ||||||||
Biotechnology — 0.1% | ||||||||
UroGen Pharma Ltd.(a)(b) | 17,083 | 102,498 | ||||||
|
| |||||||
Building Products — 0.2% | ||||||||
Caesarstone Ltd. | 20,845 | 249,932 | ||||||
|
| |||||||
Capital Markets — 0.2% | ||||||||
Altshuler Shaham Provident Funds & Pension Ltd.(b) | 49,866 | 214,194 | ||||||
Electreon Wireless Ltd.(a) | 3,758 | 162,306 | ||||||
|
| |||||||
376,500 | ||||||||
Chemicals — 4.8% | ||||||||
ICL Group Ltd. | 608,448 | 6,909,852 | ||||||
Israel Corp. Ltd. (The)(a) | 3,318 | 1,743,602 | ||||||
|
| |||||||
8,653,454 | ||||||||
Communications Equipment — 1.3% | ||||||||
AudioCodes Ltd. | 22,249 | 631,577 | ||||||
Gilat Satellite Networks Ltd. | 26,197 | 213,137 | ||||||
Ituran Location and Control Ltd. | 14,179 | 291,662 | ||||||
Radware Ltd.(a) | 35,683 | 1,227,852 | ||||||
|
| |||||||
2,364,228 | ||||||||
Construction & Engineering — 3.0% | ||||||||
Ashtrom Group Ltd.(b) | 34,718 | 963,648 | ||||||
Elco Ltd. | 8,308 | 717,678 | ||||||
Electra Ltd./Israel | 1,813 | 1,355,193 | ||||||
Shapir Engineering and Industry Ltd.(b) | 122,990 | 1,212,856 | ||||||
Shikun & Binui Ltd.(a) | 203,766 | 1,233,956 | ||||||
|
| |||||||
5,483,331 | ||||||||
Consumer Finance — 0.5% | ||||||||
Isracard Ltd. | 171,928 | 902,344 | ||||||
|
| |||||||
Distributors — 0.2% | ||||||||
Tadiran Group Ltd. | 2,606 | 373,038 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.6% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 1,786,714 | 2,933,359 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.1% | ||||||||
Nayax Ltd.(a) | 70,987 | 143,826 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.6% | ||||||||
REIT 1 Ltd.(b) | 154,056 | 1,019,415 | ||||||
|
| |||||||
Food & Staples Retailing — 1.7% | ||||||||
M Yochananof & Sons Ltd. | 4,377 | 333,563 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 7,654 | 633,290 | ||||||
Shufersal Ltd. | 228,596 | 2,044,381 | ||||||
|
| |||||||
3,011,234 | ||||||||
Food Products — 0.8% | ||||||||
Mehadrin Ltd.(a) | 1 | 33 |
Security | Shares | Value | ||||||
| ||||||||
Food Products (continued) | ||||||||
Strauss Group Ltd. | 45,048 | $ | 1,481,092 | |||||
|
| |||||||
1,481,125 | ||||||||
Health Care Equipment & Supplies — 1.2% | ||||||||
Inmode Ltd.(a) | 42,790 | 1,826,705 | ||||||
Nano-X Imaging Ltd.(a)(b) | 29,077 | 295,132 | ||||||
Sisram Medical Ltd.(c) | 121,200 | 123,919 | ||||||
|
| |||||||
2,245,756 | ||||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Fattal Holdings 1998 Ltd.(a)(b) | 5,291 | 691,595 | ||||||
NEOGAMES SA(a) | 8,824 | 199,422 | ||||||
|
| |||||||
891,017 | ||||||||
Household Durables — 1.0% | ||||||||
Azorim-Investment Development & Construction Co. Ltd.(a)(b) | 73,202 | 365,815 | ||||||
Electra Consumer Products 1970 Ltd. | 9,396 | 546,918 | ||||||
Maytronics Ltd.(b) | 37,583 | 810,564 | ||||||
|
| |||||||
1,723,297 | ||||||||
Independent Power and Renewable Electricity Producers — 2.7% | ||||||||
Doral Group Renewable Energy Resources Ltd.(a)(b) | 49,499 | 198,115 | ||||||
Energix-Renewable Energies Ltd. | 190,407 | 776,252 | ||||||
Enlight Renewable Energy Ltd.(a) | 793,875 | 1,918,690 | ||||||
Kenon Holdings Ltd./Singapore(b) | 20,860 | 1,182,347 | ||||||
OPC Energy Ltd.(a)(b) | 78,067 | 886,440 | ||||||
|
| |||||||
4,961,844 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Arad Investment & Industrial Development Ltd. | 2,813 | 394,719 | ||||||
|
| |||||||
Insurance — 3.0% | ||||||||
Clal Insurance Enterprises Holdings Ltd.(a) | 52,459 | 1,226,218 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 101,493 | 1,228,760 | ||||||
IDI Insurance Co. Ltd. | 6,992 | 242,343 | ||||||
Menora Mivtachim Holdings Ltd. | 21,978 | 514,330 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 314,483 | 550,386 | ||||||
Phoenix Holdings Ltd. (The) | 133,401 | 1,652,367 | ||||||
|
| |||||||
5,414,404 | ||||||||
Interactive Media & Services — 0.2% | ||||||||
Taboola.com Ltd.(a)(b) | 49,546 | 327,499 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.1% | ||||||||
Fiverr International Ltd.(a)(b) | 25,269 | 1,993,977 | ||||||
|
| |||||||
IT Services — 3.8% | ||||||||
Formula Systems 1985 Ltd.(b) | 7,892 | 802,451 | ||||||
Malam - Team Ltd. | 6,591 | 213,203 | ||||||
Matrix IT Ltd.(b) | 29,895 | 808,870 | ||||||
One Software Technologies Ltd. | 33,654 | 598,799 | ||||||
Wix.com Ltd.(a) | 49,098 | 4,496,395 | ||||||
|
| |||||||
6,919,718 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
Compugen Ltd.(a)(b) | 72,561 | 224,213 | ||||||
|
| |||||||
Machinery — 2.1% | ||||||||
Kornit Digital Ltd.(a)(b) | 40,101 | 3,802,778 | ||||||
|
| |||||||
Marine — 1.4% | ||||||||
ZIM Integrated Shipping Services Ltd. | 35,805 | 2,498,831 | ||||||
|
| |||||||
Media — 0.4% | ||||||||
Perion Network Ltd.(a) | 33,992 | 772,938 | ||||||
|
|
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) February 28, 2022 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Delek Group Ltd.(a) | 7,886 | $ | 974,156 | |||||
Equital Ltd.(a) | 17,103 | 683,431 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a) | 27,979 | 221,440 | ||||||
Oil Refineries Ltd.(a) | 1,531,089 | 548,631 | ||||||
Paz Oil Co. Ltd.(a) | 8,722 | 1,258,326 | ||||||
|
| |||||||
3,685,984 | ||||||||
Pharmaceuticals — 4.5% | ||||||||
Taro Pharmaceutical Industries Ltd.(a)(b) | 8,195 | 400,326 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a) | 950,240 | 7,725,451 | ||||||
|
| |||||||
8,125,777 | ||||||||
Professional Services — 0.5% | ||||||||
Danel Adir Yeoshua Ltd. | 4,411 | 953,412 | ||||||
|
| |||||||
Real Estate Management & Development — 10.9% | ||||||||
AFI Properties Ltd. | 9,265 | 540,486 | ||||||
Airport City Ltd.(a) | 58,997 | 1,333,428 | ||||||
Alony Hetz Properties & Investments Ltd. | 127,204 | 2,227,439 | ||||||
Amot Investments Ltd. | 191,018 | 1,466,938 | ||||||
Azrieli Group Ltd. | 36,560 | 3,119,003 | ||||||
Big Shopping Centers Ltd. | 9,104 | 1,343,721 | ||||||
Blue Square Real Estate Ltd. | 4,527 | 360,237 | ||||||
Brack Capital Properties NV(a) | 0 | 43 | ||||||
Electra Real Estate Ltd.(b) | 19,766 | 386,294 | ||||||
Gav-Yam Lands Corp. Ltd. | 120,126 | 1,469,946 | ||||||
Gazit-Globe Ltd. | 59,306 | 517,407 | ||||||
Israel Canada T.R Ltd. | 100,812 | 568,840 | ||||||
Isras Investment Co. Ltd. | 1,399 | 336,154 | ||||||
Mega Or Holdings Ltd. | 20,524 | 808,251 | ||||||
Melisron Ltd.(a) | 18,402 | 1,461,120 | ||||||
Mivne Real Estate KD Ltd. | 516,367 | 2,025,505 | ||||||
Prashkovsky Investments and Construction Ltd. | 6,356 | 262,125 | ||||||
Property & Building Corp. Ltd.(a) | 2,562 | 336,297 | ||||||
Summit Real Estate Holdings Ltd.(a)(b) | 31,590 | 703,868 | ||||||
YH Dimri Construction & Development Ltd.(b) | 6,400 | 576,726 | ||||||
|
| |||||||
19,843,828 | ||||||||
Semiconductors & Semiconductor Equipment — 4.2% | ||||||||
Camtek Ltd./Israel(a) | 24,471 | 811,182 | ||||||
Nova Ltd.(a) | 24,560 | 2,690,551 | ||||||
Tower Semiconductor Ltd.(a) | 88,353 | 4,130,670 | ||||||
|
| |||||||
7,632,403 | ||||||||
Software — 18.9% | ||||||||
Cellebrite DI Ltd.(a)(b) | 32,507 | 230,800 | ||||||
Check Point Software Technologies Ltd.(a) | 91,527 | 13,260,432 | ||||||
Cognyte Software Ltd.(a) | 56,842 | 634,357 | ||||||
CyberArk Software Ltd.(a)(b) | 34,253 | 5,827,805 | ||||||
Hilan Ltd. | 12,726 | 767,316 | ||||||
Magic Software Enterprises Ltd. | 23,420 | 418,785 |
Security | Shares | Value | ||||||
| ||||||||
Software (continued) | ||||||||
Nice Ltd.(a) | 54,381 | $ | 12,301,421 | |||||
Riskified Ltd.(a)(b) | 19,298 | 145,314 | ||||||
Sapiens International Corp. NV | 25,856 | 707,718 | ||||||
|
| |||||||
34,293,948 | ||||||||
Specialty Retail — 1.1% | ||||||||
Delek Automotive Systems Ltd. | 43,870 | 696,552 | ||||||
Fox Wizel Ltd. | 6,447 | 1,092,365 | ||||||
Retailors Ltd.(a) | 10,517 | 267,721 | ||||||
|
| |||||||
2,056,638 | ||||||||
Technology Hardware, Storage & Peripherals — 0.4% | ||||||||
Nano Dimension Ltd., ADR(a)(b) | 220,633 | 781,041 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Delta-Galil Industries Ltd.(b) | 7,766 | 537,035 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.7% | ||||||||
Cellcom Israel Ltd.(a)(b) | 77,942 | 398,754 | ||||||
Partner Communications Co. Ltd.(a) | 118,555 | 910,178 | ||||||
|
| |||||||
1,308,932 | ||||||||
|
| |||||||
Total Common Stocks — 100.2% |
| 181,752,937 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 9,554,118 | 9,556,029 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 90,000 | 90,000 | ||||||
|
| |||||||
9,646,029 | ||||||||
|
| |||||||
Total Short-Term Investments — 5.3% |
| 9,646,029 | ||||||
|
| |||||||
Total Investments in Securities — 105.5% |
| 191,398,966 | ||||||
Other Assets, Less Liabilities — (5.5)% |
| (9,910,800 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 181,488,166 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
20 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Israel ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 23,201,200 | $ | — | $ | (13,642,360 | )(a) | $ | (2,236 | ) | $ | (575 | ) | $ | 9,556,029 | 9,554,118 | $ | 56,197 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 90,000 | 0 | (a) | — | — | — | 90,000 | 90,000 | 6 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | (2,236 | ) | $ | (575 | ) | $ | 9,646,029 | $ | 56,203 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
Euro STOXX 50 Index | 6 | 03/18/22 | $ | 263 | $ | (6,316 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 6,316 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (3,560 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (9,842 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 512,182 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Israel ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 46,902,659 | $ | 134,850,278 | $ | — | $ | 181,752,937 | ||||||||
Money Market Funds | 9,646,029 | — | — | 9,646,029 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 56,548,688 | $ | 134,850,278 | $ | — | $ | 191,398,966 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (6,316 | ) | $ | — | $ | (6,316 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI South Africa ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Banks — 14.3% | ||||||||
Absa Group Ltd. | 992,041 | $ | 11,396,415 | |||||
Capitec Bank Holdings Ltd. | 111,428 | 15,044,193 | ||||||
Nedbank Group Ltd. | 630,511 | 8,963,395 | ||||||
Standard Bank Group Ltd. | 1,847,527 | 19,576,414 | ||||||
|
| |||||||
54,980,417 | ||||||||
Capital Markets — 1.0% | ||||||||
Reinet Investments SCA | 188,666 | 3,889,332 | ||||||
|
| |||||||
Chemicals — 4.6% | ||||||||
Sasol Ltd.(a) | 779,434 | 17,884,066 | ||||||
|
| |||||||
Diversified Financial Services — 9.5% | ||||||||
FirstRand Ltd. | 6,950,389 | 29,925,979 | ||||||
Remgro Ltd. | 727,969 | 6,615,339 | ||||||
|
| |||||||
36,541,318 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% | ||||||||
Growthpoint Properties Ltd. | 4,719,263 | 4,112,714 | ||||||
|
| |||||||
Food & Staples Retailing — 7.5% | ||||||||
Bid Corp. Ltd. | 461,753 | 9,381,458 | ||||||
Clicks Group Ltd. | 336,992 | 6,551,907 | ||||||
Shoprite Holdings Ltd. | 691,987 | 10,321,866 | ||||||
SPAR Group Ltd (The) | 264,935 | 2,827,122 | ||||||
|
| |||||||
29,082,353 | ||||||||
Food Products — 0.6% | ||||||||
Tiger Brands Ltd. | 234,992 | 2,496,291 | ||||||
|
| |||||||
Industrial Conglomerates — 1.4% | ||||||||
Bidvest Group Ltd (The) | 398,189 | 5,455,710 | ||||||
|
| |||||||
Insurance — 6.7% | ||||||||
Discovery Ltd.(a) | 595,770 | 6,101,304 | ||||||
Old Mutual Ltd. | 6,482,327 | 5,311,914 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,053,549 | 3,314,898 | ||||||
Sanlam Ltd. | 2,606,018 | 10,982,112 | ||||||
|
| |||||||
25,710,228 | ||||||||
Internet & Direct Marketing Retail — 9.8% | ||||||||
Naspers Ltd., Class N | 299,787 | 37,752,343 | ||||||
|
| |||||||
Media — 1.1% | ||||||||
MultiChoice Group | 517,830 | 4,244,009 | ||||||
|
| |||||||
Metals & Mining — 25.4% | ||||||||
African Rainbow Minerals Ltd. | 154,380 | 2,747,389 | ||||||
Anglo American Platinum Ltd. | 73,046 | 11,401,376 | ||||||
AngloGold Ashanti Ltd. | 574,644 | 13,444,885 | ||||||
Gold Fields Ltd. | 1,222,131 | 17,016,664 | ||||||
Harmony Gold Mining Co. Ltd. | 766,663 | 3,274,103 |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
Impala Platinum Holdings Ltd. | 1,125,142 | $ | 21,461,389 | |||||
Kumba Iron Ore Ltd. | 88,607 | 3,502,527 | ||||||
Northam Platinum Holdings Ltd.(a) | 464,120 | 7,493,835 | ||||||
Sibanye Stillwater Ltd. | 3,673,049 | 17,328,072 | ||||||
|
| |||||||
97,670,240 | ||||||||
Multiline Retail — 1.2% | ||||||||
Woolworths Holdings Ltd. | 1,376,562 | 4,532,592 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.1% | ||||||||
Exxaro Resources Ltd. | 339,825 | 4,383,320 | ||||||
|
| |||||||
Pharmaceuticals — 1.8% | ||||||||
Aspen Pharmacare Holdings Ltd. | 534,142 | 6,982,362 | ||||||
|
| |||||||
Real Estate Management & Development — 1.0% | ||||||||
NEPI Rockcastle PLC | 586,886 | 3,750,856 | ||||||
|
| |||||||
Specialty Retail — 1.9% | ||||||||
Mr. Price Group Ltd. | 352,745 | 4,808,871 | ||||||
Pepkor Holdings Ltd.(b) | 1,780,037 | 2,541,050 | ||||||
|
| |||||||
7,349,921 | ||||||||
Wireless Telecommunication Services — 9.8% | ||||||||
MTN Group Ltd.(a) | 2,334,687 | 29,142,835 | ||||||
Vodacom Group Ltd. | 884,610 | 8,515,153 | ||||||
|
| |||||||
37,657,988 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 384,476,060 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 220,000 | 220,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% |
| 220,000 | ||||||
|
| |||||||
Total Investments in Securities — 99.9% |
| 384,696,060 | ||||||
Other Assets, Less Liabilities — 0.1% |
| 359,803 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 385,055,863 | |||||
|
|
(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. |
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) February 28, 2022 | iShares® MSCI South Africa ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 310,000 | $ | — | $ | (90,000 | )(a) | $ | — | $ | — | $ | 220,000 | 220,000 | $ | 6 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
(a) | Represents net amount purchased (sold). |
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 | ||||||||||||||||
FTSE/JSE Top 40 Index | 8 | 03/17/22 | $ | 361 | $ | 19,093 | ||||||||||
|
|
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:
| Equity Contracts |
| ||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 19,093 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| Equity Contracts | | ||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (10,553 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 2,386 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 614,751 |
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.
24 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI South Africa ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 113,594,830 | $ | 270,881,230 | $ | — | $ | 384,476,060 | ||||||||
Money Market Funds | 220,000 | — | — | 220,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 113,814,830 | $ | 270,881,230 | $ | — | $ | 384,696,060 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | — | $ | 19,093 | $ | — | $ | 19,093 | ||||||||
|
|
|
|
|
|
|
|
(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 | 25 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Turkey ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 3.4% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 5,693,758 | $ | 9,149,342 | |||||
|
| |||||||
Airlines — 4.6% | ||||||||
Pegasus Hava Tasimaciligi AS(a)(b) | 415,769 | 2,812,420 | ||||||
Turk Hava Yollari AO(a) | 5,214,564 | 9,652,797 | ||||||
|
| |||||||
12,465,217 | ||||||||
Automobiles — 6.8% | ||||||||
Ford Otomotiv Sanayi AS | 657,607 | 12,809,801 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,008,916 | 5,853,648 | ||||||
|
| |||||||
18,663,449 | ||||||||
Banks — 19.4% | ||||||||
Akbank TAS | 26,506,319 | 13,529,559 | ||||||
Haci Omer Sabanci Holding AS | 8,533,018 | 9,580,976 | ||||||
Turkiye Garanti Bankasi AS | 15,096,607 | 12,085,794 | ||||||
Turkiye Halk Bankasi AS(a)(b) | 4,503,015 | 1,428,231 | ||||||
Turkiye Is Bankasi AS, Class C | 13,028,793 | 7,543,927 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D(a)(b) | 5,533,097 | 1,337,684 | ||||||
Yapi ve Kredi Bankasi AS | 28,693,195 | 7,411,128 | ||||||
|
| |||||||
52,917,299 | ||||||||
Beverages — 3.6% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,214,912 | 3,871,021 | ||||||
Coca-Cola Icecek AS | 770,092 | 6,063,253 | ||||||
|
| |||||||
9,934,274 | ||||||||
Capital Markets — 0.4% | ||||||||
Is Yatirim Menkul Degerler AS | 812,581 | 1,031,875 | ||||||
|
| |||||||
Chemicals — 4.3% | ||||||||
Gubre Fabrikalari TAS(a) | 369,256 | 2,030,338 | ||||||
Hektas Ticaret TAS(a)(b) | 2,802,150 | 2,624,655 | ||||||
Petkim Petrokimya Holding AS(a)(b) | 12,459,932 | 6,977,076 | ||||||
|
| |||||||
11,632,069 | ||||||||
Construction & Engineering — 1.0% | ||||||||
Tekfen Holding AS | 2,082,901 | 2,782,498 | ||||||
|
| |||||||
Construction Materials — 0.7% | ||||||||
Nuh Cimento Sanayi AS | 410,123 | 1,244,570 | ||||||
Oyak Cimento Fabrikalari AS(a)(b) | 1,525,825 | 800,520 | ||||||
|
| |||||||
2,045,090 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Turkiye Sinai Kalkinma Bankasi AS | 8,106,151 | 756,567 | ||||||
|
| |||||||
Electric Utilities — 1.0% | ||||||||
Enerjisa Enerji AS(b)(c) | 2,870,664 | 2,746,164 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 19,309,879 | 2,776,443 | ||||||
|
| |||||||
Food & Staples Retailing — 9.2% | ||||||||
BIM Birlesik Magazalar AS | 3,899,346 | 20,595,162 | ||||||
Migros Ticaret AS(a)(b) | 1,040,011 | 2,705,182 | ||||||
Sok Marketler Ticaret AS(b) | 2,276,466 | 1,858,642 | ||||||
|
| |||||||
25,158,986 | ||||||||
Food Products — 0.7% | ||||||||
Ulker Biskuvi Sanayi AS | 1,722,697 | 1,848,381 | ||||||
|
| |||||||
Health Care Providers & Services — 0.9% | ||||||||
MLP Saglik Hizmetleri AS(a)(c) | 1,088,294 | 2,327,523 | ||||||
|
|
Security | Shares | Value | ||||||
Household Durables — 0.6% | ||||||||
Vestel Elektronik Sanayi ve Ticaret AS(b) | 963,297 | $ | 1,566,358 | |||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
Aksa Enerji Uretim AS(a)(b) | 2,014,342 | 1,882,109 | ||||||
|
| |||||||
Industrial Conglomerates — 9.8% | ||||||||
Bera Holding AS(a)(b) | 2,753,368 | 1,624,479 | ||||||
Enka Insaat ve Sanayi AS | 1 | 1 | ||||||
KOC Holding AS | 6,453,482 | 14,753,215 | ||||||
Turkiye Sise ve Cam Fabrikalari AS(b) | 11,553,932 | 10,334,906 | ||||||
|
| |||||||
26,712,601 | ||||||||
Insurance — 0.2% | ||||||||
Anadolu Anonim Turk Sigorta Sirketi | 1,779,918 | 673,213 | ||||||
|
| |||||||
Machinery — 1.4% | ||||||||
Jantsa Jant Sanayi Ve Ticaret AS | 179,497 | 748,323 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 59,928 | 1,755,016 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 91,077 | 1,406,307 | ||||||
|
| |||||||
3,909,646 | ||||||||
Metals & Mining — 14.5% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 11,965,652 | 26,870,358 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b) | 7,433,680 | 6,300,252 | ||||||
Koza Altin Isletmeleri AS(a)(b) | 406,198 | 3,360,465 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 2,217,213 | 3,143,131 | ||||||
|
| |||||||
39,674,206 | ||||||||
Oil, Gas & Consumable Fuels — 5.4% | ||||||||
Turkiye Petrol Rafinerileri AS(a) | 1,059,155 | 14,762,089 | ||||||
|
| |||||||
Specialty Retail — 0.8% | ||||||||
Dogan Sirketler Grubu Holding AS(b) | 12,287,969 | 2,264,035 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 2.3% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 1,615,871 | 4,208,745 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c) | 485,884 | 1,960,703 | ||||||
|
| |||||||
6,169,448 | ||||||||
Transportation Infrastructure — 1.7% | ||||||||
TAV Havalimanlari Holding AS(a)(b) | 1,878,208 | 4,570,585 | ||||||
|
| |||||||
Wireless Telecommunication Services — 5.2% | ||||||||
Turkcell Iletisim Hizmetleri AS | 9,514,273 | 14,106,167 | ||||||
|
| |||||||
Total Common Stocks — 99.9% |
| 272,525,634 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 4.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 11,130,209 | 11,132,435 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 120,000 | 120,000 | ||||||
|
| |||||||
11,252,435 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.1% |
| 11,252,435 | ||||||
|
| |||||||
Total Investments in Securities — 104.0% | 283,778,069 | |||||||
Other Assets, Less Liabilities — (4.0)% |
| (10,912,679 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 272,865,390 | |||||
|
|
26 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Turkey ETF |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,942,050 | $ | — | $ | (806,237 | )(a) | $ | 129 | $ | (3,507 | ) | $ | 11,132,435 | 11,130,209 | $ | 399,887 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 350,000 | — | (230,000 | )(a) | — | — | 120,000 | 120,000 | 8 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 129 | $ | (3,507 | ) | $ | 11,252,435 | $ | 399,895 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 Categorized by Risk Exposure
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (39,425 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,632 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 189,087 | ||
|
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.
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) February 28, 2022 | iShares® MSCI Turkey ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 205,152,033 | $ | 67,373,601 | $ | — | $ | 272,525,634 | ||||||||
Money Market Funds | 11,252,435 | — | — | 11,252,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 216,404,468 | $ | 67,373,601 | $ | — | $ | 283,778,069 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.9% | ||||||||
Boeing Co. (The)(a) | 3,581 | $ | 735,322 | |||||
General Dynamics Corp. | 3,657 | 857,384 | ||||||
HEICO Corp.(b) | 2,281 | 336,470 | ||||||
HEICO Corp., Class A | 3,841 | 472,136 | ||||||
Howmet Aerospace Inc. | 21,943 | 788,192 | ||||||
Huntington Ingalls Industries Inc. | 4,294 | 877,693 | ||||||
L3Harris Technologies Inc. | 3,538 | 892,673 | ||||||
Lockheed Martin Corp. | 2,026 | 878,879 | ||||||
Northrop Grumman Corp. | 1,992 | 880,743 | ||||||
Raytheon Technologies Corp. | 8,274 | 849,740 | ||||||
Textron Inc. | 10,859 | 794,119 | ||||||
TransDigm Group Inc.(a) | 1,174 | 782,577 | ||||||
|
| |||||||
9,145,928 | ||||||||
Air Freight & Logistics — 0.7% | ||||||||
CH Robinson Worldwide Inc. | 8,672 | 838,409 | ||||||
Expeditors International of Washington Inc. | 7,301 | 754,632 | ||||||
FedEx Corp. | 3,423 | 760,830 | ||||||
United Parcel Service Inc., Class B | 3,641 | 766,139 | ||||||
|
| |||||||
3,120,010 | ||||||||
Airlines — 0.3% | ||||||||
Delta Air Lines Inc.(a) | 17,654 | 704,748 | ||||||
Southwest Airlines Co.(a) | 16,533 | 724,145 | ||||||
|
| |||||||
1,428,893 | ||||||||
Auto Components — 0.4% | ||||||||
Aptiv PLC(a) | 5,360 | 693,798 | ||||||
BorgWarner Inc. | 17,338 | 711,031 | ||||||
Lear Corp. | 4,466 | 702,681 | ||||||
|
| |||||||
2,107,510 | ||||||||
Automobiles — 0.8% | ||||||||
Ford Motor Co. | 43,532 | 764,422 | ||||||
General Motors Co.(a) | 15,546 | 726,309 | ||||||
Lucid Group Inc.(a)(b) | 27,035 | 783,474 | ||||||
Rivian Automotive Inc., Class A(a)(b) | 11,834 | 799,505 | ||||||
Tesla Inc.(a) | 849 | 738,995 | ||||||
|
| |||||||
3,812,705 | ||||||||
Banks — 2.8% | ||||||||
Bank of America Corp. | 16,443 | 726,781 | ||||||
Citigroup Inc. | 11,710 | 693,583 | ||||||
Citizens Financial Group Inc. | 14,195 | 744,102 | ||||||
Fifth Third Bancorp. | 15,835 | 757,546 | ||||||
First Citizens BancShares Inc./NC, Class A | 995 | 784,508 | ||||||
First Republic Bank/CA | 4,477 | 775,685 | ||||||
Huntington Bancshares Inc./OH | 48,425 | 751,556 | ||||||
JPMorgan Chase & Co. | 5,051 | 716,232 | ||||||
KeyCorp. | 29,463 | 738,637 | ||||||
M&T Bank Corp. | 4,213 | 767,735 | ||||||
PNC Financial Services Group Inc. (The) | 3,759 | 748,981 | ||||||
Regions Financial Corp. | 31,062 | 751,390 | ||||||
Signature Bank/New York NY | 2,241 | 772,898 | ||||||
SVB Financial Group(a) | 1,199 | 726,594 | ||||||
Truist Financial Corp. | 12,116 | 753,858 | ||||||
U.S. Bancorp. | 13,379 | 756,449 | ||||||
Webster Financial Corp. | 12,649 | 761,596 | ||||||
Wells Fargo & Co. | 13,485 | 719,694 | ||||||
|
| |||||||
13,447,825 | ||||||||
Beverages — 1.2% | ||||||||
Brown-Forman Corp., Class B, NVS | 11,772 | 767,888 |
Security | Shares | Value | ||||||
| ||||||||
Beverages (continued) | ||||||||
Coca-Cola Co. (The) | 12,874 | $ | 801,278 | |||||
Constellation Brands Inc., Class A | 3,549 | 765,235 | ||||||
Keurig Dr Pepper Inc. | 20,675 | 799,502 | ||||||
Molson Coors Beverage Co., Class B | 15,858 | 827,471 | ||||||
Monster Beverage Corp.(a) | 9,421 | 795,132 | ||||||
PepsiCo Inc. | 4,714 | 771,870 | ||||||
|
| |||||||
5,528,376 | ||||||||
Biotechnology — 2.4% | ||||||||
AbbVie Inc. | 5,375 | 794,264 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 5,115 | 807,403 | ||||||
Amgen Inc. | 3,521 | 797,436 | ||||||
Biogen Inc.(a) | 3,654 | 771,031 | ||||||
BioMarin Pharmaceutical Inc.(a) | 8,458 | 660,739 | ||||||
Exact Sciences Corp.(a) | 10,003 | 780,834 | ||||||
Gilead Sciences Inc. | 12,666 | 765,026 | ||||||
Horizon Therapeutics PLC(a)(b) | 8,025 | 731,639 | ||||||
Incyte Corp.(a) | 11,558 | 789,411 | ||||||
Moderna Inc.(a) | 5,164 | 793,190 | ||||||
Neurocrine Biosciences Inc.(a) | 9,130 | 820,513 | ||||||
Novavax Inc.(a)(b) | 9,058 | 755,165 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 1,243 | 768,622 | ||||||
Seagen Inc.(a) | 6,093 | 785,205 | ||||||
Vertex Pharmaceuticals Inc.(a) | 3,325 | 764,817 | ||||||
|
| |||||||
11,585,295 | ||||||||
Building Products — 1.4% | ||||||||
A O Smith Corp. | 10,841 | 743,476 | ||||||
Allegion PLC | 6,803 | 779,080 | ||||||
Carrier Global Corp. | 17,174 | 770,769 | ||||||
Fortune Brands Home & Security Inc. | 8,605 | 747,775 | ||||||
Johnson Controls International PLC | 11,617 | 754,640 | ||||||
Lennox International Inc. | 2,993 | 798,921 | ||||||
Masco Corp. | 13,361 | 748,750 | ||||||
Owens Corning | 7,778 | 724,832 | ||||||
Trane Technologies PLC | 5,137 | 790,738 | ||||||
|
| |||||||
6,858,981 | ||||||||
Capital Markets — 4.5% | ||||||||
Ameriprise Financial Inc. | 2,512 | 753,072 | ||||||
Bank of New York Mellon Corp. (The) | 12,544 | 666,714 | ||||||
BlackRock Inc.(c) | 1,000 | 743,890 | ||||||
Blackstone Inc., NVS | 6,184 | 788,274 | ||||||
Carlyle Group Inc. (The) | 16,371 | 767,309 | ||||||
Cboe Global Markets Inc. | 6,468 | 758,632 | ||||||
Charles Schwab Corp. (The) | 8,777 | 741,305 | ||||||
CME Group Inc. | 3,281 | 776,055 | ||||||
Coinbase Global Inc., Class A(a) | 3,770 | 719,203 | ||||||
FactSet Research Systems Inc. | 1,901 | 771,977 | ||||||
Franklin Resources Inc. | 24,984 | 742,774 | ||||||
Goldman Sachs Group Inc. (The) | 2,177 | 742,988 | ||||||
Intercontinental Exchange Inc. | 6,236 | 798,956 | ||||||
Invesco Ltd. | 33,249 | 706,209 | ||||||
KKR & Co. Inc. | 12,605 | 757,813 | ||||||
MarketAxess Holdings Inc. | 2,092 | 797,952 | ||||||
Moody’s Corp. | 2,371 | 763,533 | ||||||
Morgan Stanley | 7,751 | 703,326 | ||||||
MSCI Inc. | 1,442 | 723,437 | ||||||
Nasdaq Inc. | 4,489 | 768,292 | ||||||
Northern Trust Corp. | 6,208 | 707,091 | ||||||
Raymond James Financial Inc. | 6,951 | 762,177 | ||||||
Robinhood Markets Inc., Class A(a)(b) | 58,032 | 696,964 |
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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Capital Markets (continued) | ||||||||
S&P Global Inc. | 4,063 | $ | 1,526,554 | |||||
SEI Investments Co. | 12,882 | 754,628 | ||||||
State Street Corp. | 7,818 | 667,110 | ||||||
T Rowe Price Group Inc. | 5,364 | 775,420 | ||||||
Tradeweb Markets Inc., Class A | 9,340 | 789,043 | ||||||
|
| |||||||
21,670,698 | ||||||||
Chemicals — 2.7% | ||||||||
Air Products and Chemicals Inc. | 3,196 | 755,215 | ||||||
Albemarle Corp. | 3,187 | 624,301 | ||||||
Celanese Corp. | 5,023 | 699,604 | ||||||
CF Industries Holdings Inc. | 10,535 | 855,337 | ||||||
Corteva Inc. | 15,235 | 792,677 | ||||||
Dow Inc. | 12,629 | 744,606 | ||||||
DuPont de Nemours Inc. | 9,547 | 738,651 | ||||||
Eastman Chemical Co. | 6,309 | 747,427 | ||||||
Ecolab Inc. | 4,289 | 755,979 | ||||||
FMC Corp. | 6,556 | 768,691 | ||||||
International Flavors & Fragrances Inc. | 5,703 | 758,499 | ||||||
Linde PLC(a) | 2,580 | 756,559 | ||||||
LyondellBasell Industries NV, Class A | 7,601 | 739,045 | ||||||
Mosaic Co. (The) | 16,937 | 888,007 | ||||||
PPG Industries Inc. | 5,162 | 688,869 | ||||||
RPM International Inc. | 9,044 | 764,851 | ||||||
Sherwin-Williams Co. (The) | 2,876 | 756,762 | ||||||
|
| |||||||
12,835,080 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
Cintas Corp. | 2,071 | 777,288 | ||||||
Copart Inc.(a) | 6,180 | 759,398 | ||||||
Republic Services Inc. | 6,670 | 802,268 | ||||||
Rollins Inc. | 24,992 | 815,489 | ||||||
Waste Connections Inc. | 6,560 | 810,094 | ||||||
Waste Management Inc. | 5,499 | 794,056 | ||||||
|
| |||||||
4,758,593 | ||||||||
Communications Equipment — 0.8% | ||||||||
Arista Networks Inc.(a)(b) | 5,920 | 726,561 | ||||||
Cisco Systems Inc. | 14,452 | 805,988 | ||||||
F5 Inc.(a) | 3,842 | 771,666 | ||||||
Juniper Networks Inc. | 22,561 | 762,336 | ||||||
Motorola Solutions Inc. | 3,548 | 782,086 | ||||||
|
| |||||||
3,848,637 | ||||||||
Construction Materials — 0.3% | ||||||||
Martin Marietta Materials Inc. | 2,005 | 760,697 | ||||||
Vulcan Materials Co. | 4,089 | 741,949 | ||||||
|
| |||||||
1,502,646 | ||||||||
Consumer Finance — 1.1% | ||||||||
Ally Financial Inc. | 15,543 | 775,596 | ||||||
American Express Co. | 3,952 | 768,822 | ||||||
Capital One Financial Corp. | 4,935 | 756,387 | ||||||
Discover Financial Services | 6,182 | 763,106 | ||||||
SoFi Technologies Inc.(a)(b) | 59,939 | 686,302 | ||||||
Synchrony Financial | 17,481 | 747,837 | ||||||
Upstart Holdings Inc.(a)(b) | 5,297 | 836,873 | ||||||
|
| |||||||
5,334,923 | ||||||||
Containers & Packaging — 1.3% | ||||||||
Amcor PLC | 66,611 | 774,686 | ||||||
Avery Dennison Corp. | 4,245 | 747,969 | ||||||
Ball Corp. | 8,518 | 764,405 | ||||||
Crown Holdings Inc. | 6,321 | 775,397 |
Security | Shares | Value | ||||||
| ||||||||
Containers & Packaging (continued) | ||||||||
International Paper Co. | 16,835 | $ | 732,828 | |||||
Packaging Corp. of America | 5,280 | 777,163 | ||||||
Sealed Air Corp. | 12,223 | 820,530 | ||||||
Westrock Co. | 16,624 | 752,569 | ||||||
|
| |||||||
6,145,547 | ||||||||
Distributors — 0.5% | ||||||||
Genuine Parts Co. | 6,033 | 736,991 | ||||||
LKQ Corp. | 14,027 | 658,568 | ||||||
Pool Corp. | 1,704 | 781,420 | ||||||
|
| |||||||
2,176,979 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Apollo Global Management Inc. | 11,536 | 752,839 | ||||||
Berkshire Hathaway Inc., Class B(a) | 2,484 | 798,482 | ||||||
Equitable Holdings Inc. | 22,666 | 740,272 | ||||||
|
| |||||||
2,291,593 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
AT&T Inc. | 32,749 | 775,824 | ||||||
Liberty Global PLC, Class A(a) | 8,714 | 224,647 | ||||||
Liberty Global PLC, Class C, NVS(a) | 18,362 | 475,025 | ||||||
Lumen Technologies Inc. | 79,514 | 823,765 | ||||||
Verizon Communications Inc. | 14,682 | 787,983 | ||||||
|
| |||||||
3,087,244 | ||||||||
Electric Utilities — 2.6% | ||||||||
Alliant Energy Corp. | 13,918 | 812,811 | ||||||
American Electric Power Co. Inc. | 9,179 | 832,076 | ||||||
Constellation Energy Corp. | 16,610 | 763,728 | ||||||
Duke Energy Corp. | 7,879 | 791,130 | ||||||
Edison International | 13,084 | 829,787 | ||||||
Entergy Corp. | 7,541 | 793,389 | ||||||
Evergy Inc. | 12,737 | 794,916 | ||||||
Eversource Energy | 9,602 | 785,444 | ||||||
Exelon Corp. | 18,667 | 794,468 | ||||||
FirstEnergy Corp. | 19,085 | 798,707 | ||||||
NextEra Energy Inc. | 10,421 | 815,652 | ||||||
NRG Energy Inc. | 20,056 | 758,919 | ||||||
PG&E Corp.(a) | 66,781 | 759,300 | ||||||
PPL Corp. | 27,772 | 726,793 | ||||||
Southern Co. (The) | 12,086 | 782,810 | ||||||
Xcel Energy Inc. | 11,890 | 800,554 | ||||||
|
| |||||||
12,640,484 | ||||||||
Electrical Equipment — 1.3% | ||||||||
AMETEK Inc. | 5,948 | 771,991 | ||||||
Eaton Corp. PLC | 4,993 | 770,370 | ||||||
Emerson Electric Co. | 8,178 | 759,900 | ||||||
Generac Holdings Inc.(a) | 2,478 | 781,734 | ||||||
Plug Power Inc.(a) | 32,804 | 829,613 | ||||||
Rockwell Automation Inc. | 2,872 | 765,618 | ||||||
Sensata Technologies Holding PLC(a) | 13,248 | 767,192 | ||||||
Sunrun Inc.(a)(b) | 31,844 | 868,704 | ||||||
|
| |||||||
6,315,122 | ||||||||
Electronic Equipment, Instruments & Components — 1.8% | ||||||||
Amphenol Corp., Class A | 10,189 | 774,466 | ||||||
Arrow Electronics Inc.(a) | 6,139 | 748,221 | ||||||
CDW Corp./DE | 4,245 | 732,093 | ||||||
Cognex Corp. | 12,227 | 826,056 | ||||||
Corning Inc. | 18,495 | 747,198 | ||||||
IPG Photonics Corp.(a) | 5,574 | 726,571 | ||||||
Keysight Technologies Inc.(a) | 4,608 | 725,161 |
30 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
TE Connectivity Ltd. | 5,236 | $ | 745,763 | |||||
Teledyne Technologies Inc.(a) | 1,844 | 791,777 | ||||||
Trimble Inc.(a) | 11,430 | 797,243 | ||||||
Zebra Technologies Corp., Class A(a) | 1,819 | 751,865 | ||||||
|
| |||||||
8,366,414 | ||||||||
Energy Equipment & Services — 0.5% | ||||||||
Baker Hughes Co. | 26,389 | 775,309 | ||||||
Halliburton Co. | 23,354 | 783,060 | ||||||
Schlumberger NV | 18,806 | 737,947 | ||||||
|
| |||||||
2,296,316 | ||||||||
Entertainment — 1.4% | ||||||||
Activision Blizzard Inc. | 9,624 | 784,356 | ||||||
AMC Entertainment Holdings Inc., Class A(a) | 39,857 | 751,703 | ||||||
Electronic Arts Inc. | 5,882 | 765,189 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 12,380 | 751,837 | ||||||
Live Nation Entertainment Inc.(a) | 6,520 | 787,746 | ||||||
Netflix Inc.(a) | 1,969 | 776,810 | ||||||
Roku Inc.(a) | 4,856 | 677,558 | ||||||
Take-Two Interactive Software Inc.(a) | 4,720 | 764,640 | ||||||
Walt Disney Co. (The)(a) | 5,014 | 744,379 | ||||||
|
| |||||||
6,804,218 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.5% | ||||||||
Alexandria Real Estate Equities Inc. | 4,191 | 793,775 | ||||||
American Tower Corp. | 3,375 | 765,686 | ||||||
AvalonBay Communities Inc. | 3,268 | 779,712 | ||||||
Boston Properties Inc. | 6,396 | 782,295 | ||||||
Camden Property Trust | 4,787 | 790,382 | ||||||
Crown Castle International Corp. | 4,761 | 793,135 | ||||||
Digital Realty Trust Inc. | 5,825 | 785,909 | ||||||
Duke Realty Corp. | 14,554 | 771,362 | ||||||
Equinix Inc. | 1,164 | 826,126 | ||||||
Equity LifeStyle Properties Inc. | 10,125 | 755,527 | ||||||
Equity Residential | 9,092 | 775,548 | ||||||
Essex Property Trust Inc. | 2,456 | 778,970 | ||||||
Extra Space Storage Inc. | 4,110 | 773,296 | ||||||
Healthpeak Properties Inc. | 24,485 | 760,504 | ||||||
Host Hotels & Resorts Inc.(a) | 40,601 | 741,780 | ||||||
Invitation Homes Inc. | 19,382 | 732,640 | ||||||
Iron Mountain Inc. | 17,814 | 876,093 | ||||||
Kimco Realty Corp. | 32,304 | 760,113 | ||||||
Medical Properties Trust Inc. | 37,966 | 772,228 | ||||||
Mid-America Apartment Communities Inc. | 3,757 | 768,720 | ||||||
Prologis Inc. | 5,430 | 791,965 | ||||||
Public Storage | 2,229 | 791,340 | ||||||
Realty Income Corp. | 11,668 | 771,138 | ||||||
Regency Centers Corp. | 11,655 | 767,948 | ||||||
SBA Communications Corp. | 2,580 | 782,746 | ||||||
Simon Property Group Inc. | 5,450 | 749,702 | ||||||
Sun Communities Inc. | 4,086 | 739,566 | ||||||
UDR Inc. | 14,237 | 781,184 | ||||||
Ventas Inc. | 14,956 | 807,624 | ||||||
VICI Properties Inc. | 27,241 | 761,658 | ||||||
Vornado Realty Trust | 17,422 | 754,024 | ||||||
Welltower Inc. | 9,346 | 778,428 | ||||||
Weyerhaeuser Co. | 18,729 | 728,184 | ||||||
WP Carey Inc. | 10,227 | 791,570 | ||||||
|
| |||||||
26,380,878 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Costco Wholesale Corp. | 1,530 | 794,453 |
Security | Shares | Value | ||||||
| ||||||||
Food & Staples Retailing (continued) | ||||||||
Kroger Co. (The) | 17,590 | $ | 823,212 | |||||
Sysco Corp. | 9,162 | 798,010 | ||||||
Walgreens Boots Alliance Inc. | 16,374 | 754,678 | ||||||
Walmart Inc. | 5,871 | 793,524 | ||||||
|
| |||||||
3,963,877 | ||||||||
Food Products — 2.1% | ||||||||
Archer-Daniels-Midland Co. | 10,195 | 799,798 | ||||||
Bunge Ltd. | 7,629 | 797,612 | ||||||
Campbell Soup Co. | 17,953 | 807,346 | ||||||
Conagra Brands Inc. | 22,128 | 773,816 | ||||||
General Mills Inc. | 11,744 | 791,898 | ||||||
Hershey Co. (The) | 3,869 | 782,544 | ||||||
Hormel Foods Corp. | 16,642 | 792,825 | ||||||
JM Smucker Co. (The) | 5,777 | 778,451 | ||||||
Kellogg Co. | 12,189 | 779,364 | ||||||
Kraft Heinz Co. (The) | 21,409 | 839,661 | ||||||
McCormick & Co. Inc./MD, NVS | 7,968 | 758,314 | ||||||
Mondelez International Inc., Class A | 11,931 | 781,242 | ||||||
Tyson Foods Inc., Class A | 8,301 | 769,171 | ||||||
|
| |||||||
10,252,042 | ||||||||
Gas Utilities — 0.3% | ||||||||
Atmos Energy Corp. | 7,390 | 811,496 | ||||||
UGI Corp. | 20,643 | 793,517 | ||||||
|
| |||||||
1,605,013 | ||||||||
Health Care Equipment & Supplies — 3.7% | ||||||||
Abbott Laboratories | 6,339 | 764,610 | ||||||
ABIOMED Inc.(a) | 2,409 | 748,573 | ||||||
Align Technology Inc.(a) | 1,489 | 761,564 | ||||||
Baxter International Inc. | 9,210 | 782,574 | ||||||
Becton Dickinson and Co. | 2,892 | 784,542 | ||||||
Boston Scientific Corp.(a) | 17,742 | 783,664 | ||||||
Cooper Companies Inc. (The) | 1,954 | 799,225 | ||||||
DENTSPLY SIRONA Inc. | 13,844 | 749,514 | ||||||
Dexcom Inc.(a)(b) | 1,895 | 784,359 | ||||||
Edwards Lifesciences Corp.(a) | 7,091 | 796,816 | ||||||
Hologic Inc.(a) | 11,036 | 785,432 | ||||||
IDEXX Laboratories Inc.(a) | 1,543 | 821,416 | ||||||
Insulet Corp.(a) | 3,107 | 822,392 | ||||||
Intuitive Surgical Inc.(a) | 2,693 | 781,859 | ||||||
Masimo Corp.(a) | 5,437 | 856,056 | ||||||
Medtronic PLC | 7,601 | 798,029 | ||||||
Novocure Ltd.(a)(b) | 9,456 | 774,068 | ||||||
ResMed Inc. | 3,300 | 814,275 | ||||||
STERIS PLC | 3,365 | 807,600 | ||||||
Stryker Corp. | 3,020 | 795,317 | ||||||
Teleflex Inc. | 2,398 | 806,471 | ||||||
Zimmer Biomet Holdings Inc. | 6,432 | 818,086 | ||||||
|
| |||||||
17,436,442 | ||||||||
Health Care Providers & Services — 2.6% | ||||||||
AmerisourceBergen Corp. | 5,493 | 782,917 | ||||||
Anthem Inc. | 1,710 | 772,664 | ||||||
Cardinal Health Inc. | 14,375 | 776,394 | ||||||
Centene Corp.(a) | 9,309 | 769,110 | ||||||
Cigna Corp. | 3,424 | 814,159 | ||||||
CVS Health Corp. | 7,543 | 781,832 | ||||||
DaVita Inc.(a) | 6,533 | 736,726 | ||||||
HCA Healthcare Inc. | 3,111 | 778,714 | ||||||
Henry Schein Inc.(a) | 9,308 | 804,025 | ||||||
Humana Inc. | 1,829 | 794,371 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Health Care Providers & Services (continued) | ||||||||
Laboratory Corp. of America Holdings(a) | 2,908 | $ | 788,824 | |||||
McKesson Corp. | 2,842 | 781,436 | ||||||
Molina Healthcare Inc.(a)(b) | 2,432 | 746,308 | ||||||
Quest Diagnostics Inc. | 5,952 | 781,319 | ||||||
UnitedHealth Group Inc. | 1,633 | 777,096 | ||||||
Universal Health Services Inc., Class B | 5,689 | 818,818 | ||||||
|
| |||||||
12,504,713 | ||||||||
Health Care Technology — 0.5% | ||||||||
Cerner Corp. | 8,529 | 795,329 | ||||||
Teladoc Health Inc.(a) | 10,628 | 806,772 | ||||||
Veeva Systems Inc., Class A(a)(b) | 3,418 | 782,893 | ||||||
|
| |||||||
2,384,994 | ||||||||
Hotels, Restaurants & Leisure — 3.1% | ||||||||
Airbnb Inc., Class A(a) | 4,201 | 636,410 | ||||||
Aramark | 20,486 | 757,163 | ||||||
Booking Holdings Inc.(a) | 290 | 629,953 | ||||||
Caesars Entertainment Inc.(a)(b) | 9,178 | 772,696 | ||||||
Carnival Corp.(a) | 33,634 | 683,779 | ||||||
Chipotle Mexican Grill Inc.(a) | 498 | 758,628 | ||||||
Darden Restaurants Inc. | 5,267 | 764,874 | ||||||
Domino’s Pizza Inc. | 1,809 | 781,868 | ||||||
DraftKings Inc., Class A(a)(b) | 34,102 | 807,535 | ||||||
Expedia Group Inc.(a) | 3,667 | 719,135 | ||||||
Hilton Worldwide Holdings Inc.(a) | 5,015 | 746,533 | ||||||
Las Vegas Sands Corp.(a) | 16,467 | 705,776 | ||||||
Marriott International Inc./MD, Class A(a) | 4,278 | 727,859 | ||||||
McDonald’s Corp. | 3,098 | 758,297 | ||||||
MGM Resorts International(b) | 17,357 | 768,742 | ||||||
Royal Caribbean Cruises Ltd.(a) | 9,005 | 726,884 | ||||||
Starbucks Corp. | 8,237 | 756,074 | ||||||
Vail Resorts Inc. | 2,846 | 741,525 | ||||||
Wynn Resorts Ltd.(a)(b) | 8,320 | 719,846 | ||||||
Yum! Brands Inc. | 6,356 | 779,118 | ||||||
|
| |||||||
14,742,695 | ||||||||
Household Durables — 1.3% | ||||||||
DR Horton Inc. | 9,191 | 784,911 | ||||||
Garmin Ltd. | 6,556 | 724,045 | ||||||
Lennar Corp., Class A | 8,520 | 765,778 | ||||||
Mohawk Industries Inc.(a) | 5,221 | 735,012 | ||||||
Newell Brands Inc. | 30,143 | 715,896 | ||||||
NVR Inc.(a) | 153 | 758,641 | ||||||
PulteGroup Inc. | 16,001 | 794,610 | ||||||
Whirlpool Corp. | 3,799 | 764,625 | ||||||
|
| |||||||
6,043,518 | ||||||||
Household Products — 0.8% | ||||||||
Church & Dwight Co. Inc. | 8,164 | 798,847 | ||||||
Clorox Co. (The) | 5,549 | 808,989 | ||||||
Colgate-Palmolive Co. | 10,008 | 770,116 | ||||||
Kimberly-Clark Corp. | 5,984 | 778,817 | ||||||
Procter & Gamble Co. (The) | 4,962 | 773,526 | ||||||
|
| |||||||
3,930,295 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. (The) | 35,816 | 760,373 | ||||||
Vistra Corp. | 36,096 | 823,711 | ||||||
|
| |||||||
1,584,084 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
3M Co. | 5,038 | 748,899 | ||||||
General Electric Co. | 7,731 | 738,388 |
Security | Shares | Value | ||||||
| ||||||||
Industrial Conglomerates (continued) | ||||||||
Honeywell International Inc. | 4,147 | $ | 786,893 | |||||
Roper Technologies Inc. | 1,762 | 789,763 | ||||||
|
| |||||||
3,063,943 | ||||||||
Insurance — 4.5% | ||||||||
Aflac Inc. | 12,151 | 742,305 | ||||||
Alleghany Corp.(a) | 1,131 | 748,631 | ||||||
Allstate Corp. (The) | 6,349 | 776,864 | ||||||
American Financial Group Inc./OH | 5,561 | 752,904 | ||||||
American International Group Inc. | 12,994 | 795,752 | ||||||
Aon PLC, Class A | 2,750 | 803,385 | ||||||
Arch Capital Group Ltd.(a) | 16,453 | 775,101 | ||||||
Arthur J Gallagher & Co. | 5,019 | 793,956 | ||||||
Assurant Inc. | 4,690 | 795,940 | ||||||
Brown & Brown Inc. | 11,770 | 795,770 | ||||||
Chubb Ltd. | 3,826 | 779,127 | ||||||
Cincinnati Financial Corp. | �� | 6,118 | 751,229 | |||||
Erie Indemnity Co., Class A, NVS | 4,250 | 744,175 | ||||||
Everest Re Group Ltd. | 2,587 | 771,495 | ||||||
Fidelity National Financial Inc. | 16,143 | 769,052 | ||||||
Globe Life Inc. | 7,404 | 747,508 | ||||||
Hartford Financial Services Group Inc. (The) | 11,008 | 764,836 | ||||||
Lincoln National Corp. | 10,665 | 719,034 | ||||||
Loews Corp. | 12,633 | 774,908 | ||||||
Markel Corp.(a) | 615 | 764,390 | ||||||
Marsh & McLennan Companies Inc. | 5,093 | 791,503 | ||||||
MetLife Inc. | 10,961 | 740,415 | ||||||
Principal Financial Group Inc. | 10,364 | 732,113 | ||||||
Progressive Corp. (The) | 7,391 | 782,929 | ||||||
Prudential Financial Inc. | 6,635 | 740,864 | ||||||
Travelers Companies Inc. (The) | 4,551 | 781,998 | ||||||
W R Berkley Corp. | 8,620 | 778,386 | ||||||
Willis Towers Watson PLC | 3,472 | 771,826 | ||||||
|
| |||||||
21,486,396 | ||||||||
Interactive Media & Services — 1.3% | ||||||||
Alphabet Inc., Class A(a) | 146 | 394,367 | ||||||
Alphabet Inc., Class C, NVS(a) | 139 | 374,997 | ||||||
IAC/InterActiveCorp.(a) | 6,486 | 744,333 | ||||||
Match Group Inc.(a) | 6,682 | 744,976 | ||||||
Meta Platforms Inc, Class A(a) | 3,621 | 764,140 | ||||||
Pinterest Inc., Class A(a) | 30,471 | 815,099 | ||||||
Snap Inc., Class A, NVS(a) | 19,595 | 782,624 | ||||||
Twitter Inc.(a) | 21,634 | 769,089 | ||||||
ZoomInfo Technologies Inc.(a) | 13,945 | 762,652 | ||||||
|
| |||||||
6,152,277 | ||||||||
Internet & Direct Marketing Retail — 1.2% | ||||||||
Amazon.com Inc.(a) | 248 | 761,672 | ||||||
Chewy Inc., Class A(a)(b) | 15,819 | 745,708 | ||||||
DoorDash Inc., Class A(a)(b) | 8,262 | 867,097 | ||||||
eBay Inc. | 13,599 | 742,369 | ||||||
Etsy Inc.(a)(b) | 5,584 | 864,906 | ||||||
MercadoLibre Inc.(a)(b) | 691 | 778,515 | ||||||
Wayfair Inc., Class A(a) | 5,742 | 808,876 | ||||||
|
| |||||||
5,569,143 | ||||||||
IT Services — 4.2% | ||||||||
Accenture PLC, Class A | 2,349 | 742,331 | ||||||
Affirm Holdings Inc.(a)(b) | 18,267 | 764,291 | ||||||
Akamai Technologies Inc.(a) | 7,499 | 811,842 | ||||||
Automatic Data Processing Inc. | 3,839 | 784,845 | ||||||
Block Inc.(a)(b) | 7,193 | 917,108 |
32 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
IT Services (continued) | ||||||||
Broadridge Financial Solutions Inc. | 5,371 | $ | 785,294 | |||||
Cloudflare Inc., Class A(a) | 7,001 | 815,056 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,768 | 755,188 | ||||||
EPAM Systems Inc.(a) | 1,741 | 361,693 | ||||||
Fidelity National Information Services Inc. | 7,806 | 743,365 | ||||||
Fiserv Inc.(a)(b) | 8,098 | 790,932 | ||||||
FleetCor Technologies Inc.(a) | 3,209 | 751,548 | ||||||
Gartner Inc.(a) | 2,629 | 737,224 | ||||||
Global Payments Inc. | 5,434 | 724,787 | ||||||
GoDaddy Inc., Class A(a) | 9,305 | 776,130 | ||||||
International Business Machines Corp. | 6,069 | 743,513 | ||||||
Jack Henry & Associates Inc. | 4,624 | 817,523 | ||||||
Mastercard Inc., Class A | 2,047 | 738,599 | ||||||
MongoDB Inc.(a) | 1,798 | 686,818 | ||||||
Okta Inc.(a) | 4,158 | 760,249 | ||||||
Paychex Inc. | 6,532 | 777,700 | ||||||
PayPal Holdings Inc.(a) | 7,093 | 793,919 | ||||||
Snowflake Inc., Class A(a) | 2,573 | 683,543 | ||||||
Twilio Inc., Class A(a) | 4,193 | 732,936 | ||||||
VeriSign Inc.(a) | 3,694 | 789,482 | ||||||
Visa Inc., Class A | 3,426 | 740,427 | ||||||
Western Union Co. (The) | 39,536 | 718,764 | ||||||
|
| |||||||
20,245,107 | ||||||||
Leisure Products — 0.3% | ||||||||
Hasbro Inc. | 8,079 | 784,067 | ||||||
Peloton Interactive Inc., Class A(a) | 24,462 | 710,866 | ||||||
|
| |||||||
1,494,933 | ||||||||
Life Sciences Tools & Services — 2.3% | ||||||||
10X Genomics Inc., Class A(a) | 8,254 | 672,453 | ||||||
Agilent Technologies Inc. | 5,801 | 756,218 | ||||||
Avantor Inc.(a) | 22,097 | 766,545 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 1,280 | 801,229 | ||||||
Bio-Techne Corp. | 1,903 | 798,137 | ||||||
Charles River Laboratories International Inc.(a) | 2,568 | 747,699 | ||||||
Danaher Corp. | 2,929 | 803,747 | ||||||
Illumina Inc.(a) | 2,348 | 766,857 | ||||||
IQVIA Holdings Inc.(a) | 3,377 | 777,115 | ||||||
Mettler-Toledo International Inc.(a) | 536 | 755,085 | ||||||
PerkinElmer Inc. | 4,310 | 774,119 | ||||||
Thermo Fisher Scientific Inc. | 1,425 | 775,200 | ||||||
Waters Corp.(a) | 2,453 | 776,939 | ||||||
West Pharmaceutical Services Inc. | 2,067 | 800,094 | ||||||
|
| |||||||
10,771,437 | ||||||||
Machinery — 2.7% | ||||||||
Caterpillar Inc. | 3,850 | 722,183 | ||||||
Cummins Inc. | 3,511 | 716,665 | ||||||
Deere & Co. | 2,007 | 722,560 | ||||||
Dover Corp. | 4,811 | 754,653 | ||||||
Fortive Corp. | 11,995 | 776,676 | ||||||
IDEX Corp. | 4,127 | 791,971 | ||||||
Illinois Tool Works Inc. | 3,562 | 770,603 | ||||||
Ingersoll Rand Inc. | 14,275 | 721,173 | ||||||
Nordson Corp. | 3,334 | 755,118 | ||||||
Otis Worldwide Corp. | 9,940 | 778,600 | ||||||
PACCAR Inc. | 8,254 | 757,800 | ||||||
Parker-Hannifin Corp. | 2,527 | 748,978 | ||||||
Pentair PLC | 13,228 | 766,034 | ||||||
Snap-on Inc. | 3,590 | 754,546 | ||||||
Stanley Black & Decker Inc. | 4,690 | 763,063 |
Security | Shares | Value | ||||||
| ||||||||
Machinery (continued) | ||||||||
Westinghouse Air Brake Technologies Corp. | 8,209 | $ | 761,959 | |||||
Xylem Inc./NY | 8,647 | 769,151 | ||||||
|
| |||||||
12,831,733 | ||||||||
Media — 2.1% | ||||||||
Cable One Inc. | 520 | 745,082 | ||||||
Charter Communications Inc., Class A(a)(b) | 1,286 | 773,889 | ||||||
Comcast Corp., Class A | 16,303 | 762,328 | ||||||
Discovery Inc., Class A(a) | 9,372 | 262,885 | ||||||
Discovery Inc., Class C, NVS(a) | 17,372 | 485,895 | ||||||
DISH Network Corp., Class A(a) | 24,818 | 793,183 | ||||||
Fox Corp., Class A, NVS | 12,816 | 536,093 | ||||||
Fox Corp., Class B | 5,983 | 228,910 | ||||||
Interpublic Group of Companies Inc. (The) | 21,421 | 788,293 | ||||||
Liberty Broadband Corp., Class A(a) | 740 | 107,159 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 4,385 | 643,279 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b) | 4,924 | 247,973 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 10,043 | 505,364 | ||||||
News Corp., Class A, NVS | 33,108 | 738,971 | ||||||
Omnicom Group Inc. | 9,080 | 761,721 | ||||||
Paramount Global, Class B, NVS | 26,505 | 811,318 | ||||||
Sirius XM Holdings Inc.(b) | 127,068 | 782,739 | ||||||
|
| |||||||
9,975,082 | ||||||||
Metals & Mining — 0.7% | ||||||||
Freeport-McMoRan Inc. | 17,718 | 831,860 | ||||||
Newmont Corp. | 12,197 | 807,442 | ||||||
Nucor Corp. | 6,392 | 841,315 | ||||||
Steel Dynamics Inc. | 12,195 | 860,723 | ||||||
|
| |||||||
3,341,340 | ||||||||
Mortgage Real Estate Investment — 0.3% | ||||||||
AGNC Investment Corp. | 56,648 | 731,326 | ||||||
Annaly Capital Management Inc. | 107,693 | 749,543 | ||||||
|
| |||||||
1,480,869 | ||||||||
Multi-Utilities — 1.7% | ||||||||
Ameren Corp. | 9,281 | 797,702 | ||||||
CenterPoint Energy Inc. | 29,167 | 797,717 | ||||||
CMS Energy Corp. | 12,662 | 810,495 | ||||||
Consolidated Edison Inc. | 9,670 | 829,396 | ||||||
Dominion Energy Inc. | 9,966 | 792,596 | ||||||
DTE Energy Co. | 6,730 | 818,301 | ||||||
NiSource Inc. | 27,606 | 798,642 | ||||||
Public Service Enterprise Group Inc. | 12,101 | 784,508 | ||||||
Sempra Energy | 5,798 | 836,187 | ||||||
WEC Energy Group Inc. | 8,797 | 799,471 | ||||||
|
| |||||||
8,065,015 | ||||||||
Multiline Retail — 0.5% | ||||||||
Dollar General Corp. | 3,973 | 788,005 | ||||||
Dollar Tree Inc.(a) | 5,733 | 814,545 | ||||||
Target Corp. | 3,773 | 753,732 | ||||||
|
| |||||||
2,356,282 | ||||||||
Oil, Gas & Consumable Fuels — 2.9% | ||||||||
Cheniere Energy Inc. | 6,824 | 906,910 | ||||||
Chevron Corp. | 5,838 | 840,672 | ||||||
ConocoPhillips | 8,691 | 824,428 | ||||||
Coterra Energy Inc. | 34,281 | 799,776 | ||||||
Devon Energy Corp. | 14,559 | 866,989 | ||||||
Diamondback Energy Inc. | 6,039 | 833,986 | ||||||
EOG Resources Inc. | 7,014 | 806,049 | ||||||
Exxon Mobil Corp. | 10,006 | 784,671 |
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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) |
| |||||||
Hess Corp. | 8,317 | $ | 840,516 | |||||
Kinder Morgan Inc. | 45,768 | 796,363 | ||||||
Marathon Petroleum Corp. | 10,044 | 782,126 | ||||||
Occidental Petroleum Corp. | 19,773 | 864,673 | ||||||
ONEOK Inc. | 12,514 | 817,164 | ||||||
Phillips 66 | 8,879 | 747,967 | ||||||
Pioneer Natural Resources Co. | 3,524 | 844,350 | ||||||
Valero Energy Corp. | 8,906 | 743,740 | ||||||
Williams Companies Inc. (The) | 26,125 | 817,190 | ||||||
|
| |||||||
13,917,570 | ||||||||
Personal Products — 0.2% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 2,540 | 752,678 | ||||||
|
| |||||||
Pharmaceuticals — 1.8% | ||||||||
Bristol-Myers Squibb Co. | 11,598 | 796,435 | ||||||
Catalent Inc.(a) | 7,846 | 800,606 | ||||||
Elanco Animal Health Inc.(a) | 30,282 | 860,312 | ||||||
Eli Lilly & Co. | 3,193 | 798,090 | ||||||
Jazz Pharmaceuticals PLC(a) | 5,422 | 745,091 | ||||||
Johnson & Johnson | 4,689 | 771,669 | ||||||
Merck & Co. Inc. | 10,153 | 777,517 | ||||||
Pfizer Inc. | 15,781 | 740,760 | ||||||
Royalty Pharma PLC, Class A | 19,358 | 759,995 | ||||||
Viatris Inc. | 51,410 | 566,024 | ||||||
Zoetis Inc. | 4,019 | 778,279 | ||||||
|
| |||||||
8,394,778 | ||||||||
Professional Services — 1.4% | ||||||||
Booz Allen Hamilton Holding Corp. | 10,599 | 855,233 | ||||||
Clarivate PLC(a)(b) | 47,031 | 704,524 | ||||||
CoStar Group Inc.(a) | 11,651 | 710,828 | ||||||
Equifax Inc. | 3,536 | 772,050 | ||||||
Jacobs Engineering Group Inc. | 6,444 | 792,612 | ||||||
Leidos Holdings Inc. | 8,837 | 899,960 | ||||||
Robert Half International Inc. | 6,298 | 757,586 | ||||||
TransUnion | 7,698 | 698,671 | ||||||
Verisk Analytics Inc. | 4,040 | 716,454 | ||||||
|
| |||||||
6,907,918 | ||||||||
Real Estate Management & Development — 0.3% | ||||||||
CBRE Group Inc., Class A(a) | 7,713 | 747,004 | ||||||
Zillow Group Inc., Class A(a)(b) | 3,279 | 187,788 | ||||||
Zillow Group Inc., Class C, NVS(a)(b) | 9,003 | 517,853 | ||||||
|
| |||||||
1,452,645 | ||||||||
Road & Rail — 1.5% | ||||||||
AMERCO | 1,308 | 755,514 | ||||||
CSX Corp. | 22,292 | 755,922 | ||||||
JB Hunt Transport Services Inc. | 4,105 | 833,028 | ||||||
Knight-Swift Transportation Holdings Inc. | 14,500 | 789,960 | ||||||
Lyft Inc., Class A(a) | 17,892 | 696,714 | ||||||
Norfolk Southern Corp. | 2,833 | 726,721 | ||||||
Old Dominion Freight Line Inc. | 2,637 | 828,097 | ||||||
Uber Technologies Inc.(a)(b) | 21,433 | 772,231 | ||||||
Union Pacific Corp. | 3,089 | 759,740 | ||||||
|
| |||||||
6,917,927 | ||||||||
Semiconductors & Semiconductor Equipment — 3.5% | ||||||||
Advanced Micro Devices Inc.(a) | 6,662 | 821,691 | ||||||
Analog Devices Inc. | 4,657 | 746,471 | ||||||
Applied Materials Inc. | 5,562 | 746,420 | ||||||
Broadcom Inc. | 1,313 | 771,309 | ||||||
Enphase Energy Inc.(a) | 5,090 | 848,503 |
Security | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) |
| |||||||
Entegris Inc. | 5,791 | $ | 755,610 | |||||
Intel Corp. | 16,256 | 775,411 | ||||||
KLA Corp. | 2,033 | 708,501 | ||||||
Lam Research Corp. | 1,326 | 744,350 | ||||||
Marvell Technology Inc. | 10,874 | 743,020 | ||||||
Microchip Technology Inc. | 10,384 | 730,307 | ||||||
Micron Technology Inc. | 8,162 | 725,275 | ||||||
Monolithic Power Systems Inc. | 1,608 | 737,590 | ||||||
NVIDIA Corp. | 2,957 | 721,065 | ||||||
NXP Semiconductors NV | 3,927 | 746,601 | ||||||
ON Semiconductor Corp.(a) | 12,423 | 777,804 | ||||||
Qorvo Inc.(a) | 5,731 | 783,886 | ||||||
QUALCOMM Inc. | 4,542 | 781,179 | ||||||
Skyworks Solutions Inc. | 5,592 | 772,647 | ||||||
SolarEdge Technologies Inc.(a) | 2,939 | 938,775 | ||||||
Teradyne Inc. | 6,582 | 776,149 | ||||||
Texas Instruments Inc. | 4,660 | 792,153 | ||||||
|
| |||||||
16,944,717 | ||||||||
Software — 7.0% | ||||||||
Adobe Inc.(a) | 1,641 | 767,463 | ||||||
ANSYS Inc.(a) | 2,423 | 785,512 | ||||||
Asana Inc., Class A(a)(b) | 10,576 | 579,459 | ||||||
Autodesk Inc.(a) | 3,354 | 738,651 | ||||||
Avalara Inc.(a) | 7,704 | 800,523 | ||||||
Bentley Systems Inc., Class B | 19,542 | 750,217 | ||||||
Bill.com Holdings Inc.(a) | 3,052 | 726,010 | ||||||
Black Knight Inc.(a) | 12,972 | 728,897 | ||||||
Cadence Design Systems Inc.(a) | 5,375 | 813,936 | ||||||
Ceridian HCM Holding Inc.(a) | 11,033 | 804,416 | ||||||
Citrix Systems Inc. | 7,690 | 788,225 | ||||||
Coupa Software Inc.(a) | 6,087 | 736,588 | ||||||
Crowdstrike Holdings Inc., Class A(a) | 4,278 | 835,108 | ||||||
Datadog Inc., Class A(a) | 4,508 | 726,284 | ||||||
DocuSign Inc.(a) | 6,526 | 772,874 | ||||||
Dropbox Inc., Class A(a) | 31,486 | 714,417 | ||||||
Dynatrace Inc.(a) | 17,928 | 796,362 | ||||||
Fair Isaac Corp.(a) | 1,533 | 722,334 | ||||||
Fortinet Inc.(a) | 2,447 | 843,040 | ||||||
Guidewire Software Inc.(a) | 8,214 | 724,064 | ||||||
HubSpot Inc.(a) | 1,444 | 758,100 | ||||||
Intuit Inc. | 1,484 | 703,965 | ||||||
Microsoft Corp. | 2,618 | 782,232 | ||||||
NortonLifeLock Inc. | 27,185 | 787,821 | ||||||
Nuance Communications Inc.(a) | 14,182 | 787,385 | ||||||
Oracle Corp. | 9,900 | 752,103 | ||||||
Palantir Technologies Inc., Class A(a)(b) | 56,121 | 665,034 | ||||||
Palo Alto Networks Inc.(a)(b) | 1,489 | 884,838 | ||||||
Paycom Software Inc.(a) | 2,276 | 772,042 | ||||||
PTC Inc.(a) | 6,838 | 760,933 | ||||||
RingCentral Inc., Class A(a) | 4,753 | 621,882 | ||||||
salesforce.com Inc.(a) | 3,703 | 779,593 | ||||||
ServiceNow Inc.(a) | 1,327 | 769,554 | ||||||
Splunk Inc.(a) | 6,346 | 749,463 | ||||||
SS&C Technologies Holdings Inc. | 10,279 | 770,617 | ||||||
Synopsys Inc.(a) | 2,556 | 798,469 | ||||||
Trade Desk Inc. (The), Class A(a) | 9,690 | 826,751 | ||||||
Tyler Technologies Inc.(a) | 1,669 | 714,766 | ||||||
Unity Software Inc.(a)(b) | 7,109 | 756,753 | ||||||
VMware Inc., Class A | 6,227 | 730,552 | ||||||
Workday Inc., Class A(a) | 3,434 | 786,558 |
34 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Zendesk Inc.(a) | 6,644 | $ | 775,155 | |||||
Zoom Video Communications Inc., Class A(a) | 5,660 | 750,516 | ||||||
Zscaler Inc.(a) | 2,791 | 667,468 | ||||||
|
| |||||||
33,306,930 | ||||||||
Specialty Retail — 2.2% | ||||||||
Advance Auto Parts Inc. | 3,525 | 720,792 | ||||||
AutoZone Inc.(a) | 407 | 758,400 | ||||||
Bath & Body Works Inc. | 14,139 | 754,599 | ||||||
Best Buy Co. Inc. | 7,869 | 760,460 | ||||||
Burlington Stores Inc.(a) | 3,421 | 772,770 | ||||||
CarMax Inc.(a) | 7,155 | 782,256 | ||||||
Carvana Co.(a) | 5,656 | 851,058 | ||||||
Home Depot Inc. (The) | 2,239 | 707,143 | ||||||
Lowe’s Companies Inc. | 3,454 | 763,541 | ||||||
O’Reilly Automotive Inc.(a) | 1,156 | 750,522 | ||||||
Ross Stores Inc. | 8,192 | 748,667 | ||||||
TJX Companies Inc. (The) | 11,684 | 772,312 | ||||||
Tractor Supply Co. | 3,646 | 743,018 | ||||||
Ulta Beauty Inc.(a) | 2,044 | 765,478 | ||||||
|
| |||||||
10,651,016 | ||||||||
Technology Hardware, Storage & Peripherals — 1.0% | ||||||||
Apple Inc. | 4,544 | 750,305 | ||||||
Dell Technologies Inc., Class C(a) | 13,004 | 662,684 | ||||||
Hewlett Packard Enterprise Co. | 44,445 | 707,564 | ||||||
HP Inc. | 20,692 | 710,977 | ||||||
NetApp Inc. | 8,564 | 671,246 | ||||||
Seagate Technology Holdings PLC | 7,009 | 723,049 | ||||||
Western Digital Corp.(a) | 13,903 | 708,219 | ||||||
|
| |||||||
4,934,044 | ||||||||
Textiles, Apparel & Luxury Goods — 0.5% | ||||||||
Lululemon Athletica Inc.(a) | 2,450 | 783,853 | ||||||
Nike Inc., Class B | 5,352 | 730,816 | ||||||
VF Corp. | 12,863 | 746,311 | ||||||
|
| |||||||
2,260,980 | ||||||||
Tobacco — 0.3% | ||||||||
Altria Group Inc. | 15,491 | 794,533 | ||||||
Philip Morris International Inc. | 7,027 | 710,219 | ||||||
|
| |||||||
1,504,752 |
Security | Shares | Value | ||||||
Trading Companies & Distributors — 0.5% | ||||||||
Fastenal Co. | 14,979 | $ | 770,819 | |||||
United Rentals Inc.(a) | 2,411 | 775,426 | ||||||
WW Grainger Inc. | 1,651 | 787,626 | ||||||
|
| |||||||
2,333,871 | ||||||||
Water Utilities — 0.3% | ||||||||
American Water Works Co. Inc. | 5,359 | 809,691 | ||||||
Essential Utilities Inc. | 17,428 | 821,033 | ||||||
|
| |||||||
1,630,724 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
T-Mobile U.S. Inc.(a) | 6,151 | 757,865 | ||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 477,440,540 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 3.2% | ||||||||
BlackRock Cash Funds: Institutional, | 14,492,812 | 14,495,711 | ||||||
BlackRock Cash Funds: Treasury, | 800,000 | 800,000 | ||||||
|
| |||||||
15,295,711 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.2% |
| 15,295,711 | ||||||
|
| |||||||
Total Investments in Securities — 103.0% |
| 492,736,251 | ||||||
Other Assets, Less Liabilities — (3.0)% |
| (14,537,984 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 478,198,267 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 7,018,524 | $ | 7,481,180 | (a) | $ | — | $ | (2,706 | ) | $ | (1,287 | ) | $ | 14,495,711 | 14,492,812 | $ | 24,049 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 920,000 | — | (120,000 | )(a) | — | — | 800,000 | 800,000 | 38 | — | ||||||||||||||||||||||||||
BlackRock Inc. | 774,441 | 203,280 | (55,751 | ) | 15,403 | (193,483 | ) | 743,890 | 1,000 | 7,038 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 12,697 | $ | (194,770 | ) | $ | 16,039,601 | $ | 31,125 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
S&P 500 E-Mini Index | 3 | 03/18/22 | $ | 655 | $ | (47,348 | ) | |||||||||
S&P MidCap 400 E-Mini Index | 1 | 03/18/22 | 266 | 6,218 | ||||||||||||
|
| |||||||||||||||
$ | (41,130 | ) | ||||||||||||||
|
|
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:
Equity Contracts | |||||
Assets — Derivative Financial Instruments | |||||
Futures contracts | |||||
Unrealized appreciation on futures contracts(a) | $ | 6,218 | |||
|
| ||||
Liabilities — Derivative Financial Instruments | |||||
Futures contracts | |||||
Unrealized depreciation on futures contracts(a) | $ | 47,348 | |||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | |||||
Net Realized Gain (Loss) from: | |||||
Futures contracts | $ | 30,982 | |||
|
| ||||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||
Futures contracts | $ | (58,764 | ) | ||
|
|
36 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI USA Equal Weighted ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 942,515 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 477,440,540 | $ | — | $ | — | $ | 477,440,540 | ||||||||
Money Market Funds | 15,295,711 | — | — | 15,295,711 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 492,736,251 | $ | — | $ | — | $ | 492,736,251 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 6,218 | $ | — | $ | — | $ | 6,218 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (47,348 | ) | — | — | (47,348 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (41,130 | ) | $ | — | $ | — | $ | (41,130 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
(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)
February 28, 2022
iShares MSCI Brazil | iShares MSCI Chile ETF | iShares MSCI Colombia | iShares MSCI Israel ETF | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||||||||
Unaffiliated(b) | $ | 5,546,729,663 | $ | 415,023,772 | $ | 38,560,757 | $ | 181,752,937 | ||||||||||||||
Affiliated(c) | 1,850,000 | — | 1,362,385 | 9,646,029 | ||||||||||||||||||
Cash | 849,026 | 222,797 | 7,849 | — | ||||||||||||||||||
Foreign currency, at value(d) | 9,140,321 | 1,573,547 | 35,186 | 291,314 | ||||||||||||||||||
Cash pledged: | ||||||||||||||||||||||
Futures contracts | 4,442,000 | 24,000 | — | — | ||||||||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||||||||
Futures contracts(e) | — | — | — | 31,395 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||
Investments sold | 193,683,627 | 15,547,094 | 1,181,607 | 288,914 | ||||||||||||||||||
Securities lending income — Affiliated | — | — | 718 | 9,107 | ||||||||||||||||||
Variation margin on futures contracts | 499,499 | — | — | — | ||||||||||||||||||
Dividends | 21,688,078 | 186,916 | 10,188 | 71,327 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Total assets | 5,778,882,214 | 432,578,126 | 41,158,690 | 192,091,023 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Bank overdraft | — | — | — | 6,683 | ||||||||||||||||||
Collateral on securities loaned, at value | — | — | 1,312,578 | 9,550,823 | ||||||||||||||||||
Deferred foreign capital gain tax | — | — | — | 56,659 | ||||||||||||||||||
Payables: | ||||||||||||||||||||||
Investments purchased | 189,567,816 | 6,261,338 | 937,853 | 365,447 | ||||||||||||||||||
Variation margin on futures contracts | — | 6,628 | — | 4,971 | ||||||||||||||||||
Capital shares redeemed | — | 8,883,084 | — | 529,900 | ||||||||||||||||||
Investment advisory fees | 2,412,981 | 200,772 | 17,859 | 85,154 | ||||||||||||||||||
Foreign taxes | — | — | — | 3,220 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Total liabilities | 191,980,797 | 15,351,822 | 2,268,290 | 10,602,857 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | $ | 5,586,901,417 | $ | 417,226,304 | $ | 38,890,400 | $ | 181,488,166 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||
Paid-in capital | $ | 8,357,560,909 | $ | 719,581,234 | $ | 51,375,723 | $ | 211,682,857 | ||||||||||||||
Accumulated loss | (2,770,659,492 | ) | (302,354,930 | ) | (12,485,323 | ) | (30,194,691 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | $ | 5,586,901,417 | $ | 417,226,304 | $ | 38,890,400 | $ | 181,488,166 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Shares outstanding | 168,450,000 | 15,950,000 | 3,500,000 | 2,450,000 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value | $ | 33.17 | $ | 26.16 | $ | 11.11 | $ | 74.08 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Shares authorized | 800 million | 200 million | 50 million | 500 million | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(a) Securities loaned, at value | $ | — | $ | — | $ | 1,237,052 | $ | 9,091,601 | ||||||||||||||
(b) Investments, at cost — Unaffiliated | $ | 3,679,560,665 | $ | 356,322,345 | $ | 31,892,418 | $ | 170,741,960 | ||||||||||||||
(c) Investments, at cost — Affiliated | $ | 1,850,000 | $ | — | $ | 1,362,385 | $ | 9,645,818 | ||||||||||||||
(d) Foreign currency, at cost | $ | 9,183,135 | $ | 1,556,528 | $ | 35,237 | $ | 285,621 | ||||||||||||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | — | $ | — | $ | 32,247 |
See notes to financial statements.
38 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI South Africa ETF | iShares MSCI Turkey ETF | iShares MSCI USA Equal Weighted ETF | |||||||||||||
ASSETS | |||||||||||||||
Investments in securities, at value (including securities on loan)(a): | |||||||||||||||
Unaffiliated(b) | $ | 384,476,060 | $ | 272,525,634 | $ | 476,696,650 | |||||||||
Affiliated(c) | 220,000 | 11,252,435 | 16,039,601 | ||||||||||||
Cash | 1,557 | 9,679 | 33,784 | ||||||||||||
Foreign currency, at value(d) | 371,788 | 197,853 | — | ||||||||||||
Cash pledged: | |||||||||||||||
Futures contracts | — | — | 64,000 | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 951,133 | 3,934,455 | 32,850,116 | ||||||||||||
Securities lending income — Affiliated | — | 57,523 | 5,367 | ||||||||||||
Variation margin on futures contracts | 11,585 | — | — | ||||||||||||
Capital shares sold | 16,746 | — | — | ||||||||||||
Dividends | 3 | 2 | 631,818 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 386,048,872 | 287,977,581 | 526,321,336 | ||||||||||||
|
|
|
|
|
| ||||||||||
LIABILITIES | |||||||||||||||
Collateral on securities loaned, at value | — | 11,133,304 | 14,501,289 | ||||||||||||
Payables: | |||||||||||||||
Investments purchased | 836,446 | 3,847,124 | 33,559,765 | ||||||||||||
Variation margin on futures contracts | — | — | 2,122 | ||||||||||||
Capital shares redeemed | — | 3,303 | 25,938 | ||||||||||||
Investment advisory fees | 156,563 | 128,460 | 33,955 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 993,009 | 15,112,191 | 48,123,069 | ||||||||||||
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 385,055,863 | $ | 272,865,390 | $ | 478,198,267 | |||||||||
|
|
|
|
|
| ||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||
Paid-in capital | $ | 676,843,669 | $ | 683,100,870 | $ | 414,816,246 | |||||||||
Accumulated earnings (loss) | (291,787,806 | ) | (410,235,480 | ) | 63,382,021 | ||||||||||
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 385,055,863 | $ | 272,865,390 | $ | 478,198,267 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding | 7,400,000 | 14,350,000 | 5,750,000 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value | $ | 52.03 | $ | 19.02 | $ | 83.16 | |||||||||
|
|
|
|
|
| ||||||||||
Shares authorized | 400 million | 200 million | 500 million | ||||||||||||
|
|
|
|
|
| ||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
|
|
|
|
|
| ||||||||||
(a) Securities loaned, at value | $ | — | $ | 9,775,199 | $ | 14,515,829 | |||||||||
(b) Investments, at cost — Unaffiliated | $ | 405,221,202 | $ | 405,523,152 | $ | 416,121,014 | |||||||||
(c) Investments, at cost — Affiliated | $ | 220,000 | $ | 11,250,506 | $ | 15,899,407 | |||||||||
(d) Foreign currency, at cost | $ | 373,691 | $ | 202,731 | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 39 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | iShares MSCI Colombia ETF | iShares MSCI Israel ETF | |||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends — Unaffiliated | $ | 221,523,085 | $ | 23,612,124 | $ | 515,282 | $ | 1,618,068 | ||||||||||||
Dividends — Affiliated | 302 | 38 | 108 | 574 | ||||||||||||||||
Securities lending income — Affiliated — net | — | — | 3,535 | 55,629 | ||||||||||||||||
Foreign taxes withheld | (8,207,392 | ) | (6,620,312 | ) | (64,234 | ) | (379,988 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 213,315,995 | 16,991,850 | 454,691 | 1,294,283 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees | 14,092,639 | 1,312,194 | 110,833 | 534,929 | ||||||||||||||||
Commitment fees | 19,090 | 2,074 | 170 | — | ||||||||||||||||
Professional fees | 217 | 217 | 217 | 217 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 14,111,946 | 1,314,485 | 111,220 | 535,146 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 199,204,049 | 15,677,365 | 343,471 | 759,137 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — Unaffiliated(a) | (180,481,313 | ) | (52,170,568 | ) | 144,255 | (2,192,251 | ) | |||||||||||||
Investments — Affiliated | — | — | (193 | ) | (2,236 | ) | ||||||||||||||
In-kind redemptions — Unaffiliated | — | — | — | 9,107,964 | ||||||||||||||||
Futures contracts | (5,611,194 | ) | (65,866 | ) | (2,894 | ) | (3,560 | ) | ||||||||||||
Foreign currency transactions | (3,323,306 | ) | 143,944 | (19,745 | ) | 13,530 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (189,415,813 | ) | (52,092,490 | ) | 121,423 | 6,923,447 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments — Unaffiliated(b) | (118,713,607 | ) | 2,651,938 | 2,662,383 | (1,700,309 | ) | ||||||||||||||
Investments — Affiliated | — | — | — | (575 | ) | |||||||||||||||
Futures contracts | 607,061 | (32,962 | ) | — | (9,842 | ) | ||||||||||||||
Foreign currency translations | 16,334,610 | 9,011 | (1,617 | ) | 2,308 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) | (101,771,936 | ) | 2,627,987 | 2,660,766 | (1,708,418 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (291,187,749 | ) | (49,464,503 | ) | 2,782,189 | 5,215,029 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (91,983,700 | ) | $ | (33,787,138 | ) | $ | 3,125,660 | $ | 5,974,166 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | — | $ | — | $ | — | $ | (6,716 | ) | |||||||||||
(b) Net of increase in deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | (22,342 | ) |
See notes to financial statements.
40 | 2 0 2 2 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) (continued)
Six Months Ended February 28, 2022
iShares MSCI South | iShares MSCI Turkey ETF | iShares MSCI USA Equal Weighted ETF | ||||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 4,813,268 | $ | 1,529,580 | $ | 3,898,525 | ||||||||||
Dividends — Affiliated | 6 | 810 | 8,320 | |||||||||||||
Securities lending income — Affiliated — net | — | 399,085 | 22,805 | |||||||||||||
Foreign taxes withheld | (703,584 | ) | (229,437 | ) | (830 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Total investment income | 4,109,690 | 1,700,038 | 3,928,820 | |||||||||||||
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 882,012 | 797,785 | 254,738 | |||||||||||||
Professional fees | 217 | 217 | 217 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total expenses | 882,229 | 798,002 | 254,955 | |||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | — | — | (37,394 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 882,229 | 798,002 | 217,561 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 3,227,461 | 902,036 | 3,711,259 | |||||||||||||
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (1,909,243 | ) | (5,536,771 | ) | (2,405,285 | ) | ||||||||||
Investments — Affiliated | — | 129 | (2,772 | ) | ||||||||||||
In-kind redemptions — Unaffiliated | 3,634,390 | 7,431,871 | 20,360,253 | |||||||||||||
In-kind redemptions — Affiliated | — | — | 15,469 | |||||||||||||
Futures contracts | (10,553 | ) | (39,425 | ) | 30,982 | |||||||||||
Foreign currency transactions | (32,472 | ) | (218,909 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Net realized gain | 1,682,122 | 1,636,895 | 17,998,647 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | 15,305,534 | (64,070,945 | ) | (44,695,743 | ) | |||||||||||
Investments — Affiliated | — | (3,507 | ) | (194,770 | ) | |||||||||||
Futures contracts | 2,386 | (4,632 | ) | (58,764 | ) | |||||||||||
Foreign currency translations | (38,627 | ) | (5,288 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | 15,269,293 | (64,084,372 | ) | (44,949,277 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 16,951,415 | (62,447,477 | ) | (26,950,630 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 20,178,876 | $ | (61,545,441 | ) | $ | (23,239,371 | ) | ||||||||
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 41 |
Statements of Changes in Net Assets
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 199,204,049 | $ | 228,372,987 | $ | 15,677,365 | $ | 10,222,554 | ||||||||||||||||||||
Net realized loss | (189,415,813 | ) | (72,572,187 | ) | (52,092,490 | ) | (27,205,073 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (101,771,936 | ) | 1,255,170,696 | 2,627,987 | 78,210,744 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (91,983,700 | ) | 1,410,971,496 | (33,787,138 | ) | 61,228,225 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (362,674,348 | ) | (151,639,298 | ) | (14,791,436 | ) | (9,611,528 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 996,874,119 | (1,527,014,184 | ) | (10,480,753 | ) | (16,754,254 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | 542,216,071 | (267,681,986 | ) | (59,059,327 | ) | 34,862,443 | ||||||||||||||||||||||
Beginning of period | 5,044,685,346 | 5,312,367,332 | 476,285,631 | 441,423,188 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 5,586,901,417 | $ | 5,044,685,346 | $ | 417,226,304 | $ | 476,285,631 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
42 | 2 0 2 2 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 Colombia ETF | iShares MSCI Israel ETF | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 343,471 | $ | 536,256 | $ | 759,137 | $ | 554,236 | ||||||||||||||||||||
Net realized gain (loss) | 121,423 | (750,264 | ) | 6,923,447 | 2,854,312 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 2,660,766 | 3,509,759 | (1,708,418 | ) | 28,900,213 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase in net assets resulting from operations | 3,125,660 | 3,295,751 | 5,974,166 | 32,308,761 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (245,473 | ) | (545,967 | ) | (1,768,270 | ) | (278,315 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions | — | 14,648,968 | 14,796,808 | 25,551,674 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase in net assets | 2,880,187 | 17,398,752 | 19,002,704 | 57,582,120 | ||||||||||||||||||||||||
Beginning of period | 36,010,213 | 18,611,461 | 162,485,462 | 104,903,342 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 38,890,400 | $ | 36,010,213 | $ | 181,488,166 | $ | 162,485,462 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(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 | 43 |
Statements of Changes in Net Assets (continued)
iShares MSCI South Africa ETF | iShares MSCI Turkey ETF | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 3,227,461 | $ | 5,947,329 | $ | 902,036 | $ | 7,964,471 | ||||||||||||||||||||
Net realized gain (loss) | 1,682,122 | 45,034,598 | 1,636,895 | (44,785,505 | ) | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 15,269,293 | 71,338,100 | (64,084,372 | ) | 96,747,851 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,178,876 | 122,320,027 | (61,545,441 | ) | 59,926,817 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,020,530 | ) | (19,459,609 | ) | (1,358,092 | ) | (8,492,284 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 91,524,178 | (149,905,407 | ) | 34,507,267 | 70,879,769 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | 108,682,524 | (47,044,989 | ) | (28,396,266 | ) | 122,314,302 | ||||||||||||||||||||||
Beginning of period | 276,373,339 | 323,418,328 | 301,261,656 | 178,947,354 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 385,055,863 | $ | 276,373,339 | $ | 272,865,390 | $ | 301,261,656 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
44 | 2 0 2 2 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 USA Equal Weighted ETF | ||||||||||||
|
| |||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||
| ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income | $ | 3,711,259 | $ | 4,609,340 | ||||||||
Net realized gain | 17,998,647 | 21,309,459 | ||||||||||
Net change in unrealized appreciation (depreciation) | (44,949,277 | ) | 87,259,076 | |||||||||
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (23,239,371 | ) | 113,177,875 | |||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,555,272 | ) | (4,084,783 | ) | ||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net increase in net assets derived from capital share transactions | 31,901,091 | 137,937,095 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total increase in net assets | 5,106,448 | 247,030,187 | ||||||||||
Beginning of period | 473,091,819 | 226,061,632 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 478,198,267 | $ | 473,091,819 | ||||||||
|
|
|
|
(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 | 45 |
(For a share outstanding throughout each period)
iShares MSCI Brazil ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.58 | $ | 29.62 | $ | 40.92 | $ | 32.03 | $ | 40.06 | $ | 33.52 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 1.25 | 1.34 | 0.86 | 1.12 | 1.14 | 0.76 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.52 | ) | 6.52 | (11.13 | ) | 8.88 | (8.22 | ) | 6.45 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | (1.27 | ) | 7.86 | (10.27 | ) | 10.00 | (7.08 | ) | 7.21 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (2.14 | ) | (0.90 | ) | (1.03 | ) | (1.11 | ) | (0.95 | ) | (0.67 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (2.14 | ) | (0.90 | ) | (1.03 | ) | (1.11 | ) | (0.95 | ) | (0.67 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 33.17 | $ | 36.58 | $ | 29.62 | $ | 40.92 | $ | 32.03 | $ | 40.06 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (2.42 | )%(e) | 26.35 | % | (25.63 | )% | 31.36 | % | (17.87 | )% | 22.03 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.58 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 8.12 | %(g) | 3.84 | % | 2.35 | % | 2.75 | % | 2.86 | % | 2.10 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,586,901 | $ | 5,044,685 | $ | 5,312,367 | $ | 8,205,744 | $ | 5,501,031 | $ | 6,327,919 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 15 | %(e)(i) | 17 | %(i) | 29 | %(i) | 16 | %(i) | 30 | %(i) | 20 | %(i) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash |
| |||||||||||||||||||||||||||||||
in U.S. dollars (“cash creations”). | ||||||||||||||||||||||||||||||||
(i) Portfolio turnover rate excluding cash creations was as follows: | 13 | % | 12 | % | 11 | % | 10 | % | 13 | % | 13 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
46 | 2 0 2 2 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 Chile ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.52 | $ | 25.37 | $ | 35.88 | $ | 43.71 | $ | 47.96 | $ | 36.77 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.87 | 0.63 | 0.61 | 0.74 | 0.78 | 0.69 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.46 | ) | 3.16 | (10.54 | ) | (7.76 | ) | (4.06 | ) | 11.21 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | (1.59 | ) | 3.79 | (9.93 | ) | (7.02 | ) | (3.28 | ) | 11.90 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.77 | ) | (0.64 | ) | (0.58 | ) | (0.79 | ) | (0.92 | ) | (0.67 | ) | ||||||||||||||||||||
Return of capital | — | — | — | (0.02 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.77 | ) | (0.64 | ) | (0.58 | ) | (0.81 | ) | (0.97 | ) | (0.71 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 26.16 | $ | 28.52 | $ | 25.37 | $ | 35.88 | $ | 43.71 | $ | 47.96 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (5.31 | )%(e) | 14.90 | % | (27.72 | )% | (16.22 | )% | (7.03 | )% | 32.65 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.58 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 6.87 | %(g) | 2.17 | % | 2.10 | % | 1.74 | % | 1.55 | % | 1.68 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 417,226 | $ | 476,286 | $ | 441,423 | $ | 330,140 | $ | 393,351 | $ | 467,645 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 50 | %(e)(i) | 62 | %(i) | 51 | %(i) | 75 | %(i) | 54 | %(i) | 54 | %(i) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash |
| |||||||||||||||||||||||||||||||
in U.S. dollars (“cash creations”). | ||||||||||||||||||||||||||||||||
(i) Portfolio turnover rate excluding cash creations was as follows: | 16 | % | 17 | % | 21 | % | 12 | % | 11 | % | 8 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Colombia ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.29 | $ | 8.86 | $ | 12.42 | $ | 13.96 | $ | 14.58 | $ | 13.18 | ||||||||||||||||||||
|
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| |||||||||||||||||||||
Net investment income(a) | 0.10 | 0.20 | 0.37 | 0.35 | 0.30 | 0.23 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.79 | 1.45 | (3.60 | ) | (1.50 | ) | (0.70 | ) | 1.34 | |||||||||||||||||||||||
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|
|
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|
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| |||||||||||||||||||||
Net increase (decrease) from investment operations | 0.89 | 1.65 | (3.23 | ) | (1.15 | ) | (0.40 | ) | 1.57 | |||||||||||||||||||||||
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| |||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.22 | ) | (0.33 | ) | (0.39 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.07 | ) | (0.22 | ) | (0.33 | ) | (0.39 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||||||||||
|
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|
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| |||||||||||||||||||||
Net asset value, end of period | $ | 11.11 | $ | 10.29 | $ | 8.86 | $ | 12.42 | $ | 13.96 | $ | 14.58 | ||||||||||||||||||||
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| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 8.71 | %(e) | 18.56 | % | (26.40 | )% | (8.18 | )% | (2.69 | )% | 12.05 | % | ||||||||||||||||||||
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| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.61 | %(g) | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||||||||||
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| |||||||||||||||||||||
Net investment income | 1.89 | %(g) | 2.04 | % | 3.43 | % | 2.71 | % | 2.01 | % | 1.72 | % | ||||||||||||||||||||
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| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 38,890 | $ | 36,010 | $ | 18,611 | $ | 23,605 | $ | 25,834 | $ | 22,594 | ||||||||||||||||||||
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| |||||||||||||||||||||
Portfolio turnover rate(h) | 17 | %(e) | 52 | % | 75 | % | 88 | % | 26 | % | 14 | % | ||||||||||||||||||||
|
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|
(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.
48 | 2 0 2 2 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 Israel ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 72.22 | $ | 56.70 | $ | 53.28 | $ | 56.62 | $ | 48.19 | $ | 49.36 | ||||||||||||||||||||
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|
|
|
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|
|
| |||||||||||||||||||||
Net investment income(a) | 0.30 | 0.26 | 0.23 | 0.33 | 0.59 | 0.62 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.25 | 15.38 | 4.31 | (3.42 | ) | 8.88 | (0.98 | ) | ||||||||||||||||||||||||
|
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| |||||||||||||||||||||
Net increase (decrease) from investment operations | 2.55 | 15.64 | 4.54 | (3.09 | ) | 9.47 | (0.36 | ) | ||||||||||||||||||||||||
|
|
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|
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|
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|
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|
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| |||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.69 | ) | (0.12 | ) | (1.12 | ) | (0.25 | ) | (1.04 | ) | (0.81 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.69 | ) | (0.12 | ) | (1.12 | ) | (0.25 | ) | (1.04 | ) | (0.81 | ) | ||||||||||||||||||||
|
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|
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|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 74.08 | $ | 72.22 | $ | 56.70 | $ | 53.28 | $ | 56.62 | $ | 48.19 | ||||||||||||||||||||
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|
|
|
|
|
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| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 3.52 | %(e) | 27.59 | % | 8.53 | % | (5.45 | )% | 19.91 | % | (0.77 | )% | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.58 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||||||
|
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|
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|
|
| |||||||||||||||||||||
Net investment income | 0.82 | %(g) | 0.40 | % | 0.43 | % | 0.60 | % | 1.15 | % | 1.25 | % | ||||||||||||||||||||
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|
|
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| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 181,488 | $ | 162,485 | $ | 104,903 | $ | 114,553 | $ | 121,735 | $ | 89,152 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 5 | %(e) | 21 | % | 7 | % | 17 | % | 6 | % | 28 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Africa ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 49.35 | $ | 37.17 | $ | 47.96 | $ | 54.87 | $ | 62.62 | $ | 52.78 | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.50 | 0.77 | 4.94 | 1.31 | 1.41 | 1.07 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.64 | 13.67 | (10.38 | ) | (5.84 | ) | (7.69 | ) | 9.79 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 3.14 | 14.44 | (5.44 | ) | (4.53 | ) | (6.28 | ) | 10.86 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.46 | ) | (2.26 | ) | (5.35 | ) | (2.38 | ) | (1.47 | ) | (1.02 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.46 | ) | (2.26 | ) | (5.35 | ) | (2.38 | ) | (1.47 | ) | (1.02 | ) | ||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 52.03 | $ | 49.35 | $ | 37.17 | $ | 47.96 | $ | 54.87 | $ | 62.62 | ||||||||||||||||||||
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|
|
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|
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| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 6.55 | %(e) | 39.49 | % | (13.09 | )% | (8.45 | )% | (10.20 | )% | 20.91 | % | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.57 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 2.10 | %(g) | 1.69 | % | 11.79 | % | 2.48 | % | 2.20 | % | 1.91 | % | ||||||||||||||||||||
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|
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| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 385,056 | $ | 276,373 | $ | 323,418 | $ | 374,067 | $ | 373,114 | $ | 419,587 | ||||||||||||||||||||
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|
|
|
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|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 2 | %(e) | 20 | % | 46 | % | 12 | % | 15 | % | 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.
50 | 2 0 2 2 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 Turkey ETF | ||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.91 | $ | 19.99 | $ | 24.08 | $ | 20.09 | $ | 46.17 | $ | 38.16 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.07 | 0.70 | 0.30 | 0.60 | 1.01 | 0.97 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.87 | ) | 3.99 | (3.94 | ) | 4.06 | (26.05 | ) | 8.12 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (4.80 | ) | 4.69 | (3.64 | ) | 4.66 | (25.04 | ) | 9.09 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income. | (0.09 | ) | (0.77 | ) | (0.45 | ) | (0.67 | ) | (1.04 | ) | (1.08 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.09 | ) | (0.77 | ) | (0.45 | ) | (0.67 | ) | (1.04 | ) | (1.08 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 19.02 | $ | 23.91 | $ | 19.99 | $ | 24.08 | $ | 20.09 | $ | 46.17 | ||||||||||||||||
|
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|
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|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (20.12 | )%(e) | 23.59 | % | (15.48 | )% | 23.38 | % | (54.97 | )% | 24.23 | % | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.57 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.65 | %(g) | 2.98 | % | 1.22 | % | 2.43 | % | 2.76 | % | 2.58 | % | ||||||||||||||||
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|
|
|
|
|
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|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 272,865 | $ | 301,262 | $ | 178,947 | $ | 314,190 | $ | 386,797 | $ | 424,727 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(h) | 2 | %(e) | 22 | % | 12 | % | 20 | % | 7 | % | 6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI USA Equal Weighted ETF | ||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 87.61 | $ | 62.79 | $ | 58.13 | $ | 59.33 | $ | 51.30 | $ | 46.05 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.66 | 1.03 | 1.09 | 0.92 | 0.98 | 0.85 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.46 | ) | 24.72 | 4.65 | (1.11 | ) | 7.94 | 5.18 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (3.80 | ) | 25.75 | 5.74 | (0.19 | ) | 8.92 | 6.03 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.65 | ) | (0.93 | ) | (1.08 | ) | (1.01 | ) | (0.89 | ) | (0.78 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.65 | ) | (0.93 | ) | (1.08 | ) | (1.01 | ) | (0.89 | ) | (0.78 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 83.16 | $ | 87.61 | $ | 62.79 | $ | 58.13 | $ | 59.33 | $ | 51.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (4.36 | )%(e) | 41.36 | % | 10.18 | % | (0.23 | )% | 17.55 | % | 13.22 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.11 | %(g) | 0.15 | % | 0.15 | %�� | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived | 0.09 | %(g) | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.54 | %(g) | 1.34 | % | 1.84 | % | 1.63 | % | 1.76 | % | 1.72 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 478,198 | $ | 473,092 | $ | 226,062 | $ | 308,090 | $ | 192,820 | $ | 135,945 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(h) | 13 | %(e) | 30 | % | 30 | % | 24 | % | 23 | % | 27 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
52 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 | |
MSCI Brazil | Non-diversified | |
MSCI Chile. | Non-diversified | |
MSCI Colombia | Non-diversified | |
MSCI Israel | Non-diversified | |
MSCI South Africa | Non-diversified | |
MSCI Turkey | Non-diversified | |
MSCI USA Equal Weighted | 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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 53 |
Notes to Financial Statements (unaudited) (continued) |
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
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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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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:
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iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
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MSCI Colombia | ||||||||||||||||
Citigroup Global Markets, Inc. | $ | 77 | $ | 77 | $ | — | $ | — | ||||||||
J.P. Morgan Securities LLC | 1,236,975 | 1,236,975 | — | — | ||||||||||||
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$ | 1,237,052 | $ | 1,237,052 | $ | — | $ | — | |||||||||
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MSCI Israel | ||||||||||||||||
Barclays Capital, Inc. | $ | 42,195 | $ | 42,195 | $ | — | $ | — | ||||||||
BNP Paribas SA | 868,094 | 868,094 | — | — | ||||||||||||
BofA Securities, Inc. | 1,883,121 | 1,883,121 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 646,317 | 646,317 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 1,108,742 | 1,092,650 | — | (16,092 | )(b) | |||||||||||
J.P. Morgan Securities LLC | 1,272,947 | 1,272,947 | — | — | ||||||||||||
Morgan Stanley | 1,147,259 | 1,147,259 | — | — | ||||||||||||
UBS AG | 965,996 | 965,996 | — | — | ||||||||||||
UBS Securities LLC | 16,992 | 16,992 | — | — | ||||||||||||
Virtu Americas LLC | 1,139,938 | 1,087,667 | — | (52,271 | )(b) | |||||||||||
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$ | 9,091,601 | $ | 9,023,238 | $ | — | $ | (68,363 | ) | ||||||||
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MSCI Turkey | ||||||||||||||||
BofA Securities, Inc. | $ | 2,413,324 | $ | 2,413,324 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. LLC | 2,212,486 | 2,212,486 | — | — | ||||||||||||
HSBC Bank PLC. | 470,869 | 470,869 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 119,264 | 119,264 | — | — | ||||||||||||
Morgan Stanley | 4,360,598 | 4,360,598 | — | — | ||||||||||||
SG Americas Securities LLC | 198,658 | 198,658 | — | — | ||||||||||||
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$ | 9,775,199 | $ | 9,775,199 | $ | — | $ | — | |||||||||
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N O T E S T O F I N A N C I A L S T A T E M E N T S | 55 |
Notes to Financial Statements (unaudited) (continued)
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iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
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MSCI USA Equal Weighted | ||||||||||||||||
Barclays Bank PLC | $ | 1,949,190 | $ | 1,921,862 | $ | — | $ | (27,328 | )(b) | |||||||
Barclays Capital, Inc. | 8,693 | 8,285 | — | (408 | )(b) | |||||||||||
BNP Paribas SA | 3,023,068 | 2,953,339 | — | (69,729 | )(b) | |||||||||||
Citigroup Global Markets, Inc. | 299,152 | 298,722 | — | (430 | )(b) | |||||||||||
Credit Suisse Securities (USA) LLC | 1,883,422 | 1,883,422 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 1,704,707 | 1,669,973 | — | (34,734 | )(b) | |||||||||||
Morgan Stanley | 1,884,022 | 1,884,022 | — | — | ||||||||||||
Natixis SA | 678,578 | 665,241 | — | (13,337 | )(b) | |||||||||||
RBC Capital Markets LLC | 153,426 | 153,426 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 995,727 | 979,882 | — | (15,845 | )(b) | |||||||||||
SG Americas Securities LLC | 22,905 | 22,905 | — | — | ||||||||||||
State Street Bank & Trust Co. | 1,178,747 | 1,178,747 | — | — | ||||||||||||
UBS AG | 527,369 | 527,369 | — | — | ||||||||||||
UBS Securities LLC | 42,717 | 42,595 | — | (122 | )(b) | |||||||||||
Wells Fargo Bank N.A. | 164,106 | 164,106 | — | — | ||||||||||||
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$ | 14,515,829 | $ | 14,353,896 | $ | — | $ | (161,933 | ) | ||||||||
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(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 directors).
56 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |
First $2 billion | 0.7400% | |
Over $2 billion, up to and including $4 billion | 0.6900 | |
Over $4 billion, up to and including $8 billion | 0.6400 | |
Over $8 billion, up to and including $16 billion | 0.5700 | |
Over $16 billion, up to and including $24 billion | 0.5100 | |
Over $24 billion, up to and including $32 billion | 0.4800 | |
Over $32 billion, up to and including $40 billion | 0.4500 | |
Over $40 billion | 0.4275 |
For its investment advisory services to the iShares MSCI Colombia ETF, BFA is entitled to an annual investment advisory fee of 0.61%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Effective October 20, 2021, for its investment advisory services to the iShares MSCI USA Equal Weighted ETF, BFA is entitled to an annual investment advisory fee of 0.09%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to October 20, 2021, BFA was entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares MSCI USA Equal Weighted ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets. The contractual waiver was discontinued on October 20, 2021.
This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |
MSCI USA Equal Weighted | $ 37,394 |
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, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 81% 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.
Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), 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 a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% 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, and (2) each Group 2 Fund 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.
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 | 57 |
Notes to Financial Statements (unaudited) (continued)
Prior to January 1, 2022, the Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Colombia | $ | 857 | ||
MSCI Israel | 14,732 | |||
MSCI Turkey | 90,106 | |||
MSCI USA Equal Weighted | 7,818 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, 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 Israel | $ | 102,817 | $ | 1,260,188 | $ | (790,899) | ||||||
MSCI USA Equal Weighted | 16,399,682 | 25,079,624 | (229,193) |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Brazil | $ | 1,642,932,029 | $ | 726,033,261 | ||||
MSCI Chile. | 225,826,868 | 236,121,491 | ||||||
MSCI Colombia | 6,137,231 | 6,384,285 | ||||||
MSCI Israel | 10,539,783 | 9,780,362 | ||||||
MSCI South Africa | 8,944,834 | 7,122,978 | ||||||
MSCI Turkey | 7,255,413 | 5,776,506 | ||||||
MSCI USA Equal Weighted | 62,454,972 | 61,671,191 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Israel | $ | 39,376,255 | $ | 25,633,924 | ||||
MSCI South Africa | 122,922,048 | 31,616,606 | ||||||
MSCI Turkey | 116,126,421 | 83,567,125 | ||||||
MSCI USA Equal Weighted | 78,321,636 | 46,421,252 |
58 | 2 0 2 2 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)
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Brazil | $ | 3,814,461,403 | ||
MSCI Chile | 192,032,509 | |||
MSCI Colombia | 15,937,379 | |||
MSCI Israel | 45,162,177 | |||
MSCI South Africa | 254,638,720 | |||
MSCI Turkey | 272,048,859 | |||
MSCI USA Equal Weighted | 15,106,785 |
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.
As of February 28, 2022, 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 Brazil | $ | 4,330,638,864 | $ | 1,944,051,655 | $ | (723,990,881 | ) | $ | 1,220,060,774 | |||||||
MSCI Chile | 474,804,468 | 84,872,909 | (144,699,025 | ) | (59,826,116 | ) | ||||||||||
MSCI Colombia | 36,627,047 | 7,469,546 | (4,173,451 | ) | 3,296,095 | |||||||||||
MSCI Israel | 182,975,290 | 43,130,527 | (34,713,167 | ) | 8,417,360 | |||||||||||
MSCI South Africa | 421,606,653 | 34,452,365 | (71,343,865 | ) | (36,891,500 | ) | ||||||||||
MSCI Turkey | 423,950,328 | 5,874,739 | (146,046,998 | ) | (140,172,259 | ) | ||||||||||
MSCI USA Equal Weighted | 433,331,680 | 79,514,829 | (20,151,388 | ) | 59,363,441 |
9. | LINE OF CREDIT |
The iShares MSCI Brazil ETF, iShares MSCI Chile ETF and iShares MSCI Colombia ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
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 | 59 |
Notes to Financial Statements (unaudited) (continued)
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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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.
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 the Manager 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.
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.
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. 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 could 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.
60 | 2 0 2 2 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)
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
�� | Six Months Ended 02/28/22 | Year Ended 08/31/21 | ||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Brazil | ||||||||||||||||
Shares sold | 33,200,000 | $ | 1,071,563,900 | 5,900,000 | $ | 220,351,653 | ||||||||||
Shares redeemed | (2,650,000 | ) | (74,689,781 | ) | (47,350,000 | ) | (1,747,365,837 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 30,550,000 | $ | 996,874,119 | (41,450,000 | ) | $ | (1,527,014,184 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Chile | ||||||||||||||||
Shares sold | 5,850,000 | $ | 151,857,377 | 6,950,000 | $ | 208,750,168 | ||||||||||
Shares redeemed | (6,600,000 | ) | (162,338,130 | ) | (7,650,000 | ) | (225,504,422 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (750,000 | ) | $ | (10,480,753 | ) | (700,000 | ) | $ | (16,754,254 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Colombia | ||||||||||||||||
Shares sold | — | $ | — | 2,050,000 | $ | 20,933,465 | ||||||||||
Shares redeemed | — | — | (650,000 | ) | (6,284,497 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | — | $ | — | 1,400,000 | $ | 14,648,968 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Israel | ||||||||||||||||
Shares sold | 600,000 | $ | 43,838,758 | 1,100,000 | $ | 70,222,892 | ||||||||||
Shares redeemed | (400,000 | ) | (29,041,950 | ) | (700,000 | ) | (44,671,218 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 200,000 | $ | 14,796,808 | 400,000 | $ | 25,551,674 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Africa | ||||||||||||||||
Shares sold | 2,500,000 | $ | 123,198,837 | 2,700,000 | $ | 120,672,480 | ||||||||||
Shares redeemed | (700,000 | ) | (31,674,659 | ) | (5,800,000 | ) | (270,577,887 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,800,000 | $ | 91,524,178 | (3,100,000 | ) | $ | (149,905,407 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Turkey | ||||||||||||||||
Shares sold | 5,900,000 | $ | 118,246,194 | 9,650,000 | $ | 215,650,990 | ||||||||||
Shares redeemed | (4,150,000 | ) | (83,738,927 | ) | (6,000,000 | ) | (144,771,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 1,750,000 | $ | 34,507,267 | 3,650,000 | $ | 70,879,769 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI USA Equal Weighted | ||||||||||||||||
Shares sold | 900,000 | $ | 78,601,113 | 2,250,000 | $ | 176,562,414 | ||||||||||
Shares redeemed | (550,000 | ) | (46,700,022 | ) | (450,000 | ) | (38,625,319 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 350,000 | $ | 31,901,091 | 1,800,000 | $ | 137,937,095 | ||||||||||
|
|
|
|
|
|
|
|
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 | 61 |
Notes to Financial Statements (unaudited) (continued)
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.
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.
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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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R IS K M A N A G E M E N T P R O G R A M | 63 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Chile | $ | 0.770751 | $ | — | $ | — | $ | 0.770751 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
MSCI Israel(a) | 0.518453 | — | 0.174986 | 0.693439 | 75 | — | 25 | 100 | ||||||||||||||||||||||||
MSCI USA Equal Weighted(a) | 0.550398 | — | 0.099237 | 0.649635 | 85 | — | 15 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
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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 Company’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 | 65 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity
ADR | American Depositary Receipt | |
NVS | Non-Voting Shares | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
66 | 2 0 2 2 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 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-804-0222
FEBRUARY 28, 2022 |
| 2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· | iShares MSCI Australia ETF | EWA | NYSE Arca |
· | iShares MSCI Canada ETF | EWC | NYSE Arca |
· | iShares MSCI Japan ETF | EWJ | NYSE Arca |
· | iShares MSCI Mexico ETF | EWW | NYSE Arca |
· | iShares MSCI South Korea ETF | EWY | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022
| ||||
6-Month
|
12-Month
| |||
U.S. large cap equities
|
(2.62)%
|
16.39%
| ||
U.S. small cap equities
|
(9.46)
|
(6.01)
| ||
International equities
|
(6.78)
|
2.83
| ||
Emerging market equities
|
(9.81)
|
(10.69)
| ||
3-month Treasury bills
|
0.02
|
0.04
| ||
U.S. Treasury securities
|
(3.94)
|
(1.67)
| ||
U.S. investment grade bonds
|
(4.07)
|
(2.64)
| ||
Tax-exempt municipal bonds
|
(3.09)
|
(0.66)
| ||
U.S. high yield bonds
|
(3.07)
|
0.64
| ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
|
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9 | ||||
10 | ||||
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35 | ||||
40 | ||||
49 | ||||
50 | ||||
51 | ||||
52 |
Fund Summary as of February 28, 2022 | iShares® MSCI Australia ETF |
Investment Objective
The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (3.93 | )% | 2.88 | % | 6.30 | % | 4.70% | 2.88 | % | 35.72 | % | 58.37% | ||||||||||||||||||||
Fund Market | (3.83 | ) | 3.12 | 6.34 | 4.85 | 3.12 | 36.01 | 60.62 | ||||||||||||||||||||||||
Index | (4.49 | ) | 2.91 | 6.62 | 5.06 | 2.91 | 37.80 | 63.88 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
$ 1,000.00 | $ 960.70 | $ 2.38 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |
Financials | 32.8% | |
Materials | 25.5 | |
Health Care | 10.2 | |
Real Estate | 6.6 | |
Consumer Discretionary | 6.3 | |
Consumer Staples | 5.2 | |
Industrials | 4.3 | |
Energy | 3.9 | |
Communication Services | 2.0 | |
Information Technology | 1.9 | |
Utilities | 1.3 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a) | |
BHP Group Ltd. | 14.5% | |
Commonwealth Bank of Australia | 9.7 | |
CSL Ltd. | 7.6 | |
National Australia Bank Ltd. | 5.8 | |
Westpac Banking Corp. | 5.1 | |
Australia & New Zealand Banking Group Ltd. | 4.5 | |
Macquarie Group Ltd. | 3.7 | |
Wesfarmers Ltd. | 3.3 | |
Rio Tinto Ltd. | 2.7 | |
Woolworths Group Ltd. | 2.6 |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Canada ETF |
Investment Objective
The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Custom Capped 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 3.58 | % | 20.23 | % | 9.81 | % | 4.99% | 20.23 | % | 59.68 | % | 62.78% | ||||||||||||||||||
Fund Market | 3.68 | 21.08 | 9.81 | 5.05 | 21.08 | 59.67 | 63.61 | |||||||||||||||||||||||
Index | 3.76 | 20.43 | 9.94 | 5.15 | 20.43 | 60.61 | 65.17 |
Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
$ 1,000.00 | $ 1,035.80 | $ 2.47 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |
Financials | 38.7% | |
Energy | 16.5 | |
Materials | 11.6 | |
Industrials | 11.2 | |
Information Technology | 7.6 | |
Consumer Staples | 3.9 | |
Utilities | 3.6 | |
Consumer Discretionary | 3.4 | |
Communication Services | 2.5 | |
Other (each representing less than 1%) | 1.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a) | |
Royal Bank of Canada | 7.8% | |
Toronto-Dominion Bank (The) | 7.3 | |
Bank of Nova Scotia (The) | 4.4 | |
Canadian National Railway Co. | 4.3 | |
Enbridge Inc. | 4.3 | |
Shopify Inc., Class A | 3.9 | |
Brookfield Asset Management Inc., Class A | 3.8 | |
Bank of Montreal | 3.7 | |
Canadian Natural Resources Ltd. | 3.3 | |
Canadian Pacific Railway Ltd. | 3.2 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Japan ETF |
Investment Objective
The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (7.03 | )% | (5.06 | )% | 5.82 | % | 6.29% | (5.06 | )% | 32.69 | % | 84.13% | ||||||||||||||||||||
Fund Market | (6.76 | ) | (5.83 | ) | 5.92 | 6.33 | (5.83 | ) | 33.29 | 84.70 | ||||||||||||||||||||||
Index | (7.37 | ) | (5.00 | ) | 6.13 | 6.66 | (5.00 | ) | 34.64 | 90.48 | ||||||||||||||||||||||
Past performance is no guarantee 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” on page 9 for more information. |
|
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
$ 1,000.00 | $ 929.70 | $ 2.34 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |
Industrials | 22.0% | |
Consumer Discretionary | 19.4 | |
Information Technology | 14.0 | |
Financials | 10.1 | |
Health Care | 9.4 | |
Communication Services | 8.1 | |
Consumer Staples | 6.9 | |
Materials | 5.0 | |
Real Estate | 3.4 | |
Other (each representing less than 1%) | 1.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a) | |
Toyota Motor Corp. | 5.3% | |
Sony Group Corp. | 3.5 | |
Keyence Corp. | 2.5 | |
Mitsubishi UFJ Financial Group Inc. | 2.0 | |
Tokyo Electron Ltd. | 2.0 | |
Recruit Holdings Co. Ltd. | 1.6 | |
Nintendo Co. Ltd. | 1.5 | |
Shin-Etsu Chemical Co. Ltd. | 1.5 | |
SoftBank Group Corp. | 1.5 | |
KDDI Corp. | 1.4 |
6 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Mexico ETF |
Investment Objective
The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.35 | )% | 26.07 | % | 3.94 | % | 0.22% | 26.07 | % | 21.29 | % | 2.25% | ||||||||||||||||||||
Fund Market | (0.11 | ) | 26.54 | 4.06 | 0.28 | 26.54 | 21.99 | 2.80 | ||||||||||||||||||||||||
Index | (0.11 | ) | 26.89 | 4.35 | 0.45 | 26.89 | 23.74 | 4.61 | ||||||||||||||||||||||||
Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information. |
|
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
$ 1,000.00 | $ 996.50 | $ 2.43 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |
Consumer Staples | 30.7% | |
Communication Services | 20.9 | |
Financials | 15.9 | |
Industrials | 12.4 | |
Materials | 12.3 | |
Real Estate | 5.9 | |
Consumer Discretionary | 1.3 | |
Health Care | 0.6 |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a) | |
America Movil SAB de CV, Series L | 15.9% | |
Wal-Mart de Mexico SAB de CV | 10.8 | |
Grupo Financiero Banorte SAB de CV, Class O | 9.4 | |
Fomento Economico Mexicano SAB de CV | 8.4 | |
Grupo Mexico SAB de CV, Series B | 4.5 | |
Cemex SAB de CV | 4.0 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3.2 | |
Grupo Televisa SAB de CV | 3.1 | |
Grupo Bimbo SAB de CV, Series A | 2.9 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2.8 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI South Korea ETF |
Investment Objective
The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (15.39 | )% | (16.56 | )% | 5.99 | % | 3.49% | (16.56 | )% | 33.75 | % | 40.87% | ||||||||||||||||||||
Fund Market | (14.68 | ) | (15.92 | ) | 6.31 | 3.58 | (15.92 | ) | 35.82 | 42.15 | ||||||||||||||||||||||
Index | (16.12 | ) | (16.85 | ) | 6.26 | 3.94 | (16.85 | ) | 35.46 | 47.12 | ||||||||||||||||||||||
Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.
Past performance is no guarantee 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” on page 9 for more information. |
|
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22) | Expenses the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
$ 1,000.00 | $ 846.10 | $ 2.65 | $ 1,000.00 | $ 1,021.90 | $ 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |
Information Technology | 35.1% | |
Financials | 11.2 | |
Consumer Discretionary | 11.1 | |
Communication Services | 10.5 | |
Industrials | 10.4 | |
Materials | 8.9 | |
Health Care | 5.5 | |
Consumer Staples | 4.3 | |
Energy | 2.3 | |
Utilities | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a) | |
Samsung Electronics Co. Ltd. | 22.0% | |
SK Hynix Inc. | 6.5 | |
NAVER Corp. | 3.8 | |
Samsung SDI Co. Ltd. | 3.0 | |
Kakao Corp. | 2.7 | |
LG Chem Ltd. | 2.6 | |
Hyundai Motor Co. | 2.5 | |
KB Financial Group Inc. | 2.4 | |
POSCO | 2.2 | |
Kia Corp. | 2.1 |
8 | 2 0 2 2 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 |
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. 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.
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 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 a 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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Airlines — 0.3% | ||||||||
Qantas Airways Ltd.(a) | 1,080,188 | $ | 4,002,610 | |||||
|
| |||||||
Banks — 24.5% | ||||||||
Australia & New Zealand Banking Group Ltd. | 3,305,259 | 62,574,641 | ||||||
Commonwealth Bank of Australia | 2,000,701 | 135,734,468 | ||||||
National Australia Bank Ltd. | 3,836,708 | 80,582,510 | ||||||
Westpac Banking Corp. | 4,301,330 | 71,084,820 | ||||||
|
| |||||||
349,976,439 | ||||||||
Beverages — 0.5% | ||||||||
Treasury Wine Estates Ltd. | 851,863 | 7,185,625 | ||||||
|
| |||||||
Biotechnology — 7.5% | ||||||||
CSL Ltd. | 561,320 | 106,720,417 | ||||||
|
| |||||||
Capital Markets — 4.6% | ||||||||
ASX Ltd. | 227,464 | 13,661,819 | ||||||
Macquarie Group Ltd. | 397,351 | 52,292,682 | ||||||
|
| |||||||
65,954,501 | ||||||||
Chemicals — 0.4% | ||||||||
Orica Ltd. | 476,314 | 5,078,333 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.9% | ||||||||
Brambles Ltd. | 1,685,372 | 12,139,263 | ||||||
|
| |||||||
Construction Materials — 1.2% | ||||||||
James Hardie Industries PLC | 521,901 | 17,038,526 | ||||||
|
| |||||||
Diversified Consumer Services — 0.3% | ||||||||
IDP Education Ltd. | 243,996 | 4,718,783 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Telstra Corp. Ltd. | 4,865,652 | 13,982,096 | ||||||
|
| |||||||
Electric Utilities — 0.6% | ||||||||
Origin Energy Ltd. | 2,075,579 | 8,619,173 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.0% | ||||||||
BGP Holdings PLC(a)(b) | 18,888,372 | 212 | ||||||
Dexus | 1,257,153 | 9,951,599 | ||||||
Goodman Group | 1,971,399 | 31,896,538 | ||||||
GPT Group/The | 2,245,966 | 8,013,776 | ||||||
Mirvac Group | 4,608,306 | 8,594,094 | ||||||
Scentre Group | 6,095,947 | 13,542,764 | ||||||
Stockland | 2,814,924 | 8,517,660 | ||||||
Vicinity Centres | 4,522,709 | 5,889,200 | ||||||
|
| |||||||
86,405,843 | ||||||||
Food & Staples Retailing — 4.5% | ||||||||
Coles Group Ltd. | 1,564,828 | 19,796,775 | ||||||
Endeavour Group Ltd./Australia | 1,580,952 | 8,256,860 | ||||||
Woolworths Group Ltd. | 1,421,010 | 36,744,017 | ||||||
|
| |||||||
64,797,652 | ||||||||
Gas Utilities — 0.7% | ||||||||
APA Group | 1,379,095 | 10,081,837 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.9% | ||||||||
Cochlear Ltd. | 77,363 | 12,629,047 | ||||||
|
| |||||||
Health Care Providers & Services — 1.7% | ||||||||
Ramsay Health Care Ltd. | 214,020 | 9,983,542 | ||||||
Sonic Healthcare Ltd. | 534,280 | 13,633,541 | ||||||
|
| |||||||
23,617,083 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure — 2.6% | ||||||||
Aristocrat Leisure Ltd. | 706,944 | $ | 19,391,471 | |||||
Crown Resorts Ltd.(a) | 435,316 | 3,934,294 | ||||||
Domino’s Pizza Enterprises Ltd. | 70,801 | 4,088,204 | ||||||
Tabcorp Holdings Ltd. | 2,616,653 | 9,462,930 | ||||||
|
| |||||||
36,876,899 | ||||||||
Insurance — 3.0% | ||||||||
Insurance Australia Group Ltd. | 2,881,282 | 9,619,043 | ||||||
Medibank Pvt Ltd. | 3,220,193 | 7,427,408 | ||||||
QBE Insurance Group Ltd. | 1,732,495 | 14,457,700 | ||||||
Suncorp Group Ltd. | 1,480,372 | 11,515,406 | ||||||
|
| |||||||
43,019,557 | ||||||||
Interactive Media & Services — 1.0% | ||||||||
REA Group Ltd. | 61,770 | 5,953,952 | ||||||
SEEK Ltd. | 396,184 | 7,734,629 | ||||||
|
| |||||||
13,688,581 | ||||||||
IT Services — 0.7% | ||||||||
Computershare Ltd. | 635,091 | 10,034,652 | ||||||
|
| |||||||
Metals & Mining — 23.4% | ||||||||
BHP Group Ltd. | 5,935,444 | 202,672,628 | ||||||
BlueScope Steel Ltd. | 579,584 | 8,582,395 | ||||||
Evolution Mining Ltd. | 2,142,151 | 6,623,933 | ||||||
Fortescue Metals Group Ltd. | 1,985,504 | 26,451,553 | ||||||
Mineral Resources Ltd. | 199,280 | 6,549,350 | ||||||
Newcrest Mining Ltd. | 959,317 | 17,796,098 | ||||||
Northern Star Resources Ltd. | 1,302,042 | 9,704,101 | ||||||
Rio Tinto Ltd. | 435,242 | 37,533,968 | ||||||
South32 Ltd. | 5,461,494 | 19,169,910 | ||||||
|
| |||||||
335,083,936 | ||||||||
Multiline Retail — 3.3% | ||||||||
Wesfarmers Ltd. | 1,329,399 | 46,621,838 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.8% | ||||||||
Ampol Ltd. | 278,535 | 6,016,454 | ||||||
Santos Ltd. | 3,772,520 | 20,091,815 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 253,074 | 4,642,886 | ||||||
Woodside Petroleum Ltd. | 1,136,869 | 23,756,320 | ||||||
|
| |||||||
54,507,475 | ||||||||
Real Estate Management & Development — 0.4% | ||||||||
Lendlease Corp. Ltd. | 804,840 | 6,209,155 | ||||||
|
| |||||||
Road & Rail — 0.4% | ||||||||
Aurizon Holdings Ltd. | 2,151,469 | 5,488,205 | ||||||
|
| |||||||
Software — 1.1% | ||||||||
WiseTech Global Ltd. | 170,909 | 5,471,825 | ||||||
Xero Ltd.(a) | 156,938 | 10,790,742 | ||||||
|
| |||||||
16,262,567 | ||||||||
Trading Companies & Distributors — 0.3% | ||||||||
Reece Ltd. | 339,770 | 4,810,196 | ||||||
|
| |||||||
Transportation Infrastructure — 2.3% | ||||||||
Transurban Group | 3,599,217 | 33,243,817 | ||||||
|
| |||||||
Total Common Stocks — 97.9% | ||||||||
(Cost: $1,545,455,782) | 1,398,794,106 | |||||||
|
|
10 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 670,000 | $ | 670,000 | |||||
|
| |||||||
Total Short-Term Investments — 0.0% |
| 670,000 | ||||||
|
| |||||||
Total Investments in Securities — 97.9% |
| 1,399,464,106 | ||||||
Other Assets, Less Liabilities — 2.1% |
| 30,067,626 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,429,531,732 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency | $ | — | $ | 5,510 | (b) | $ | — | $ | (5,510 | ) | $ | — | $ | — | — | $ | 222,041 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 750,000 | — | (80,000 | )(b) | — | — | 670,000 | 670,000 | 43 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (5,510 | ) | $ | — | $ | 670,000 | $ | 222,084 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | 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 | 245 | 03/17/22 | $ | 31,342 | $ | 34,310 | ||||||||||
|
|
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:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | $ | 34,310 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Australia ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (813,355 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (30,978 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 18,616,023 |
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 1,398,793,894 | $ | 212 | $ | 1,398,794,106 | ||||||||
Money Market Funds | 670,000 | — | — | 670,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 670,000 | $ | 1,398,793,894 | $ | 212 | $ | 1,399,464,106 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | — | $ | 34,310 | $ | — | $ | 34,310 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.4% | ||||||||
CAE Inc.(a) | 680,470 | $ | 18,204,921 | |||||
|
| |||||||
Airlines — 0.2% | ||||||||
Air Canada(a)(b) | 377,043 | 7,124,402 | ||||||
|
| |||||||
Auto Components — 1.0% | ||||||||
Magna International Inc. | 614,319 | 45,641,357 | ||||||
|
| |||||||
Banks — 27.2% | ||||||||
Bank of Montreal | 1,391,000 | 158,831,897 | ||||||
Bank of Nova Scotia (The) | 2,612,610 | 189,324,046 | ||||||
Canadian Imperial Bank of Commerce | 967,683 | 122,481,565 | ||||||
National Bank of Canada | 726,309 | 58,236,516 | ||||||
Royal Bank of Canada | 3,063,336 | 338,864,174 | ||||||
Toronto-Dominion Bank (The) | 3,917,517 | 316,121,214 | ||||||
|
| |||||||
1,183,859,412 | ||||||||
Capital Markets — 4.5% | ||||||||
Brookfield Asset Management Inc., Class A | 3,031,875 | 165,694,660 | ||||||
IGM Financial Inc. | 180,026 | 6,395,717 | ||||||
Onex Corp. | 160,376 | 10,770,181 | ||||||
TMX Group Ltd. | 120,450 | 12,167,588 | ||||||
|
| |||||||
195,028,146 | ||||||||
Chemicals — 2.4% | ||||||||
Nutrien Ltd. | 1,227,221 | 105,545,847 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.5% | ||||||||
GFL Environmental Inc. | 345,827 | 10,111,518 | ||||||
Ritchie Bros Auctioneers Inc. | 237,694 | 12,457,603 | ||||||
|
| |||||||
22,569,121 | ||||||||
Construction & Engineering — 0.7% | ||||||||
WSP Global Inc. | 253,032 | 31,044,581 | ||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
CCL Industries Inc., Class B, NVS | 325,773 | 14,686,130 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.8% | ||||||||
BCE Inc. | 156,335 | 8,210,825 | ||||||
TELUS Corp. | 974,744 | 24,616,612 | ||||||
|
| |||||||
32,827,437 | ||||||||
Electric Utilities — 2.1% | ||||||||
Emera Inc. | 554,451 | 25,939,995 | ||||||
Fortis Inc. | 1,016,739 | 46,589,508 | ||||||
Hydro One Ltd.(c) | 707,446 | 17,469,870 | ||||||
|
| |||||||
89,999,373 | ||||||||
Electrical Equipment — 0.1% | ||||||||
Ballard Power Systems Inc.(a)(b) | 529,294 | 6,055,040 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
Canadian Apartment Properties REIT | 187,112 | 7,788,583 | ||||||
RioCan REIT | 334,319 | 6,625,715 | ||||||
|
| |||||||
14,414,298 | ||||||||
Food & Staples Retailing — 3.6% | ||||||||
Alimentation Couche-Tard Inc. | 1,829,444 | 71,806,579 | ||||||
Empire Co. Ltd., Class A, NVS | 364,381 | 11,286,468 | ||||||
George Weston Ltd. | 161,108 | 17,469,573 | ||||||
Loblaw Companies Ltd. | 360,412 | 28,113,558 | ||||||
Metro Inc. | 525,830 | 27,446,874 | ||||||
|
| |||||||
156,123,052 |
Security | Shares | Value | ||||||
Food Products — 0.3% | ||||||||
Saputo Inc. | 534,588 | $ | 13,100,042 | |||||
|
| |||||||
Gas Utilities — 0.3% | ||||||||
AltaGas Ltd. | 602,398 | 13,269,390 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.8% | ||||||||
Restaurant Brands International Inc. | 609,255 | 34,103,860 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
Brookfield Renewable Corp., Class A | 277,700 | 10,406,903 | ||||||
Northland Power Inc. | 486,931 | 15,481,909 | ||||||
|
| |||||||
25,888,812 | ||||||||
Insurance — 6.9% | ||||||||
Fairfax Financial Holdings Ltd. | 53,738 | 26,050,741 | ||||||
Great-West Lifeco Inc. | 600,184 | 18,055,239 | ||||||
iA Financial Corp. Inc. | 231,419 | 13,750,032 | ||||||
Intact Financial Corp. | 378,588 | 54,298,629 | ||||||
Manulife Financial Corp. | 4,176,248 | 84,612,267 | ||||||
Power Corp. of Canada | 1,203,760 | 37,124,243 | ||||||
Sun Life Financial Inc. | 1,259,619 | 66,245,525 | ||||||
|
| |||||||
300,136,676 | ||||||||
IT Services — 5.0% | ||||||||
CGI Inc.(a) | 470,254 | 38,555,263 | ||||||
Nuvei Corp.(a)(c) | 143,596 | 7,795,535 | ||||||
Shopify Inc., Class A(a) | 244,130 | 169,479,187 | ||||||
|
| |||||||
215,829,985 | ||||||||
Media — 0.8% | ||||||||
Quebecor Inc., Class B | 359,525 | 7,862,748 | ||||||
Shaw Communications Inc., Class B, NVS | 973,329 | 29,188,351 | ||||||
|
| |||||||
37,051,099 | ||||||||
Metals & Mining — 8.4% | ||||||||
Agnico Eagle Mines Ltd. | 995,392 | 50,283,984 | ||||||
Barrick Gold Corp. | 3,825,671 | 86,473,747 | ||||||
First Quantum Minerals Ltd. | 1,262,957 | 37,036,775 | ||||||
Franco-Nevada Corp. | 411,057 | 60,534,832 | ||||||
Ivanhoe Mines Ltd., Class A(a)(b) | 1,299,605 | 13,226,749 | ||||||
Kinross Gold Corp. | 2,695,351 | 13,439,541 | ||||||
Lundin Mining Corp. | 1,422,628 | 13,726,817 | ||||||
Pan American Silver Corp. | 452,235 | 10,696,651 | ||||||
Teck Resources Ltd., Class B | 1,016,775 | 36,611,922 | ||||||
Wheaton Precious Metals Corp. | 968,629 | 42,443,909 | ||||||
|
| |||||||
364,474,927 | ||||||||
Multi-Utilities — 0.7% | ||||||||
Algonquin Power & Utilities Corp. | 1,444,730 | 20,904,417 | ||||||
Canadian Utilities Ltd., Class A, NVS | 274,741 | 7,651,564 | ||||||
|
| |||||||
28,555,981 | ||||||||
Multiline Retail — 1.2% | ||||||||
Canadian Tire Corp. Ltd., Class A, NVS | 123,378 | 18,189,859 | ||||||
Dollarama Inc. | 622,477 | 32,167,451 | ||||||
|
| |||||||
50,357,310 | ||||||||
Oil, Gas & Consumable Fuels — 16.4% | ||||||||
Cameco Corp. | 855,730 | 21,043,869 | ||||||
Canadian Natural Resources Ltd. | 2,530,396 | 141,362,794 | ||||||
Cenovus Energy Inc. | 2,819,918 | 44,340,012 | ||||||
Enbridge Inc. | 4,356,057 | 188,195,409 | ||||||
Imperial Oil Ltd. | 523,706 | 23,505,826 | ||||||
Keyera Corp. | 475,286 | 11,133,129 | ||||||
Parkland Corp. | 332,814 | 8,709,618 | ||||||
Pembina Pipeline Corp. | 1,182,571 | 40,212,079 |
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) February 28, 2022 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Suncor Energy Inc. | 3,133,897 | $ | 95,834,199 | |||||
TC Energy Corp. | 2,109,198 | 113,322,591 | ||||||
Tourmaline Oil Corp. | 671,174 | 26,476,292 | ||||||
|
| |||||||
714,135,818 | ||||||||
Paper & Forest Products — 0.5% | ||||||||
West Fraser Timber Co. Ltd. | 202,839 | 20,247,093 | ||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Bausch Health Cos Inc.(a) | 656,741 | 15,798,054 | ||||||
Canopy Growth Corp.(a)(b) | 510,997 | 3,644,507 | ||||||
|
| |||||||
19,442,561 | ||||||||
Professional Services — 0.8% | ||||||||
Thomson Reuters Corp. | 366,449 | 37,052,547 | ||||||
|
| |||||||
Real Estate Management & Development — 0.3% | ||||||||
FirstService Corp. | 84,998 | 12,100,228 | ||||||
|
| |||||||
Road & Rail — 8.0% | ||||||||
Canadian National Railway Co. | 1,519,456 | 188,496,459 | ||||||
Canadian Pacific Railway Ltd. | 1,998,137 | 140,697,221 | ||||||
TFI International Inc. | 179,392 | 18,699,227 | ||||||
|
| |||||||
347,892,907 | ||||||||
Software — 2.6% | ||||||||
BlackBerry Ltd.(a) | 1,161,350 | 7,971,397 | ||||||
Constellation Software Inc. | 43,283 | 72,946,283 | ||||||
Lightspeed Commerce Inc.(a) | 238,427 | 6,263,999 | ||||||
Open Text Corp. | 584,340 | 25,429,739 | ||||||
|
| |||||||
112,611,418 | ||||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Gildan Activewear Inc. | 417,055 | 16,372,905 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.3% | ||||||||
Toromont Industries Ltd. | 177,991 | 15,087,458 | ||||||
|
|
Security | Shares | Value | ||||||
Wireless Telecommunication Services — 0.9% | ||||||||
Rogers Communications Inc., Class B, NVS | 761,997 | $ | 39,371,348 | |||||
|
| |||||||
Total Common Stocks — 99.7% | 4,340,205,482 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, | 11,935,826 | 11,938,213 | ||||||
BlackRock Cash Funds: Treasury, | 1,780,000 | 1,780,000 | ||||||
|
| |||||||
13,718,213 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.3% | 13,718,213 | |||||||
|
| |||||||
Total Investments in Securities — 100.0% | 4,353,923,695 | |||||||
Other Assets, Less Liabilities — (0.0)% | (280,763 | ) | ||||||
|
| |||||||
Net Assets — 100.0% |
$ |
4,353,642,932 |
| |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency | $ | 9,373,472 | $ | 2,569,237 | (a) | $ | — | $ | (3,801 | ) | $ | (695 | ) | $ | 11,938,213 | 11,935,826 | $ | 19,791 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency | 1,600,000 | 180,000 | (a) | — | — | — | 1,780,000 | 1,780,000 | 102 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (3,801 | ) | $ | (695 | ) | $ | 13,718,213 | $ | 19,893 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
14 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Canada ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
S&P/TSE 60 Index | 62 | 03/17/22 | $ | 12,477 | $ | 168,203 | ||||||||||
|
|
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:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 168,203 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 774,679 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (95,364 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 10,919,732 |
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 4,340,205,482 | $ | — | $ | — | $ | 4,340,205,482 | ||||||||
Money Market Funds | 13,718,213 | — | — | 13,718,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,353,923,695 | $ | — | $ | — | $ | 4,353,923,695 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 168,203 | $ | — | $ | — | $ | 168,203 | ||||||||
|
|
|
|
|
|
|
|
(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 | 15 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
SG Holdings Co. Ltd. | 942,300 | $ | 19,972,215 | |||||
Yamato Holdings Co. Ltd. | 855,900 | 16,808,846 | ||||||
|
| |||||||
36,781,061 | ||||||||
Airlines — 0.2% | ||||||||
ANA Holdings Inc.(a) | 471,100 | 10,372,767 | ||||||
Japan Airlines Co. Ltd.(a) | 423,100 | 8,389,508 | ||||||
|
| |||||||
18,762,275 | ||||||||
Auto Components — 2.1% | ||||||||
Aisin Corp. | 431,500 | 15,717,069 | ||||||
Bridgestone Corp. | 1,675,500 | 68,998,639 | ||||||
Denso Corp. | 1,272,100 | 89,454,242 | ||||||
Koito Manufacturing Co. Ltd. | 304,800 | 15,765,132 | ||||||
Stanley Electric Co. Ltd. | 383,900 | 9,122,527 | ||||||
Sumitomo Electric Industries Ltd. | 2,212,900 | 29,376,506 | ||||||
|
| |||||||
228,434,115 | ||||||||
Automobiles — 8.1% | ||||||||
Honda Motor Co. Ltd. | 4,784,900 | 145,369,528 | ||||||
Isuzu Motors Ltd. | 1,709,500 | 23,120,309 | ||||||
Mazda Motor Corp.(a) | 1,663,600 | 12,304,579 | ||||||
Nissan Motor Co. Ltd.(a) | 6,810,000 | 32,478,181 | ||||||
Subaru Corp. | 1,806,800 | 29,632,950 | ||||||
Suzuki Motor Corp. | 1,081,600 | 43,067,080 | ||||||
Toyota Motor Corp. | 31,126,000 | 569,486,821 | ||||||
Yamaha Motor Co. Ltd. | 873,300 | 19,631,452 | ||||||
|
| |||||||
875,090,900 | ||||||||
Banks — 5.1% | ||||||||
Chiba Bank Ltd/The | 1,553,100 | 9,762,690 | ||||||
Concordia Financial Group Ltd. | 3,176,100 | 12,921,271 | ||||||
Japan Post Bank Co. Ltd. | 1,184,600 | 10,394,067 | ||||||
Mitsubishi UFJ Financial Group Inc. | 35,076,380 | 215,333,315 | ||||||
Mizuho Financial Group Inc. | 7,084,158 | 93,362,986 | ||||||
Resona Holdings Inc. | 6,039,200 | 27,009,078 | ||||||
Shizuoka Bank Ltd/The | 1,300,700 | 9,616,283 | ||||||
Sumitomo Mitsui Financial Group Inc. | 3,833,400 | 135,940,992 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 990,332 | 35,188,484 | ||||||
|
| |||||||
549,529,166 | ||||||||
Beverages — 1.1% | ||||||||
Asahi Group Holdings Ltd. | 1,338,900 | 54,010,369 | ||||||
Ito En Ltd. | 159,700 | 9,184,629 | ||||||
Kirin Holdings Co. Ltd. | 2,415,700 | 40,162,113 | ||||||
Suntory Beverage & Food Ltd. | 405,100 | 16,142,866 | ||||||
|
| |||||||
119,499,977 | ||||||||
Building Products — 1.8% | ||||||||
AGC Inc. | 567,800 | 25,189,050 | ||||||
Daikin Industries Ltd. | 731,700 | 135,221,475 | ||||||
Lixil Corp. | 779,400 | 17,370,769 | ||||||
TOTO Ltd. | 413,700 | 17,415,437 | ||||||
|
| |||||||
195,196,731 | ||||||||
Capital Markets — 1.0% | ||||||||
Daiwa Securities Group Inc. | 4,240,500 | 25,071,938 | ||||||
Japan Exchange Group Inc. | 1,497,700 | 28,046,024 | ||||||
Nomura Holdings Inc. | 9,011,400 | 41,119,721 | ||||||
SBI Holdings Inc/Japan | 720,810 | 18,908,213 | ||||||
|
| |||||||
113,145,896 | ||||||||
Chemicals — 3.8% | ||||||||
Asahi Kasei Corp. | 3,681,200 | 34,547,424 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
JSR Corp. | 599,500 | $ | 18,858,962 | |||||
Kansai Paint Co. Ltd. | 516,300 | 10,362,513 | ||||||
Mitsubishi Chemical Holdings Corp. | 3,754,200 | 26,669,209 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 465,500 | 8,258,918 | ||||||
Mitsui Chemicals Inc. | 539,200 | 13,784,405 | ||||||
Nippon Paint Holdings Co. Ltd. | 2,433,600 | 21,780,947 | ||||||
Nippon Sanso Holdings Corp. | 445,700 | 8,710,719 | ||||||
Nissan Chemical Corp. | 357,900 | 20,343,163 | ||||||
Nitto Denko Corp. | 415,800 | 30,344,424 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,039,600 | 162,373,155 | ||||||
Sumitomo Chemical Co. Ltd. | 4,362,900 | 20,829,482 | ||||||
Toray Industries Inc. | 4,065,900 | 23,186,571 | ||||||
Tosoh Corp. | 763,900 | 11,854,261 | ||||||
|
| |||||||
411,904,153 | ||||||||
Commercial Services & Supplies — 0.8% | ||||||||
Dai Nippon Printing Co. Ltd. | 650,500 | 16,981,100 | ||||||
Secom Co. Ltd. | 616,700 | 45,294,379 | ||||||
Sohgo Security Services Co. Ltd. | 207,800 | 7,502,444 | ||||||
TOPPAN INC. | 768,200 | 15,136,849 | ||||||
|
| |||||||
84,914,772 | ||||||||
Construction & Engineering — 0.6% | ||||||||
Kajima Corp. | 1,317,200 | 17,727,517 | ||||||
Obayashi Corp. | 1,901,300 | 15,919,570 | ||||||
Shimizu Corp. | 1,614,900 | 10,689,283 | ||||||
Taisei Corp. | 560,200 | 18,627,458 | ||||||
|
| |||||||
62,963,828 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Mitsubishi HC Capital Inc. | 1,932,200 | 10,048,299 | ||||||
ORIX Corp. | 3,587,800 | 71,121,420 | ||||||
Tokyo Century Corp. | 108,300 | 4,748,033 | ||||||
|
| |||||||
85,917,752 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
Nippon Telegraph & Telephone Corp. | 3,505,600 | 100,754,057 | ||||||
|
| |||||||
Electric Utilities — 0.5% | ||||||||
Chubu Electric Power Co. Inc. | 1,889,600 | 18,874,575 | ||||||
Kansai Electric Power Co Inc/The | 2,064,700 | 20,817,878 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 4,446,300 | 13,956,899 | ||||||
|
| |||||||
53,649,352 | ||||||||
Electrical Equipment — 1.8% | ||||||||
Fuji Electric Co. Ltd. | 374,600 | 19,273,781 | ||||||
Mitsubishi Electric Corp. | 5,359,800 | 64,829,559 | ||||||
Nidec Corp. | 1,313,100 | 114,152,519 | ||||||
|
| |||||||
198,255,859 | ||||||||
Electronic Equipment, Instruments & Components — 5.8% | ||||||||
Azbil Corp. | 363,800 | 13,809,441 | ||||||
Hamamatsu Photonics KK | 409,600 | 20,755,016 | ||||||
Hirose Electric Co. Ltd. | 94,058 | 14,142,813 | ||||||
Ibiden Co. Ltd. | 308,500 | 15,066,676 | ||||||
Keyence Corp. | 571,104 | 270,132,553 | ||||||
Kyocera Corp. | 942,400 | 54,237,936 | ||||||
Murata Manufacturing Co. Ltd. | 1,686,300 | 114,609,669 | ||||||
Omron Corp. | 543,900 | 37,011,587 | ||||||
Shimadzu Corp. | 696,500 | 25,085,782 | ||||||
TDK Corp. | 1,142,200 | 46,228,487 | ||||||
Yokogawa Electric Corp. | 669,100 | 10,795,472 | ||||||
|
| |||||||
621,875,432 |
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Entertainment — 2.4% | ||||||||
Capcom Co. Ltd. | 514,700 | $ | 12,492,195 | |||||
Koei Tecmo Holdings Co. Ltd. | 171,760 | 5,964,462 | ||||||
Konami Holdings Corp. | 276,600 | 15,735,982 | ||||||
Nexon Co. Ltd. | 1,447,600 | 31,626,195 | ||||||
Nintendo Co. Ltd. | 323,800 | 163,989,090 | ||||||
Square Enix Holdings Co. Ltd. | 253,300 | 12,353,086 | ||||||
Toho Co. Ltd./Tokyo. | 328,700 | 13,708,564 | ||||||
|
| |||||||
255,869,574 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.3% | ||||||||
Daiwa House REIT Investment Corp. | 6,427 | 17,430,178 | ||||||
GLP J-Reit | 12,532 | 18,710,386 | ||||||
Japan Metropolitan Fund Invest | 20,487 | 16,581,006 | ||||||
Japan Real Estate Investment Corp. | 3,676 | 19,636,278 | ||||||
Nippon Building Fund Inc. | 4,358 | 24,972,737 | ||||||
Nippon Prologis REIT Inc. | 6,089 | 17,901,966 | ||||||
Nomura Real Estate Master Fund Inc. | 12,463 | 16,435,713 | ||||||
Orix JREIT Inc. | 7,700 | 10,772,446 | ||||||
|
| |||||||
142,440,710 | ||||||||
Food & Staples Retailing — 1.8% | ||||||||
Aeon Co. Ltd. | 1,920,200 | 43,499,604 | ||||||
Cosmos Pharmaceutical Corp. | 57,200 | 7,930,674 | ||||||
Kobe Bussan Co. Ltd. | 400,500 | 13,260,476 | ||||||
Lawson Inc. | 148,800 | 6,204,324 | ||||||
Seven & i Holdings Co. Ltd. | 2,211,880 | 107,625,047 | ||||||
Tsuruha Holdings Inc. | 116,300 | 9,349,912 | ||||||
Welcia Holdings Co. Ltd. | 279,700 | 7,458,814 | ||||||
|
| |||||||
195,328,851 | ||||||||
Food Products — 1.4% | ||||||||
Ajinomoto Co. Inc. | 1,371,500 | 39,966,889 | ||||||
Kikkoman Corp. | 425,500 | 31,720,111 | ||||||
MEIJI Holdings Co. Ltd. | 359,756 | 21,591,827 | ||||||
Nisshin Seifun Group Inc. | 580,575 | 8,240,703 | ||||||
Nissin Foods Holdings Co. Ltd. | 184,500 | 14,741,028 | ||||||
Toyo Suisan Kaisha Ltd. | 262,400 | 11,030,475 | ||||||
Yakult Honsha Co. Ltd. | 378,900 | 20,562,456 | ||||||
|
| |||||||
147,853,489 | ||||||||
Gas Utilities — 0.4% | ||||||||
Osaka Gas Co. Ltd. | 1,099,500 | 20,122,250 | ||||||
Tokyo Gas Co. Ltd. | 1,097,600 | 22,356,269 | ||||||
|
| |||||||
42,478,519 | ||||||||
Health Care Equipment & Supplies — 3.0% | ||||||||
Asahi Intecc Co. Ltd. | 633,300 | 13,675,047 | ||||||
Hoya Corp. | 1,084,500 | 141,276,354 | ||||||
Olympus Corp. | 3,243,800 | 65,883,091 | ||||||
Sysmex Corp. | 494,300 | 39,568,958 | ||||||
Terumo Corp. | 1,894,200 | 61,520,536 | ||||||
|
| |||||||
321,923,986 | ||||||||
Health Care Providers & Services — 0.1% | ||||||||
Medipal Holdings Corp. | 539,800 | 9,879,412 | ||||||
|
| |||||||
Health Care Technology — 0.5% | ||||||||
M3 Inc. | 1,298,600 | 48,857,869 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% | ||||||||
McDonald’s Holdings Co. Japan Ltd. | 234,700 | 10,091,691 | ||||||
Oriental Land Co. Ltd./Japan | 587,300 | 108,571,071 | ||||||
|
| |||||||
118,662,762 | ||||||||
Household Durables — 4.9% | ||||||||
Iida Group Holdings Co. Ltd. | 432,180 | 8,020,887 |
Security | Shares | Value | ||||||
Household Durables (continued) | ||||||||
Open House Group Co. Ltd. | 241,500 | $ | 10,980,803 | |||||
Panasonic Corp. | 6,485,215 | 67,727,092 | ||||||
Rinnai Corp. | 102,700 | 8,448,792 | ||||||
Sekisui Chemical Co. Ltd. | 1,106,300 | 18,116,712 | ||||||
Sekisui House Ltd. | 1,809,500 | 36,892,248 | ||||||
Sharp Corp./Japan | 624,300 | 5,903,427 | ||||||
Sony Group Corp. | 3,701,800 | 378,221,019 | ||||||
|
| |||||||
534,310,980 | ||||||||
Household Products — 0.5% | ||||||||
Lion Corp. | 658,500 | 8,631,065 | ||||||
Unicharm Corp. | 1,184,800 | 44,660,036 | ||||||
|
| |||||||
53,291,101 | ||||||||
Industrial Conglomerates — 1.7% | ||||||||
Hitachi Ltd. | 2,844,100 | 140,648,419 | ||||||
Toshiba Corp. | 1,142,700 | 45,559,226 | ||||||
|
| |||||||
186,207,645 | ||||||||
Insurance — 3.2% | ||||||||
Dai-ichi Life Holdings Inc. | 2,952,500 | 61,317,929 | ||||||
Japan Post Holdings Co. Ltd. | 7,191,000 | 59,438,663 | ||||||
Japan Post Insurance Co. Ltd. | 589,000 | 10,059,406 | ||||||
MS&AD Insurance Group Holdings Inc. | 1,307,240 | 44,232,686 | ||||||
Sompo Holdings Inc. | 918,550 | 39,881,654 | ||||||
T&D Holdings Inc. | 1,555,500 | 22,591,262 | ||||||
Tokio Marine Holdings Inc. | 1,842,600 | 104,845,881 | ||||||
|
| |||||||
342,367,481 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Kakaku.com Inc. | 397,700 | 8,749,747 | ||||||
Z Holdings Corp. | 7,863,600 | 38,491,117 | ||||||
|
| |||||||
47,240,864 | ||||||||
Internet & Direct Marketing Retail — 0.4% | ||||||||
Mercari Inc.(a) | 300,300 | 9,405,407 | ||||||
Rakuten Group Inc. | 2,546,600 | 21,647,697 | ||||||
ZOZO Inc. | 367,600 | 10,467,563 | ||||||
|
| |||||||
41,520,667 | ||||||||
IT Services — 2.5% | ||||||||
Fujitsu Ltd. | 577,200 | 83,857,911 | ||||||
GMO Payment Gateway Inc. | 124,248 | 12,018,235 | ||||||
Itochu Techno-Solutions Corp. | 284,700 | 7,380,400 | ||||||
NEC Corp. | 727,700 | 31,484,393 | ||||||
Nomura Research Institute Ltd. | 984,512 | 34,559,107 | ||||||
NTT Data Corp. | 1,854,200 | 35,218,890 | ||||||
Obic Co. Ltd. | 203,500 | 32,729,718 | ||||||
Otsuka Corp. | 333,900 | 12,969,853 | ||||||
SCSK Corp. | 457,500 | 7,832,604 | ||||||
TIS Inc. | 626,000 | 14,816,555 | ||||||
|
| |||||||
272,867,666 | ||||||||
Leisure Products — 1.0% | ||||||||
Bandai Namco Holdings Inc. | 587,898 | 43,099,506 | ||||||
Shimano Inc. | 216,800 | 50,485,730 | ||||||
Yamaha Corp. | 396,900 | 18,622,016 | ||||||
|
| |||||||
112,207,252 | ||||||||
Machinery — 5.2% | ||||||||
Daifuku Co. Ltd. | 295,000 | 21,336,412 | ||||||
FANUC Corp. | 563,100 | 103,442,651 | ||||||
Hino Motors Ltd. | 845,400 | 7,944,039 | ||||||
Hitachi Construction Machinery Co. Ltd. | 314,500 | 7,696,331 | ||||||
Hoshizaki Corp. | 162,200 | 11,308,820 | ||||||
Komatsu Ltd. | 2,574,000 | 59,212,091 |
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) February 28, 2022 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Kubota Corp. | 3,017,400 | $ | 54,137,192 | |||||
Kurita Water Industries Ltd. | 288,400 | 11,918,072 | ||||||
Makita Corp. | 656,600 | 23,402,008 | ||||||
MINEBEA MITSUMI Inc. | 1,068,800 | 23,461,104 | ||||||
MISUMI Group Inc. | 837,300 | 26,841,882 | ||||||
Mitsubishi Heavy Industries Ltd. | 943,200 | 27,817,397 | ||||||
Miura Co. Ltd. | 258,700 | 7,090,357 | ||||||
NGK Insulators Ltd. | 752,200 | 11,681,581 | ||||||
SMC Corp. | 168,600 | 100,716,427 | ||||||
Toyota Industries Corp. | 429,300 | 32,653,019 | ||||||
Yaskawa Electric Corp. | 706,300 | 28,277,993 | ||||||
|
| |||||||
558,937,376 | ||||||||
Marine — 0.7% | ||||||||
Mitsui OSK Lines Ltd. | 339,600 | 27,589,823 | ||||||
Nippon Yusen KK | 475,700 | 44,568,800 | ||||||
|
| |||||||
72,158,623 | ||||||||
Media — 0.5% | ||||||||
CyberAgent Inc. | 1,185,800 | 15,516,969 | ||||||
Dentsu Group Inc. | 632,700 | 25,244,841 | ||||||
Hakuhodo DY Holdings Inc. | 685,900 | 9,114,538 | ||||||
|
| |||||||
49,876,348 | ||||||||
Metals & Mining — 1.1% | ||||||||
Hitachi Metals Ltd.(a) | 626,900 | 11,174,808 | ||||||
JFE Holdings Inc. | 1,441,850 | 21,465,623 | ||||||
Nippon Steel Corp. | 2,512,870 | 46,008,051 | ||||||
Sumitomo Metal Mining Co. Ltd. | 728,600 | 36,344,366 | ||||||
|
| |||||||
114,992,848 | ||||||||
Multiline Retail — 0.3% | ||||||||
Pan Pacific International Holdings Corp. | 1,208,700 | 19,784,055 | ||||||
Ryohin Keikaku Co. Ltd. | 737,300 | 10,858,712 | ||||||
|
| |||||||
30,642,767 | ||||||||
Oil, Gas & Consumable Fuels — 0.8% | ||||||||
ENEOS Holdings Inc. | 9,000,295 | 35,639,273 | ||||||
Idemitsu Kosan Co. Ltd. | 614,929 | 16,484,120 | ||||||
Inpex Corp. | 3,002,500 | 30,948,316 | ||||||
|
| |||||||
83,071,709 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Oji Holdings Corp. | 2,376,500 | 12,141,869 | ||||||
|
| |||||||
Personal Products — 1.5% | ||||||||
Kao Corp. | 1,394,400 | 65,183,838 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 159,100 | 13,626,789 | ||||||
Kose Corp. | 97,400 | 11,165,862 | ||||||
Pola Orbis Holdings Inc. | 274,200 | 4,319,416 | ||||||
Shiseido Co. Ltd. | 1,174,300 | 67,388,488 | ||||||
|
| |||||||
161,684,393 | ||||||||
Pharmaceuticals — 5.8% | ||||||||
Astellas Pharma Inc. | 5,469,350 | 91,251,820 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,971,500 | 65,401,795 | ||||||
Daiichi Sankyo Co. Ltd. | 5,143,207 | 125,470,635 | ||||||
Eisai Co. Ltd. | 697,700 | 34,616,227 | ||||||
Kyowa Kirin Co. Ltd. | 792,900 | 20,291,039 | ||||||
Nippon Shinyaku Co. Ltd. | 146,200 | 9,522,021 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,086,700 | 26,754,545 | ||||||
Otsuka Holdings Co. Ltd. | 1,147,600 | 39,562,578 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,056,800 | 12,044,462 | ||||||
Shionogi & Co. Ltd. | 776,900 | 51,657,908 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 526,500 | 5,778,169 |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 112,800 | $ | 5,599,417 | |||||
Takeda Pharmaceutical Co. Ltd. | 4,643,500 | 141,581,683 | ||||||
|
| |||||||
629,532,299 | ||||||||
Professional Services — 1.8% | ||||||||
Benefit One Inc. | 234,900 | 5,440,739 | ||||||
Nihon M&A Center Holdings Inc. | 888,600 | 13,143,335 | ||||||
Persol Holdings Co. Ltd. | 518,200 | 11,608,544 | ||||||
Recruit Holdings Co. Ltd. | 3,985,600 | 168,232,931 | ||||||
|
| |||||||
198,425,549 | ||||||||
Real Estate Management & Development — 2.1% | ||||||||
Daito Trust Construction Co. Ltd. | 190,200 | 21,043,695 | ||||||
Daiwa House Industry Co. Ltd. | 1,661,000 | 47,106,409 | ||||||
Hulic Co. Ltd. | 1,113,900 | 10,147,677 | ||||||
Mitsubishi Estate Co. Ltd. | 3,473,200 | 53,029,759 | ||||||
Mitsui Fudosan Co. Ltd. | 2,692,200 | 59,917,747 | ||||||
Nomura Real Estate Holdings Inc. | 346,800 | 8,634,842 | ||||||
Sumitomo Realty & Development Co. Ltd. | 908,900 | 26,738,326 | ||||||
|
| |||||||
226,618,455 | ||||||||
Road & Rail — 2.4% | ||||||||
Central Japan Railway Co. | 421,800 | 56,992,018 | ||||||
East Japan Railway Co. | 886,900 | 52,689,614 | ||||||
Hankyu Hanshin Holdings Inc. | 673,100 | 20,137,168 | ||||||
Keio Corp. | 299,000 | 12,234,196 | ||||||
Keisei Electric Railway Co. Ltd. | 381,700 | 10,689,785 | ||||||
Kintetsu Group Holdings Co. Ltd.(a) | 506,800 | 15,225,446 | ||||||
Nippon Express Holdings Inc. | 225,500 | 13,669,760 | ||||||
Odakyu Electric Railway Co. Ltd. | 863,400 | 14,244,791 | ||||||
Tobu Railway Co. Ltd. | 555,100 | 13,644,682 | ||||||
Tokyu Corp. | 1,467,800 | 19,575,132 | ||||||
West Japan Railway Co. | 631,400 | 27,241,051 | ||||||
|
| |||||||
256,343,643 | ||||||||
Semiconductors & Semiconductor Equipment — 3.8% | ||||||||
Advantest Corp. | 587,200 | 47,190,247 | ||||||
Disco Corp. | 83,200 | 23,556,743 | ||||||
Lasertec Corp. | 221,200 | 41,004,416 | ||||||
Renesas Electronics Corp.(a) | 3,687,700 | 43,443,665 | ||||||
Rohm Co. Ltd. | 258,900 | 20,648,206 | ||||||
SUMCO Corp. | 974,500 | 16,263,477 | ||||||
Tokyo Electron Ltd. | 437,752 | 214,838,813 | ||||||
|
| |||||||
406,945,567 | ||||||||
Software — 0.3% | ||||||||
Oracle Corp. Japan | 113,200 | 8,085,383 | ||||||
Trend Micro Inc/Japan | 395,600 | 22,100,817 | ||||||
|
| |||||||
30,186,200 | ||||||||
Specialty Retail — 1.3% | ||||||||
Fast Retailing Co. Ltd. | 170,700 | 92,077,186 | ||||||
Hikari Tsushin Inc. | 58,100 | 7,219,680 | ||||||
Nitori Holdings Co. Ltd. | 235,800 | 35,482,743 | ||||||
USS Co. Ltd. | 645,600 | 10,724,756 | ||||||
|
| |||||||
145,504,365 | ||||||||
Technology Hardware, Storage & Peripherals — 1.6% | ||||||||
Brother Industries Ltd. | 693,800 | 12,627,773 | ||||||
Canon Inc. | 2,937,250 | 69,122,138 | ||||||
FUJIFILM Holdings Corp. | 1,057,600 | 67,225,412 | ||||||
Ricoh Co. Ltd. | 1,964,200 | 16,756,200 | ||||||
Seiko Epson Corp. | 819,400 | 12,602,726 | ||||||
|
| |||||||
178,334,249 |
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Tobacco — 0.6% | ||||||||
Japan Tobacco Inc. | 3,524,800 | $ | 64,825,157 | |||||
|
| |||||||
Trading Companies & Distributors — 4.6% | ||||||||
ITOCHU Corp. | 3,489,600 | 113,721,177 | ||||||
Marubeni Corp. | 4,593,200 | 48,213,152 | ||||||
Mitsubishi Corp. | 3,707,100 | 124,646,324 | ||||||
Mitsui & Co. Ltd. | 4,579,500 | 114,179,318 | ||||||
MonotaRO Co. Ltd. | 733,800 | 13,812,315 | ||||||
Sumitomo Corp. | 3,308,200 | 53,975,300 | ||||||
Toyota Tsusho Corp. | 627,200 | 26,038,207 | ||||||
|
| |||||||
494,585,793 | ||||||||
Wireless Telecommunication Services — 3.9% | ||||||||
KDDI Corp. | 4,734,500 | 154,066,503 | ||||||
SoftBank Corp. | 8,438,200 | 106,611,451 | ||||||
SoftBank Group Corp. | 3,539,900 | 158,856,522 | ||||||
|
| |||||||
419,534,476 | ||||||||
|
| |||||||
Total Common Stocks — 99.7% (Cost: $11,587,171,817) | 10,764,325,840 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c) | 5,820,000 | $ | 5,820,000 | |||||
|
| |||||||
Total Short-Term Investments — 0.1% | 5,820,000 | |||||||
|
| |||||||
Total Investments in Securities — 99.8% | 10,770,145,840 | |||||||
Other Assets, Less Liabilities — 0.2% | 22,796,364 | |||||||
|
| |||||||
Net Assets — 100.0% |
$ |
10,792,942,204 |
| |||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency | $ | 11,457,264 | $ | — | $ | (11,455,059 | )(b) | $ | (2,293 | ) | $ | 88 | $ | — | — | $ | 10,985 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency | 5,320,000 | 500,000 | (b) | — | — | — | 5,820,000 | 5,820,000 | 278 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,293 | ) | $ | 88 | $ | 5,820,000 | $ | 11,263 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
TOPIX Index | 174 | 03/10/22 | $ | 28,666 | $ | (713,327 | ) | |||||||||
|
|
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) February 28, 2022 | iShares® MSCI Japan 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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 713,327 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (2,383,097 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (841,547 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 52,948,945 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 10,764,325,840 | $ | — | $ | 10,764,325,840 | ||||||||
Money Market Funds | 5,820,000 | — | — | 5,820,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,820,000 | $ | 10,764,325,840 | $ | — | $ | 10,770,145,840 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (713,327 | ) | $ | — | $ | (713,327 | ) | ||||||
|
|
|
|
|
|
|
|
(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 2 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) February 28, 2022 | iShares® MSCI Mexico ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 1.1% | ||||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b) | 4,327,405 | $ | 8,240,261 | |||||
|
| |||||||
Auto Components — 0.4% | ||||||||
Nemak SAB de CV(a)(c) | 13,733,089 | 2,863,156 | ||||||
|
| |||||||
Banks — 13.8% | ||||||||
Banco del Bajio SA(c) | 3,569,360 | 8,670,263 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 10,094,161 | 68,280,116 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) | 10,103,466 | 16,466,662 | ||||||
Regional SAB de CV | 1,182,300 | 6,995,318 | ||||||
|
| |||||||
100,412,359 | ||||||||
Beverages — 12.2% | ||||||||
Arca Continental SAB de CV | 2,059,529 | 13,587,401 | ||||||
Becle SAB de CV | 2,836,630 | 7,113,389 | ||||||
Coca-Cola Femsa SAB de CV | 1,385,278 | 7,607,835 | ||||||
Fomento Economico Mexicano SAB de CV | 7,497,110 | 60,409,553 | ||||||
|
| |||||||
88,718,178 | ||||||||
Building Products — 0.4% | ||||||||
Grupo Rotoplas SAB de CV, NVS | 1,990,671 | 2,556,254 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 2,621,487 | 5,020,005 | ||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Orbia Advance Corp. SAB de CV | 4,911,242 | 12,546,076 | ||||||
|
| |||||||
Construction Materials — 4.8% | ||||||||
Cemex SAB de CV, NVS(a) | 56,596,129 | 29,070,420 | ||||||
GCC SAB de CV | 902,400 | 5,960,044 | ||||||
|
| |||||||
35,030,464 | ||||||||
Consumer Finance — 0.6% | ||||||||
Gentera SAB de CV(a) | 6,224,177 | 4,613,203 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Axtel SAB de CV, CPO(a) | 10,794,257 | 1,644,357 | ||||||
Telesites SAB de CV | 6,734,746 | 7,467,706 | ||||||
|
| |||||||
9,112,063 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.0% | ||||||||
Concentradora Fibra Danhos SA de CV | 2,487,454 | 2,838,328 | ||||||
Fibra Uno Administracion SA de CV | 14,395,700 | 16,222,487 | ||||||
Macquarie Mexico Real Estate Management SA de CV(c) | 4,419,600 | 5,325,703 | ||||||
PLA Administradora Industrial S. de RL de CV | 4,329,104 | 5,702,809 | ||||||
Prologis Property Mexico SA de CV | 2,530,902 | 6,088,450 | ||||||
|
| |||||||
36,177,777 | ||||||||
Food & Staples Retailing — 11.9% | ||||||||
Grupo Comercial Chedraui SA de CV | 1,481,700 | 3,343,067 | ||||||
La Comer SAB de CV(b) | 2,748,771 | 4,980,562 | ||||||
Wal-Mart de Mexico SAB de CV(b) | 20,508,533 | 78,004,723 | ||||||
|
| |||||||
86,328,352 | ||||||||
Food Products — 5.1% | ||||||||
Gruma SAB de CV, Class B | 981,070 | 13,305,591 | ||||||
Grupo Bimbo SAB de CV, Series A(b) | 6,912,404 | 21,286,330 | ||||||
Grupo Herdez SAB de CV | 1,580,824 | 2,232,187 | ||||||
|
| |||||||
36,824,108 | ||||||||
Hotels, Restaurants & Leisure — 0.9% | ||||||||
Alsea SAB de CV(a) | 2,920,866 | 6,326,332 | ||||||
|
|
Security | Shares | Value | ||||||
Household Products — 1.4% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 7,228,854 | $ | 10,143,902 | |||||
|
| |||||||
Industrial Conglomerates — 1.8% | ||||||||
Alfa SAB de CV, Class A | 8,194,100 | 6,137,273 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,344,120 | 7,138,459 | ||||||
|
| |||||||
13,275,732 | ||||||||
Insurance — 0.7% | ||||||||
Qualitas Controladora SAB de CV | 941,320 | 5,168,734 | ||||||
|
| |||||||
Media — 3.8% | ||||||||
Grupo Televisa SAB de CV, CPO | 10,483,747 | 22,471,388 | ||||||
Megacable Holdings SAB de CV, CPO | 1,712,000 | 5,042,129 | ||||||
|
| |||||||
27,513,517 | ||||||||
Metals & Mining — 5.7% | ||||||||
Grupo Mexico SAB de CV, Series B | 6,363,686 | 32,646,476 | ||||||
Industrias Penoles SAB de CV | 694,893 | 8,672,846 | ||||||
|
| |||||||
41,319,322 | ||||||||
Pharmaceuticals — 0.6% | ||||||||
Genomma Lab Internacional SAB de CV, Class B | 4,833,213 | 4,408,204 | ||||||
|
| |||||||
Real Estate Management & Development — 0.9% | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 3,544,049 | 6,383,476 | ||||||
|
| |||||||
Road & Rail — 0.5% | ||||||||
Grupo Traxion SAB de CV(a)(c) | 1,958,700 | 3,304,188 | ||||||
|
| |||||||
Transportation Infrastructure — 8.6% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 1,400,705 | 10,116,317 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,602,649 | 23,311,614 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 926,190 | 20,029,237 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,140,935 | 8,922,033 | ||||||
|
| |||||||
62,379,201 | ||||||||
Wireless Telecommunication Services — 15.9% | ||||||||
America Movil SAB de CV, Series L, NVS | 127,411,418 | 115,149,912 | ||||||
|
| |||||||
Total Common Stocks — 99.8% | 723,814,776 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 6,024,425 | 6,025,630 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 260,000 | 260,000 | ||||||
|
| |||||||
6,285,630 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.9% | 6,285,630 | |||||||
|
| |||||||
Total Investments in Securities — 100.7% | 730,100,406 | |||||||
Other Assets, Less Liabilities — (0.7)% | (5,117,092 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 724,983,314 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
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) February 28, 2022 | iShares® MSCI Mexico ETF |
(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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 5,378,609 | $ | 647,657 | (a) | $ | — | $ | (253 | ) | $ | (383 | ) | $ | 6,025,630 | 6,024,425 | $ | 10,261 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 180,000 | 80,000 | (a) | — | — | — | 260,000 | 260,000 | 22 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (253 | ) | $ | (383 | ) | $ | 6,285,630 | $ | 10,283 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
Mexican BOLSA Index | 60 | 03/18/22 | $ | 1,568 | $ | (16,006 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 16,006 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 12,613 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (32,150 | ) | |
|
|
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Mexico ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,297,849 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 723,814,776 | $ | — | $ | — | $ | 723,814,776 | ||||||||
Money Market Funds | 6,285,630 | — | — | 6,285,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 730,100,406 | $ | — | $ | — | $ | 730,100,406 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (16,006 | ) | $ | — | $ | — | $ | (16,006 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 23 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.4% | ||||||||
Korea Aerospace Industries Ltd.(a) | 574,430 | $ | 17,871,599 | |||||
|
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
Hyundai Glovis Co. Ltd. | 139,654 | 20,601,106 | ||||||
|
| |||||||
Airlines — 0.8% | ||||||||
Korean Air Lines Co. Ltd.(a) | 1,444,371 | 35,584,866 | ||||||
|
| |||||||
Auto Components — 2.3% | ||||||||
Hankook Tire & Technology Co. Ltd. | 595,426 | 17,543,168 | ||||||
Hanon Systems | 1,504,231 | 14,567,302 | ||||||
Hyundai Mobis Co. Ltd. | 393,314 | 73,850,986 | ||||||
|
| |||||||
105,961,456 | ||||||||
Automobiles — 4.5% | ||||||||
Hyundai Motor Co. | 783,298 | 115,259,726 | ||||||
Kia Corp. | 1,534,962 | 95,160,452 | ||||||
|
| |||||||
210,420,178 | ||||||||
Banks — 7.3% | ||||||||
Hana Financial Group Inc. | 1,753,956 | 71,259,433 | ||||||
Industrial Bank of Korea | 1,930,844 | 17,345,838 | ||||||
KakaoBank Corp.(a)(b) | 427,670 | 17,266,584 | ||||||
KB Financial Group Inc. | 2,265,414 | 111,762,930 | ||||||
Shinhan Financial Group Co. Ltd. | 2,597,314 | 84,505,546 | ||||||
Woori Financial Group Inc. | 3,425,324 | 40,972,341 | ||||||
|
| |||||||
343,112,672 | ||||||||
Biotechnology — 2.3% | ||||||||
Alteogen Inc.(a) | 156,613 | 7,053,913 | ||||||
Celltrion Inc. | 557,370 | 74,397,683 | ||||||
Green Cross Corp. | 24,977 | 3,800,453 | ||||||
Seegene Inc.(b) | 206,962 | 8,870,396 | ||||||
SK Bioscience Co. Ltd.(a)(b) | 102,957 | 12,607,981 | ||||||
|
| |||||||
106,730,426 | ||||||||
Capital Markets — 1.9% | ||||||||
Korea Investment Holdings Co. Ltd.(a) | 302,994 | 20,129,463 | ||||||
Meritz Securities Co. Ltd. | 3,540,918 | 17,339,747 | ||||||
Mirae Asset Securities Co. Ltd. | 2,908,327 | 21,461,676 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,331,382 | 12,883,688 | ||||||
Samsung Securities Co. Ltd. | 491,146 | 17,407,114 | ||||||
|
| |||||||
89,221,688 | ||||||||
Chemicals — 4.7% | ||||||||
Hanwha Solutions Corp.(a) | 995,817 | 28,310,575 | ||||||
Kumho Petrochemical Co. Ltd.(a)(b) | 182,231 | 24,584,901 | ||||||
LG Chem Ltd. | 253,104 | 120,109,005 | ||||||
Lotte Chemical Corp. | 117,874 | 21,724,148 | ||||||
SK Chemicals Co. Ltd. | 64,560 | 6,781,908 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 72,986 | 7,580,129 | ||||||
SKC Co. Ltd. | 90,445 | 10,518,210 | ||||||
|
| |||||||
219,608,876 | ||||||||
Commercial Services & Supplies — 0.2% | ||||||||
S-1 Corp. | 156,011 | 9,081,919 | ||||||
|
| |||||||
Construction & Engineering — 1.3% | ||||||||
GS Engineering & Construction Corp.(b) | 515,350 | 18,521,205 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 559,038 | 20,366,992 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,187,293 | 23,193,842 | ||||||
|
| |||||||
62,082,039 | ||||||||
Construction Materials — 0.5% | ||||||||
POSCO Chemical Co. Ltd.(b) | 268,623 | 25,731,194 | ||||||
|
|
Security | Shares | Value | ||||||
Diversified Financial Services — 0.1% | ||||||||
Meritz Financial Group Inc. | 122,329 | $ | 3,749,178 | |||||
|
| |||||||
Diversified Telecommunication Services — 0.4% | ||||||||
LG Uplus Corp. | 1,522,992 | 16,729,075 | ||||||
|
| |||||||
Electric Utilities — 0.7% | ||||||||
Korea Electric Power Corp.(a) | 1,573,368 | 30,490,783 | ||||||
|
| |||||||
Electrical Equipment — 1.7% | ||||||||
Doosan Heavy Industries & Construction Co. | 1,757,221 | 30,810,446 | ||||||
Ecopro BM Co. Ltd.(b) | 48,897 | 15,473,544 | ||||||
LG Energy Solution(a) | 100,473 | 34,428,308 | ||||||
|
| |||||||
80,712,298 | ||||||||
Electronic Equipment, Instruments & Components — 5.7% | ||||||||
Iljin Materials Co. Ltd.(b) | 95,433 | 7,305,078 | ||||||
L&F Co. Ltd.(a) | 100,885 | 16,599,164 | ||||||
LG Display Co. Ltd.(b) | 1,593,126 | 25,054,135 | ||||||
LG Innotek Co. Ltd.(b) | 116,243 | 32,089,185 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 345,117 | 48,250,191 | ||||||
Samsung SDI Co. Ltd. | 299,321 | 137,939,101 | ||||||
|
| |||||||
267,236,854 | ||||||||
Entertainment — 3.0% | ||||||||
CJ ENM Co. Ltd. | 94,860 | 10,351,450 | ||||||
HYBE Co. Ltd.(a) | 74,496 | 18,101,427 | ||||||
Kakao Games Corp.(a)(b) | 120,759 | 7,502,950 | ||||||
Krafton Inc.(a)(b) | 102,736 | 25,487,220 | ||||||
NCSoft Corp. | 103,605 | 38,379,941 | ||||||
Netmarble Corp.(b)(c) | 196,296 | 16,867,316 | ||||||
Pearl Abyss Corp.(a)(b) | 275,190 | 22,071,083 | ||||||
|
| |||||||
138,761,387 | ||||||||
Food & Staples Retailing — 0.6% | ||||||||
BGF retail Co. Ltd. | 75,277 | 10,664,221 | ||||||
E-MART Inc. | 162,604 | 17,732,675 | ||||||
|
| |||||||
28,396,896 | ||||||||
Food Products — 0.7% | ||||||||
CJ CheilJedang Corp. | 65,064 | 20,609,374 | ||||||
Orion Corp./Republic of Korea | 178,352 | 13,648,251 | ||||||
|
| |||||||
34,257,625 | ||||||||
Health Care Equipment & Supplies — 0.1% | ||||||||
SD Biosensor Inc. | 149,959 | 6,809,799 | ||||||
|
| |||||||
Health Care Providers & Services — 0.5% | ||||||||
Celltrion Healthcare Co. Ltd. | 402,610 | 21,413,852 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.4% | ||||||||
Kangwon Land Inc.(a) | 839,011 | 18,661,277 | ||||||
|
| |||||||
Household Durables — 1.9% | ||||||||
Coway Co. Ltd. | 348,444 | 20,927,124 | ||||||
LG Electronics Inc. | 643,446 | 67,173,415 | ||||||
|
| |||||||
88,100,539 | ||||||||
Industrial Conglomerates — 3.1% | ||||||||
CJ Corp. | 137,892 | 9,713,870 | ||||||
LG Corp. | 524,852 | 32,987,060 | ||||||
Samsung C&T Corp. | 506,978 | 46,822,272 | ||||||
SK Inc. | 279,638 | 53,413,636 | ||||||
|
| |||||||
142,936,838 | ||||||||
Insurance — 1.6% | ||||||||
DB Insurance Co. Ltd. | 395,004 | 20,302,946 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 114,154 | 3,902,133 |
24 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Insurance (continued) | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 190,020 | $ | 30,217,087 | |||||
Samsung Life Insurance Co. Ltd. | 453,961 | 22,697,839 | ||||||
|
| |||||||
77,120,005 | ||||||||
Interactive Media & Services — 6.4% | ||||||||
Kakao Corp. | 1,549,950 | 122,751,034 | ||||||
NAVER Corp. | 661,909 | 176,370,424 | ||||||
|
| |||||||
299,121,458 | ||||||||
IT Services — 0.5% | ||||||||
Samsung SDS Co. Ltd. | 212,209 | 24,912,932 | ||||||
|
| |||||||
Leisure Products — 0.4% | ||||||||
HLB Inc.(a)(b) | 716,513 | 18,773,582 | ||||||
|
| |||||||
Life Sciences Tools & Services — 1.4% | ||||||||
Samsung Biologics Co. Ltd.(a)(c) | 101,399 | 65,965,419 | ||||||
|
| |||||||
Machinery — 1.2% | ||||||||
Doosan Bobcat Inc. | 455,042 | 14,604,511 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 254,712 | 18,883,322 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 4,239,874 | 20,668,420 | ||||||
|
| |||||||
54,156,253 | ||||||||
Marine — 1.0% | ||||||||
HMM Co. Ltd.(a) | 1,225,225 | 29,678,961 | ||||||
Pan Ocean Co. Ltd. | 2,860,259 | 15,784,041 | ||||||
|
| |||||||
45,463,002 | ||||||||
Media — 0.3% | ||||||||
Cheil Worldwide Inc. | 626,347 | 11,776,528 | ||||||
|
| |||||||
Metals & Mining — 3.2% | ||||||||
Hyundai Steel Co. | 621,276 | 20,720,097 | ||||||
Korea Zinc Co. Ltd. | 57,865 | 26,539,237 | ||||||
POSCO | 432,527 | 102,908,442 | ||||||
|
| |||||||
150,167,776 | ||||||||
Multiline Retail — 0.2% | ||||||||
Lotte Shopping Co. Ltd. | 110,280 | 7,879,813 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.3% | ||||||||
GS Holdings Corp. | 394,357 | 13,186,923 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 354,888 | 15,281,257 | ||||||
SK Innovation Co. Ltd.(a) | 331,760 | 56,006,412 | ||||||
S-Oil Corp. | 310,913 | 22,143,028 | ||||||
|
| |||||||
106,617,620 | ||||||||
Personal Products — 1.8% | ||||||||
Amorepacific Corp.(b) | 200,485 | 30,947,015 | ||||||
AMOREPACIFIC Group | 232,659 | 9,505,609 | ||||||
LG Household & Health Care Ltd. | 54,425 | 43,183,156 | ||||||
|
| |||||||
83,635,780 | ||||||||
Pharmaceuticals — 1.1% | ||||||||
Celltrion Pharm Inc.(a)(b) | 96,339 | 7,088,417 | ||||||
Hanmi Pharm Co. Ltd.(a) | 56,637 | 12,545,094 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 155,072 | 11,007,031 | ||||||
Yuhan Corp. | 416,563 | 20,240,044 | ||||||
|
| |||||||
50,880,586 | ||||||||
Road & Rail — 0.2% | ||||||||
CJ Logistics Corp.(a) | 89,101 | 9,238,141 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.6% |
| |||||||
SK Hynix Inc. | 2,850,025 | 297,127,937 | ||||||
SK Square Co. Ltd.(a) | 197,010 | 9,143,060 | ||||||
|
| |||||||
306,270,997 |
Security | Shares | Value | ||||||
| ||||||||
Software — 0.0% | ||||||||
Douzone Bizon Co. Ltd. | 6,367 | $ | 257,840 | |||||
|
| |||||||
Specialty Retail — 0.3% | ||||||||
Hotel Shilla Co. Ltd.(b) | 227,790 | 15,395,610 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 21.6% |
| |||||||
Samsung Electronics Co. Ltd. | 16,753,942 | 1,009,481,577 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.2% |
| |||||||
F&F Co. Ltd./New(a) | 14,895 | 11,133,087 | ||||||
|
| |||||||
Tobacco — 1.0% | ||||||||
KT&G Corp. | 679,509 | 45,171,413 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
SK Telecom Co. Ltd. | 304,468 | 13,893,814 | ||||||
|
| |||||||
Total Common Stocks — 97.1% | 4,531,577,653 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Automobiles — 0.7% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 198,530 | 14,561,528 | ||||||
Series 2, Preference Shares, NVS | 260,543 | 19,273,810 | ||||||
|
| |||||||
33,835,338 | ||||||||
Chemicals — 0.3% | ||||||||
LG Chem Ltd., Preference Shares, NVS | 68,744 | 15,580,791 | ||||||
|
| |||||||
Personal Products — 0.2% | ||||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 17,825 | 7,812,834 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.1% |
| |||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 70,860 | 3,916,254 | ||||||
|
| |||||||
Total Preferred Stocks — 1.3% | 61,145,217 | |||||||
|
| |||||||
Rights | ||||||||
Life Sciences Tools & Services — 0.0% | ||||||||
Samsung Biologics Co. Ltd., (Expires 04/08/22)(a) | 6,718 | 782,219 | ||||||
|
| |||||||
Total Rights — 0.0% | 782,219 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 132,426,439 | 132,452,924 |
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) February 28, 2022 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 2,630,000 | $ | 2,630,000 | |||||
|
| |||||||
135,082,924 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.9% | 135,082,924 | |||||||
|
| |||||||
Total Investments in Securities — 101.3% | 4,728,588,013 | |||||||
Other Assets, Less Liabilities — (1.3)% | (59,262,367 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 4,669,325,646 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 122,734,315 | $ | 9,755,412 | (a) | $ | — | $ | (877 | ) | $ | (35,926 | ) | $ | 132,452,924 | 132,426,439 | $ | 1,961,646 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,140,000 | 1,490,000 | (a) | — | — | — | 2,630,000 | 2,630,000 | 126 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (877 | ) | $ | (35,926 | ) | $ | 135,082,924 | $ | 1,961,772 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 Contract
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
KOSPI2 Index | 819 | 03/10/22 | $ | 61,976 | $ | (3,761,429 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 3,761,429 | ||
|
|
(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). |
26 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI South Korea ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,302,572 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (3,289,665 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 30,355,735 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 70,684,113 | $ | 4,460,893,540 | $ | — | $ | 4,531,577,653 | ||||||||
Preferred Stocks | — | 61,145,217 | — | 61,145,217 | ||||||||||||
Rights | — | 782,219 | — | 782,219 | ||||||||||||
Money Market Funds | 135,082,924 | — | — | 135,082,924 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 205,767,037 | $ | 4,522,820,976 | $ | — | $ | 4,728,588,013 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (3,761,429 | ) | $ | — | $ | (3,761,429 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 27 |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 1,398,794,106 | $ | 4,340,205,482 | $ | 10,764,325,840 | $ | 723,814,776 | ||||||||
Affiliated(c) | 670,000 | 13,718,213 | 5,820,000 | 6,285,630 | ||||||||||||
Cash | 2,392 | 744 | 3,764 | 3,795 | ||||||||||||
Foreign currency, at value(d) | 1,778,049 | 8,902,186 | 5,094,639 | 1,878,408 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 2,510,092 | 758,974 | 1,059,505 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 20,995,264 | 49,714,514 | 29,514,922 | 17,037,586 | ||||||||||||
Securities lending income — Affiliated | 51,002 | 2,546 | — | 540 | ||||||||||||
Variation margin on futures contracts | 440,027 | — | 449,653 | 28,757 | ||||||||||||
Capital shares sold | — | 911,203 | — | 159,588 | ||||||||||||
Dividends | 16,465,131 | 5,506,325 | 18,480,203 | 62,666 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 1,441,706,063 | 4,419,720,187 | 10,824,748,526 | 749,271,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | 11,942,709 | — | 6,031,778 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 11,615,224 | 52,517,346 | 27,594,218 | 17,852,982 | ||||||||||||
Variation margin on futures contracts | — | 22,124 | — | — | ||||||||||||
Capital shares redeemed | — | — | — | 100,482 | ||||||||||||
Investment advisory fees | 559,107 | 1,595,076 | 4,212,104 | 303,190 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 12,174,331 | 66,077,255 | 31,806,322 | 24,288,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,429,531,732 | $ | 4,353,642,932 | $ | 10,792,942,204 | $ | 724,983,314 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 1,898,691,607 | $ | 4,833,073,730 | $ | 12,953,355,945 | $ | 1,330,273,959 | ||||||||
Accumulated loss | (469,159,875 | ) | (479,430,798 | ) | (2,160,413,741 | ) | (605,290,645 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,429,531,732 | $ | 4,353,642,932 | $ | 10,792,942,204 | $ | 724,983,314 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 59,400,000 | 113,900,000 | 171,600,000 | 14,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 24.07 | $ | 38.22 | $ | 62.90 | $ | 50.35 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 627.8 million | 340.2 million | 2.5246 billion | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | — | $ | 11,940,229 | $ | — | $ | 5,901,966 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 1,545,455,782 | $ | 4,113,837,431 | $ | 11,587,171,817 | $ | 923,505,816 | ||||||||
(c) Investments, at cost — Affiliated | $ | 670,000 | $ | 13,718,908 | $ | 5,820,000 | $ | 6,284,980 | ||||||||
(d) Foreign currency, at cost | $ | 1,758,587 | $ | 8,845,851 | $ | 5,084,250 | $ | 1,876,659 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 2,484,390 | $ | 773,573 | $ | 1,073,818 | $ | 1,152 |
See notes to financial statements.
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI South Korea ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 4,593,505,089 | ||
Affiliated(c) | 135,082,924 | |||
Cash | 3,457 | |||
Foreign currency, at value(d) | 7,258,498 | |||
Receivables: | ||||
Investments sold | 19,154,320 | |||
Securities lending income — Affiliated | 213,878 | |||
Variation margin on futures contracts | 7,190,430 | |||
Dividends | 53,840,892 | |||
|
| |||
Total assets | 4,816,249,488 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 132,607,521 | |||
Payables: | ||||
Investments purchased | 12,305,537 | |||
Investment advisory fees | 1,982,407 | |||
Foreign taxes | 28,377 | |||
|
| |||
Total liabilities | 146,923,842 | |||
|
| |||
NET ASSETS | $ | 4,669,325,646 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 2,778,988,143 | ||
Accumulated earnings | 1,890,337,503 | |||
|
| |||
NET ASSETS | $ | 4,669,325,646 | ||
|
| |||
Shares outstanding | 64,800,000 | |||
|
| |||
Net asset value | $ | 72.06 | ||
|
| |||
Shares authorized | 300 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 128,621,535 | ||
(b) Investments, at cost — Unaffiliated | $ | 2,074,351,693 | ||
(c) Investments, at cost — Affiliated | $ | 135,058,770 | ||
(d) Foreign currency, at cost | $ | 7,613,492 |
See notes to financial statements.
FINANCIAL STATEMENTS | 29 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares MSCI | iShares MSCI | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 42,247,131 | $ | 53,419,181 | $ | 126,232,791 | $ | 13,318,245 | ||||||||
Dividends — Affiliated | 43 | 1,489 | 1,167 | 214 | ||||||||||||
Interest — Unaffiliated | — | — | — | 2,860 | ||||||||||||
Securities lending income — Affiliated — net | 222,041 | 18,404 | 10,096 | 10,069 | ||||||||||||
Foreign taxes withheld | (353,001 | ) | (7,937,727 | ) | (12,616,173 | ) | (1,058,364 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 42,116,214 | 45,501,347 | 113,627,881 | 12,273,024 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 3,512,249 | 9,894,051 | 29,881,897 | 2,238,844 | ||||||||||||
Professional fees | 217 | 217 | 217 | 217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,512,466 | 9,894,268 | 29,882,114 | 2,239,061 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 38,603,748 | 35,607,079 | 83,745,767 | 10,033,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (59,851,271 | ) | (35,064,423 | ) | (108,488,324 | ) | (15,069,708 | ) | ||||||||
Investments — Affiliated | (5,510 | ) | (3,801 | ) | (2,293 | ) | (253 | ) | ||||||||
In-kind redemptions — Unaffiliated | 45,311,903 | 172,093,108 | 293,622,659 | 42,016,242 | ||||||||||||
Futures contracts | (813,355 | ) | 774,679 | (2,383,097 | ) | 12,613 | ||||||||||
Foreign currency transactions | (340,720 | ) | (97,807 | ) | (1,653,006 | ) | 25,036 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (15,698,953 | ) | 137,701,756 | 181,095,939 | 26,983,930 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (78,146,590 | ) | (43,686,871 | ) | (1,138,998,165 | ) | (62,147,075 | ) | ||||||||
Investments — Affiliated | — | (695 | ) | 88 | (383 | ) | ||||||||||
Futures contracts | (30,978 | ) | (95,364 | ) | (841,547 | ) | (32,150 | ) | ||||||||
Foreign currency translations | 171,641 | 87,091 | (8,360 | ) | (7,758 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (78,005,927 | ) | (43,695,839 | ) | (1,139,847,984 | ) | (62,187,366 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (93,704,880 | ) | 94,005,917 | (958,752,045 | ) | (35,203,436 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (55,101,132 | ) | $ | 129,612,996 | $ | (875,006,278 | ) | $ | (25,169,473 | ) | |||||
|
|
|
|
|
|
|
|
See notes to financial statements.
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI South Korea ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 74,988,942 | ||
Dividends — Affiliated | 10,442 | |||
Interest — Unaffiliated | 340 | |||
Securities lending income — Affiliated — net | 1,951,330 | |||
Foreign taxes withheld | (12,780,478 | ) | ||
Other foreign taxes | (206 | ) | ||
|
| |||
Total investment income | 64,170,370 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 14,295,486 | |||
Commitment fees | 19,090 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 14,314,793 | |||
|
| |||
Net investment income | 49,855,577 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | 345,479,091 | |||
Investments — Affiliated | (877 | ) | ||
Futures contracts | (1,302,572 | ) | ||
Foreign currency transactions | (710,501 | ) | ||
|
| |||
Net realized gain | 343,465,141 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (1,268,216,912 | ) | ||
Investments — Affiliated | (35,926 | ) | ||
Futures contracts | (3,289,665 | ) | ||
Foreign currency translations | (950,757 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (1,272,493,260 | ) | ||
|
| |||
Net realized and unrealized loss | (929,028,119 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (879,172,542 | ) | |
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 31 |
Statements of Changes in Net Assets
iShares MSCI Australia ETF | iShares MSCI Canada ETF | |||||||||||||||
|
|
|
| |||||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/21 | Six Months Ended (unaudited) | Year Ended 08/31/21 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 38,603,748 | $ | 40,723,200 | $ | 35,607,079 | $ | 62,935,570 | ||||||||
Net realized gain (loss) | (15,698,953 | ) | 143,445,640 | 137,701,756 | 267,166,327 | |||||||||||
Net change in unrealized appreciation (depreciation) | (78,005,927 | ) | 171,942,118 | (43,695,839 | ) | 562,530,030 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (55,101,132 | ) | 356,110,958 | 129,612,996 | 892,631,927 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (50,636,342 | ) | (36,969,676 | ) | (49,140,764 | ) | (59,006,354 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 29,389,264 | (76,520,145 | ) | 116,035,199 | 1,057,475,515 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (76,348,210 | ) | 242,621,137 | 196,507,431 | 1,891,101,088 | |||||||||||
Beginning of period | 1,505,879,942 | 1,263,258,805 | 4,157,135,501 | 2,266,034,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,429,531,732 | $ | 1,505,879,942 | $ | 4,353,642,932 | $ | 4,157,135,501 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||||
|
|
|
| |||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 83,745,767 | $ | 165,636,754 | $ | 10,033,963 | $ | 20,753,654 | ||||||||
Net realized gain | 181,095,939 | 579,936,954 | 26,983,930 | 112,964,679 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (1,139,847,984 | ) | 1,343,869,178 | (62,187,366 | ) | 321,244,128 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (875,006,278 | ) | 2,089,442,886 | (25,169,473 | ) | 454,962,461 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (161,063,101 | ) | (137,658,060 | ) | (10,917,604 | ) | (24,414,850 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (77,282,614 | ) | 45,483,023 | (417,455,530 | ) | (86,949,018 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (1,113,351,993 | ) | 1,997,267,849 | (453,542,607 | ) | 343,598,593 | ||||||||||
Beginning of period | 11,906,294,197 | 9,909,026,348 | 1,178,525,921 | 834,927,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 10,792,942,204 | $ | 11,906,294,197 | $ | 724,983,314 | $ | 1,178,525,921 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 33 |
Statements of Changes in Net Assets (continued)
iShares MSCI South Korea ETF | ||||||||
|
| |||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 49,855,577 | $ | 95,977,504 | ||||
Net realized gain | 343,465,141 | 295,325,601 | ||||||
Net change in unrealized appreciation (depreciation) | (1,272,493,260 | ) | 1,635,731,972 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (879,172,542 | ) | 2,027,035,077 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (97,857,600 | ) | (52,784,945 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (490,367,922 | ) | (695,007,957 | ) | ||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | (1,467,398,064 | ) | 1,279,242,175 | |||||
Beginning of period | 6,136,723,710 | 4,857,481,535 | ||||||
|
|
|
| |||||
End of period | $ | 4,669,325,646 | $ | 6,136,723,710 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares MSCI Australia ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.96 | $ | 21.12 | $ | 21.67 | $ | 22.56 | $ | 22.58 | $ | 20.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.67 | 0.65 | 0.67 | 1.00 | 0.90 | 0.84 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.67 | ) | 4.77 | (0.48 | ) | (0.70 | ) | 0.07 | 2.45 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.00 | ) | 5.42 | 0.19 | 0.30 | 0.97 | 3.29 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.89 | ) | (0.58 | ) | (0.74 | ) | (1.19 | ) | (0.99 | ) | (1.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.89 | ) | (0.58 | ) | (0.74 | ) | (1.19 | ) | (0.99 | ) | (1.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 24.07 | $ | 25.96 | $ | 21.12 | $ | 21.67 | $ | 22.56 | $ | 22.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (3.93 | )%(e) | 25.69 | % | 0.99 | % | 1.75 | % | 4.43 | % | 16.70 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 5.43 | %(g) | 2.69 | % | 3.23 | % | 4.68 | % | 3.95 | % | 3.90 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,429,532 | $ | 1,505,880 | $ | 1,263,259 | $ | 1,399,590 | $ | 1,362,770 | $ | 1,765,912 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 11 | %(e) | 4 | % | 8 | % | 9 | % | 3 | % | 4 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
FINANCIAL HIGHLIGHTS | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Canada ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.38 | $ | 28.76 | $ | 28.22 | $ | 28.79 | $ | 27.83 | $ | 25.33 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.34 | 0.64 | 0.65 | 0.62 | 0.58 | 0.51 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.98 | 8.60 | 0.54 | (0.53 | ) | 0.97 | 2.47 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase from investment operations | 1.32 | 9.24 | 1.19 | 0.09 | 1.55 | 2.98 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.48 | ) | (0.62 | ) | (0.65 | ) | (0.66 | ) | (0.59 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.48 | ) | (0.62 | ) | (0.65 | ) | (0.66 | ) | (0.59 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 38.22 | $ | 37.38 | $ | 28.76 | $ | 28.22 | $ | 28.79 | $ | 27.83 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 3.58 | %(e) | 32.41 | % | 4.32 | % | 0.56 | % | 5.61 | % | 11.88 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.78 | %(g) | 1.91 | % | 2.37 | % | 2.26 | % | 2.01 | % | 1.93 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,353,643 | $ | 4,157,136 | $ | 2,266,034 | $ | 2,618,586 | $ | 2,994,627 | $ | 3,127,920 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 4 | %(e) | 8 | % | 9 | % | 6 | % | 3 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) |
| | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 68.55 | $ | 58.15 | $ | 54.05 | $ | 58.45 | $ | 54.57 | $ | 49.05 | ||||||||||||
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| |||||||||||||
Net investment income(b) | 0.47 | 0.91 | 0.90 | 0.92 | 0.87 | 0.49 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (5.23 | ) | 10.25 | 4.36 | (4.43 | ) | 3.87 | 5.96 | ||||||||||||||||
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| |||||||||||||
Net increase (decrease) from investment operations | (4.76 | ) | 11.16 | 5.26 | (3.51 | ) | 4.74 | 6.45 | ||||||||||||||||
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| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.89 | ) | (0.76 | ) | (1.16 | ) | (0.89 | ) | (0.86 | ) | (0.93 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.89 | ) | (0.76 | ) | (1.16 | ) | (0.89 | ) | (0.86 | ) | (0.93 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 62.90 | $ | 68.55 | $ | 58.15 | $ | 54.05 | $ | 58.45 | $ | 54.57 | ||||||||||||
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| |||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | (7.03 | )%(f) | 19.21 | % | 9.76 | % | (5.96 | )% | 8.67 | % | 13.31 | % | ||||||||||||
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| |||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
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| |||||||||||||
Net investment income | 1.38 | %(h) | 1.37 | % | 1.60 | % | 1.68 | % | 1.46 | % | 1.45 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 10,792,942 | $ | 11,906,294 | $ | 9,909,026 | $ | 12,170,174 | $ | 16,973,038 | $ | 16,017,689 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(i) | 2 | %(f) | 6 | % | 4 | % | 7 | % | 4 | % | 4 | % | ||||||||||||
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(a) | Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
FINANCIAL HIGHLIGHTS | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Mexico ETF | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.24 | $ | 33.00 | $ | 41.47 | $ | 50.38 | $ | 56.68 | $ | 50.48 | ||||||||||||
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| |||||||||||||
Net investment income(a) | 0.54 | 0.80 | 0.61 | 1.09 | 0.95 | 0.88 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.77 | ) | 18.32 | (8.52 | ) | (8.75 | ) | (6.17 | ) | 6.10 | ||||||||||||||
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| |||||||||||||
Net increase (decrease) from investment operations | (0.23 | ) | 19.12 | (7.91 | ) | (7.66 | ) | (5.22 | ) | 6.98 | ||||||||||||||
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| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.66 | ) | (0.88 | ) | (0.56 | ) | (1.25 | ) | (1.08 | ) | (0.78 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.66 | ) | (0.88 | ) | (0.56 | ) | (1.25 | ) | (1.08 | ) | (0.78 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 50.35 | $ | 51.24 | $ | 33.00 | $ | 41.47 | $ | 50.38 | $ | 56.68 | ||||||||||||
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Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (0.35 | )%(e) | 58.30 | % | (19.36 | )% | (15.23 | )% | (9.02 | )% | 14.03 | % | ||||||||||||
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| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.49 | %(g) | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | 0.49 | % | ||||||||||||
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| |||||||||||||
Net investment income | 2.21 | %(g) | 1.85 | % | 1.59 | % | 2.46 | % | 1.87 | % | 1.79 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 724,983 | $ | 1,178,526 | $ | 834,927 | $ | 626,243 | $ | 1,168,930 | $ | 1,320,642 | ||||||||||||
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Portfolio turnover rate(h) | 4 | %(e) | 15 | % | 12 | % | 5 | % | 7 | % | 8 | % | ||||||||||||
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(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.
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Korea ETF | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||
| ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 86.98 | $ | 63.04 | $ | 53.34 | $ | 67.65 | $ | 68.19 | $ | 56.89 | ||||||||||||||
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| |||||||||||||||
Net investment income(a) | 0.78 | 1.23 | 0.83 | 0.97 | 0.94 | 0.64 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (14.02 | ) | 23.34 | 10.18 | (14.49 | ) | 0.70 | 11.31 | ||||||||||||||||||
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| |||||||||||||||
Net increase (decrease) from investment operations | (13.24 | ) | 24.57 | 11.01 | (13.52 | ) | 1.64 | 11.95 | ||||||||||||||||||
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| |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||
From net investment income | (1.68 | ) | (0.63 | ) | (1.31 | ) | (0.79 | ) | (2.18 | ) | (0.65 | ) | ||||||||||||||
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| |||||||||||||||
Total distributions | (1.68 | ) | (0.63 | ) | (1.31 | ) | (0.79 | ) | (2.18 | ) | (0.65 | ) | ||||||||||||||
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| |||||||||||||||
Net asset value, end of period | $ | 72.06 | $ | 86.98 | $ | 63.04 | $ | 53.34 | $ | 67.65 | $ | 68.19 | ||||||||||||||
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| |||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||
Based on net asset value | (15.39 | )%(e) | 39.05 | % | 20.77 | % | (20.08 | )% | 2.15 | % | 21.28 | % | ||||||||||||||
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| |||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||
Total expenses | 0.58 | %(g) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||
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| |||||||||||||||
Net investment income | 2.00 | %(g) | 1.45 | % | 1.45 | % | 1.62 | % | 1.31 | % | 1.05 | % | ||||||||||||||
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| |||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,669,326 | $ | 6,136,724 | $ | 4,857,482 | $ | 3,848,564 | $ | 3,906,891 | $ | 3,784,638 | ||||||||||||||
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| |||||||||||||||
Portfolio turnover rate(h) | 15 | %(e)(i) | 20 | %(i) | 15 | %(i) | 16 | %(i) | 18 | %(i) | 16 | %(i) | ||||||||||||||
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| |||||||||||||||
(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| ||||||||||||||||||||||||
(i) | Portfolio turnover rate excluding cash creations was as follows: | 5 | % | 8 | % | 9 | % | 5 | % | 11 | % | 6 | % | |||||||||||||
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|
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 39 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Australia | Non-diversified | |||
MSCI Canada | Diversified | |||
MSCI Japan | Diversified | |||
MSCI Mexico | Non-diversified | |||
MSCI South Korea | Non-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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
40 | 2 0 2 2 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)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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 | 41 |
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | | Market Value of Securities on Loan | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | Net Amount | ||||||||
MSCI Canada | ||||||||||||||||
Barclays Capital, Inc. | $ | 3,472,986 | $ | 3,472,986 | $ | — | $ | — | ||||||||
BMO Capital Markets Corp. | 89,145 | 89,145 | — | — | ||||||||||||
BofA Securities, Inc. | 331,531 | 331,531 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 295,949 | 295,949 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 3,844,176 | 3,844,176 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 3,854,655 | 3,459,174 | — | (395,481 | )(b) | |||||||||||
SG Americas Securities LLC | 51,787 | 51,787 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 11,940,229 | $ | 11,544,748 | $ | — | $ | (395,481 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Mexico | ||||||||||||||||
BofA Securities, Inc | $ | 124,321 | $ | 124,321 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 18,477 | 18,477 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 5,759,168 | 5,759,168 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,901,966 | $ | 5,901,966 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Korea | ||||||||||||||||
Barclays Capital, Inc. | $ | 22,398,161 | $ | 22,240,142 | $ | — | $ | (158,019 | )(b) | |||||||
BNP Paribas SA | 5,630,256 | 5,630,256 | — | — | ||||||||||||
BofA Securities, Inc. | 8,380,938 | 8,380,938 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 18,995,751 | 18,995,751 | — | — | ||||||||||||
HSBC Bank PLC | 3,827,333 | 3,827,333 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 54,989,923 | 54,989,923 | — | — | ||||||||||||
Jefferies LLC | 1,118,369 | 1,118,369 | — | — | ||||||||||||
Macquarie Bank Ltd. | 3,044,448 | 3,044,448 | — | — | ||||||||||||
Morgan Stanley | 7,823,397 | 7,823,397 | — | — | ||||||||||||
SG Americas Securities LLC | 2,412,959 | 2,412,959 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 128,621,535 | $ | 128,463,516 | $ | — | $ | (158,019 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
42 | 2 0 2 2 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)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 directors).
For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
For its investment advisory services to the iShares MSCI South Korea ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.7400 | % | ||
Over $2 billion, up to and including $4 billion | 0.6900 | |||
Over $4 billion, up to and including $8 billion | 0.6400 | |||
Over $8 billion, up to and including $16 billion | 0.5700 | |||
Over $16 billion, up to and including $24 billion | 0.5100 | |||
Over $24 billion, up to and including $32 billion | 0.4800 | |||
Over $32 billion, up to and including $40 billion | 0.4500 | |||
Over $40 billion | 0.4275 |
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
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 | 43 |
Notes to Financial Statements (unaudited) (continued)
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Australia | $ | 50,266 | ||
MSCI Canada | 6,924 | |||
MSCI Japan | 3,765 | |||
MSCI Mexico | 2,991 | |||
MSCI South Korea | 452,184 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, 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 Australia | $ | 8,448,858 | $ | 5,483,539 | $ | (7,190,525 | ) | |||||
MSCI Japan | 89,396,924 | 55,809,339 | (30,553,994 | ) | ||||||||
MSCI South Korea | 17,309,374 | 12,738,771 | (10,190,322 | ) |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 155,596,741 | $ | 168,532,383 | ||||
MSCI Canada | 171,884,212 | 155,298,207 | ||||||
MSCI Japan | 197,960,914 | 279,203,706 | ||||||
MSCI Mexico | 39,394,921 | 39,867,113 | ||||||
MSCI South Korea | 756,625,514 | 1,342,706,983 |
44 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Australia | $ | 312,288,199 | $ | 299,881,968 | ||||
MSCI Canada | 714,795,233 | 617,395,496 | ||||||
MSCI Japan | 1,284,980,962 | 1,360,953,063 | ||||||
MSCI Mexico | 494,842,064 | 910,911,348 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Australia | $ | 280,327,098 | ||
MSCI Canada | 821,885,352 | |||
MSCI Japan | 1,418,588,683 | |||
MSCI Mexico | 424,209,539 | |||
MSCI South Korea | 376,227,471 |
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.
As of February 28, 2022, 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 Australia | $ | 1,587,837,429 | $ | 55,050,550 | $ | (243,389,563 | ) | $ | (188,339,013 | ) | ||||||
MSCI Canada | 4,148,831,345 | 513,188,905 | (307,928,352 | ) | 205,260,553 | |||||||||||
MSCI Japan | 11,660,025,001 | 912,427,970 | (1,803,020,458 | ) | (890,592,488 | ) | ||||||||||
MSCI Mexico | 940,157,630 | 19,167,224 | (229,240,454 | ) | (210,073,230 | ) | ||||||||||
MSCI South Korea | 2,831,005,350 | 2,613,471,806 | (719,650,572 | ) | 1,893,821,234 |
9. | LINE OF CREDIT |
The iShares MSCI South Korea ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events
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 | 45 |
Notes to Financial Statements (unaudited) (continued)
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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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.
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.
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.
46 | 2 0 2 2 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)
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Australia | ||||||||||||||||
Shares sold | 13,600,000 | $ | 332,525,816 | 28,800,000 | $ | 681,267,872 | ||||||||||
Shares redeemed | (12,200,000 | ) | (303,136,552 | ) | (30,600,000 | ) | (757,788,017 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,400,000 | $ | 29,389,264 | (1,800,000 | ) | $ | (76,520,145 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Canada | ||||||||||||||||
Shares sold | 19,000,000 | $ | 736,330,816 | 66,800,000 | $ | 2,253,894,680 | ||||||||||
Shares redeemed | (16,300,000 | ) | (620,295,617 | ) | (34,400,000 | ) | (1,196,419,165 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 2,700,000 | $ | 116,035,199 | 32,400,000 | $ | 1,057,475,515 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Japan | ||||||||||||||||
Shares sold | 18,150,000 | $ | 1,286,334,633 | 51,450,000 | $ | 3,315,951,747 | ||||||||||
Shares redeemed | (20,250,000 | ) | (1,363,617,247 | ) | (48,150,000 | ) | (3,270,468,724 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (2,100,000 | ) | $ | (77,282,614 | ) | 3,300,000 | $ | 45,483,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Mexico | ||||||||||||||||
Shares sold | 10,300,000 | $ | 497,192,692 | 33,400,000 | $ | 1,427,604,083 | ||||||||||
Shares redeemed | (18,900,000 | ) | (914,648,222 | ) | (35,700,000 | ) | (1,514,553,101 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (8,600,000 | ) | $ | (417,455,530 | ) | (2,300,000 | ) | $ | (86,949,018 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Korea | ||||||||||||||||
Shares sold | 7,200,000 | $ | 533,717,950 | 10,400,000 | $ | 828,773,237 | ||||||||||
Shares redeemed | (12,950,000 | ) | (1,024,085,872 | ) | (16,900,000 | ) | (1,523,781,194 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (5,750,000 | ) | $ | (490,367,922 | ) | (6,500,000 | ) | $ | (695,007,957 | ) | ||||||
|
|
|
|
|
|
|
|
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.
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)
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.
48 | 2 0 2 2 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 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M | 49 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions |
% Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||
iShares ETF |
Net | Net Realized Capital Gains | Return of Capital | Total Per Share |
Net | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Australia(a) | $ | 0.669029 | $ | — | $ | 0.216871 | $ | 0.885900 | 76 | % | — | % | 24 | % | 100 | % | ||||||||||||||||
MSCI Canada(a) | 0.335281 | — | 0.142742 | 0.478023 | 70 | — | 30 | 100 | ||||||||||||||||||||||||
MSCI Japan(a) | 0.678142 | — | 0.209992 | 0.888134 | 76 | — | 24 | 100 | ||||||||||||||||||||||||
MSCI South Korea(a) | 1.415512 | — | 0.263006 | 1.678518 | 84 | — | 16 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
50 | 2 0 2 2 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 |
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 Company’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 | 51 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
CPO | Certificates of Participation (Ordinary) | |
NVS | Non-Voting Shares | |
REIT | Real Estate Investment Trust |
52 | 2 0 2 2 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 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-815-0222
FEBRUARY 28, 2022 |
| 2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· | iShares MSCI Russia ETF | ERUS | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
In this environment, as we look ahead, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
The horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In light of these circumstances, effective March 1, 2022, the iShares MSCI Russia ETF (“ERUS”) temporarily suspended new creations of its shares until further notice and NYSE Arca, Inc. halted trading on March 4, 2022. We are monitoring regulatory and market developments, but it is incredibly difficult to predict when, or if, circumstances will change that would allow ERUS to re-open for creation orders or to resume trading.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022
| ||||||||
6-Month
| 12-Month
| |||||||
U.S. large cap equities
| (2.62 | )% | 16.39 | % | ||||
U.S. small cap equities
| (9.46 | ) | (6.01 | ) | ||||
International equities
| (6.78 | ) | 2.83 | |||||
Emerging market equities
| (9.81 | ) | (10.69 | ) | ||||
3-month Treasury bills
| 0.02 | 0.04 | ||||||
U.S. Treasury securities
| (3.94 | ) | (1.67 | ) | ||||
U.S. investment grade bonds
| (4.07 | ) | (2.64 | ) | ||||
Tax-exempt municipal bonds
| (3.09 | ) | (0.66 | ) | ||||
U.S. high yield bonds
| (3.07 | ) | 0.64 | |||||
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 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
Table of Contents
Page | ||||
| ||||
2 | ||||
4 | ||||
5 | ||||
5 | ||||
6 | ||||
Financial Statements | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
21 | ||||
22 | ||||
23 | ||||
24 |
Fund Summary as of February 28, 2022 | iShares® MSCI Russia ETF |
Investment Objective
The iShares MSCI Russia ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 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 Months |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (82.46 | )% | (78.61 | )% | (20.74 | )% | (13.87 | )% | (78.61 | )% | (68.71 | )% | (77.54 | )% | ||||||||||||||||||
Fund Market | (58.47 | ) | (49.26 | ) | (5.80 | ) | (6.14 | ) | (49.26 | ) | (25.83 | ) | (46.93 | ) | ||||||||||||||||||
Index | (56.86 | ) | (47.23 | ) | (4.74 | ) | (5.22 | ) | (47.23 | ) | (21.55 | ) | (41.48 | ) |
Past performance is no guarantee 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” on page 5 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) |
| | Ending Account Value (02/28/22) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/21) |
| | Ending Account Value (02/28/22) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 175.40 | $ 1.69 | $ 1,000.00 | $ 1,021.90 | $ 2.91 | 0.58 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Management Commentary
Russian stocks experienced a substantial decline for the reporting period ended February 28, 2022. On February 24, 2022, Russia launched an invasion of Ukraine in one the most significant military actions in decades. Russian stocks fell more than 30% in local currency terms on the day after the invasion, one of the largest single-day downturns in the history of the global equity markets. Russia’s central bank closed the stock market on February 28, 2022 and the nation’s government instituted capital controls to restrict the flow of funds in and out of the country.
The invasion prompted sanctions by the United States, the United Kingdom, the European Union and others, all of which implemented expansive measures to block Russia’s access to global capital markets and limit the operational activities of Russian companies. In addition, the sanctions prevented select Russian banks from using the SWIFT global payments system. Many high-profile global corporations also responded to the invasion by shutting down their operations in the country. In addition, major index providers removed Russian stocks from their global benchmarks. Russian exchanges remained closed as of the end of the period.
In light of these circumstances, effective March 1, 2022, the Fund temporarily suspended new creations of its shares until further notice. Additionally, on March 4, 2022, NYSE Arca, Inc. announced a trading halt of the Fund.
Portfolio Information
ALLOCATION BY SECTOR
|
| |||
Sector
|
| Percent of Total Investments
| (a)
| |
Energy | 48.7 | % | ||
Materials | 23.3 | |||
Financials | 13.3 | |||
Communication Services | 10.0 | |||
Consumer Staples | 3.0 | |||
Utilities | 1.3 | |||
Consumer Discretionary
|
| 0.4
|
|
TEN LARGEST HOLDINGS
|
| |||
Security
|
| Percent of Total Investments
| (a)
| |
Gazprom PJSC | 19.0 | % | ||
LUKOIL PJSC | 14.4 | |||
Sberbank of Russia PJSC | 8.0 | |||
Mobile TeleSystems PJSC | 7.3 | |||
MMC Norilsk Nickel PJSC | 6.3 | |||
Novatek PJSC | 4.6 | |||
Tatneft PJSC | 4.3 | |||
Polyus PJSC | 3.2 | |||
TCS Group Holding PLC | 3.2 | |||
Severstal PAO
|
| 2.8
|
|
(a) | Excludes money market funds. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 the 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. 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.
Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.
The expense example provides 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 Period.”
The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense example 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 example is 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.
A B O U T F U N D P E R F O R M A N C E / SHAREHOLDER EXPENSES | 5 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Russia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 11.7% | ||||||||
Sberbank of Russia PJSC(a) | 18,835,860 | $ | 8,325,800 | |||||
TCS Group Holding PLC, GDR(a) | 289,152 | 3,329,930 | ||||||
VTB Bank PJSC(a) | 8,307,845,016 | 555,177 | ||||||
|
| |||||||
12,210,907 | ||||||||
Capital Markets — 1.5% | ||||||||
Moscow Exchange MICEX-RTS PJSC(a) | 4,737,800 | 1,594,638 | ||||||
|
| |||||||
Chemicals — 2.6% | ||||||||
PhosAgro PJSC, GDR | 449,283 | 2,748,667 | ||||||
|
| |||||||
Electric Utilities — 1.3% | ||||||||
Inter RAO UES PJSC(a) | 136,938,300 | 1,321,903 | ||||||
|
| |||||||
Food & Staples Retailing — 3.1% | ||||||||
Magnit PJSC, GDR | 990,696 | 1,572,370 | ||||||
X5 Retail Group NV, GDR(a) | 374,475 | 1,610,856 | ||||||
|
| |||||||
3,183,226 | ||||||||
Interactive Media & Services — 2.6% | ||||||||
VK Co. Ltd.(a)(b) | 393,252 | 399,597 | ||||||
Yandex NV(a)(b) | 361,376 | 2,362,363 | ||||||
|
| |||||||
2,761,960 | ||||||||
Internet & Direct Marketing Retail — 0.4% | ||||||||
Ozon Holdings PLC, ADR(a)(b) | 110,854 | 406,640 | ||||||
|
| |||||||
Metals & Mining — 20.5% | ||||||||
Alrosa PJSC(a) | 7,486,250 | 2,180,684 | ||||||
MMC Norilsk Nickel PJSC(a) | 96,437 | 6,532,865 | ||||||
Novolipetsk Steel PJSC(a) | 4,388,590 | 2,787,124 | ||||||
Polymetal International PLC(a) | 834,056 | 2,529,544 | ||||||
Polyus PJSC(a) | 89,129 | 3,358,227 | ||||||
Severstal PAO(a) | 604,068 | 2,884,928 | ||||||
United Co. RUSAL International PJSC(a)(b) | 5,811,330 | 1,226,291 | ||||||
|
| |||||||
21,499,663 | ||||||||
Oil, Gas & Consumable Fuels — 46.1% | ||||||||
Gazprom PJSC(a) | 24,553,290 | 19,793,229 | ||||||
LUKOIL PJSC(a) | 856,438 | 14,949,553 |
Security | Shares | Value | ||||||
| ||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Novatek PJSC, GDR | 125,086 | $ | 4,818,576 | |||||
Rosneft Oil Co. PJSC(a) | 2,566,222 | 2,677,164 | ||||||
Surgutneftegas PJSC(a) | 21,799,946 | 1,646,239 | ||||||
Tatneft PJSC(a) | 3,516,781 | 4,465,713 | ||||||
|
| |||||||
48,350,474 | ||||||||
Wireless Telecommunication Services — 7.3% | ||||||||
Mobile TeleSystems PJSC, ADR | 1,388,222 | 7,635,221 | ||||||
|
| |||||||
Total Common Stocks — 97.1% | 101,713,299 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Oil, Gas & Consumable Fuels — 2.2% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a) | 21,745,700 | 2,334,870 | ||||||
|
| |||||||
Total Preferred Stocks — 2.2% | 2,334,870 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d) | 920,000 | 920,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.9% | 920,000 | |||||||
|
| |||||||
Total Investments in Securities — 100.2% | 104,968,169 | |||||||
Other Assets, Less Liabilities — (0.2)% | (163,302 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 104,804,867 | ||||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 970,000 | $ | — | $ | (50,000 | )(a) | $ | — | $ | — | $ | 920,000 | 920,000 | $ | 72 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Russia ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 10 | 03/18/22 | $ | 588 | $ | (43,674 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 43,674 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement 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 February 28, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (91,204 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (41,628 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 740,075 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 16,774,834 | $ | — | $ | 84,938,465 | $ | 101,713,299 | ||||||||
Preferred Stocks | — | — | 2,334,870 | 2,334,870 | ||||||||||||
Money Market Funds | 920,000 | — | — | 920,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 17,694,834 | $ | — | $ | 87,273,335 | $ | 104,968,169 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (43,674 | ) | $ | — | $ | — | $ | (43,674 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
SCHEDULE OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Russia ETF |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| ||||||||||||
Common Stocks | Preferred Stocks | Total | ||||||||||
| ||||||||||||
Assets: | ||||||||||||
Opening balance, as of August 31, 2021 | $ | — | $ | — | $ | — | ||||||
Transfers into Level 3(a) | 511,933,597 | 11,100,929 | 523,034,526 | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Accrued discounts/premiums | — | — | — | |||||||||
Net realized gain (loss) | (1,062,812 | ) | (61,247 | ) | (1,124,059 | ) | ||||||
Net change in unrealized appreciation (depreciation)(b)(c) | (443,573,197 | ) | (9,053,076 | ) | (452,626,273 | ) | ||||||
Purchases | 36,287,146 | 586,461 | 36,873,607 | |||||||||
Sales | (18,646,269 | ) | (238,197 | ) | (18,884,466 | ) | ||||||
|
|
|
|
|
| |||||||
Closing balance, as of February 28, 2022 | $ | 84,938,465 | $ | 2,334,870 | $ | 87,273,335 | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on investment still held at February 28, 2022 | $ | (439,068,322 | ) | $ | (9,064,778 | ) | $ | (448,133,100 | ) | |||
|
|
|
|
|
|
(a) | As of August 31, 2021, local Russian equities were valued using a Systematic Fair Value Price, which resulted in these investments being classified as level 2. As of February 28, 2022, the Global Valuation Committee determined that the Systematic Fair Value Price for local Russian equities were unreliable and valued the securities using unobservable inputs which resulted in a transfer from level 2 to level 3. Additionally, as of August 31, 2021, Russian exposed ADR and GDR securities were valued using the exchange close price which resulted in these investments being classified as level 1. As of February 28, 2022, certain Russian exposed ADR and GDR securities were halted or suspended. The Global Valuation Committee valued those securities using unobservable inputs which resulted in a transfer from level 1 to level 3. |
(b) | Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end.
Value | | Valuation Approach | Unobservable Inputs | | Range of Unobservable Inputs Utilized | (a) | ||||||||||||
Common Stocks | $ | 84,938,465 | Market | Liquidity Discount | 25% | |||||||||||||
Preferred Stocks | 2,334,870 | Market | Liquidity Discount | 25% | ||||||||||||||
|
| |||||||||||||||||
$ | 87,273,335 | |||||||||||||||||
|
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
See notes to financial statements.
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Russia | ||||
| ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 104,048,169 | ||
Affiliated(b) | 920,000 | |||
Cash | 29,326 | |||
Cash pledged: | ||||
Futures contracts | 26,000 | |||
Receivables: | ||||
Capital shares sold | 88,052 | |||
Dividends | 4,292 | |||
|
| |||
Total assets | 105,115,839 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 88,052 | |||
Variation margin on futures contracts | 7,350 | |||
Investment advisory fees | 215,570 | |||
|
| |||
Total liabilities | 310,972 | |||
|
| |||
NET ASSETS | $ | 104,804,867 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 616,756,637 | ||
Accumulated loss | (511,951,770 | ) | ||
|
| |||
NET ASSETS | $ | 104,804,867 | ||
|
| |||
Shares outstanding | 13,750,000 | |||
|
| |||
Net asset value | $ | 7.62 | ||
|
| |||
Shares authorized | 1 billion | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — Unaffiliated | $ | 465,392,048 | ||
(b) Investments, at cost — Affiliated | $ | 920,000 |
See notes to financial statements.
FINANCIAL STATEMENTS | 9 |
Statement of Operations (unaudited)
Six Months Ended February 28, 2022
| iShares MSCI Russia ETF |
| ||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 14,523,812 | ||
Dividends — Affiliated | 72 | |||
Foreign taxes withheld | (1,548,350 | ) | ||
|
| |||
Total investment income | 12,975,534 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 1,647,114 | |||
Commitment fees | 2,774 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 1,650,105 | |||
|
| |||
Net investment income | 11,325,429 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (955,043 | ) | ||
Futures contracts | (91,204 | ) | ||
Foreign currency transactions | (106,948 | ) | ||
|
| |||
Net realized loss | (1,153,195 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (502,253,442 | ) | ||
Futures contracts | (41,628 | ) | ||
Foreign currency translations | 560 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | (502,294,510 | ) | ||
|
| |||
Net realized and unrealized loss | (503,447,705 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (492,122,276 | ) | |
|
|
See notes to financial statements.
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares MSCI Russia ETF | ||||||||||||
|
| |||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||
| ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income | $ | 11,325,429 | $ | 25,976,989 | ||||||||
Net realized loss | (1,153,195 | ) | (4,659,173 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (502,294,510 | ) | 133,025,100 | |||||||||
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (492,122,276 | ) | 154,342,916 | |||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
Decrease in net assets resulting from distributions to shareholders | (22,039,990 | ) | (23,598,232 | ) | ||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 32,469,779 | (11,450,216 | ) | |||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total increase (decrease) in net assets | (481,692,487 | ) | 119,294,468 | |||||||||
Beginning of period | 586,497,354 | 467,202,886 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 104,804,867 | $ | 586,497,354 | ||||||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 11 |
Statement of Cash Flows (unaudited)
Six Months Ended February 28, 2022
| iShares MSCI Russia ETF | | ||
| ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||
Net decrease in net assets resulting from operations | $ | (492,122,276 | ) | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||||
Proceeds from sales of long-term investments(a) | 42,361,588 | |||
Purchases of long term investments(a) | (48,835,714 | ) | ||
Net proceeds from sales of short-term securities | 50,000 | |||
Net realized (gain) loss on investments | 955,043 | |||
Net change in unrealized (appreciation) depreciation on investments | 502,253,442 | |||
(Increase) decrease in assets: | ||||
Receivables: | ||||
Dividends | 16,837 | |||
Variation margin on futures contracts | 12,350 | |||
Increase (decrease) in liabilities: | ||||
Payables: | ||||
Investment advisory fees | (63,708 | ) | ||
Variation margin on futures contracts | 7,350 | |||
|
| |||
Net cash provided by operating activities | 4,634,912 | |||
|
| |||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||
Cash dividends paid to shareholders | (22,039,990 | ) | ||
Proceeds from issuance of capital shares(a) | 17,405,467 | |||
|
| |||
Net cash used for financing activities | (4,634,523 | ) | ||
|
| |||
CASH | ||||
Net increase in restricted and unrestricted cash | $ | 389 | ||
Restricted and unrestricted cash at beginning of period | 54,937 | |||
|
| |||
Restricted and unrestricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . | $ | 55,326 | ||
|
| |||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES | ||||
Cash | $ | 29,326 | ||
Cash pledged | ||||
Futures contracts | 26,000 | |||
|
| |||
$ | 55,326 | |||
|
|
(a) | Excludes in-kind transactions, if any. |
See notes to financial statements.
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares MSCI Russia ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) |
| | Year Ended 08/31/21 |
| | Year Ended 08/31/20 |
| | Year Ended 08/31/19 |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 | (a) | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 45.29 | $ | 34.87 | $ | 37.81 | $ | 32.47 | $ | 32.13 | $ | 27.92 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(b) | 0.86 | 2.05 | 1.87 | 2.33 | 1.21 | 1.14 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (36.83 | ) | 10.24 | (1.99 | ) | 5.04 | 0.22 | 4.07 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (35.97 | ) | 12.29 | (0.12 | ) | 7.37 | 1.43 | 5.21 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.70 | ) | (1.87 | ) | (2.82 | ) | (2.03 | ) | (1.09 | ) | (1.00 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (1.70 | ) | (1.87 | ) | (2.82 | ) | (2.03 | ) | (1.09 | ) | (1.00 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 7.62 | $ | 45.29 | $ | 34.87 | $ | 37.81 | $ | 32.47 | $ | 32.13 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (82.46 | )%(f) | 36.07 | % | (1.28 | )% | 23.64 | % | 4.37 | % | 18.73 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.58 | %(h) | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 3.95 | %(h) | 5.26 | % | 4.97 | % | 6.60 | % | 3.50 | % | 4.27 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 104,805 | $ | 586,497 | $ | 467,203 | $ | 627,581 | $ | 478,860 | $ | 530,076 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 4 | %(f) | 25 | % | 30 | % | 18 | % | 32 | % | 18 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
FINANCIAL HIGHLIGHTS | 13 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |||
MSCI Russia | Non-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. The 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 Fund is 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.
Foreign Currency Translation: The 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.
The 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 Statement 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. The 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 February 28, 2022, if any, are disclosed in the Statement of Assets and Liabilities.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The 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 Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the 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 Fund uses 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that the 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 the 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 Global 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 Global 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.
4. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund 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 Fund is required to deposit initial margin with the broker in the form of cash or securities
NOTES TO FINANCIAL STATEMENTS | 15 |
Notes to Financial Statements (unaudited) (continued)
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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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.
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, 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 directors).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.7400% | |||
Over $2 billion, up to and including $4 billion | 0.6900 | |||
Over $4 billion, up to and including $8 billion | 0.6400 | |||
Over $8 billion, up to and including $16 billion | 0.5700 | |||
Over $16 billion, up to and including $24 billion | 0.5100 | |||
Over $24 billion, up to and including $32 billion | 0.4800 | |||
Over $32 billion, up to and including $40 billion | 0.4500 | |||
Over $40 billion | 0.4275 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Russia | $ | 2,217,982 | $ | 766,239 | $ | 218,151 |
The 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 Statement 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.
6. | PURCHASES AND SALES |
For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Russia | $ | 27,810,825 | $ | 20,618,897 |
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Russia | $ | 15,064,312 | $ | — |
7. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the 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 Fund as of February 28, 2022, 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 Fund’s financial statements.
As of August 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $121,773,631.
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.
As of February 28, 2022, 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 Russia | $ | 492,392,339 | $ | — | $ | (387,467,844) | $ | (387,467,844) |
8. | LINE OF CREDIT |
The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.
9. | PRINCIPAL RISKS |
In the normal course of business, the 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 Fund and its investments. The 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 the 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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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
NOTES TO FINANCIAL STATEMENTS | 17 |
Notes to Financial Statements (unaudited) (continued)
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 the Fund could receive upon the sale of any particular portfolio investment may differ from the 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 Fund 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 Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
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 Fund 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, the 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 Fund.
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 the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its 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.
The Fund invests a significant portion of its 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 Fund’s 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. 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 could 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.
The Fund invests a significant portion of its assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
The Fund invests a significant portion of its 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.
LIBORTransition 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 Fund 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 Fund is uncertain.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the 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 the Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Russia | ||||||||||||||||
Shares sold | 800,000 | $ | 32,469,779 | 900,000 | $ | 38,349,193 | ||||||||||
Shares redeemed | — | — | (1,350,000 | ) | (49,799,409 | ) | ||||||||||
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Net increase (decrease) | 800,000 | $ | 32,469,779 | (450,000 | ) | $ | (11,450,216 | ) | ||||||||
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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 Statement of Assets and Liabilities.
11. | SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Russia’s large-scale invasion of Ukraine has created circumstances that have continued to significantly impact the Fund’s operations since February 28, 2022. The United States, and many other countries, have imposed economic sanctions on certain Russian individuals and Russian corporate banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capital from entering and exiting the country and have closed trading sessions for local Russian equities to non-residents, which have been in effect since February 28, 2022. In addition, trading of depository receipts for several Russia-based companies was halted on primary trading platforms in early March 2022.
The consequences of Russia’s invasion and unprecedented market and policy responses of various governments and regulators precipitated the absence of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based companies held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.
Beginning in early March 2022, the following developments occurred: (i) the Fund temporarily suspended new creations of its shares until further notice; (ii) NYSE Arca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) the index provider, similarly, and separately, wrote down the represented value of all Russian equities comprising the Fund’s benchmark, MSCI Russia 25/50 Index, to nominal investment values; (v) BFA implemented a voluntary waiver of its investment advisory fee for the Fund that may be eliminated at any time; (vi) Russia signed into law a requirement of Russian issuers
NOTES TO FINANCIAL STATEMENTS | 19 |
Notes to Financial Statements (unaudited) (continued)
to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of the respective Russian issuers in place of the depository receipts; and (vii) the Fund was removed as a borrower from the line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement.
As of March 7, 2022, the Fund’s net assets are composed primarily of cash, which is invested in an affiliated money market fund, instead of Russian equity securities of its underlying index. As a result, during this time, the Fund will not meet its investment objective and will likely experience increased tracking error.
Refer to the table below for changes in key measures reported on the Statement of Assets and Liabilities as of March 7, 2022 (date by which all material aforementioned subsequent events impacting net asset value were realized).
iShares MSCI Russia ETF | February 28, 2022 | March 7, 2022 | ||||||
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ASSETS | ||||||||
Investments in Securities, at value | ||||||||
Unaffiliated | $ | 104,048,169 | $ | 49,286 | ||||
Affiliated | 920,000 | 910,000 | ||||||
Other Assets | 147,670 | 123,246 | ||||||
LIABILITIES | ||||||||
Investment advisory fees payable | 215,570 | — | ||||||
Other Liabilities | 95,402 | 88,052 | ||||||
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NET ASSETS | $ | 104,804,867 | $ | 994,480 | ||||
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Net asset value | $ | 7.62 | $ | 0.07 | ||||
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20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Russia ETF (the “Fund” or “ETF”), each a series of the Company, which is reasonably designed to assess and manage the Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the 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 the 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, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 21 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Russia(a) | $ | 1.427702 | $ | — | $ | 0.272784 | $ | 1.700486 | 84 | % | — | % | 16 | % | 100 | % |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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 Company’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 | 23 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company |
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-821-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca
· iShares MSCI BRIC ETF | BKF | NYSE Arca
· iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ
· iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022
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6-Month | 12-Month | |||||||
U.S. large cap equities | (2.62 | )% | 16.39 | % | ||||
U.S. small cap equities | (9.46 | ) | (6.01 | ) | ||||
International equities | (6.78 | ) | 2.83 | |||||
Emerging market equities | (9.81 | ) | (10.69 | ) | ||||
3-month Treasury bills | 0.02 | 0.04 | ||||||
U.S. Treasury securities | (3.94 | ) | (1.67 | ) | ||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.07 | ) | (2.64 | ) | ||||
Tax-exempt municipal bonds | (3.09 | ) | (0.66 | ) | ||||
U.S. high yield bonds | (3.07 | ) | 0.64 | |||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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Fund Summary as of February 28, 2022 | iShares® Core MSCI Emerging Markets ETF |
Investment Objective
The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market 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 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||
Fund NAV | (9.58 | )% | (9.49 | )% | 6.96 | % | 4.03 | % | (9.49 | )% | 39.97 | % | 44.74 | % | ||||||||||||||||
Fund Market | (8.65 | ) | (8.92 | ) | 7.24 | 4.11 | (8.92 | ) | 41.81 | 45.89 | ||||||||||||||||||||
Index | (9.52 | ) | (9.06 | ) | 7.08 | 4.08 | (9.06 | ) | 40.75 | 45.44 |
The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.
Past performance is no guarantee 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” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||
$ 1,000.00 | $ 904.20 | $ 0.52 | $ 1,000.00 | $ 1,024.20 | $ 0.55 | 0.11 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 21.6 | % | ||
Financials | 19.9 | |||
Consumer Discretionary | 12.7 | |||
Communication Services | 9.6 | |||
Materials | 9.6 | |||
Industrials | 6.6 | |||
Consumer Staples | 5.9 | |||
Energy | 4.4 | |||
Health Care | 4.4 | |||
Real Estate | 2.7 | |||
Utilities | 2.6 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 29.3 | % | ||
Taiwan | 17.0 | |||
India | 13.6 | |||
South Korea | 12.8 | |||
Brazil | 5.1 | |||
Saudi Arabia | 3.8 | |||
South Africa | 3.8 | |||
Thailand | 2.1 | |||
Mexico | 2.1 | |||
Indonesia | 1.7 |
(a) | Excludes money market funds. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI BRIC ETF |
Investment Objective
The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC 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.
In response to recent negative developments that led to a material deterioration in the accessibility of the Russian equity market to international institutional investors, MSCI announced on March 2, 2022 that they would remove all Russian securities from their indexes effective March 9, 2022. On March 8, 2022, the Board approved a proposal to change the name of the Fund from iShares MSCI BRIC ETF to iShares MSCI BIC ETF and to change the Fund’s investment objective. These changes became effective on March 10, 2022.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (16.95 | )% | (22.90 | )% | 4.82 | % | 1.46 | % | (22.90 | )% | 26.54 | % | 15.54 | % | ||||||||||||||||
Fund Market | (14.84 | ) | (21.81 | ) | 5.20 | 1.68 | (21.81 | ) | 28.86 | 18.13 | ||||||||||||||||||||
Index | (15.84 | ) | (21.03 | ) | 5.73 | 2.20 | (21.03 | ) | 32.10 | 24.30 |
Past performance is no guarantee 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” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||
$ 1,000.00 | $ 830.50 | $ 3.13 | $ 1,000.00 | $ 1,021.40 | $ 3.46 | 0.69 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Discretionary | 20.4 | % | ||
Financials | 19.0 | |||
Communication Services | 12.6 | |||
Information Technology | 8.8 | |||
Materials | 7.8 | |||
Consumer Staples | 6.8 | |||
Energy | 6.7 | |||
Industrials | 5.8 | |||
Health Care | 5.6 | |||
Utilities | 3.6 | |||
Real Estate | 2.9 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 63.9 | % | ||
India | 24.8 | |||
Brazil | 10.0 | |||
Russia | 1.3 |
(a) | Excludes money market funds. |
FUND SUMMARY | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF |
Investment Objective
The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI EM Asia Custom Capped 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (9.99 | )% | (13.41 | )% | 8.05 | % | 5.35 | % | (13.41 | )% | 47.25 | % | 68.37 | % | ||||||||||||||||
Fund Market | (9.52 | ) | (14.11 | ) | 8.01 | 5.41 | (14.11 | ) | 47.02 | 69.40 | ||||||||||||||||||||
Index | (10.32 | ) | (13.00 | ) | 8.57 | 5.76 | (13.00 | ) | 50.89 | 75.13 |
Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index.
Past performance is no guarantee 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” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||
$ 1,000.00 | $ 900.10 | $ 2.31 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 27.8 | % | ||
Financials | 16.9 | |||
Consumer Discretionary | 14.9 | |||
Communication Services | 10.5 | |||
Materials | 6.1 | |||
Industrials | 5.8 | |||
Consumer Staples | 5.4 | |||
Health Care | 4.4 | |||
Energy | 3.5 | |||
Utilities | 2.4 | |||
Real Estate | 2.3 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 40.7 | % | ||
Taiwan | 20.5 | |||
India | 15.7 | |||
South Korea | 15.7 | |||
Thailand | 2.4 | |||
Indonesia | 2.1 | |||
Malaysia | 1.9 | |||
Philippines | 1.0 |
(a) | Excludes money market funds. |
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF |
Investment Objective
The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap 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 | |||||||||||||||||||||||||||||
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6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (6.92 | )% | 4.26 | % | 7.77 | % | 4.42 | % | 4.26 | % | 45.40 | % | 54.15 | % | ||||||||||||||||
Fund Market | (6.43 | ) | 3.82 | 7.85 | 4.39 | 3.82 | 45.91 | 53.60 | ||||||||||||||||||||||
Index | (7.45 | ) | 4.36 | 7.81 | 4.69 | 4.36 | 45.63 | 58.13 |
Past performance is no guarantee 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” on page 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||
$ 1,000.00 | $ 930.80 | $ 3.35 | $ 1,000.00 | $ 1,021.30 | $ 3.51 | 0.70 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 18.6 | % | ||
Industrials | 15.5 | |||
Materials | 12.9 | |||
Consumer Discretionary | 11.9 | |||
Financials | 11.1 | |||
Health Care | 8.2 | |||
Real Estate | 6.6 | |||
Consumer Staples | 5.7 | |||
Communication Services | 4.1 | |||
Utilities | 3.4 | |||
Energy | 2.0 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Taiwan | 22.8 | % | ||
India | 21.2 | |||
South Korea | 15.6 | |||
China | 8.8 | |||
Brazil | 6.2 | |||
South Africa | 3.9 | |||
Thailand | 3.9 | |||
Malaysia | 2.8 | |||
Saudi Arabia | 2.5 | |||
Indonesia | 2.0 |
(a) | Excludes money market funds. |
FUND SUMMARY | 7 |
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.
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 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 a 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 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 3.9% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 1,394,830 | $ | 9,244,057 | |||||
AES Brasil Energia SA | 2,007,017 | 4,464,448 | ||||||
Aliansce Sonae Shopping Centers SA | 1,537,476 | 6,556,572 | ||||||
Alupar Investimento SA | 1,725,541 | 8,613,332 | ||||||
Ambev SA | 40,088,258 | 117,649,501 | ||||||
Americanas SA | 5,521,429 | 32,356,488 | ||||||
Anima Holding SA(a) | 2,980,163 | 4,129,482 | ||||||
Arezzo Industria e Comercio SA | 574,268 | 9,004,929 | ||||||
Atacadao SA | 3,353,082 | 12,359,973 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 51,816,519 | 145,779,812 | ||||||
Banco Bradesco SA | 12,556,115 | 41,182,176 | ||||||
Banco BTG Pactual SA | 10,001,886 | 49,692,244 | ||||||
Banco do Brasil SA | 7,003,555 | 47,351,566 | ||||||
Banco Inter SA | 3,011,818 | 11,678,328 | ||||||
Banco Santander Brasil SA | 3,431,063 | 20,336,736 | ||||||
BB Seguridade Participacoes SA | 5,491,609 | 24,215,329 | ||||||
BR Malls Participacoes SA(a) | 6,650,472 | 12,055,016 | ||||||
BR Properties SA | 2,615,828 | 3,802,016 | ||||||
BRF SA(a) | 5,726,052 | 18,057,395 | ||||||
Camil Alimentos SA | 1,635,078 | 2,899,947 | ||||||
CCR SA | 10,266,954 | 23,357,704 | ||||||
Centrais Eletricas Brasileiras SA | 2,797,400 | 18,878,970 | ||||||
Cia Brasileira de Distribuicao | 1,537,733 | 7,050,156 | ||||||
Cia. de Locacao das Americas, NVS | 2,996,540 | 14,621,575 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,787,604 | 22,368,340 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 1,924,860 | 5,285,404 | ||||||
Cia. de Saneamento do Parana | 1,729,880 | 6,760,274 | ||||||
Cia. Siderurgica Nacional SA | 6,085,320 | 29,950,320 | ||||||
Cielo SA, NVS | 12,264,777 | 6,103,182 | ||||||
Cogna Educacao(a) | 17,174,257 | 7,535,411 | ||||||
Cosan SA | 8,915,784 | 36,552,776 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(a) | 2,248,345 | 5,389,046 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS | 2,462,727 | 7,190,585 | ||||||
Dexco SA | 3,422,159 | 9,117,804 | ||||||
EcoRodovias Infraestrutura e Logistica SA(a) | 3,062,023 | 3,835,791 | ||||||
EDP - Energias do Brasil SA | 2,753,055 | 11,055,008 | ||||||
Embraer SA(a) | 6,365,599 | 21,678,641 | ||||||
Enauta Participacoes SA | 1,367,701 | 4,585,431 | ||||||
Energisa SA | 1,382,816 | 11,799,141 | ||||||
Eneva SA(a) | 6,047,235 | 15,717,893 | ||||||
Engie Brasil Energia SA | 1,365,162 | 10,576,134 | ||||||
Equatorial Energia SA | 7,877,967 | 38,958,860 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 1,116,320 | 3,763,556 | ||||||
Fleury SA | 1,951,768 | 6,774,641 | ||||||
GPS Participacoes e Empreendimentos SA(b) | 2,020,423 | 5,922,933 | ||||||
Grendene SA | 3,592,452 | 5,815,674 | ||||||
GRUPO DE MODA SOMA SA(a) | 4,242,424 | 10,658,510 | ||||||
Grupo Mateus SA(a) | 4,401,587 | 5,071,219 | ||||||
Grupo SBF SA(a) | 1,099,661 | 4,855,036 | ||||||
Guararapes Confeccoes SA | 980,061 | 2,300,162 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 35,730,419 | 83,637,595 | ||||||
Hypera SA | 3,073,139 | 19,935,444 | ||||||
Iguatemi SA(a) | 1,704,628 | 6,293,084 | ||||||
Instituto Hermes Pardini SA | 634,769 | 2,266,580 | ||||||
Iochpe Maxion SA, NVS | 1,298,788 | 3,273,419 | ||||||
IRB Brasil Resseguros S/A(a) | 8,959,356 | 5,286,175 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
JBS SA | 6,562,122 | $ | 45,966,323 | |||||
JHSF Participacoes SA | 3,605,330 | 3,827,258 | ||||||
Klabin SA | 6,236,373 | 28,011,521 | ||||||
Light SA | 3,113,445 | 5,917,302 | ||||||
Localiza Rent a Car SA | 5,212,082 | 58,022,681 | ||||||
Locaweb Servicos de Internet SA(a)(b) | 3,882,427 | 7,548,184 | ||||||
LOG Commercial Properties e Participacoes SA | 709,082 | 3,794,183 | ||||||
Lojas Quero Quero S/A | 1,990,574 | 3,089,533 | ||||||
Lojas Renner SA | 8,321,051 | 41,129,568 | ||||||
M. Dias Branco SA | 1,035,960 | 4,575,053 | ||||||
Magazine Luiza SA | 25,524,203 | 29,447,277 | ||||||
Marfrig Global Foods SA | 3,388,138 | 14,580,628 | ||||||
Meliuz SA(b) | 5,389,457 | 2,439,946 | ||||||
Minerva SA | 2,896,325 | 6,095,818 | ||||||
Movida Participacoes SA | 1,633,254 | 5,158,283 | ||||||
MRV Engenharia e Participacoes SA | 3,073,348 | 7,064,041 | ||||||
Multiplan Empreendimentos Imobiliarios SA, NVS | 2,321,227 | 9,867,086 | ||||||
Natura & Co. Holding SA(a) | 7,662,429 | 34,193,235 | ||||||
Odontoprev SA | 2,639,366 | 5,882,823 | ||||||
Omega Energia SA(a) | 3,083,905 | 6,483,043 | ||||||
Pet Center Comercio e Participacoes SA | 2,470,363 | 8,326,721 | ||||||
Petro Rio SA(a) | 5,813,410 | 29,544,417 | ||||||
Petroleo Brasileiro SA | 32,110,752 | 228,320,842 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 2,025,035 | 5,027,582 | ||||||
Raia Drogasil SA | 9,296,836 | 42,088,065 | ||||||
Rede D’Or Sao Luiz SA(b) | 3,310,989 | 32,616,447 | ||||||
Rumo SA(a) | 11,031,537 | 33,049,065 | ||||||
Santos Brasil Participacoes SA, NVS | 4,803,787 | 5,992,780 | ||||||
Sao Martinho SA | 1,720,441 | 13,299,999 | ||||||
Sendas Distribuidora SA | 6,793,679 | 17,684,337 | ||||||
SIMPAR SA | 3,813,956 | 7,746,415 | ||||||
SLC Agricola SA | 1,151,348 | 9,780,979 | ||||||
Smartfit Escola de Ginastica e Danca SA(a) | 1,290,007 | 4,594,703 | ||||||
Sul America SA | 2,399,213 | 16,342,176 | ||||||
Suzano SA | 6,429,372 | 69,301,982 | ||||||
Telefonica Brasil SA | 4,082,016 | 40,030,918 | ||||||
TIM SA | 6,752,696 | 17,911,443 | ||||||
TOTVS SA | 4,443,117 | 28,463,624 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,688,876 | 12,941,907 | ||||||
Ultrapar Participacoes SA | 6,072,091 | 17,076,848 | ||||||
Vale SA | 34,314,764 | 636,665,049 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 2,030,937 | 4,320,931 | ||||||
Via S/A(a) | 10,640,317 | 7,795,845 | ||||||
Vibra Energia SA | 10,076,905 | 45,899,458 | ||||||
Vivara Participacoes SA | 1,106,075 | 5,597,007 | ||||||
WEG SA | 14,378,921 | 81,467,910 | ||||||
YDUQS Participacoes SA | 2,517,365 | 10,330,416 | ||||||
|
| |||||||
2,820,963,473 | ||||||||
Chile — 0.4% | ||||||||
Aguas Andinas SA, Class A | 27,965,298 | 5,898,304 | ||||||
Banco de Chile | 369,662,817 | 39,192,428 | ||||||
Banco de Credito e Inversiones SA | 452,644 | 16,181,797 | ||||||
Banco Santander Chile | 532,273,604 | 26,136,650 | ||||||
CAP SA | 682,382 | 7,890,426 | ||||||
Cencosud SA | 12,271,510 | 22,571,471 | ||||||
Cencosud Shopping SA | 4,241,835 | 4,553,922 | ||||||
Cia. Cervecerias Unidas SA | 1,059,183 | 8,397,259 | ||||||
Colbun SA | 68,884,951 | 5,016,397 | ||||||
Empresa Nacional de Telecomunicaciones SA | 1,635,047 | 6,076,188 |
SCHEDULE OF INVESTMENTS | 9 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Empresas CMPC SA | 9,320,811 | $ | 15,399,398 | |||||
Empresas COPEC SA | 3,367,265 | 26,122,426 | ||||||
Enel Americas SA | 179,597,321 | 21,029,308 | ||||||
Enel Chile SA | 201,216,096 | 6,596,424 | ||||||
Engie Energia Chile SA | 6,957,015 | 4,221,912 | ||||||
Falabella SA | 6,173,993 | 20,317,319 | ||||||
Inversiones Aguas Metropolitanas SA | 5,823,303 | 2,918,169 | ||||||
Itau CorpBanca Chile SA(a) | 2,989,053,113 | 5,865,302 | ||||||
Parque Arauco SA(a) | 5,637,665 | 5,626,309 | ||||||
SMU SA | 22,133,721 | 2,218,379 | ||||||
Vina Concha y Toro SA | 4,799,923 | 7,050,938 | ||||||
|
| |||||||
259,280,726 | ||||||||
China — 29.3% | ||||||||
360 DigiTech Inc., ADR | 726,075 | 13,613,906 | ||||||
360 Security Technology Inc., Class A(a) | 4,624,588 | 7,697,806 | ||||||
361 Degrees International Ltd.(a) | 9,639,000 | 4,738,807 | ||||||
3SBio Inc.(a)(b) | 10,494,000 | 8,340,311 | ||||||
51job Inc., ADR(a)(c) | 253,087 | 13,109,907 | ||||||
AAC Technologies Holdings Inc. | 6,081,500 | 16,628,038 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 356,217 | 7,267,483 | ||||||
AECC Aviation Power Co. Ltd., Class A | 1,425,316 | 11,444,044 | ||||||
Agile Group Holdings Ltd.(c) | 9,726,500 | 4,431,609 | ||||||
Agora Inc., ADR(a)(c) | 446,804 | 5,397,392 | ||||||
Agricultural Bank of China Ltd., Class A | 41,256,235 | 19,490,978 | ||||||
Agricultural Bank of China Ltd., Class H | 212,728,000 | 80,564,149 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 2,814,524 | 16,273,909 | ||||||
Air China Ltd., Class A(a) | 3,445,500 | 5,396,140 | ||||||
Air China Ltd., Class H(a)(c) | 16,206,000 | 12,463,693 | ||||||
AK Medical Holdings Ltd.(b)(c) | 4,722,000 | 3,252,217 | ||||||
Akeso Inc.(a)(b)(c) | 2,473,000 | 6,530,562 | ||||||
Alibaba Group Holding Ltd.(a) | 129,439,504 | 1,703,925,292 | ||||||
Alibaba Health Information Technology Ltd.(a)(c) | 34,234,000 | 23,971,729 | ||||||
Alibaba Pictures Group Ltd.(a)(c) | 111,730,000 | 11,170,684 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 4,680,000 | 8,388,996 | ||||||
Alphamab Oncology(a)(b)(c) | 3,773,000 | 4,484,062 | ||||||
Aluminum Corp. of China Ltd., Class A(a) | 6,753,100 | 6,987,309 | ||||||
Aluminum Corp. of China Ltd., Class H(a)(c) | 34,736,000 | 24,552,230 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 2,174,429 | 13,920,101 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 10,187,500 | 54,671,477 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 227,155 | 7,981,219 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 901,180 | 13,213,883 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 482,708 | 5,798,603 | ||||||
Anjoy Foods Group Co Ltd., Class A | 174,100 | 3,415,262 | ||||||
ANTA Sports Products Ltd.(c) | 9,199,200 | 140,501,235 | ||||||
Ascentage Pharma Group International(a)(b)(c) | 1,545,700 | 3,627,821 | ||||||
Asia Cement China Holdings Corp | 5,390,000 | 3,369,456 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 153,600 | 8,277,447 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 408,237 | 3,352,214 | ||||||
Autohome Inc., ADR | 643,580 | 19,687,112 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 837,100 | 4,613,042 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 2,255,200 | 4,462,529 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 10,176,091 | 6,284,775 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 21,661,000 | 13,447,959 | ||||||
Baidu Inc., ADR(a) | 2,367,640 | 360,923,042 | ||||||
Bank of Beijing Co. Ltd., Class A | 16,831,506 | 12,036,701 | ||||||
Bank of Chengdu Co. Ltd., Class A | 3,466,008 | 7,926,539 | ||||||
Bank of China Ltd., Class A | 18,391,100 | 9,031,981 | ||||||
Bank of China Ltd., Class H | 683,868,000 | 266,230,969 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bank of Communications Co. Ltd., Class A | 19,740,080 | $ | 14,964,311 | |||||
Bank of Communications Co. Ltd., Class H | 71,342,000 | 48,907,029 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 4,350,997 | 9,889,711 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 11,371,008 | 12,003,573 | ||||||
Bank of Nanjing Co. Ltd., Class A | 7,519,222 | 11,642,591 | ||||||
Bank of Ningbo Co. Ltd., Class A | 3,473,193 | 21,000,826 | ||||||
Bank of Shanghai Co. Ltd., Class A | 10,237,235 | 11,346,450 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 12,174,673 | 13,954,180 | ||||||
Baozun Inc., ADR(a)(c) | 515,945 | 5,432,901 | ||||||
BBMG Corp., Class A | 17,920,236 | 8,195,166 | ||||||
BeiGene Ltd., ADR(a)(c) | 403,270 | 84,896,400 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 16,424,000 | 10,519,727 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(a)(c) | 1,042,000 | 1,431,866 | ||||||
Beijing Energy International Holding Co. Ltd.(a) | 67,348,852 | 2,246,938 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 2,371,294 | 3,552,947 | ||||||
Beijing Enterprises Holdings Ltd. | 3,695,000 | 12,631,365 | ||||||
Beijing Enterprises Water Group Ltd. | 36,918,000 | 14,585,704 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a)(d) | 92,816,000 | 716,317 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 237,051 | 8,042,346 | ||||||
Beijing New Building Materials PLC, Class A | 1,158,519 | 5,494,732 | ||||||
Beijing Roborock Technology Co. Ltd., Class A | 43,779 | 4,393,286 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 819,559 | 3,113,313 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 626,600 | 2,711,972 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 1,643,687 | 3,915,072 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 939,197 | 4,079,516 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 2,780,000 | 3,856,269 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 241,493 | 9,626,383 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 20,708,000 | 16,965,392 | ||||||
BEST Inc., ADR(a)(c) | 1,982,911 | 1,388,236 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 297,194 | 2,848,183 | ||||||
BGI Genomics Co. Ltd., Class A | 338,400 | 4,577,679 | ||||||
Bilibili Inc., ADR(a)(c) | 1,416,811 | 44,785,396 | ||||||
Bit Digital Inc.(a) | 529,840 | 2,082,271 | ||||||
BOC Aviation Ltd.(b) | 1,727,000 | 15,012,810 | ||||||
BOE Technology Group Co. Ltd., Class A | 18,817,100 | 14,043,953 | ||||||
Bosideng International Holdings Ltd.(c) | 28,046,000 | 15,957,254 | ||||||
Burning Rock Biotech Ltd., ADR(a)(c) | 419,281 | 3,534,539 | ||||||
BYD Co. Ltd., Class A | 1,027,586 | 41,321,088 | ||||||
BYD Co. Ltd., Class H | 7,025,500 | 217,701,584 | ||||||
BYD Electronic International Co. Ltd. | 5,800,500 | 16,367,918 | ||||||
By-Health Co Ltd, Class A | 1,247,700 | 4,912,447 | ||||||
C&D International Investment Group Ltd.(c) | 5,093,000 | 9,471,151 | ||||||
Caitong Securities Co. Ltd., Class A | 4,266,331 | 6,352,962 | ||||||
Canaan Inc., ADR(a)(c) | 847,615 | 4,466,931 | ||||||
CanSino Biologics Inc., Class H(a)(b)(c) | 684,200 | 12,365,792 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 11,492,000 | 5,593,721 | ||||||
Central China Management Co. Ltd. | 11,308,000 | 1,515,677 | ||||||
Central China Real Estate Ltd. | 9,984,000 | 819,702 | ||||||
CGN New Energy Holdings Co. Ltd.(c) | 12,680,000 | 8,439,002 | ||||||
CGN Power Co. Ltd., Class H(b) | 88,055,000 | 24,964,560 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 216,842 | 6,292,089 | ||||||
Changjiang Securities Co. Ltd., Class A | 6,991,896 | 7,668,294 |
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 243,536 | $ | 5,975,729 | |||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 1,460,253 | 8,087,234 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 5,002,000 | 3,614,998 | ||||||
China Animal Healthcare Ltd.(a)(d) | 1,237,000 | 2 | ||||||
China Aoyuan Group Ltd. | 10,262,000 | 1,710,525 | ||||||
China BlueChemical Ltd., Class H | 20,554,000 | 6,154,501 | ||||||
China Bohai Bank Co. Ltd., Class H(b) | 23,488,000 | 3,907,353 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 67,607,000 | 12,203,978 | ||||||
China CITIC Bank Corp. Ltd., Class H | 71,709,000 | 33,696,999 | ||||||
China Coal Energy Co. Ltd., Class H | 17,670,000 | 11,014,310 | ||||||
China Communications Services Corp. Ltd., Class H | 20,898,000 | 11,465,083 | ||||||
China Conch Venture Holdings Ltd. | 14,168,500 | 68,182,194 | ||||||
China Construction Bank Corp., Class A | 4,843,268 | 4,633,611 | ||||||
China Construction Bank Corp., Class H | 820,279,000 | 615,180,174 | ||||||
China CSSC Holdings Ltd., Class A | 2,711,701 | 9,427,329 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 22,535,000 | 8,539,579 | ||||||
China Dongxiang Group Co. Ltd.(c) | 39,790,000 | 3,004,133 | ||||||
China East Education Holdings Ltd.(b)(c) | 5,145,500 | 2,993,881 | ||||||
China Education Group Holdings Ltd. | 7,793,000 | 6,676,460 | ||||||
China Energy Engineering Corp. Ltd.(a) | 16,610,625 | 7,099,906 | ||||||
China Everbright Bank Co. Ltd., Class A | 20,483,182 | 10,854,543 | ||||||
China Everbright Bank Co. Ltd., Class H | 22,767,000 | 8,467,223 | ||||||
China Everbright Environment Group Ltd. | 32,024,148 | 22,992,548 | ||||||
China Everbright Greentech | 14,308,000 | 4,729,506 | ||||||
China Everbright Ltd. | 8,100,000 | 8,920,475 | ||||||
China Everbright Water Ltd.(c) | 10,957,800 | 2,546,070 | ||||||
China Evergrande Group(c) | 33,656,000 | 6,888,347 | ||||||
China Feihe Ltd.(b) | 30,090,000 | 35,905,180 | ||||||
China Fiber Optic Network System Group Ltd.(d) | 10,394,800 | 13 | ||||||
China Foods Ltd. | 10,448,000 | 4,502,943 | ||||||
China Galaxy Securities Co. Ltd., Class H | 35,197,500 | 20,146,454 | ||||||
China Gas Holdings Ltd. | 25,927,000 | 40,974,308 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 2,178,600 | 4,608,804 | ||||||
China Harmony Auto Holding Ltd. | 7,952,500 | 3,755,115 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(a)(c) | 5,069,000 | 3,845,767 | ||||||
China Hongqiao Group Ltd. | 20,002,000 | 28,002,966 | ||||||
China Huishan Dairy Holdings | 16,599,187 | 21 | ||||||
China Huiyuan Juice Group | 10,877,000 | 14 | ||||||
China International Capital Corp. Ltd., Class H(b) | 13,896,800 | 33,809,830 | ||||||
China Jinmao Holdings Group Ltd. | 46,732,000 | 15,540,420 | ||||||
China Jushi Co. Ltd., Class A | 2,854,975 | 7,750,882 | ||||||
China Kepei Education Group | 8,308,000 | 2,492,311 | ||||||
China Lesso Group Holdings Ltd. | 9,765,000 | 15,034,044 | ||||||
China Life Insurance Co. Ltd., Class A | 1,626,721 | 7,428,772 | ||||||
China Life Insurance Co. Ltd., Class H | 63,029,000 | 104,415,718 | ||||||
China Lilang Ltd. | 5,456,000 | 3,030,857 | ||||||
China Literature Ltd.(a)(b)(c) | 3,543,400 | 19,230,557 | ||||||
China Logistics Property Holdings Co. Ltd.(a)(b)(c) | 13,857,000 | 7,678,040 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 28,831,000 | 59,495,354 | ||||||
China Lumena New Materials | 64,600 | — | ||||||
China Maple Leaf Educational Systems Ltd.(a) | 19,056,000 | 1,004,940 | ||||||
China Medical System Holdings Ltd. | 11,772,000 | 20,961,850 | ||||||
China Meidong Auto Holdings Ltd. | 5,022,000 | 23,646,027 | ||||||
China Mengniu Dairy Co. Ltd. | 27,005,000 | 175,597,785 | ||||||
China Merchants Bank Co. Ltd., Class A | 10,985,716 | 86,839,064 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Merchants Bank Co. Ltd., Class H | 33,033,464 | $ | 278,449,182 | |||||
China Merchants Land Ltd. | 26,226,000 | 2,620,996 | ||||||
China Merchants Port Holdings Co. Ltd. | 12,018,270 | 22,659,202 | ||||||
China Merchants Securities Co. Ltd., Class A | 3,866,381 | 9,728,374 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 4,929,366 | 10,573,852 | ||||||
China Metal Recycling Holdings | 62,400 | — | ||||||
China Minsheng Banking Corp. Ltd., Class A | 18,128,617 | 11,235,030 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 45,819,220 | 17,846,518 | ||||||
China Modern Dairy Holdings Ltd.(c) | 28,392,000 | 5,246,889 | ||||||
China Molybdenum Co. Ltd., Class A | 11,286,071 | 10,826,667 | ||||||
China Molybdenum Co. Ltd., Class H | 26,298,000 | 15,828,838 | ||||||
China National Building Material Co. Ltd., Class H | 34,482,850 | 44,235,571 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 4,722,422 | 7,836,045 | ||||||
China National Nuclear Power Co. Ltd., Class A | 10,094,009 | 11,874,077 | ||||||
China New Higher Education Group Ltd.(b) | 10,035,000 | 3,686,533 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,004,000 | 15,763,348 | ||||||
China Oilfield Services Ltd., Class H | 14,966,000 | 17,061,186 | ||||||
China Oriental Group Co. Ltd. | 13,828,000 | 4,019,518 | ||||||
China Overseas Grand Oceans Group Ltd. | 15,649,500 | 9,028,109 | ||||||
China Overseas Land & Investment Ltd. | 32,124,000 | 98,079,929 | ||||||
China Overseas Property Holdings Ltd. | 11,745,000 | 12,751,946 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 3,805,642 | 16,005,167 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 22,028,600 | 61,340,326 | ||||||
China Petroleum & Chemical Corp., Class A | 17,338,050 | 11,975,469 | ||||||
China Petroleum & Chemical Corp., Class H | 203,330,200 | 101,154,081 | ||||||
China Power International Development Ltd. | 46,662,000 | 26,449,758 | ||||||
China Railway Group Ltd., Class A | 11,416,266 | 11,263,527 | ||||||
China Railway Group Ltd., Class H | 32,737,000 | 19,221,721 | ||||||
China Renaissance Holdings | 1,742,400 | 2,599,743 | ||||||
China Renewable Energy Investment Ltd.(d) | 8,046 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 12,564,000 | 99,625,002 | ||||||
China Resources Cement Holdings Ltd. | 19,794,000 | 16,937,523 | ||||||
China Resources Gas Group Ltd. | 7,938,000 | 36,459,149 | ||||||
China Resources Land Ltd. | 27,391,777 | 133,241,755 | ||||||
China Resources Medical Holdings Co. Ltd. | 9,194,000 | 5,182,934 | ||||||
China Resources Microelectronics Ltd. | 562,966 | 5,228,789 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 4,902,400 | 25,216,287 | ||||||
China Resources Power Holdings Co. Ltd. | 16,690,000 | 37,278,281 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 1,053,527 | 5,972,455 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 25,303,200 | 7,530,835 | ||||||
China SCE Group Holdings Ltd. | 19,545,200 | 3,924,152 | ||||||
China Shenhua Energy Co. Ltd., Class A | 3,751,429 | 15,019,706 | ||||||
China Shenhua Energy Co. Ltd., Class H | 28,530,000 | 78,628,232 | ||||||
China Shineway Pharmaceutical Group Ltd. | 4,310,000 | 3,529,803 | ||||||
China South City Holdings Ltd. | 45,770,000 | 3,820,728 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 6,598,384 | 7,244,876 | ||||||
China Southern Airlines Co. Ltd., Class H(a)(c) | 13,020,000 | 8,237,300 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 19,634,319 | 15,861,498 | ||||||
China State Construction International Holdings Ltd. | 17,448,000 | 24,572,304 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 15,239,000 | 10,151,160 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 13,052,508 | 15,449,046 | ||||||
China Three Gorges Renewables Group Co. Ltd. | 14,634,632 | 16,518,637 | ||||||
China Tobacco International HK Co. Ltd.(c) | 3,470,000 | 6,488,705 |
SCHEDULE OF INVESTMENTS | 11 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 1,013,579 | $ | 32,737,478 | |||||
China Tower Corp. Ltd., Class H(b) | 340,900,000 | 39,733,089 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 23,474,000 | 13,381,580 | ||||||
China Travel International Investment Hong Kong Ltd.(a) | 31,628,000 | 6,212,401 | ||||||
China United Network Communications Ltd., Class A | 15,823,925 | 9,587,065 | ||||||
China Vanke Co. Ltd., Class A | 5,379,668 | 16,374,041 | ||||||
China Vanke Co. Ltd., Class H | 13,742,087 | 32,639,954 | ||||||
China Vast Industrial Urban Development Co. Ltd.(b) | 972,000 | 211,878 | ||||||
China Water Affairs Group Ltd.(c) | 9,026,000 | 9,971,604 | ||||||
China Yangtze Power Co. Ltd., Class A | 11,911,330 | 43,823,129 | ||||||
China Yuchai International Ltd. | 133,281 | 1,648,686 | ||||||
China Yuhua Education Corp. Ltd.(b)(c) | 14,946,000 | 3,869,498 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 310,300 | 5,783,614 | ||||||
China Zheshang Bank Co. Ltd., Class A | 19,060,700 | 10,357,735 | ||||||
China Zhongwang Holdings Ltd.(a)(c)(d) | 15,649,600 | 2,460,908 | ||||||
Chinasoft International Ltd. | 22,718,000 | 20,727,921 | ||||||
Chindata Group Holdings Ltd., ADR(a)(c) | 930,165 | 5,106,606 | ||||||
Chongqing Brewery Co. Ltd., Class A(a) | 317,900 | 6,750,266 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 3,453,096 | 7,139,832 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 832,576 | 17,039,549 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 6,574,000 | 11,955,262 | ||||||
CIFI Holdings Group Co. Ltd. | 29,306,500 | 20,418,169 | ||||||
CIMC Enric Holdings Ltd.(c) | 7,368,000 | 8,812,668 | ||||||
CITIC Ltd. | 49,570,000 | 57,844,434 | ||||||
CITIC Securities Co. Ltd., Class A | 6,849,106 | 25,383,680 | ||||||
CITIC Securities Co. Ltd., Class H | 21,718,900 | 52,618,408 | ||||||
CMGE Technology Group Ltd.(a)(c) | 14,908,000 | 5,271,485 | ||||||
COFCO Joycome Foods Ltd.(a)(c) | 21,791,000 | 9,506,652 | ||||||
Colour Life Services Group Co. Ltd.(c) | 4,454,000 | 445,964 | ||||||
Concord New Energy Group Ltd. | 78,670,000 | 7,377,298 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 1,240,247 | 106,238,687 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 6,870,246 | 19,290,114 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) | 28,485,100 | 57,574,789 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 11,888,000 | 3,747,212 | ||||||
COSCO SHIPPING Ports Ltd. | 16,030,000 | 13,209,899 | ||||||
Country Garden Holdings Co. Ltd. | 65,131,733 | 50,602,904 | ||||||
Country Garden Services Holdings Co. Ltd. | 16,940,000 | 101,334,362 | ||||||
CPMC Holdings Ltd. | 7,749,000 | 4,285,354 | ||||||
CRRC Corp. Ltd., Class A | 12,430,200 | 11,425,829 | ||||||
CRRC Corp. Ltd., Class H | 37,530,000 | 16,679,608 | ||||||
CSC Financial Co. Ltd., Class A | 2,367,992 | 9,695,294 | ||||||
CSPC Pharmaceutical Group Ltd. | 76,783,760 | 91,016,602 | ||||||
CStone Pharmaceuticals(a)(b)(c) | 5,802,000 | 4,809,698 | ||||||
Dada Nexus Ltd., ADR(a) | 515,949 | 4,287,536 | ||||||
Dali Foods Group Co. Ltd.(b) | 18,016,000 | 9,488,707 | ||||||
Daqin Railway Co. Ltd., Class A | 7,615,200 | 8,209,776 | ||||||
Daqo New Energy Corp., ADR(a) | 500,805 | 24,018,608 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 670,374 | 3,789,953 | ||||||
DHC Software Co. Ltd., Class A | 3,668,498 | 4,809,638 | ||||||
DiDi Global Inc., ADR(a) | 1,896,225 | 7,774,522 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Differ Group Holding Co. Ltd.(a)(c) | 29,544,000 | $ | 9,121,677 | |||||
Digital China Holdings Ltd. | 9,098,000 | 4,966,754 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 23,056,000 | 19,844,903 | ||||||
Dongxing Securities Co. Ltd., Class A | 3,514,467 | 5,750,070 | ||||||
Dongyue Group Ltd. | 12,773,000 | 18,530,297 | ||||||
DouYu International Holdings Ltd., ADR(a)(c) | 1,247,098 | 2,569,022 | ||||||
East Money Information Co. Ltd., Class A | 5,581,993 | 23,791,970 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 300,000 | 6,433,796 | ||||||
EHang Holdings Ltd., ADR(a)(c) | 258,882 | 3,846,987 | ||||||
ENN Energy Holdings Ltd. | 6,780,100 | 98,192,072 | ||||||
Eve Energy Co. Ltd., Class A | 1,027,831 | 14,750,156 | ||||||
Everbright Securities Co. Ltd., Class A | 2,541,786 | 5,367,567 | ||||||
Everest Medicines Ltd.(a)(b)(c) | 1,316,500 | 4,067,282 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd.(a) | 4,223,000 | 2,531,304 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 3,056,284 | 5,011,085 | ||||||
Fanhua Inc., ADR | 440,827 | 2,944,724 | ||||||
Far East Horizon Ltd. | 14,392,000 | 12,265,595 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 1,342,698 | 3,669,220 | ||||||
FinVolution Group, ADR | 1,023,213 | 4,164,477 | ||||||
Fire Rock Holdings Ltd. | 19,116,000 | 1,214,800 | ||||||
First Capital Securities Co. Ltd., Class A | 3,750,900 | 3,793,705 | ||||||
Flat Glass Group Co. Ltd., Class A | 775,200 | 6,069,029 | ||||||
Flat Glass Group Co. Ltd., Class H(c) | 3,565,000 | 14,741,894 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 8,530,999 | 10,379,405 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1,825,305 | 28,767,307 | ||||||
Fosun International Ltd. | 22,133,500 | 24,014,924 | ||||||
Founder Securities Co. Ltd., Class A | 7,751,587 | 8,848,272 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 4,645,334 | 8,233,149 | ||||||
Fu Shou Yuan International Group Ltd. | 9,795,000 | 7,260,845 | ||||||
Fufeng Group Ltd.(a) | 17,086,400 | 6,397,572 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,177,100 | 8,261,424 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 5,071,600 | 24,881,746 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 654,084 | 15,904,103 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) | 2,182,200 | 37,036,720 | ||||||
Gaotu Techedu Inc., ADR(a)(c) | 1,129,144 | 1,976,002 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 762,824 | 33,960,924 | ||||||
Geely Automobile Holdings Ltd. | 50,252,000 | 93,601,517 | ||||||
Gemdale Corp., Class A | 3,115,396 | 6,268,472 | ||||||
Gemdale Properties & Investment Corp. Ltd., NVS | 64,586,000 | 7,107,716 | ||||||
Genertec Universal Medical Group Co. | 11,355,500 | 8,025,765 | ||||||
Genscript Biotech Corp.(a) | 10,040,000 | 39,808,781 | ||||||
GF Securities Co. Ltd., Class A | 2,901,330 | 8,593,133 | ||||||
GF Securities Co. Ltd., Class H | 10,074,800 | 15,125,117 | ||||||
Gigadevice Semiconductor Beijing Inc., Class A | 382,035 | 9,354,597 | ||||||
Ginlong Technologies Co. Ltd., Class A | 144,900 | 5,850,678 | ||||||
Glory Sun Financial Group Ltd.(a)(c) | 151,896,000 | 3,382,119 | ||||||
GoerTek Inc., Class A | 1,878,562 | 13,152,662 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 107,665,000 | 8,011,981 | ||||||
Gotion High-tech Co. Ltd., Class A(a) | 940,400 | 6,453,007 | ||||||
Grand Pharmaceutical Group Ltd., Class A | 12,761,000 | 10,097,936 | ||||||
Great Wall Motor Co. Ltd., Class A | 1,278,900 | 7,469,314 | ||||||
Great Wall Motor Co. Ltd., Class H | 26,359,000 | 55,493,608 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 1,514,800 | 8,817,629 | ||||||
Greenland Holdings Corp. Ltd., Class A | 6,017,803 | 4,125,132 | ||||||
Greenland Hong Kong Holdings Ltd. | 9,314,000 | 1,594,399 | ||||||
Greentown China Holdings Ltd. | 7,322,500 | 10,999,002 |
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Greentown Management Holdings Co. | 6,828,000 | $ | 5,567,580 | |||||
Greentown Service Group Co. Ltd. | 12,444,000 | 12,500,280 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 1,009,920 | 10,572,309 | ||||||
Guangdong Investment Ltd. | 24,860,000 | 33,453,968 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A | 237,400 | 3,985,236 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 25,169,200 | 24,918,812 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,674,488 | 7,896,878 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 317,300 | 4,229,461 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) | 11,916,000 | 5,072,642 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 469,783 | 6,398,086 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 581,498 | 9,868,759 | ||||||
Guosen Securities Co. Ltd., Class A | 5,632,567 | 9,265,964 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 3,581,425 | 9,513,221 | ||||||
Guoyuan Securities Co. Ltd., Class A | 4,492,071 | 5,050,947 | ||||||
Haidilao International Holding Ltd.(b)(c) | 9,203,000 | 21,191,550 | ||||||
Haier Smart Home Co. Ltd., Class A | 4,091,337 | 16,586,423 | ||||||
Haier Smart Home Co. Ltd., Class H | 19,076,400 | 66,845,223 | ||||||
Hainan Meilan International Airport Co. Ltd., Class H(a) | 1,756,000 | 4,967,145 | ||||||
Haitian International Holdings Ltd. | 5,463,000 | 14,555,068 | ||||||
Haitong Securities Co. Ltd., Class A | 6,040,131 | 10,784,059 | ||||||
Haitong Securities Co. Ltd., Class H | 20,654,400 | 17,772,875 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 594,200 | 11,276,485 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 817,809 | 4,325,492 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 838,900 | 7,668,188 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 3,907,263 | 7,439,930 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 244,774 | 3,971,093 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 980,500 | 11,031,654 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 10,030,000 | 21,410,979 | ||||||
Harbin Electric Co. Ltd., Class H | 8,374,000 | 2,959,180 | ||||||
Hefei Meiya Optoelectronic Technology Inc., Class A | 602,460 | 3,457,329 | ||||||
Hello Group Inc., ADR | 1,285,907 | 12,254,694 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 1,799,747 | 8,236,370 | ||||||
Hengan International Group Co. Ltd. | 5,262,500 | 27,908,471 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 3,196,930 | 12,716,224 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 3,286,961 | 5,241,476 | ||||||
Hi Sun Technology China Ltd.(a)(c) | 25,368,000 | 3,217,720 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 361,702 | 6,211,997 | ||||||
Hongfa Technology Co. Ltd., Class A | 420,620 | 4,203,687 | ||||||
Hope Education Group Co. Ltd.(b)(c) | 31,332,000 | 3,183,302 | ||||||
Hopson Development Holdings Ltd.(c) | 6,313,490 | 12,996,656 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 254,500 | 6,053,741 | ||||||
Hua Han Health Industry Holdings | 22,424,288 | 29 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 4,479,000 | 23,334,555 | ||||||
Hua Medicine(a)(b) | 6,793,000 | 3,303,227 | ||||||
Huabao International Holdings Ltd.(c) | 8,359,000 | 4,795,625 | ||||||
Huadong Medicine Co. Ltd., Class A | 1,193,051 | 7,197,787 | ||||||
Huafon Chemical Co. Ltd., Class A | 3,409,866 | 5,215,293 | ||||||
Hualan Biological Engineering Inc., Class A | 1,103,320 | 4,505,057 | ||||||
Huaneng Power International Inc., Class H | 36,994,000 | 21,716,055 | ||||||
Huatai Securities Co. Ltd., Class A | 3,958,551 | 9,977,122 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Huatai Securities Co. Ltd., Class H(b) | 12,229,400 | $ | 20,023,225 | |||||
Huaxia Bank Co. Ltd., Class A | 12,091,018 | 10,792,855 | ||||||
Huaxin Cement Co. Ltd., Class A | 1,292,269 | 4,204,561 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 1,945,810 | 7,848,940 | ||||||
Huazhu Group Ltd., ADR(a) | 1,565,252 | 64,738,823 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 258,000 | 5,434,832 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 958,900 | 2,839,888 | ||||||
Hundsun Technologies Inc., Class A | 1,104,787 | 9,181,707 | ||||||
Hutchmed China Ltd, ADR(a)(c) | 753,688 | 20,537,998 | ||||||
HUYA Inc., ADR(a)(c) | 691,475 | 3,630,244 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b)(c) | 2,967,200 | 16,199,204 | ||||||
iClick Interactive Asia Group Ltd., | 724,513 | 1,753,321 | ||||||
Iflytek Co. Ltd., Class A | 1,294,284 | 10,113,888 | ||||||
I-Mab, ADR(a)(c) | 345,655 | 8,544,592 | ||||||
IMAX China Holding Inc.(b) | 1,404,900 | 1,959,590 | ||||||
Imeik Technology Development Co. Ltd., Class A | 118,100 | 9,127,584 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 32,604,380 | 24,087,023 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 489,560,000 | 292,245,318 | ||||||
Industrial Bank Co. Ltd., Class A | 10,821,079 | 37,910,258 | ||||||
Industrial Securities Co. Ltd., Class A | 5,874,924 | 7,641,689 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 272,303 | 4,831,280 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 26,188,100 | 11,177,714 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 5,658,600 | 4,453,941 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3,184,262 | 19,972,980 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 10,508,195 | 10,123,143 | ||||||
Innovent Biologics Inc.(a)(b)(c) | 9,997,000 | 45,116,264 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 1,387,772 | 7,256,744 | ||||||
Inspur International Ltd.(a) | 6,426,000 | 3,070,379 | ||||||
Intco Medical Technology Co. Ltd., Class A | 347,450 | 2,817,861 | ||||||
iQIYI Inc., ADR(a)(c) | 2,419,029 | 10,014,780 | ||||||
JA Solar Technology Co. Ltd., Class A | 862,300 | 13,064,056 | ||||||
Jafron Biomedical Co. Ltd., Class A | 558,173 | 4,062,937 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 605,259 | 6,775,248 | ||||||
JCET Group Co. Ltd., Class A | 1,171,000 | 5,231,286 | ||||||
JD Health International Inc.(a)(b) | 3,016,800 | 22,516,522 | ||||||
JDcom Inc, Class A(a) | 17,150,063 | 612,590,331 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 2,264,100 | 6,870,800 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 9,706,000 | 10,384,859 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 793,296 | 8,455,742 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 3,274,983 | 20,856,644 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 891,856 | 7,399,184 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 791,351 | 20,756,376 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 1,753,500 | 5,211,763 | ||||||
Jiangxi Copper Co. Ltd., Class H | 11,557,000 | 20,802,603 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 2,661,200 | 2,913,797 | ||||||
Jiayuan International Group Ltd. | 16,534,000 | 5,239,911 | ||||||
Jinchuan Group International Resources Co. Ltd.(c) | 36,103,000 | 6,450,834 | ||||||
Jinke Properties Group Co. Ltd., Class A | 3,826,200 | 2,725,731 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(c) | 322,585 | 16,326,027 | ||||||
Jinmao Property Services Co. Ltd. | 705,921 | 179,403 | ||||||
Jinxin Fertility Group Ltd.(a)(b)(c) | 10,966,500 | 12,822,925 | ||||||
JiuGui Liquor Co. Ltd., Class A | 215,400 | 5,853,150 |
SCHEDULE OF INVESTMENTS | 13 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Jiumaojiu International Holdings Ltd.(b)(c) | 6,366,000 | $ | 14,301,224 | |||||
JNBY Design Ltd. | 2,573,500 | 3,474,002 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 610,442 | 3,348,473 | ||||||
JOYY Inc., ADR | 476,741 | 22,068,341 | ||||||
Juewei Food Co. Ltd., Class A | 462,300 | 3,883,243 | ||||||
JW Cayman Therapeutics Co. Ltd.(a)(b)(c) | 2,056,500 | 2,612,581 | ||||||
Kaisa Group Holdings Ltd.(c) | 27,556,000 | 2,510,140 | ||||||
Kangji Medical Holdings Ltd.(c) | 3,802,500 | 3,810,047 | ||||||
Kanzhun Ltd.(a)(c) | 643,791 | 20,794,449 | ||||||
KE Holdings Inc., ADR(a) | 3,050,306 | 59,206,439 | ||||||
Kingboard Holdings Ltd. | 5,990,200 | 28,023,042 | ||||||
Kingboard Laminates Holdings Ltd. | 8,596,000 | 14,323,915 | ||||||
Kingdee International Software Group Co. Ltd.(a)(c) | 22,385,000 | 55,327,702 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 1,979,800 | 3,384,355 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a)(c) | 709,226 | 4,780,183 | ||||||
Kingsoft Corp. Ltd. | 8,202,000 | 30,673,899 | ||||||
Konka Group Co. Ltd., Class B | 9,737,118 | 2,689,329 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(c) | 3,614,000 | 2,267,142 | ||||||
Kuaishou Technology(a)(b) | 4,042,200 | 46,778,002 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A(a) | 1,419,500 | 4,574,606 | ||||||
Kunlun Energy Co. Ltd. | 34,056,000 | 33,500,321 | ||||||
Kweichow Moutai Co. Ltd., Class A | 655,592 | 186,443,323 | ||||||
KWG Group Holdings Ltd. | 10,939,000 | 5,121,896 | ||||||
KWG Living Group Holdings Ltd. | 11,406,999 | 4,725,370 | ||||||
LB Group Co. Ltd., Class A | 1,587,607 | 6,705,969 | ||||||
Lee & Man Paper Manufacturing Ltd. | 12,846,000 | 8,258,114 | ||||||
Legend Biotech Corp., ADR(a) | 390,062 | 15,442,555 | ||||||
Lenovo Group Ltd.(c) | 62,478,000 | 69,573,562 | ||||||
Lens Technology Co. Ltd., Class A | 2,831,515 | 6,550,307 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 1,468,900 | 5,016,883 | ||||||
LexinFintech Holdings Ltd., ADR(a)(c) | 1,016,005 | 3,606,818 | ||||||
Li Auto Inc., ADR(a)(c) | 4,759,198 | 144,917,579 | ||||||
Li Ning Co. Ltd. | 19,995,500 | 199,718,038 | ||||||
Lifetech Scientific Corp., NVS(a) | 32,488,000 | 12,893,204 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 4,866,633 | 4,644,725 | ||||||
Logan Group Co. Ltd.(c) | 11,087,000 | 3,688,762 | ||||||
Longfor Group Holdings Ltd.(b) | 15,549,000 | 83,148,639 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 2,824,985 | 35,164,002 | ||||||
Lonking Holdings Ltd. | 21,099,000 | 5,623,424 | ||||||
Lufax Holding Ltd., ADR(a) | 5,175,127 | 33,483,072 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 4,168,716 | 28,910,394 | ||||||
Luye Pharma Group Ltd., NVS(a)(b) | 16,001,000 | 6,463,975 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 771,108 | 26,632,641 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(a)(c) | 11,842,000 | 2,030,594 | ||||||
Mango Excellent Media Co. Ltd., Class A | 1,098,932 | 5,988,038 | ||||||
Maoyan Entertainment(a)(b)(c) | 5,452,400 | 5,958,832 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 189,420 | 8,139,920 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 2,707,928 | 3,087,152 | ||||||
Meitu Inc.(a)(b)(c) | 23,040,000 | 3,715,276 | ||||||
Meituan, Class B(a)(b) | 34,909,900 | 775,528,923 | ||||||
Metallurgical Corp. of China Ltd., Class A | 12,647,000 | 8,202,585 | ||||||
MH Development Ltd.(a)(d) | 4,108,000 | 262,405 | ||||||
Microport Scientific Corp.(c) | 5,572,300 | 15,499,805 | ||||||
Midea Real Estate Holding Ltd.(b) | 2,701,000 | 3,957,687 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 1,145,800 | 4,711,557 | ||||||
Ming Yuan Cloud Group Holdings Ltd.(c) | 4,488,000 | 8,857,888 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Minth Group Ltd. | 6,502,000 | $ | 23,509,962 | |||||
MMG Ltd.(a) | 25,143,999 | 9,107,899 | ||||||
Mobvista Inc.(a)(b)(c) | 5,875,000 | 4,727,141 | ||||||
Montage Technology Co. Ltd., Class A | 555,600 | 6,829,779 | ||||||
Muyuan Foods Co. Ltd., Class A | 2,763,562 | 25,146,063 | ||||||
Nanjing Securities Co. Ltd., Class A | 3,396,487 | 4,779,708 | ||||||
NARI Technology Co. Ltd., Class A | 3,171,756 | 17,902,017 | ||||||
National Silicon Industry Group Co. Ltd., Class A(a) | 1,342,419 | 5,217,414 | ||||||
NAURA Technology Group Co. Ltd., Class A | 280,675 | 13,605,980 | ||||||
NavInfo Co. Ltd., Class A(a) | 1,958,250 | 5,331,727 | ||||||
NetDragon Websoft Holdings Ltd. | 2,800,000 | 6,278,883 | ||||||
NetEase Inc. | 17,611,635 | 340,638,918 | ||||||
New China Life Insurance Co. Ltd., Class A | 1,207,801 | 7,307,834 | ||||||
New China Life Insurance Co. Ltd., Class H | 6,519,100 | 18,656,836 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 2,879,144 | 7,043,338 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 13,169,013 | 19,885,210 | ||||||
Newborn Town Inc.(a) | 6,424,000 | 3,623,911 | ||||||
Nexteer Automotive Group Ltd.(c) | 7,664,000 | 7,676,103 | ||||||
Nine Dragons Paper Holdings Ltd. | 14,252,000 | 13,652,942 | ||||||
Ninestar Corp., Class A | 1,120,500 | 8,916,455 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 622,200 | 6,014,068 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 3,748,100 | 10,439,937 | ||||||
NIO Inc., ADR(a)(c) | 11,235,982 | 256,629,829 | ||||||
Niu Technologies, ADR(a)(c) | 314,761 | 3,915,627 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 291,618 | 8,270,286 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 14,873,600 | 93,279,996 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 2,570,800 | 2,013,060 | ||||||
OFILM Group Co. Ltd., Class A(a) | 2,393,989 | 3,044,678 | ||||||
OneConnect Financial Technology Co. Ltd., ADR(a) | 1,271,215 | 2,008,520 | ||||||
Oppein Home Group Inc., Class A | 379,580 | 7,612,219 | ||||||
Orient Securities Co. Ltd., Class A | 4,042,168 | 7,906,561 | ||||||
Ovctek China Inc., Class A | 573,165 | 3,741,062 | ||||||
Peijia Medical Ltd.(a)(b)(c) | 2,249,000 | 3,539,874 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 75,459,000 | 24,266,520 | ||||||
Perfect World Co. Ltd., Class A | 1,323,186 | 2,778,767 | ||||||
PetroChina Co. Ltd., Class A | 11,234,800 | 10,357,979 | ||||||
PetroChina Co. Ltd., Class H | 180,422,000 | 96,638,646 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 388,700 | 7,459,806 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 1,124,700 | 13,635,913 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 57,385,040 | 60,574,864 | ||||||
Pinduoduo Inc., ADR(a)(c) | 3,743,351 | 194,130,183 | ||||||
Ping An Bank Co. Ltd., Class A | 10,198,836 | 25,520,798 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c) | 3,966,000 | 12,290,288 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 5,875,612 | 47,363,937 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 54,004,500 | 418,732,660 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 6,484,211 | 16,239,382 | ||||||
Poly Property Group Co. Ltd. | 17,531,000 | 4,755,934 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 12,910,500 | 11,436,968 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 68,325,000 | 56,100,555 | ||||||
Pou Sheng International Holdings Ltd.(a) | 24,527,000 | 3,624,517 | ||||||
Power Construction Corp. of China Ltd., Class A | 8,474,044 | 10,346,706 | ||||||
Powerlong Commercial Management Holdings Ltd.(c) | 2,208,500 | 3,864,989 | ||||||
Powerlong Real Estate Holdings Ltd. | 10,688,000 | 5,122,973 |
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Q Technology Group Co. Ltd. | 4,707,000 | $ | 4,445,191 | |||||
Redco Properties Group Ltd.(b)(c) | 10,976,000 | 3,005,738 | ||||||
Redsun Properties Group Ltd.(c) | 16,239,000 | 4,654,795 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 6,375,562 | 3,982,183 | ||||||
RLX Technology Inc., ADR(a)(c) | 5,052,579 | 15,561,943 | ||||||
Road King Infrastructure Ltd. | 3,428,000 | 3,261,522 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 5,335,300 | 16,033,747 | ||||||
Ronshine China Holdings Ltd.(c) | 6,932,500 | 2,220,099 | ||||||
SAIC Motor Corp. Ltd., Class A | 3,953,900 | 11,401,275 | ||||||
Sangfor Technologies Inc., Class A | 282,200 | 6,545,409 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 10,583,000 | 10,974,536 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 4,454,211 | 13,918,631 | ||||||
Satellite Chemical Co. Ltd., Class A | 999,600 | 7,167,805 | ||||||
SDIC Capital Co. Ltd., Class A | 5,820,140 | 6,848,029 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 4,755,228 | 7,542,962 | ||||||
Seazen Group Ltd. | 18,340,000 | 9,677,217 | ||||||
Seazen Holdings Co. Ltd., Class A | 1,454,526 | 6,957,065 | ||||||
SF Holding Co. Ltd., Class A | 2,489,092 | 23,881,557 | ||||||
SG Micro Corp., Class A | 155,400 | 8,600,851 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 5,679,190 | 12,830,755 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 2,351,601 | 7,676,115 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b)(c) | 4,631,500 | 8,697,015 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1,486,950 | 8,353,142 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 929,741 | 4,139,635 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 21,503,600 | 29,692,015 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 566,260 | 4,080,664 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 827,467 | 7,078,248 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 3,327,447 | 14,369,760 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 6,792,409 | 4,348,507 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 9,871,400 | 5,118,793 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 7,068,100 | 4,946,744 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,060,100 | 7,147,736 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,240,500 | 17,002,322 | ||||||
Shanghai Haixin Group Co., Class B | 7,336,491 | 2,494,407 | ||||||
Shanghai Industrial Holdings Ltd. | 4,992,000 | 7,588,995 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 28,906,200 | 2,750,531 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 706,703 | 5,879,442 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 9,105,900 | 8,242,790 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 717,678 | 6,420,216 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 10,700,113 | 9,533,801 | ||||||
Shanghai M&G Stationery Inc., Class A | 668,947 | 5,766,311 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 7,309,100 | 13,193,390 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 15,054,733 | 20,039,049 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 425,960 | 9,908,884 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 5,365,234 | 5,682,254 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 2,804,943 | 6,411,586 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 651,419 | $ | 30,318,978 | |||||
Shengyi Technology Co. Ltd., Class A | 1,676,308 | 5,183,731 | ||||||
Shennan Circuits Co. Ltd., Class A | 309,671 | 5,772,704 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 13,746,692 | 10,009,926 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 307,952 | 4,459,596 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 1,391,982 | 14,167,342 | ||||||
Shenzhen International Holdings Ltd. | 9,296,250 | 9,578,684 | ||||||
Shenzhen Investment Ltd. | 26,516,000 | 5,977,572 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 401,700 | 5,369,736 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 635,846 | 33,064,498 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 6,060,902 | 6,630,625 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 877,900 | 2,970,000 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 386,966 | 8,295,804 | ||||||
Shenzhou International Group Holdings Ltd. | 7,045,300 | 118,337,141 | ||||||
Shimao Group Holdings Ltd.(c) | 9,565,500 | 5,740,236 | ||||||
Shimao Services Holdings Ltd.(b)(c) | 7,149,000 | 5,224,635 | ||||||
Shoucheng Holdings Ltd. | 23,920,800 | 3,956,966 | ||||||
Shougang Fushan Resources Group Ltd. | 30,050,000 | 9,936,481 | ||||||
Shui On Land Ltd. | 45,217,666 | 6,604,328 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 3,626,946 | 6,919,788 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 1,536,320 | 4,234,097 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 332,800 | 5,265,824 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(c) | 35,429,000 | 7,596,983 | ||||||
Silergy Corp. | 680,000 | 90,610,773 | ||||||
Sino Biopharmaceutical Ltd. | 88,561,000 | 56,534,219 | ||||||
Sinofert Holdings Ltd. | 32,008,000 | 4,594,487 | ||||||
Sinolink Securities Co. Ltd., Class A | 2,824,700 | 4,551,420 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 979,400 | 4,658,648 | ||||||
Sino-Ocean Group Holding Ltd.(c) | 28,290,500 | 6,085,205 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 15,110,500 | 7,228,645 | ||||||
Sinopec Kantons Holdings Ltd. | 12,946,000 | 4,845,610 | ||||||
Sinopharm Group Co. Ltd., Class H | 11,286,000 | 27,359,332 | ||||||
Sinotruk Hong Kong Ltd. | 5,990,000 | 8,941,075 | ||||||
Skshu Paint Co. Ltd., Class A | 299,680 | 4,219,459 | ||||||
Skyfame Realty Holdings Ltd. | 51,006,000 | 5,547,961 | ||||||
Skyworth Group Ltd.(a)(c) | 14,526,000 | 8,206,136 | ||||||
Smoore International Holdings Ltd.(b) | 15,384,000 | 57,106,252 | ||||||
SOHO China Ltd.(a) | 19,623,000 | 3,992,600 | ||||||
Sohu.com Ltd., ADR(a)(c) | 291,441 | 5,345,028 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 2,146,656 | 5,267,409 | ||||||
SOS Ltd., ADR(a)(c) | 2,031,915 | 1,479,234 | ||||||
SSY Group Ltd.(c) | 12,052,411 | 5,628,366 | ||||||
StarPower Semiconductor Ltd., Class A | 95,900 | 5,530,453 | ||||||
Sun Art Retail Group Ltd. | 17,394,500 | 6,275,625 | ||||||
Sun King Technology Group Ltd. | 9,396,000 | 3,831,396 | ||||||
Sunac China Holdings Ltd. | 26,108,000 | 21,340,659 | ||||||
Sunac Services Holdings Ltd.(a)(b) | 8,321,000 | 7,111,679 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 785,200 | 15,204,612 | ||||||
Suningcom Co Ltd, Class A(a) | 7,050,071 | 4,021,734 | ||||||
Sunny Optical Technology Group Co. Ltd. | 6,119,000 | 146,635,413 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 1,112,200 | 6,523,956 | ||||||
Superb Summit International Group | 1,998,771 | 624 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 1,388,200 | 4,905,986 |
SCHEDULE OF INVESTMENTS | 15 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 63,600 | $ | 5,552,791 | |||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A | 363,800 | 5,193,700 | ||||||
SY Holdings Group Ltd.(c) | 7,269,000 | 6,753,121 | ||||||
TAL Education Group, ADR(a) | 3,570,146 | 10,139,215 | ||||||
TBEA Co. Ltd., Class A | 2,094,201 | 6,748,168 | ||||||
TCL Electronics Holdings Ltd. | 9,417,000 | 4,414,575 | ||||||
TCL Technology Group Corp., Class A | 8,899,400 | 7,865,253 | ||||||
Tencent Holdings Ltd. | 49,154,900 | 2,652,462,865 | ||||||
Tencent Music Entertainment Group, ADR(a) | 5,711,087 | 30,782,759 | ||||||
Thunder Software Technology Co. Ltd., Class A | 338,000 | 7,529,843 | ||||||
Tian Lun Gas Holdings Ltd.(c) | 4,131,500 | 3,416,649 | ||||||
Tiangong International Co. Ltd.(c) | 12,774,000 | 6,028,929 | ||||||
Tianjin Port Development Holdings Ltd. | 47,558,000 | 3,831,880 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 1,794,991 | 13,743,098 | ||||||
Tianli Education International Holdings Ltd.(a)(d) | 14,731,000 | 2,921,770 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 3,201,832 | 5,949,800 | ||||||
Tianneng Power International Ltd.(c) | 5,996,000 | 5,500,654 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 2,787,007 | 5,311,772 | ||||||
Times Neighborhood Holdings Ltd.(c) | 7,626,000 | 2,603,690 | ||||||
Tingyi Cayman Islands Holding Corp. | 16,990,000 | 37,588,711 | ||||||
Toly Bread Co. Ltd., Class A | 846,026 | 3,341,994 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 6,922,000 | 5,990,576 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 8,269,600 | 15,401,702 | ||||||
Tongdao Liepin Group(a) | 2,192,800 | 5,275,336 | ||||||
Tongwei Co. Ltd., Class A | 2,362,659 | 16,203,668 | ||||||
Topchoice Medical Corp., Class A(a) | 190,099 | 4,877,308 | ||||||
Topsports International Holdings Ltd.(b) | 12,080,000 | 12,557,493 | ||||||
Towngas Smart Energy Co. Ltd.(a) | 10,653,000 | 7,568,938 | ||||||
TravelSky Technology Ltd., Class H | 7,765,000 | 14,626,571 | ||||||
Trina Solar Co. Ltd. | 885,150 | 10,830,364 | ||||||
Trip.com Group Ltd., ADR(a) | 4,355,774 | 112,466,085 | ||||||
Truly International Holdings Ltd. | 16,942,000 | 5,878,681 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 477,800 | 7,123,811 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 4,432,000 | 42,639,564 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 355,010 | 12,467,404 | ||||||
Uni-President China Holdings Ltd. | 11,145,000 | 11,589,401 | ||||||
Unisplendour Corp. Ltd., Class A | 1,915,261 | 6,676,441 | ||||||
Untrade Cteg(d) | 33,362,000 | 526,690 | ||||||
Untrade SMI Holdings(a)(d) | 12,533,884 | 16 | ||||||
Up Fintech Holding Ltd., ADR(a)(c) | 883,680 | 3,985,397 | ||||||
Uxin Ltd., ADR(a)(c) | 2,184,871 | 2,250,417 | ||||||
Venus MedTech Hangzhou Inc., Class H(a)(b)(c) | 2,035,500 | 5,659,146 | ||||||
Vinda International Holdings Ltd.(c) | 3,419,000 | 9,734,695 | ||||||
Vipshop Holdings Ltd., ADR(a) | 3,878,995 | 33,630,887 | ||||||
Viva Biotech Holdings(b)(c) | 7,861,000 | 3,026,018 | ||||||
Vnet Group Inc., ADR(a)(c) | 846,401 | 6,661,176 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 926,689 | 6,906,608 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,714,386 | 25,956,671 | ||||||
Want Want China Holdings Ltd.(c) | 42,493,000 | 45,234,882 | ||||||
Weibo Corp., ADR(a)(c) | 521,731 | 14,311,081 | ||||||
Weichai Power Co. Ltd., Class A | 3,961,200 | 9,584,415 | ||||||
Weichai Power Co. Ltd., Class H | 16,206,000 | 27,422,642 | ||||||
Weimob Inc.(a)(b)(c) | 16,582,000 | 10,966,568 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) | 3,923,641 | 12,133,512 | ||||||
West China Cement Ltd. | 28,416,000 | 4,878,282 | ||||||
Western Securities Co. Ltd., Class A | 5,692,581 | 6,872,242 | ||||||
Wharf Holdings Ltd. (The) | 12,061,000 | 43,636,586 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 467,303 | $ | 18,338,289 | |||||
Wingtech Technology Co. Ltd., Class A | 729,400 | 13,592,959 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 1,929,785 | 3,507,930 | ||||||
Wisdom Education International Holdings Co. Ltd.(c) | 7,518,000 | 413,008 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 1,977,257 | 7,032,169 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,395,037 | 4,632,832 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 2,012,015 | 60,906,116 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,940,836 | 5,189,124 | ||||||
WuXi AppTec Co. Ltd., Class A | 1,442,419 | 23,875,319 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 2,876,307 | 40,942,655 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 30,614,500 | 253,225,287 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 606,287 | 6,535,749 | ||||||
Wuxi Shangji Automation Co. Ltd., Class A | 164,100 | 4,143,048 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 7,110,278 | 6,251,360 | ||||||
XD Inc.(a)(c) | 1,812,600 | 5,894,964 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b) | 4,879,000 | 3,070,131 | ||||||
Xiaomi Corp., Class B(a)(b) | 121,626,800 | 228,928,031 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,782,006 | 4,253,558 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 6,851,434 | 11,210,180 | ||||||
Xinyi Solar Holdings Ltd.(c) | 41,780,800 | 75,889,215 | ||||||
XPeng Inc., ADR(a)(c) | 3,345,332 | 121,669,725 | ||||||
Xtep International Holdings Ltd.(c) | 11,594,000 | 19,235,328 | ||||||
Yadea Group Holdings Ltd.(b) | 10,096,000 | 14,977,756 | ||||||
Yankuang Energy Group Co Ltd, Class H(c) | 13,386,000 | 32,820,075 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 1,279,206 | 6,419,521 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 768,868 | 5,508,331 | ||||||
Yeahka Ltd.(a)(c) | 1,850,800 | 5,115,889 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 683,593 | 8,286,553 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 583,214 | 4,584,161 | ||||||
Yihai International Holding Ltd.(c) | 4,048,000 | 16,937,228 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 828,600 | 7,049,006 | ||||||
Yonghui Superstores Co. Ltd., Class A | 7,010,234 | 4,060,056 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 1,942,783 | 9,695,286 | ||||||
Youdao Inc., ADR(a)(c) | 328,144 | 3,891,788 | ||||||
Youyuan International Holdings Ltd.(d) | 5,307,000 | 79,456 | ||||||
Yuexiu Property Co. Ltd. | 9,823,576 | 9,826,235 | ||||||
Yuexiu REIT | 22,078,000 | 8,984,214 | ||||||
Yuexiu Transport Infrastructure Ltd. | 13,692,000 | 8,497,709 | ||||||
Yum China Holdings Inc. | 3,657,860 | 190,281,877 | ||||||
Yunda Holding Co. Ltd., Class A | 2,031,537 | 6,257,205 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 716,552 | 10,237,591 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 505,232 | 20,937,901 | ||||||
Yuzhou Group Holdings Co. Ltd. | 22,573,921 | 1,793,510 | ||||||
Zai Lab Ltd., ADR(a)(c) | 675,479 | 36,948,701 | ||||||
Zepp Health Corp., ADR(a) | 332,416 | 1,209,994 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 322,169 | 18,546,900 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 10,636,500 | 9,385,807 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 5,620,395 | 5,827,477 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 1,283,373 | 10,228,913 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 2,347,029 | 6,988,897 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 383,300 | 3,503,305 |
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zhejiang Expressway Co. Ltd., Class H | 13,000,000 | $ | 11,727,397 | |||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 1,204,562 | 4,416,422 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 678,932 | 13,427,460 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 829,594 | 8,598,190 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 3,125,874 | 6,110,604 | ||||||
Zhejiang NHU Co. Ltd., Class A | 1,824,649 | 9,834,373 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 2,171,616 | 6,948,005 | ||||||
Zhejiang Supor Co. Ltd., Class A | 503,340 | 4,042,036 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 360,498 | 2,610,953 | ||||||
Zhenro Properties Group Ltd.(c) | 15,414,000 | 1,327,090 | ||||||
Zheshang Securities Co. Ltd., Class A | 2,679,800 | 4,917,510 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 4,143,000 | 13,636,412 | ||||||
Zhongji Innolight Co. Ltd., Class A | 707,374 | 4,312,415 | ||||||
Zhongsheng Group Holdings Ltd. | 5,032,000 | 35,138,067 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(a)(b)(c) | 8,099,500 | 5,411,336 | ||||||
Zhuguang Holdings Group Co. Ltd. | 21,530,000 | 4,187,751 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 4,701,400 | 24,506,146 | ||||||
Zijin Mining Group Co. Ltd., Class A | 10,556,000 | 18,891,630 | ||||||
Zijin Mining Group Co. Ltd., Class H | 49,526,000 | 73,505,568 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 3,603,700 | 4,036,929 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 11,517,400 | 7,661,416 | ||||||
ZTE Corp., Class A | 1,967,239 | 9,103,750 | ||||||
ZTE Corp., Class H | 6,551,240 | 16,139,282 | ||||||
ZTO Express Cayman Inc., ADR | 3,714,493 | 109,354,674 | ||||||
|
| |||||||
21,288,430,727 | ||||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 2,018,602 | 20,016,795 | ||||||
Cementos Argos SA | 4,671,717 | 7,202,765 | ||||||
Corp. Financiera Colombiana SA(a) | 962,141 | 6,769,437 | ||||||
Ecopetrol SA | 40,086,075 | 33,223,443 | ||||||
Grupo Argos SA | 2,909,116 | 9,532,016 | ||||||
Grupo de Inversiones Suramericana SA | 2,050,011 | 16,636,466 | ||||||
Interconexion Electrica SA ESP | 3,937,432 | 24,302,636 | ||||||
|
| |||||||
117,683,558 | ||||||||
Cyprus — 0.0% | ||||||||
Ros Agro PLC, GDR(d)(e) | 300,309 | 879,658 | ||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS(c) | 1,378,949 | 52,510,146 | ||||||
Komercni Banka AS(a) | 660,807 | 25,996,419 | ||||||
Moneta Money Bank AS(b) | 3,749,733 | 14,847,069 | ||||||
|
| |||||||
93,353,634 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE(a) | 14,645,212 | 44,606,628 | ||||||
Eastern Co. SAE | 8,995,960 | 6,219,389 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 7,461,846 | 8,245,806 | ||||||
EISewedy Electric Co. | 7,321,416 | 3,876,622 | ||||||
Fawry for Banking & Payment Technology Services SAE(a) | 4,549,919 | 2,807,455 | ||||||
Heliopolis Housing | 5,875,237 | 1,859,722 | ||||||
Juhayna Food Industries | 3,531,698 | 1,397,505 | ||||||
Palm Hills Developments SAE, NVS | 18,657,826 | 1,796,384 | ||||||
Six of October Development & Investment | 837,697 | 697,459 |
Security | Shares | Value | ||||||
Egypt (continued) | ||||||||
Talaat Moustafa Group | 7,956,441 | $ | 4,751,730 | |||||
Telecom Egypt Co. | 4,044,325 | 4,559,494 | ||||||
|
| |||||||
80,818,194 | ||||||||
Greece — 0.3% | ||||||||
Alpha Services and Holdings SA(a) | 19,046,203 | 25,989,298 | ||||||
Athens Water Supply & Sewage Co. SA | 418,034 | 3,375,965 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 22,707,102 | 24,874,056 | ||||||
FF Group(a)(d) | 343,633 | 3,853 | ||||||
GEK Terna Holding Real Estate Construction SA(a) | 618,752 | 6,022,940 | ||||||
Hellenic Telecommunications Organization SA | 1,997,301 | 39,949,959 | ||||||
Holding Co. ADMIE IPTO SA | 1,565,026 | 4,171,755 | ||||||
JUMBO SA | 901,366 | 12,950,130 | ||||||
LAMDA Development SA(a) | 606,984 | 4,575,947 | ||||||
Motor Oil Hellas Corinth Refineries SA | 619,359 | 9,938,028 | ||||||
Mytilineos SA | 808,294 | 13,023,456 | ||||||
National Bank of Greece SA(a) | 4,941,105 | 18,326,907 | ||||||
OPAP SA | 1,792,171 | 26,120,393 | ||||||
Piraeus Financial Holdings SA(a) | 5,275,763 | 8,355,499 | ||||||
Public Power Corp. SA(a)(c) | 1,350,707 | 12,840,188 | ||||||
Sarantis SA | 250,656 | 2,038,330 | ||||||
Terna Energy SA | 493,504 | 7,153,651 | ||||||
Titan Cement International SA(a) | 373,805 | 5,448,652 | ||||||
|
| |||||||
225,159,007 | ||||||||
Hong Kong — 0.0% | ||||||||
China Youzan Ltd.(a)(c) | 124,612,000 | 4,005,058 | ||||||
|
| |||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications PLC | 4,975,157 | 6,252,213 | ||||||
MOL Hungarian Oil & Gas PLC | 3,416,719 | 26,651,432 | ||||||
Opus Global Nyrt(a)(c) | 2,034,983 | 1,061,554 | ||||||
OTP Bank Nyrt(a) | 1,925,618 | 73,480,047 | ||||||
Richter Gedeon Nyrt | 1,191,980 | 25,027,623 | ||||||
|
| |||||||
132,472,869 | ||||||||
India — 13.5% | ||||||||
3M India Ltd.(a) | 28,333 | 8,004,150 | ||||||
Aarti Industries Ltd. | 1,685,181 | 20,820,461 | ||||||
Aavas Financiers Ltd.(a) | 303,506 | 11,317,171 | ||||||
ACC Ltd. | 672,671 | 18,735,958 | ||||||
Adani Enterprises Ltd. | 2,383,731 | 52,419,974 | ||||||
Adani Green Energy Ltd.(a) | 3,388,499 | 83,381,007 | ||||||
Adani Ports & Special Economic Zone Ltd. | 4,525,267 | 42,789,468 | ||||||
Adani Power Ltd.(a) | 7,505,467 | 12,495,205 | ||||||
Adani Total Gas Ltd. | 2,418,460 | 50,986,744 | ||||||
Adani Transmission Ltd.(a) | 2,377,600 | 67,753,621 | ||||||
Aditya Birla Capital Ltd.(a) | 5,889,746 | 8,310,219 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 2,935,467 | 10,544,852 | ||||||
Aegis Logistics Ltd. | 1,521,758 | 3,431,866 | ||||||
Affle India Ltd.(a) | 586,280 | 9,577,359 | ||||||
AIA Engineering Ltd. | 395,323 | 8,540,575 | ||||||
Ajanta Pharma Ltd. | 286,554 | 6,568,683 | ||||||
Alembic Pharmaceuticals Ltd. | 539,768 | 5,215,623 | ||||||
Alkyl Amines Chemicals | 138,581 | 5,554,324 | ||||||
Amara Raja Batteries Ltd. | 1,045,460 | 7,820,212 | ||||||
Amber Enterprises India Ltd.(a) | 272,959 | 12,653,378 | ||||||
Ambuja Cements Ltd. | 6,240,983 | 26,156,608 | ||||||
APL Apollo Tubes Ltd.(a) | 792,548 | 9,031,862 | ||||||
Apollo Hospitals Enterprise Ltd. | 874,571 | 55,976,857 | ||||||
Apollo Tyres Ltd. | 3,470,978 | 8,566,569 |
SCHEDULE OF INVESTMENTS | 17 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Ashok Leyland Ltd., NVS | 12,892,017 | $ | 20,435,685 | |||||
Asian Paints Ltd. | 3,351,775 | 141,649,741 | ||||||
Astral Ltd. | 823,740 | 21,350,142 | ||||||
AstraZeneca Pharma India Ltd. | 68,801 | 2,382,822 | ||||||
Atul Ltd. | 122,842 | 15,159,742 | ||||||
AU Small Finance Bank Ltd.(a)(b) | 732,376 | 11,765,661 | ||||||
Aurobindo Pharma Ltd. | 2,508,127 | 20,878,775 | ||||||
Avanti Feeds Ltd. | 649,954 | 4,148,386 | ||||||
Avenue Supermarts Ltd.(a)(b) | 1,439,065 | 83,256,128 | ||||||
Axis Bank Ltd.(a) | 19,365,916 | 192,132,118 | ||||||
Bajaj Auto Ltd. | 598,805 | 28,178,348 | ||||||
Bajaj Consumer Care Ltd. | 1,154,251 | 2,494,188 | ||||||
Bajaj Electricals Ltd.(a) | 493,938 | 7,548,023 | ||||||
Bajaj Finance Ltd. | 2,329,623 | 218,111,431 | ||||||
Bajaj Finserv Ltd. | 336,813 | 72,208,830 | ||||||
Balkrishna Industries Ltd. | 804,745 | 19,568,720 | ||||||
Balrampur Chini Mills Ltd. | 1,492,745 | 7,919,684 | ||||||
Bandhan Bank Ltd.(b) | 5,637,229 | 23,058,116 | ||||||
BASF India Ltd. | 122,668 | 4,498,640 | ||||||
Bata India Ltd. | 553,728 | 13,388,206 | ||||||
Bayer CropScience Ltd./India | 125,031 | 7,331,834 | ||||||
Berger Paints India Ltd. | 2,152,232 | 19,766,858 | ||||||
Bharat Electronics Ltd. | 10,642,034 | 29,907,164 | ||||||
Bharat Forge Ltd. | 2,020,559 | 18,303,687 | ||||||
Bharat Heavy Electricals Ltd.(a) | 8,657,912 | 5,774,294 | ||||||
Bharat Petroleum Corp. Ltd. | 7,349,585 | 34,281,729 | ||||||
Bharti Airtel Ltd.(a) | 21,208,577 | 193,937,422 | ||||||
Biocon Ltd.(a) | 3,572,869 | 16,605,233 | ||||||
Birla Corp. Ltd. | 238,075 | 3,478,734 | ||||||
Birlasoft Ltd. | 1,422,178 | 7,752,461 | ||||||
Blue Dart Express Ltd. | 70,277 | 5,616,433 | ||||||
Blue Star Ltd. | 526,240 | 7,502,680 | ||||||
Brigade Enterprises Ltd. | 903,337 | 5,984,079 | ||||||
Brightcom Group Ltd. | 3,204,566 | 5,095,153 | ||||||
Britannia Industries Ltd. | 947,246 | 43,237,221 | ||||||
Can Fin Homes Ltd. | 525,143 | 4,073,389 | ||||||
Canara Bank(a) | 3,600,612 | 10,578,856 | ||||||
Carborundum Universal Ltd. | 903,803 | 9,698,703 | ||||||
Ceat Ltd. | 248,137 | 3,231,623 | ||||||
Central Depository Services India Ltd. | 449,193 | 8,136,099 | ||||||
CESC Ltd. | 6,065,320 | 6,326,273 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 4,888,120 | 11,202,543 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 1,809,764 | 9,132,339 | ||||||
Cholamandalam Financial Holdings Ltd. | 933,186 | 8,000,153 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 3,680,836 | 33,957,627 | ||||||
Cipla Ltd. | 4,147,873 | 51,052,195 | ||||||
City Union Bank Ltd. | 3,768,500 | 6,287,993 | ||||||
Clean Science and Technology(a) | 193,747 | 4,737,127 | ||||||
Coal India Ltd. | 12,847,590 | 29,059,200 | ||||||
Coforge Ltd. | 206,453 | 12,497,014 | ||||||
Colgate-Palmolive India Ltd. | 1,042,868 | 20,118,427 | ||||||
Computer Age Management Services Ltd. | 214,936 | 7,158,356 | ||||||
Container Corp. of India Ltd. | 2,296,570 | 18,380,785 | ||||||
Coromandel International Ltd. | 826,952 | 8,521,590 | ||||||
CreditAccess Grameen Ltd.(a) | 418,166 | 4,179,886 | ||||||
CRISIL Ltd. | 193,833 | 7,441,069 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 4,341,855 | 24,832,778 | ||||||
Cummins India Ltd. | 1,129,918 | 14,433,617 | ||||||
Cyient Ltd. | 950,858 | 10,380,073 | ||||||
Dabur India Ltd. | 5,411,775 | 40,574,413 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Dalmia Bharat Ltd. | 694,532 | $ | 14,503,992 | |||||
Deepak Nitrite Ltd. | 636,038 | 16,995,543 | ||||||
Dhani Services Ltd.(a) | 2,425,428 | 2,544,557 | ||||||
Dilip Buildcon Ltd.(b) | 403,182 | 1,448,908 | ||||||
Divi’s Laboratories Ltd. | 1,163,858 | 66,143,792 | ||||||
Dixon Technologies India Ltd. | 285,960 | 16,462,373 | ||||||
DLF Ltd. | 5,482,405 | 25,724,945 | ||||||
Dr Lal PathLabs Ltd.(b) | 265,812 | 8,923,848 | ||||||
Dr. Reddy’s Laboratories Ltd. | 994,638 | 53,703,569 | ||||||
Edelweiss Financial Services Ltd., NVS | 4,737,362 | 3,454,280 | ||||||
Eicher Motors Ltd. | 1,179,583 | 40,743,329 | ||||||
EIH Ltd.(a) | 1,671,089 | 2,895,186 | ||||||
Emami Ltd. | 1,806,866 | 11,916,733 | ||||||
Embassy Office Parks REIT | 3,673,940 | 18,285,615 | ||||||
Endurance Technologies Ltd.(b) | 331,433 | 5,819,762 | ||||||
Engineers India Ltd. | 3,311,691 | 2,723,372 | ||||||
Escorts Ltd. | 634,446 | 15,640,695 | ||||||
Exide Industries Ltd. | 4,600,338 | 9,143,885 | ||||||
Federal Bank Ltd. | 13,594,760 | 17,624,239 | ||||||
Finolex Cables Ltd. | 844,015 | 4,649,308 | ||||||
Finolex Industries Ltd. | 2,165,282 | 4,422,978 | ||||||
Firstsource Solutions Ltd. | 2,549,570 | 4,328,458 | ||||||
Fortis Healthcare Ltd.(a) | 4,480,033 | 14,685,452 | ||||||
GAIL India Ltd. | 13,821,030 | 26,724,439 | ||||||
Gillette India Ltd. | 66,039 | 4,552,065 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 294,243 | 5,947,304 | ||||||
Glenmark Pharmaceuticals Ltd. | 1,389,649 | 8,296,566 | ||||||
GMM Pfaudler Ltd. | 74,614 | 4,352,229 | ||||||
GMR Infrastructure Ltd.(a) | 22,560,024 | 11,430,627 | ||||||
GMR Power and Urban Infrastructure Ltd., NVS(a) | 2,260,525 | 1,005,044 | ||||||
Godrej Consumer Products Ltd.(a) | 3,302,797 | 33,777,461 | ||||||
Godrej Industries Ltd.(a) | 893,924 | 6,183,549 | ||||||
Godrej Properties Ltd.(a) | 1,060,887 | 21,251,741 | ||||||
Granules India Ltd. | 1,513,212 | 5,869,604 | ||||||
Graphite India Ltd. | 675,728 | 4,209,640 | ||||||
Grasim Industries Ltd. | 2,522,515 | 53,832,059 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 1,075,656 | 4,661,374 | ||||||
Grindwell Norton Ltd. | 382,935 | 8,212,862 | ||||||
Gujarat Fluorochemicals Ltd.(a) | 278,178 | 9,557,249 | ||||||
Gujarat Gas Ltd. | 1,600,095 | 12,440,507 | ||||||
Gujarat Pipavav Port Ltd. | 3,157,699 | 3,536,470 | ||||||
Gujarat State Petronet Ltd. | 2,443,661 | 9,432,557 | ||||||
Happiest Minds Technologies Ltd. | 589,919 | 7,727,157 | ||||||
Havells India Ltd. | 2,276,222 | 35,960,717 | ||||||
HCL Technologies Ltd. | 9,293,604 | 139,750,038 | ||||||
HDFC Asset Management Co. Ltd.(b) | 448,138 | 12,461,382 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 7,816,396 | 54,487,485 | ||||||
Hero MotoCorp Ltd. | 1,036,080 | 35,096,344 | ||||||
HFCL Ltd. | 5,523,994 | 5,389,116 | ||||||
Hindalco Industries Ltd. | 14,009,181 | 107,662,295 | ||||||
Hindustan Petroleum Corp. Ltd. | 5,726,090 | 20,830,567 | ||||||
Hindustan Unilever Ltd. | 7,055,237 | 204,025,550 | ||||||
Housing Development Finance Corp. Ltd. | 14,681,211 | 464,011,415 | ||||||
ICICI Bank Ltd. | 43,846,853 | 434,291,387 | ||||||
ICICI Lombard General Insurance Co. | 1,978,063 | 33,293,216 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 3,149,730 | 20,122,028 | ||||||
ICICI Securities Ltd.(b) | 815,663 | 7,242,498 | ||||||
IDFC First Bank Ltd.(a) | 23,248,194 | 13,090,016 | ||||||
IDFC Ltd.(a) | 11,585,993 | 8,951,684 | ||||||
IIFL Wealth Management Ltd. | 346,807 | 7,088,605 |
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
India Cements Ltd. (The) | 1,775,030 | $ | 4,790,687 | |||||
Indiabulls Housing Finance Ltd. | 2,663,466 | 5,342,518 | ||||||
IndiaMART Intermesh Ltd.(b) | 113,949 | 7,268,960 | ||||||
Indian Energy Exchange Ltd., NVS(b) | 4,299,458 | 11,839,290 | ||||||
Indian Hotels Co. Ltd. (The) | 6,897,272 | 18,410,769 | ||||||
Indian Oil Corp. Ltd. | 16,074,663 | 24,672,882 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 2,168,896 | 23,534,526 | ||||||
Indraprastha Gas Ltd. | 2,566,702 | 11,867,290 | ||||||
Indus Towers Ltd.(a) | 5,543,767 | 15,911,768 | ||||||
Info Edge India Ltd. | 680,934 | 40,477,340 | ||||||
Infosys Ltd. | 28,848,328 | 657,449,549 | ||||||
Inox Leisure Ltd.(a) | 613,043 | 3,351,951 | ||||||
Intellect Design Arena Ltd.(a) | 768,256 | 6,714,853 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 877,877 | 21,976,723 | ||||||
Ipca Laboratories Ltd. | 1,229,112 | 16,054,101 | ||||||
IRB Infrastructure Developers Ltd.(a) | 1,318,038 | 3,791,594 | ||||||
ITC Ltd. | 25,440,745 | 73,254,224 | ||||||
Jindal Steel & Power Ltd.(a) | 3,799,344 | 21,666,828 | ||||||
JK Cement Ltd. | 291,184 | 11,034,434 | ||||||
JM Financial Ltd. | 3,935,766 | 3,573,667 | ||||||
JSW Steel Ltd. | 7,468,902 | 62,662,074 | ||||||
Jubilant Foodworks Ltd. | 725,932 | 28,223,737 | ||||||
Jubilant Pharmova Ltd. | 846,218 | 4,463,774 | ||||||
Just Dial Ltd.(a) | 338,392 | 3,369,367 | ||||||
Jyothy Labs Ltd. | 1,593,877 | 2,905,210 | ||||||
Kajaria Ceramics Ltd. | 803,539 | 11,585,780 | ||||||
Kansai Nerolac Paints Ltd. | 1,154,401 | 6,981,767 | ||||||
Karur Vysya Bank Ltd. (The) | 4,188,744 | 2,653,459 | ||||||
Kaveri Seed Co. Ltd. | 328,500 | 2,130,154 | ||||||
KEC International Ltd. | 1,093,073 | 6,785,121 | ||||||
KEI Industries Ltd. | 738,477 | 9,756,146 | ||||||
Kotak Mahindra Bank Ltd. | 4,762,820 | 117,242,019 | ||||||
KPIT Technologies Ltd. | 1,427,370 | 10,872,663 | ||||||
KPR Mill Ltd. | 762,477 | 6,434,394 | ||||||
L&T Finance Holdings Ltd.(a) | 8,945,804 | 7,881,195 | ||||||
L&T Technology Services Ltd.(b) | 261,198 | 15,820,555 | ||||||
Lakshmi Machine Works Ltd. | 48,915 | 6,745,985 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 465,007 | 36,343,520 | ||||||
Larsen & Toubro Ltd. | 5,932,804 | 143,827,110 | ||||||
Laurus Labs Ltd.(b) | 2,876,703 | 20,788,868 | ||||||
LIC Housing Finance Ltd. | 2,616,332 | 11,988,397 | ||||||
Linde India Ltd. | 189,474 | 6,950,035 | ||||||
Lupin Ltd. | 1,969,382 | 19,564,820 | ||||||
Mahanagar Gas Ltd. | 632,169 | 6,128,546 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 5,359,293 | 10,411,766 | ||||||
Mahindra & Mahindra Ltd. | 7,481,405 | 78,978,650 | ||||||
Mahindra CIE Automotive Ltd.(a) | 1,089,661 | 2,828,037 | ||||||
Manappuram Finance Ltd. | 4,721,114 | 7,174,607 | ||||||
Marico Ltd. | 4,736,273 | 32,424,898 | ||||||
Maruti Suzuki India Ltd. | 1,172,730 | 129,977,839 | ||||||
Max Financial Services Ltd.(a) | 1,859,629 | 20,567,003 | ||||||
Max Healthcare Institute Ltd.(a) | 2,112,658 | 10,536,685 | ||||||
Metropolis Healthcare Ltd.(b) | 254,312 | 6,636,664 | ||||||
Minda Industries Ltd. | 701,513 | 8,625,109 | ||||||
Mindspace Business Parks REIT(b) | 1,434,878 | 6,794,139 | ||||||
Mindtree Ltd. | 571,101 | 29,634,926 | ||||||
Motherson Sumi Systems Ltd. | 11,218,733 | 22,555,711 | ||||||
Motherson Sumi Wiring India Ltd.(a) | 11,155,134 | 6,879,844 | ||||||
Motilal Oswal Financial Services Ltd. | 371,763 | 4,365,049 | ||||||
Mphasis Ltd. | 770,405 | 32,006,696 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
MRF Ltd. | 16,313 | $ | 14,273,954 | |||||
Multi Commodity Exchange of India Ltd. | 211,585 | 3,597,760 | ||||||
Muthoot Finance Ltd. | 1,074,187 | 19,461,514 | ||||||
Narayana Hrudayalaya Ltd.(a) | 623,469 | 5,691,605 | ||||||
Natco Pharma Ltd., NVS | 862,854 | 9,980,668 | ||||||
National Aluminium Co. Ltd. | 9,577,842 | 15,574,577 | ||||||
Navin Fluorine International Ltd. | 301,738 | 15,649,614 | ||||||
Nestle India Ltd. | 296,623 | 69,663,322 | ||||||
Nippon Life India Asset Management | 1,508,033 | 6,187,807 | ||||||
NTPC Ltd. | 40,892,441 | 72,793,955 | ||||||
Nuvoco Vistas Corp. Ltd.(a) | 945,269 | 4,363,545 | ||||||
Oberoi Realty Ltd.(a) | 1,030,517 | 12,478,778 | ||||||
Oil & Natural Gas Corp. Ltd. | 21,746,797 | 46,837,476 | ||||||
Oil India Ltd. | 2,734,345 | 8,155,705 | ||||||
Oracle Financial Services Software Ltd. | 149,769 | 6,770,484 | ||||||
Orient Electric Ltd. | 1,102,081 | 4,847,316 | ||||||
Page Industries Ltd. | 49,380 | 27,795,691 | ||||||
Persistent Systems Ltd. | 436,509 | 22,946,680 | ||||||
Petronet LNG Ltd. | 6,403,596 | 18,375,173 | ||||||
Phoenix Mills Ltd. (The) | 673,593 | 8,603,793 | ||||||
PI Industries Ltd. | 765,932 | 25,207,910 | ||||||
Pidilite Industries Ltd. | 1,403,775 | 44,937,186 | ||||||
Piramal Enterprises Ltd. | 941,504 | 26,028,349 | ||||||
PNB Housing Finance Ltd.(a)(b) | 650,075 | 3,543,949 | ||||||
Polycab India Ltd. | 396,249 | 12,552,733 | ||||||
Power Grid Corp. of India Ltd. | 27,184,439 | 75,695,503 | ||||||
Praj Industries Ltd. | 990,456 | 4,505,704 | ||||||
Prestige Estates Projects Ltd. | 1,528,016 | 9,270,682 | ||||||
Procter & Gamble Health Ltd. | 66,283 | 4,026,020 | ||||||
PVR Ltd.(a) | 469,230 | 10,281,159 | ||||||
Quess Corp. Ltd.(b) | 784,415 | 6,610,029 | ||||||
Radico Khaitan Ltd. | 789,941 | 9,451,329 | ||||||
Rajesh Exports Ltd. | 632,804 | 5,903,261 | ||||||
Rallis India Ltd. | 1,073,371 | 3,345,426 | ||||||
Ramco Cements Ltd. (The) | 1,076,858 | 11,292,182 | ||||||
RBL Bank Ltd.(a)(b) | 3,727,614 | 6,653,556 | ||||||
REC Ltd. | 7,892,998 | 12,857,383 | ||||||
Redington India Ltd. | 5,240,038 | 10,729,725 | ||||||
Relaxo Footwears Ltd. | 532,815 | 8,631,760 | ||||||
Reliance Industries Ltd. | 24,379,105 | 767,495,677 | ||||||
Route Mobile Ltd. | 243,631 | 4,843,240 | ||||||
Sanofi India Ltd. | 88,275 | 8,510,583 | ||||||
SBI Cards & Payment Services Ltd.(a) | 2,037,198 | 21,359,970 | ||||||
SBI Life Insurance Co. Ltd.(b) | 3,937,450 | 55,679,421 | ||||||
Schaeffler India Ltd. | 390,670 | 9,494,718 | ||||||
Sheela Foam Ltd.(a) | 128,080 | 5,829,588 | ||||||
Shree Cement Ltd. | 96,583 | 31,443,030 | ||||||
Shriram Transport Finance Co. Ltd. | 1,754,964 | 26,378,891 | ||||||
Siemens Ltd. | 653,163 | 20,434,036 | ||||||
SKF India Ltd. | 102,663 | 4,910,426 | ||||||
Solar Industries India Ltd. | 236,991 | 7,306,478 | ||||||
Sonata Software Ltd. | 545,910 | 5,352,146 | ||||||
SRF Ltd. | 1,319,543 | 41,993,597 | ||||||
State Bank of India | 15,485,685 | 100,040,683 | ||||||
Sterlite Technologies Ltd. | 1,762,921 | 4,157,847 | ||||||
Strides Pharma Science Ltd. | 577,413 | 2,461,505 | ||||||
Sun Pharma Advanced Research Co. | 1,054,438 | 3,782,080 | ||||||
Sun Pharmaceutical Industries Ltd. | 7,290,091 | 81,892,701 | ||||||
Sun TV Network Ltd. | 745,732 | 4,451,943 | ||||||
Sundaram Finance Ltd. | 551,062 | 13,982,391 |
SCHEDULE OF INVESTMENTS | 19 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Sundram Fasteners Ltd. | 813,779 | $ | 9,261,072 | |||||
Sunteck Realty Ltd. | 632,293 | 4,109,483 | ||||||
Supreme Industries Ltd. | 575,592 | 15,678,401 | ||||||
Suven Pharmaceuticals Ltd. | 1,170,469 | 7,991,372 | ||||||
Symphony Ltd. | 172,031 | 2,252,147 | ||||||
Syngene International Ltd.(a)(b) | 1,208,481 | 8,724,540 | ||||||
Tanla Platforms Ltd. | 546,961 | 11,468,928 | ||||||
Tata Chemicals Ltd. | 1,467,276 | 16,484,528 | ||||||
Tata Communications Ltd. | 917,289 | 14,476,195 | ||||||
Tata Consultancy Services Ltd. | 7,890,096 | 373,767,441 | ||||||
Tata Consumer Products Ltd. | 5,442,525 | 52,114,343 | ||||||
Tata Elxsi Ltd. | 311,347 | 26,720,500 | ||||||
Tata Motors Ltd.(a) | 14,249,186 | 86,381,150 | ||||||
Tata Power Co. Ltd. (The) | 12,594,319 | 37,556,454 | ||||||
Tata Steel Ltd. | 6,261,582 | 102,525,422 | ||||||
Tata Teleservices Maharastra Ltd.(a) | 4,269,550 | 6,674,101 | ||||||
TeamLease Services Ltd.(a) | 115,521 | 6,317,309 | ||||||
Tech Mahindra Ltd. | 5,434,597 | 102,321,515 | ||||||
Thermax Ltd. | 427,370 | 10,333,422 | ||||||
Titan Co. Ltd. | 3,101,100 | 105,333,494 | ||||||
Torrent Pharmaceuticals Ltd. | 452,548 | 16,562,857 | ||||||
Torrent Power Ltd. | 1,674,634 | 10,602,387 | ||||||
Trent Ltd. | 1,658,830 | 24,532,779 | ||||||
Trident Ltd. | 9,052,614 | 6,125,582 | ||||||
TTK Prestige Ltd. | 591,960 | 6,248,974 | ||||||
Tube Investments of India Ltd. | 865,365 | 17,527,663 | ||||||
TV18 Broadcast Ltd.(a) | 5,566,139 | 4,559,962 | ||||||
TVS Motor Co. Ltd. | 1,624,812 | 13,369,446 | ||||||
UltraTech Cement Ltd. | 895,104 | 78,341,079 | ||||||
United Spirits Ltd.(a) | 2,669,409 | 31,519,532 | ||||||
UPL Ltd. | 4,425,134 | 39,328,266 | ||||||
UTI Asset Management Co. Ltd. | 385,097 | 4,286,009 | ||||||
Vardhman Textiles Ltd. | 203,539 | 6,926,045 | ||||||
Varun Beverages Ltd. | 1,379,527 | 17,355,415 | ||||||
Vedanta Ltd. | 10,062,611 | 51,215,502 | ||||||
V-Guard Industries Ltd. | 1,925,129 | 5,016,509 | ||||||
Vinati Organics Ltd. | 284,673 | 7,030,072 | ||||||
VIP Industries Ltd.(a) | 518,623 | 4,447,606 | ||||||
V-Mart Retail Ltd.(a) | 116,626 | 5,296,212 | ||||||
Vodafone Idea Ltd.(a) | 77,635,297 | 10,712,162 | ||||||
Voltas Ltd. | 1,955,413 | 32,874,835 | ||||||
Welspun India Ltd. | 3,396,420 | 4,763,575 | ||||||
Westlife Development Ltd.(a) | 479,964 | 2,959,021 | ||||||
Whirlpool of India Ltd. | 271,554 | 6,053,778 | ||||||
Wipro Ltd. | 11,772,820 | 87,057,011 | ||||||
Yes Bank Ltd., | 12,578,231 | 1,976,583 | ||||||
Yes Bank Ltd.(a) | 81,660,435 | 14,426,313 | ||||||
Zee Entertainment Enterprises Ltd. | 7,455,175 | 22,837,177 | ||||||
Zensar Technologies Ltd. | 871,520 | 4,044,809 | ||||||
Zomato Ltd.(a) | 13,489,196 | 14,410,881 | ||||||
|
| |||||||
9,840,653,254 | ||||||||
Indonesia — 1.7% | ||||||||
Ace Hardware Indonesia Tbk PT | 81,750,700 | 6,109,093 | ||||||
Adaro Energy Tbk PT | 127,794,600 | 21,895,243 | ||||||
AKR Corporindo Tbk PT | 103,912,500 | 5,496,745 | ||||||
Aneka Tambang Tbk | 75,698,943 | 11,793,771 | ||||||
Astra Agro Lestari Tbk PT | 6,039,200 | 4,792,596 | ||||||
Astra International Tbk PT | 172,729,800 | 70,047,968 | ||||||
Bank Aladin Syariah Tbk PT(a) | 47,069,000 | 7,371,424 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Bank BTPN Syariah Tbk PT | 25,137,500 | $ | 6,308,649 | |||||
Bank Central Asia Tbk PT | 471,768,300 | 266,344,207 | ||||||
Bank Jago Tbk PT(a) | 33,413,300 | 37,799,443 | ||||||
Bank Mandiri Persero Tbk PT | 159,692,800 | 86,336,488 | ||||||
Bank Negara Indonesia Persero Tbk PT | 64,499,500 | 36,139,940 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 32,899,700 | 3,194,479 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 580,294,695 | 185,555,114 | ||||||
Bank Tabungan Negara Persero Tbk PT(a) | 47,135,776 | 5,859,404 | ||||||
Barito Pacific Tbk PT | 249,149,500 | 15,535,781 | ||||||
Berkah Beton Sadaya Tbk(a) | 19,506,400 | 6,019,520 | ||||||
BFI Finance Indonesia Tbk PT | 69,909,400 | 6,252,772 | ||||||
Bukit Asam Tbk PT | 36,589,200 | 8,038,124 | ||||||
Bumi Serpong Damai Tbk PT(a) | 85,708,100 | 5,506,520 | ||||||
Charoen Pokphand Indonesia Tbk PT | 66,195,500 | 26,803,942 | ||||||
Ciputra Development Tbk PT | 107,370,527 | 6,925,551 | ||||||
Digital Mediatama Maxima Tbk PT(a) | 23,859,500 | 3,155,359 | ||||||
Gudang Garam Tbk PT | 3,884,500 | 8,512,543 | ||||||
Hanson International Tbk PT(a)(d) | 783,666,700 | 1 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 24,577,400 | 13,889,101 | ||||||
Indo Tambangraya Megah Tbk PT | 3,425,800 | 6,360,633 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 13,288,100 | 10,179,799 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 19,537,300 | 11,581,417 | ||||||
Indofood Sukses Makmur Tbk PT | 37,560,700 | 16,246,071 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 291,349,000 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 46,708,500 | 5,130,329 | ||||||
Jasa Marga Persero Tbk PT(a) | 22,110,480 | 5,219,656 | ||||||
Kalbe Farma Tbk PT | 177,818,600 | 20,359,964 | ||||||
Medco Energi Internasional Tbk PT(a) | 101,086,080 | 4,267,661 | ||||||
Media Nusantara Citra Tbk PT | 60,482,900 | 3,681,669 | ||||||
Merdeka Copper Gold Tbk PT(a) | 97,124,200 | 26,298,833 | ||||||
Mitra Adiperkasa Tbk PT(a) | 96,753,800 | 5,317,927 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 13,440,600 | 7,011,654 | ||||||
Pakuwon Jati Tbk PT(a) | 185,006,800 | 5,956,354 | ||||||
Panin Financial Tbk PT(a) | 206,424,000 | 2,428,180 | ||||||
Perusahaan Gas Negara Tbk PT(a) | 95,459,700 | 9,651,711 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 37,122,700 | 3,680,695 | ||||||
Pool Advista Indonesia Tbk PT(a)(d) | 12,679,400 | — | ||||||
PP Persero Tbk PT(a) | 35,189,850 | 2,370,011 | ||||||
Sarana Menara Nusantara Tbk PT | 203,594,000 | 14,722,738 | ||||||
Semen Indonesia Persero Tbk PT | 24,901,000 | 12,578,269 | ||||||
Smartfren Telecom Tbk PT(a) | 880,710,900 | 4,875,092 | ||||||
Sugih Energy Tbk PT(a)(d) | 27,492,211 | 19 | ||||||
Summarecon Agung Tbk PT(a) | 120,487,441 | 5,850,820 | ||||||
Surya Citra Media Tbk PT(a) | 235,462,800 | 4,250,919 | ||||||
Telkom Indonesia Persero Tbk PT | 423,095,300 | 127,737,929 | ||||||
Tower Bersama Infrastructure Tbk PT | 73,828,500 | 15,182,786 | ||||||
Trada Alam Minera Tbk PT(a)(d) | 280,960,700 | — | ||||||
Transcoal Pacific Tbk PT(a) | 8,747,300 | 5,485,423 | ||||||
Unilever Indonesia Tbk PT | 61,215,100 | 15,752,232 | ||||||
United Tractors Tbk PT | 14,267,500 | 24,896,566 | ||||||
Waskita Karya Persero Tbk PT(a) | 122,602,144 | 4,895,970 | ||||||
Wijaya Karya Persero Tbk PT(a) | 39,434,623 | 2,799,768 | ||||||
XL Axiata Tbk PT | 35,538,700 | 7,100,309 | ||||||
|
| |||||||
1,247,555,182 | ||||||||
Kuwait — 0.7% | ||||||||
Agility Public Warehousing Co. KSC | 10,711,358 | 36,454,310 | ||||||
Boubyan Bank KSCP(a) | 11,780,928 | 32,072,759 | ||||||
Boubyan Petrochemicals Co. KSCP | 3,902,966 | 12,129,962 |
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Kuwait (continued) | ||||||||
Gulf Bank KSCP | 12,928,346 | $ | 13,273,159 | |||||
Humansoft Holding Co. KSC | 876,531 | 10,669,241 | ||||||
Kuwait Finance House KSCP | 40,550,417 | 126,850,222 | ||||||
Kuwait International Bank KSCP(a) | 8,362,122 | 6,386,446 | ||||||
Mabanee Co. KPSC(a) | 5,109,237 | 14,308,563 | ||||||
Mobile Telecommunications Co. KSCP | 18,982,362 | 38,918,168 | ||||||
National Bank of Kuwait SAKP | 58,757,646 | 205,972,716 | ||||||
National Industries Group Holding SAK(a) | 15,113,923 | 14,410,786 | ||||||
National Real Estate Co. KPSC(a) | 7,169,622 | 5,246,776 | ||||||
Qurain Petrochemical Industries Co | 5,878,120 | 7,643,517 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 5,794,994 | 4,229,503 | ||||||
Warba Bank KSCP(a) | 13,330,846 | 12,234,353 | ||||||
|
| |||||||
540,800,481 | ||||||||
Malaysia — 1.6% | ||||||||
AEON Credit Service M Bhd(c) | 2,322,700 | 8,121,290 | ||||||
Alliance Bank Malaysia Bhd | 10,748,700 | 8,798,161 | ||||||
AMMB Holdings Bhd(a) | 14,324,800 | 11,488,397 | ||||||
Axiata Group Bhd | 23,796,000 | 22,274,212 | ||||||
Berjaya Sports Toto Bhd | 7,708,122 | 3,512,078 | ||||||
Bermaz Auto Bhd | 9,661,100 | 4,118,940 | ||||||
British American Tobacco Malaysia Bhd(c) | 1,436,800 | 4,175,053 | ||||||
Bursa Malaysia Bhd | 5,536,100 | 8,326,409 | ||||||
Carlsberg Brewery Malaysia Bhd(c) | 1,587,000 | 7,635,441 | ||||||
CIMB Group Holdings Bhd | 55,788,200 | 75,994,331 | ||||||
CTOS Digital BHD | 9,466,600 | 3,593,482 | ||||||
D&O Green Technologies Bhd(c) | 5,240,900 | 5,920,273 | ||||||
Dialog Group Bhd | 33,564,496 | 22,612,877 | ||||||
DiGi.Com Bhd | 27,391,000 | 26,480,368 | ||||||
DRB-Hicom Bhd | 9,559,000 | 3,378,665 | ||||||
Fraser & Neave Holdings Bhd(c) | 1,329,400 | 7,155,994 | ||||||
Frontken Corp. Bhd(c) | 11,850,700 | 8,233,367 | ||||||
Gamuda Bhd, NVS | 15,689,200 | 10,773,277 | ||||||
Genting Bhd | 17,429,300 | 19,319,602 | ||||||
Genting Malaysia Bhd | 25,915,700 | 18,548,308 | ||||||
Genting Plantations Bhd | 4,581,100 | 9,940,174 | ||||||
Greatech Technology Bhd(a)(c) | 3,920,000 | 3,936,311 | ||||||
HAP Seng Consolidated Bhd(c) | 5,715,100 | 10,318,080 | ||||||
Hartalega Holdings Bhd | 14,354,800 | 15,795,921 | ||||||
Hong Leong Bank Bhd | 5,745,000 | 27,503,970 | ||||||
Hong Leong Financial Group Bhd | 2,443,000 | 11,241,815 | ||||||
Hong Seng Consolidated Bhd(a)(c) | 12,249,200 | 9,341,400 | ||||||
IGB REIT, NVS(c) | 14,978,800 | 5,066,070 | ||||||
IHH Healthcare Bhd | 16,616,400 | 26,069,064 | ||||||
IJM Corp. Bhd | 24,896,000 | 9,152,958 | ||||||
Inari Amertron Bhd | 24,282,800 | 18,801,521 | ||||||
IOI Corp. Bhd | 20,603,900 | 22,639,655 | ||||||
Kossan Rubber Industries Bhd(c) | 11,479,100 | 4,729,985 | ||||||
KPJ Healthcare Bhd | 33,708,500 | 8,349,849 | ||||||
Kuala Lumpur Kepong Bhd | 3,785,400 | 23,441,801 | ||||||
Lotte Chemical Titan Holding Bhd(b)(c) | 5,025,400 | 2,609,354 | ||||||
Magnum Bhd, NVS(c) | 10,464,386 | 4,721,830 | ||||||
Mah Sing Group Bhd(c) | 13,123,223 | 2,109,843 | ||||||
Malayan Banking Bhd | 36,814,100 | 76,921,503 | ||||||
Malaysia Airports Holdings Bhd(a) | 9,502,200 | 13,918,907 | ||||||
Malaysia Building Society Bhd | 30,506,800 | 4,214,349 | ||||||
Malaysian Pacific Industries Bhd | 957,000 | 8,238,878 | ||||||
Malaysian Resources Corp. Bhd | 29,531,900 | 2,497,040 | ||||||
Maxis Bhd | 20,546,400 | 19,698,637 | ||||||
Mega First Corp BHD | 6,895,400 | 5,841,840 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
MISC Bhd | 10,880,000 | $ | 19,082,971 | |||||
My EG Services Bhd(c) | 52,583,900 | 12,067,457 | ||||||
Nestle Malaysia Bhd | 543,300 | 17,361,968 | ||||||
Padini Holdings Bhd | 3,617,300 | 2,911,273 | ||||||
Pentamaster Corp. Bhd | 6,729,800 | 5,241,412 | ||||||
Petronas Chemicals Group Bhd | 21,300,400 | 48,450,356 | ||||||
Petronas Dagangan Bhd | 2,540,100 | 13,019,638 | ||||||
Petronas Gas Bhd | 6,616,800 | 27,468,977 | ||||||
PPB Group Bhd | 5,921,420 | 25,301,959 | ||||||
Press Metal Aluminium Holdings Bhd | 28,309,300 | 46,052,761 | ||||||
Public Bank Bhd | 121,762,000 | 129,316,754 | ||||||
QL Resources Bhd | 10,663,543 | 12,572,237 | ||||||
RHB Bank Bhd | 13,603,566 | 19,171,444 | ||||||
Scientex BHD | 8,605,800 | 9,080,313 | ||||||
Serba Dinamik Holdings Bhd(a)(c)(d) | 33,894,920 | 2,375,187 | ||||||
Sime Darby Bhd | 22,753,700 | 12,322,008 | ||||||
Sime Darby Plantation Bhd | 16,806,100 | 19,717,552 | ||||||
Sime Darby Property Bhd(c) | 34,798,300 | 5,097,286 | ||||||
SKP Resources Bhd | 11,018,225 | 3,929,073 | ||||||
SP Setia Bhd Group(a) | 19,448,500 | 5,928,608 | ||||||
Sunway Construction Group Bhd | 6,904,270 | 2,483,136 | ||||||
Sunway REIT | 21,271,900 | 7,042,501 | ||||||
Supermax Corp. Bhd | 13,863,627 | 3,467,145 | ||||||
Telekom Malaysia Bhd | 9,509,600 | 11,460,897 | ||||||
Tenaga Nasional Bhd | 16,816,300 | 36,760,256 | ||||||
TIME dotCom Bhd | 11,714,200 | 11,857,890 | ||||||
Top Glove Corp. Bhd(c) | 45,110,600 | 22,026,136 | ||||||
UMW Holdings Bhd | 3,239,800 | 2,373,051 | ||||||
UWC BHD(c) | 3,735,600 | 3,615,789 | ||||||
ViTrox Corp. Bhd | 4,036,000 | 7,192,310 | ||||||
VS Industry Bhd | 29,263,350 | 8,056,388 | ||||||
Westports Holdings Bhd | 8,974,500 | 8,357,817 | ||||||
Yinson Holdings BHD(c) | 5,989,700 | 7,519,201 | ||||||
|
| |||||||
1,196,243,031 | ||||||||
Mexico — 2.1% | ||||||||
Alfa SAB de CV, Class A | 24,007,200 | 17,981,077 | ||||||
Alsea SAB de CV(a) | 4,943,195 | 10,706,515 | ||||||
America Movil SAB de CV, Series L, NVS | 268,740,372 | 242,877,998 | ||||||
Arca Continental SAB de CV | 3,227,538 | 21,293,147 | ||||||
Banco del Bajio SA(b) | 6,801,797 | 16,522,113 | ||||||
Becle SAB de CV | 4,543,275 | 11,393,126 | ||||||
Bolsa Mexicana de Valores SAB de CV | 4,516,478 | 8,648,809 | ||||||
Cemex SAB de CV, NVS(a) | 129,918,283 | 66,732,110 | ||||||
Coca-Cola Femsa SAB de CV | 4,030,300 | 22,134,082 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a) | 7,275,459 | 13,853,957 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 5,010,000 | 9,023,920 | ||||||
Fibra Uno Administracion SA de CV | 28,173,300 | 31,748,438 | ||||||
Fomento Economico Mexicano SAB de CV | 16,263,245 | 131,044,545 | ||||||
GCC SAB de CV(c) | 1,740,857 | 11,497,765 | ||||||
Genomma Lab Internacional SAB de CV, Class B(c) | 8,014,924 | 7,310,130 | ||||||
Gentera SAB de CV(a) | 10,030,892 | 7,434,644 | ||||||
Gruma SAB de CV, Class B | 1,688,630 | 22,901,751 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,380,352 | 17,191,625 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3,158,600 | 45,943,974 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,777,025 | 38,428,892 | ||||||
Grupo Bimbo SAB de CV, Series A | 13,373,302 | 41,182,274 |
SCHEDULE OF INVESTMENTS | 21 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Grupo Carso SAB de CV, Series A1 | 4,130,336 | $ | 12,577,953 | |||||
Grupo Comercial Chedraui SA de CV | 3,647,759 | 8,230,211 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 21,993,878 | 148,773,588 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) | 19,199,142 | 31,290,824 | ||||||
Grupo Herdez SAB de CV | 3,029,800 | 4,278,200 | ||||||
Grupo Mexico SAB de CV, Series B | 26,595,120 | 136,436,173 | ||||||
Grupo Televisa SAB de CV, CPO | 20,694,456 | 44,357,532 | ||||||
Industrias Penoles SAB de CV | 1,190,420 | 14,857,437 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 12,060,275 | 16,923,602 | ||||||
La Comer SAB de CV(c) | 5,594,996 | 10,137,703 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 9,641,100 | 11,617,711 | ||||||
Megacable Holdings SAB de CV, CPO | 2,780,477 | 8,188,974 | ||||||
Nemak SAB de CV(a)(b) | 13,781,224 | 2,873,191 | ||||||
Orbia Advance Corp. SAB de CV | 9,233,083 | 23,586,490 | ||||||
PLA Administradora Industrial S. de RL de CV | 7,753,849 | 10,214,289 | ||||||
Prologis Property Mexico SA de CV | 3,831,358 | 9,216,884 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,684,870 | 13,175,567 | ||||||
Qualitas Controladora SAB de CV | 1,691,078 | 9,285,613 | ||||||
Regional SAB de CV | 1,974,547 | 11,682,809 | ||||||
Telesites SAB de CV(c) | 12,643,695 | 14,019,741 | ||||||
Wal-Mart de Mexico SAB de CV | 43,702,896 | 166,225,067 | ||||||
|
| |||||||
1,503,800,451 | ||||||||
Peru — 0.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 1,892,491 | 18,735,661 | ||||||
Credicorp Ltd. | 568,920 | 86,049,150 | ||||||
Intercorp Financial Services Inc. | 273,739 | 8,841,769 | ||||||
Southern Copper Corp. | 716,238 | 49,699,755 | ||||||
|
| |||||||
163,326,335 | ||||||||
Philippines — 0.8% | ||||||||
Aboitiz Equity Ventures Inc. | 17,776,490 | 20,768,710 | ||||||
AC Energy Corp. | 58,172,100 | 9,644,292 | ||||||
Alliance Global Group Inc. | 38,400,000 | 9,586,893 | ||||||
Ayala Corp. | 2,431,155 | 40,305,866 | ||||||
Ayala Land Inc. | 68,993,240 | 52,596,050 | ||||||
Bank of the Philippine Islands | 15,365,063 | 30,029,633 | ||||||
BDO Unibank Inc. | 17,389,896 | 44,068,859 | ||||||
Bloomberry Resorts Corp.(a) | 41,871,300 | 6,043,449 | ||||||
Cebu Air Inc.(a) | 2,824,830 | 2,551,672 | ||||||
Cosco Capital Inc., NVS | 31,994,700 | 3,180,746 | ||||||
D&L Industries Inc. | 31,990,300 | 5,016,741 | ||||||
DMCI Holdings Inc. | 34,280,100 | 5,669,890 | ||||||
Filinvest Land Inc. | 110,021,000 | 2,360,505 | ||||||
Globe Telecom Inc. | 263,820 | 13,256,124 | ||||||
GT Capital Holdings Inc. | 850,530 | 9,632,013 | ||||||
International Container Terminal Services Inc. | 9,339,010 | 38,361,527 | ||||||
JG Summit Holdings Inc. | 27,177,501 | 32,100,759 | ||||||
Jollibee Foods Corp. | 3,952,050 | 18,577,025 | ||||||
Manila Electric Co. | 1,799,040 | 12,945,344 | ||||||
Manila Water Co. Inc., NVS | 11,782,100 | 4,596,099 | ||||||
Megaworld Corp. | 107,401,200 | 6,748,113 | ||||||
Metro Pacific Investments Corp. | 130,838,800 | 9,900,572 | ||||||
Metropolitan Bank & Trust Co. | 14,898,073 | 16,592,158 | ||||||
Monde Nissin Corp.(a)(b) | 38,006,200 | 12,246,195 | ||||||
PLDT Inc. | 702,975 | 24,666,511 | ||||||
Puregold Price Club Inc. | 9,097,350 | 6,237,017 | ||||||
Robinsons Land Corp. | 21,492,913 | 8,091,940 | ||||||
Security Bank Corp. | 2,994,730 | 6,835,407 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Semirara Mining & Power Corp. | 10,170,000 | $ | 5,494,617 | |||||
SM Investments Corp. | 2,129,812 | 37,054,658 | ||||||
SM Prime Holdings Inc. | 88,401,996 | 68,996,999 | ||||||
Universal Robina Corp. | 7,842,000 | 18,354,593 | ||||||
Vista Land & Lifescapes Inc. | 48,255,300 | 2,880,071 | ||||||
Wilcon Depot Inc. | 13,466,200 | 7,682,589 | ||||||
|
| |||||||
593,073,637 | ||||||||
Poland — 0.7% | ||||||||
Alior Bank SA(a) | 964,369 | 10,742,607 | ||||||
Allegro.eu SA(a)(b)(c) | 3,000,954 | 22,364,871 | ||||||
AmRest Holdings SE(a)(c) | 736,867 | 4,042,358 | ||||||
Asseco Poland SA | 550,686 | 9,707,185 | ||||||
Bank Millennium SA(a)(c) | 6,408,391 | 10,687,203 | ||||||
Bank Polska Kasa Opieki SA | 1,578,202 | 43,296,420 | ||||||
Budimex SA(c) | 126,076 | 6,858,182 | ||||||
CCC SA(a)(c) | 342,932 | 4,363,493 | ||||||
CD Projekt SA(c) | 589,706 | 23,422,919 | ||||||
Cyfrowy Polsat SA | 2,306,816 | 14,957,487 | ||||||
Dino Polska SA(a)(b) | 431,776 | 30,361,141 | ||||||
Enea SA(a) | 2,578,659 | 5,378,561 | ||||||
Eurocash SA | 890,139 | 2,013,837 | ||||||
Grupa Azoty SA(a)(c) | 450,418 | 3,490,589 | ||||||
Grupa Lotos SA(a) | 797,318 | 10,229,864 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 549,945 | 6,424,122 | ||||||
KGHM Polska Miedz SA | 1,200,529 | 47,141,153 | ||||||
KRUK SA | 165,264 | 10,306,364 | ||||||
LPP SA | 10,227 | 21,033,265 | ||||||
mBank SA(a) | 141,947 | 13,872,758 | ||||||
Orange Polska SA(a) | 5,532,924 | 10,267,146 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 7,183,831 | 13,935,450 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,477,849 | 41,855,409 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 14,509,373 | 19,122,030 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(a) | 7,522,747 | 72,297,580 | ||||||
Powszechny Zaklad Ubezpieczen SA | 4,958,220 | 37,199,792 | ||||||
Santander Bank Polska SA | 304,362 | 22,816,275 | ||||||
Tauron Polska Energia SA(a)(c) | 10,047,657 | 5,901,835 | ||||||
TEN Square Games SA(c) | 42,494 | 2,174,574 | ||||||
Warsaw Stock Exchange | 419,574 | 3,841,942 | ||||||
|
| |||||||
530,106,412 | ||||||||
Qatar — 0.9% | ||||||||
Al Meera Consumer Goods Co. QSC | 1,196,887 | 6,541,101 | ||||||
Barwa Real Estate Co. | 14,120,345 | 14,046,000 | ||||||
Commercial Bank PSQC (The) | 17,879,031 | 33,910,365 | ||||||
Doha Bank QPSC | 13,262,020 | 10,352,493 | ||||||
Gulf International Services QSC, NVS(a) | 8,828,046 | 4,330,955 | ||||||
Industries Qatar QSC | 14,408,064 | 72,239,148 | ||||||
Masraf Al Rayan QSC(a) | 38,893,152 | 53,282,670 | ||||||
Medicare Group | 1,719,872 | 3,685,070 | ||||||
Mesaieed Petrochemical Holding Co. | 39,910,072 | 29,202,140 | ||||||
Ooredoo QPSC | 6,236,660 | 13,115,151 | ||||||
Qatar Aluminum Manufacturing Co. | 28,021,350 | 17,127,542 | ||||||
Qatar Electricity & Water Co. QSC | 4,261,963 | 21,042,862 | ||||||
Qatar Fuel QSC | 3,655,997 | 18,632,091 | ||||||
Qatar Gas Transport Co. Ltd. | 20,231,865 | 20,912,221 | ||||||
Qatar Insurance Co. SAQ(a) | 14,539,675 | 9,999,338 | ||||||
Qatar International Islamic Bank QSC | 6,705,711 | 18,849,734 | ||||||
Qatar Islamic Bank SAQ | 10,037,854 | 58,004,313 | ||||||
Qatar National Bank QPSC | 38,531,491 | 230,668,665 |
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Qatar (continued) | ||||||||
Qatar National Cement Co. QSC | 2,743,568 | $ | 4,657,812 | |||||
Qatar Navigation QSC | 3,550,856 | 8,240,609 | ||||||
United Development Co. QSC | 18,061,009 | 8,259,261 | ||||||
Vodafone Qatar QSC | 21,932,486 | 10,468,365 | ||||||
|
| |||||||
667,567,906 | ||||||||
Russia — 0.6% | ||||||||
Aeroflot PJSC(a)(d) | 12,448,217 | 1,551,619 | ||||||
Alrosa PJSC(d) | 22,555,750 | 6,570,308 | ||||||
Credit Bank of Moscow PJSC(a)(d) | 131,641,331 | 2,299,426 | ||||||
Detsky Mir PJSC(a)(b)(d) | 5,639,776 | 1,635,180 | ||||||
Federal Grid Co. Unified Energy System PJSC(a)(d) | 2,175,770,000 | 670,636 | ||||||
Gazprom PJSC(d) | 101,307,770 | 81,667,585 | ||||||
Globaltrans Investment PLC, | 1,523,220 | 1,832,591 | ||||||
Inter RAO UES PJSC(d) | 270,997,905 | 2,616,018 | ||||||
LSR Group PJSC(a)(d) | 498,324 | 877,698 | ||||||
LUKOIL PJSC(d) | 3,545,225 | 61,883,673 | ||||||
Magnit PJSC, GDR | 2,913,032 | 4,623,381 | ||||||
MMC Norilsk Nickel PJSC(d) | 542,170 | 36,727,848 | ||||||
Mobile TeleSystems PJSC, ADR | 3,808,646 | 20,947,553 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) | 12,320,031 | 4,146,647 | ||||||
Novatek PJSC, GDR | 779,296 | 30,020,125 | ||||||
Novolipetsk Steel PJSC(d) | 12,759,568 | 8,103,399 | ||||||
OGK-2 PJSC(d) | 319,608,000 | 416,891 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 453,223 | 1,662,534 | ||||||
PhosAgro PJSC, GDR | 1,235,107 | 7,556,259 | ||||||
Polymetal International PLC(d) | 3,035,664 | 9,206,632 | ||||||
Polyus PJSC(d) | 290,787 | 10,956,352 | ||||||
Rosneft Oil Co. PJSC(d) | 9,721,202 | 10,141,465 | ||||||
Rostelecom PJSC(a)(d) | 8,098,021 | 1,947,454 | ||||||
Sberbank of Russia PJSC(d) | 91,862,230 | 40,604,811 | ||||||
Segezha Group PJSC(a)(b)(d) | 34,454,100 | 903,258 | ||||||
Severstal PAO(d) | 1,835,503 | 8,766,055 | ||||||
Sistema PJSFC, GDR(a)(d) | 1,537,435 | 3,110,906 | ||||||
Sovcomflot PJSC(a)(d) | 4,464,400 | 686,060 | ||||||
Surgutneftegas PJSC(d) | 60,550,132 | 4,572,488 | ||||||
Tatneft PJSC(d) | 11,775,415 | 14,952,770 | ||||||
TCS Group Holding PLC, GDR(d) | 1,042,828 | 12,009,408 | ||||||
Unipro PJSC(a)(d) | 160,829,082 | 898,287 | ||||||
United Co. RUSAL International PJSC(a)(d) | 26,465,860 | 5,584,754 | ||||||
VK Co. Ltd.(a)(d) | 956,753 | 972,190 | ||||||
VTB Bank PJSC(d) | 25,685,534,000 | 1,716,452 | ||||||
X5 Retail Group NV, GDR(d) | 1,023,928 | 4,404,566 | ||||||
Yandex NV(a)(d) | 2,640,123 | 17,258,835 | ||||||
|
| |||||||
424,502,114 | ||||||||
Saudi Arabia — 3.8% | ||||||||
Abdullah Al Othaim Markets Co. | 390,516 | 11,614,770 | ||||||
Advanced Petrochemical Co. | 939,527 | 18,849,716 | ||||||
Al Hammadi Co. for Development and Investment, NVS | 733,408 | 8,020,294 | ||||||
Al Rajhi Bank | 10,476,000 | 449,438,304 | ||||||
Aldrees Petroleum and Transport Services Co. | 540,038 | 12,089,571 | ||||||
Alinma Bank | 8,256,634 | 78,289,966 | ||||||
Almarai Co. JSC | 2,052,483 | 27,518,437 | ||||||
Alujain Holding | 412,452 | 6,727,677 | ||||||
Arab National Bank | 5,305,577 | 39,663,547 | ||||||
Arabian Cement Co./Saudi Arabia | 622,758 | 6,670,997 | ||||||
Arriyadh Development Co. | 1,382,630 | 9,634,678 | ||||||
Bank AlBilad(a) | 3,320,824 | 52,261,817 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Bank Al-Jazira | 3,272,062 | $ | 23,510,034 | |||||
Banque Saudi Fransi | 5,235,961 | 74,364,468 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 545,483 | 23,654,081 | ||||||
City Cement Co. | 1,040,899 | 5,912,473 | ||||||
Co for Cooperative Insurance (The) | 556,220 | 11,689,990 | ||||||
Dallah Healthcare Co. | 411,248 | 9,009,917 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 3,676,485 | 10,742,563 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 461,271 | 21,093,830 | ||||||
Eastern Province Cement Co. | 604,184 | 6,744,654 | ||||||
Emaar Economic City(a) | 3,714,309 | 12,307,169 | ||||||
Etihad Etisalat Co.(a) | 3,187,450 | 29,707,785 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 821,322 | 3,440,281 | ||||||
Herfy Food Services Co. | 392,551 | 6,074,442 | ||||||
Jarir Marketing Co. | 487,050 | 27,194,346 | ||||||
Leejam Sports Co. JSC | 308,242 | 10,453,053 | ||||||
Mobile Telecommunications Co.(a) | 3,546,549 | 12,739,016 | ||||||
Mouwasat Medical Services Co. | 448,608 | 24,885,181 | ||||||
National Agriculture Development Co. (The)(a) | 679,770 | 5,604,845 | ||||||
National Gas & Industrialization Co. | 318,859 | 4,697,957 | ||||||
National Industrialization Co.(a) | 3,058,208 | 18,525,780 | ||||||
National Medical Care Co. | 280,923 | 5,266,234 | ||||||
National Petrochemical Co. | 505,442 | 6,099,471 | ||||||
Qassim Cement Co. (The) | 495,453 | 10,181,898 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 1,945,121 | 12,769,256 | ||||||
Riyad Bank(a) | 11,795,356 | 111,801,400 | ||||||
SABIC Agri-Nutrients Co. | 1,850,410 | 78,842,018 | ||||||
Sahara International Petrochemical Co. | 3,249,126 | 40,640,537 | ||||||
Saudi Airlines Catering Co.(a) | 564,825 | 12,786,834 | ||||||
Saudi Arabian Mining Co.(a) | 3,772,934 | 107,704,235 | ||||||
Saudi Arabian Oil Co.(b) | 18,055,313 | 200,314,749 | ||||||
Saudi Basic Industries Corp. | 7,627,742 | 254,288,451 | ||||||
Saudi British Bank (The)(a) | 7,078,747 | 73,240,524 | ||||||
Saudi Cement Co. | 624,767 | 9,285,986 | ||||||
Saudi Ceramic Co. | 339,022 | 4,440,604 | ||||||
Saudi Electricity Co. | 6,918,795 | 51,065,137 | ||||||
Saudi Ground Services Co.(a) | 733,819 | 6,872,141 | ||||||
Saudi Industrial Investment Group | 1,967,116 | 18,573,334 | ||||||
Saudi Kayan Petrochemical Co.(a) | 6,477,140 | 35,410,290 | ||||||
Saudi National Bank (The) | 18,850,659 | 343,399,375 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp. | 751,417 | 7,794,349 | ||||||
Saudi Real Estate Co.(a) | 826,185 | 4,660,700 | ||||||
Saudi Research & Media Group(a) | 329,872 | 22,002,736 | ||||||
Saudi Telecom Co. | 5,041,022 | 153,807,954 | ||||||
Saudia Dairy & Foodstuff Co. | 189,219 | 8,638,846 | ||||||
Savola Group (The) | 2,055,515 | 18,622,228 | ||||||
Seera Group Holding(a) | 1,740,793 | 9,850,889 | ||||||
Southern Province Cement Co. | 592,726 | 10,743,228 | ||||||
United Electronics Co. | 339,886 | 11,813,567 | ||||||
United International Transportation Co. | 676,377 | 8,810,459 | ||||||
Yamama Cement Co.(a) | 1,243,836 | 8,724,560 | ||||||
Yanbu Cement Co. | 886,405 | 8,992,194 | ||||||
Yanbu National Petrochemical Co. | 2,269,381 | 41,656,071 | ||||||
|
| |||||||
2,762,231,894 | ||||||||
South Africa — 3.8% | ||||||||
Absa Group Ltd. | 6,126,178 | 70,376,593 | ||||||
Adcock Ingram Holdings Ltd. | 708,568 | 2,386,595 | ||||||
AECI Ltd. | 1,224,191 | 8,623,973 | ||||||
African Rainbow Minerals Ltd. | 1,022,388 | 18,194,700 | ||||||
Anglo American Platinum Ltd. | 461,134 | 71,976,041 |
SCHEDULE OF INVESTMENTS | 23 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
AngloGold Ashanti Ltd. | 3,559,717 | $ | 83,286,326 | |||||
Aspen Pharmacare Holdings Ltd. | 3,314,759 | 43,330,888 | ||||||
Astral Foods Ltd. | 442,791 | 4,679,524 | ||||||
AVI Ltd. | 2,337,509 | 10,903,843 | ||||||
Barloworld Ltd. | 1,507,272 | 12,042,492 | ||||||
Bid Corp. Ltd. | 2,846,629 | 57,835,096 | ||||||
Bidvest Group Ltd. (The) | 2,331,913 | 31,950,257 | ||||||
Capitec Bank Holdings Ltd. | 691,160 | 93,315,365 | ||||||
Clicks Group Ltd. | 2,122,960 | 41,275,271 | ||||||
Coronation Fund Managers Ltd. | 2,696,668 | 8,058,655 | ||||||
DataTec Ltd. | 1,932,252 | 4,599,328 | ||||||
Dis-Chem Pharmacies Ltd.(b) | 3,352,019 | 7,547,152 | ||||||
Discovery Ltd.(a)(c) | 3,643,860 | 37,316,913 | ||||||
Distell Group Holdings Ltd.(a) | 931,154 | 10,373,575 | ||||||
DRDGOLD Ltd.(c) | 4,558,705 | 4,253,204 | ||||||
Equites Property Fund Ltd. | 4,997,719 | 6,841,849 | ||||||
Exxaro Resources Ltd. | 2,148,641 | 27,714,798 | ||||||
FirstRand Ltd. | 42,185,769 | 181,637,376 | ||||||
Fortress REIT Ltd., Series A | 11,649,882 | 9,720,705 | ||||||
Foschini Group Ltd. (The) | 2,812,719 | 22,783,458 | ||||||
Gold Fields Ltd. | 7,624,543 | 106,162,340 | ||||||
Growthpoint Properties Ltd. | 29,182,015 | 25,431,363 | ||||||
Harmony Gold Mining Co. Ltd. | 4,776,443 | 20,398,230 | ||||||
Impala Platinum Holdings Ltd. | 6,990,905 | 133,347,199 | ||||||
Imperial Logistics Ltd., NVS | 1,609,987 | 6,887,567 | ||||||
Investec Ltd., NVS | 2,747,935 | 15,449,735 | ||||||
JSE Ltd. | 914,840 | 7,106,316 | ||||||
KAP Industrial Holdings Ltd. | 27,651,292 | 8,416,099 | ||||||
Kumba Iron Ore Ltd. | 545,687 | 21,570,344 | ||||||
Life Healthcare Group Holdings Ltd.(c) | 11,456,239 | 16,704,260 | ||||||
Massmart Holdings Ltd.(a) | 1,088,344 | 3,736,521 | ||||||
Momentum Metropolitan Holdings(c) | 8,345,197 | 10,127,230 | ||||||
Motus Holdings Ltd. | 1,515,255 | 10,837,997 | ||||||
Mr. Price Group Ltd. | 2,151,599 | 29,332,131 | ||||||
MTN Group Ltd.(a) | 14,527,343 | 181,338,206 | ||||||
MultiChoice Group | 3,273,707 | 26,830,505 | ||||||
Naspers Ltd., Class N | 1,850,547 | 233,040,410 | ||||||
Nedbank Group Ltd. | 3,834,511 | 54,511,715 | ||||||
NEPI Rockcastle PLC | 3,611,091 | 23,078,901 | ||||||
Netcare Ltd. | 9,744,414 | 9,277,829 | ||||||
Ninety One Ltd. | 1,487,927 | 4,857,747 | ||||||
Northam Platinum Holdings Ltd.(a) | 3,044,487 | 49,157,290 | ||||||
Oceana Group Ltd. | 786,058 | 2,760,053 | ||||||
Old Mutual Ltd. | 40,094,134 | 32,854,961 | ||||||
Pepkor Holdings Ltd.(b) | 10,805,345 | 15,424,913 | ||||||
Pick n Pay Stores Ltd. | 2,808,375 | 8,401,610 | ||||||
PSG Group Ltd., NVS(a) | 1,563,409 | 8,320,218 | ||||||
Rand Merchant Investment Holdings Ltd. | 6,766,289 | 21,289,525 | ||||||
Redefine Properties Ltd. | 49,423,041 | 13,564,116 | ||||||
Reinet Investments SCA | 1,299,286 | 26,784,663 | ||||||
Remgro Ltd. | 4,341,493 | 39,452,846 | ||||||
Resilient REIT Ltd.(c) | 3,170,907 | 12,012,378 | ||||||
Reunert Ltd., NVS | 1,763,564 | 5,378,003 | ||||||
Royal Bafokeng Platinum Ltd. | 1,511,332 | 17,889,768 | ||||||
Sanlam Ltd. | 15,520,612 | 65,405,957 | ||||||
Santam Ltd. | 181,226 | 3,229,391 | ||||||
Sappi Ltd.(a)(c) | 4,983,340 | 16,502,832 | ||||||
Sasol Ltd.(a) | 4,846,707 | 111,207,401 | ||||||
Shoprite Holdings Ltd. | 4,309,675 | 64,284,284 | ||||||
Sibanye Stillwater Ltd. | 23,111,506 | 109,031,442 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
SPAR Group Ltd. (The) | 1,440,867 | $ | 15,375,495 | |||||
Standard Bank Group Ltd. | 11,527,676 | 122,147,368 | ||||||
Steinhoff International Holdings NV(a)(c) | 38,882,361 | 9,179,284 | ||||||
Super Group Ltd./South Africa | 3,891,937 | 7,946,078 | ||||||
Telkom SA SOC Ltd.(a) | 2,809,489 | 7,557,139 | ||||||
Thungela Resources Ltd.(a)(c) | 1,119,245 | 9,955,724 | ||||||
Tiger Brands Ltd. | 1,325,346 | 14,078,986 | ||||||
Transaction Capital Ltd. | 3,803,198 | 10,952,320 | ||||||
Truworths International Ltd. | 3,478,425 | 13,249,742 | ||||||
Vodacom Group Ltd. | 5,286,958 | 50,891,645 | ||||||
Vukile Property Fund Ltd. | 7,803,345 | 6,374,117 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 621,506 | 3,375,059 | ||||||
Woolworths Holdings Ltd. | 8,384,622 | 27,607,963 | ||||||
|
| |||||||
2,741,109,193 | ||||||||
South Korea — 12.2% | ||||||||
ABLBio Inc.(a)(c) | 283,626 | 6,284,112 | ||||||
Ace Technologies Corp.(a)(c) | 317,697 | 2,859,730 | ||||||
AfreecaTV Co. Ltd. | 80,950 | 9,460,495 | ||||||
Ahnlab Inc.(c) | 70,158 | 3,817,011 | ||||||
Alteogen Inc.(a)(c) | 243,911 | 10,985,850 | ||||||
Amicogen Inc.(a)(c) | 163,816 | 3,514,524 | ||||||
Amorepacific Corp.(c) | 275,352 | 42,503,541 | ||||||
AMOREPACIFIC Group | 238,060 | 9,726,274 | ||||||
Ananti Inc.(a)(c) | 591,319 | 4,622,517 | ||||||
AptaBio Therapeutics Inc.(a)(c) | 162,170 | 3,330,734 | ||||||
Asiana Airlines Inc.(a) | 325,038 | 5,252,199 | ||||||
BGF retail Co. Ltd. | 77,212 | 10,938,345 | ||||||
BH Co. Ltd.(c) | 254,490 | 4,134,754 | ||||||
Binex Co. Ltd.(a)(c) | 273,805 | 3,038,410 | ||||||
Binggrae Co. Ltd.(a)(c) | 66,990 | 2,989,953 | ||||||
Bioneer Corp.(a)(c) | 192,896 | 6,221,308 | ||||||
BNC Korea Co. Ltd.(a)(c) | 361,263 | 4,717,286 | ||||||
BNK Financial Group Inc. | 2,182,079 | 14,364,733 | ||||||
Boryung Pharmaceutical Co. Ltd. | 323,966 | 3,380,791 | ||||||
Bukwang Pharmaceutical Co. Ltd.(a)(c) | 401,097 | 4,175,977 | ||||||
Cafe24 Corp.(a)(c) | 149,507 | 2,450,508 | ||||||
Cellid Co. Ltd.(a)(c) | 69,950 | 1,931,357 | ||||||
Cellivery Therapeutics Inc.(a)(c) | 127,919 | 3,238,698 | ||||||
Celltrion Healthcare Co. Ltd. | 733,468 | 39,011,389 | ||||||
Celltrion Inc.(c) | 833,049 | 111,195,284 | ||||||
Celltrion Pharm Inc.(a)(c) | 144,349 | 10,620,890 | ||||||
Chabiotech Co. Ltd.(a)(c) | 444,053 | 6,437,214 | ||||||
Cheil Worldwide Inc. | 568,245 | 10,684,099 | ||||||
Chong Kun Dang Pharmaceutical | 67,476 | 5,421,741 | ||||||
Chunbo Co. Ltd.(c) | 42,141 | 10,068,176 | ||||||
CJ CGV Co. Ltd.(a)(c) | 242,918 | 5,286,801 | ||||||
CJ CheilJedang Corp. | 69,668 | 22,067,716 | ||||||
CJ Corp. | 124,529 | 8,772,507 | ||||||
CJ ENM Co. Ltd. | 85,566 | 9,337,257 | ||||||
CJ Logistics Corp.(a) | 77,906 | 8,077,425 | ||||||
CMG Pharmaceutical Co. Ltd.(a)(c) | 1,173,505 | 3,175,761 | ||||||
Com2uSCorp.(c) | 72,389 | 6,738,269 | ||||||
Cosmax Inc.(a)(c) | 82,720 | 5,961,428 | ||||||
CosmoAM&T Co. Ltd.(a) | 228,730 | 7,466,446 | ||||||
Coway Co. Ltd. | 454,237 | 27,280,923 | ||||||
Creative & Innovative System(a)(c) | 478,449 | 5,547,994 | ||||||
CS Wind Corp. | 205,882 | 10,344,782 | ||||||
Cuckoo Holdings Co. Ltd.(a) | 88,875 | 1,319,457 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 64,252 | 2,074,647 | ||||||
Daeduck Electronics Co. Ltd./New | 362,848 | 7,607,641 |
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Daejoo Electronic Materials Co. Ltd.(c) | 112,171 | $ | 8,480,250 | |||||
Daesang Corp.(a)(c) | 231,127 | 4,304,520 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 1,657,826 | 8,719,983 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 346,760 | 7,739,108 | ||||||
Daewoong Co. Ltd.(a)(c) | 202,360 | 5,103,855 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a)(c) | 49,348 | 6,869,728 | ||||||
Daishin Securities Co. Ltd. | 411,498 | 5,842,869 | ||||||
Daou Technology Inc. | 278,802 | 5,022,810 | ||||||
Dawonsys Co. Ltd.(c) | 223,516 | 5,397,067 | ||||||
DB HiTek Co. Ltd. | 324,698 | 19,032,311 | ||||||
DB Insurance Co. Ltd. | 406,039 | 20,870,138 | ||||||
Devsisters Co. Ltd.(c) | 50,277 | 2,415,324 | ||||||
DGB Financial Group Inc. | 1,470,098 | 11,636,466 | ||||||
DL E&C Co. Ltd.(c) | 124,600 | 13,432,585 | ||||||
DL Holdings Co. Ltd. | 103,686 | 5,249,821 | ||||||
Dong-A Socio Holdings Co. Ltd. | 37,730 | 3,262,480 | ||||||
Dong-A ST Co. Ltd.(c) | 70,787 | 4,027,746 | ||||||
Dongjin Semichem Co. Ltd.(a) | 326,348 | 9,762,819 | ||||||
DongKook Pharmaceutical Co. Ltd.(c) | 279,406 | 4,934,364 | ||||||
Dongkuk Steel Mill Co. Ltd. | 603,272 | 8,383,264 | ||||||
Dongsuh Cos. Inc. | 296,745 | 6,797,091 | ||||||
Dongwon F&B Co. Ltd.(c) | 11,785 | 1,702,517 | ||||||
Dongwon Industries Co. Ltd.(c) | 14,345 | 2,513,093 | ||||||
Doosan Bobcat Inc. | 437,634 | 14,045,803 | ||||||
Doosan Co. Ltd.(a)(c) | 57,689 | 5,520,540 | ||||||
Doosan Fuel Cell Co. Ltd.(a)(c) | 361,753 | 11,845,307 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a)(c) | 2,990,251 | 52,429,927 | ||||||
DoubleUGames Co. Ltd. | 97,511 | 4,052,163 | ||||||
Douzone Bizon Co. Ltd. | 166,113 | 6,726,958 | ||||||
Duk San Neolux Co. Ltd.(a)(c) | 123,538 | 4,030,459 | ||||||
Echo Marketing Inc.(c) | 194,177 | 2,861,106 | ||||||
Ecopro BM Co. Ltd. | 95,170 | 30,116,717 | ||||||
Ecopro Co. Ltd.(c) | 163,551 | 12,020,010 | ||||||
Ecopro HN Co. Ltd.(c) | 106,434 | 4,692,536 | ||||||
E-MART Inc. | 159,170 | 17,358,182 | ||||||
Enzychem Lifesciences Corp.(a)(c) | 116,516 | 3,211,186 | ||||||
Eo Technics Co. Ltd.(a) | 90,379 | 7,562,300 | ||||||
Eubiologics Co. Ltd.(a)(c) | 280,940 | 5,648,749 | ||||||
Eugene Technology Co. Ltd.(c) | 173,407 | 6,331,429 | ||||||
F&F Co. Ltd./New(a) | 29,766 | 22,248,236 | ||||||
Fila Holdings Corp. | 405,752 | 11,990,243 | ||||||
Foosung Co. Ltd.(c) | 544,651 | 9,724,028 | ||||||
GC Cell Corp.(a)(c) | 85,393 | 4,851,163 | ||||||
GemVax & Kael Co. Ltd.(a)(c) | 327,503 | 4,168,595 | ||||||
Geneone Life Science Inc., NVS(a)(c) | 617,254 | 7,520,914 | ||||||
Genexine Inc.(a) | 169,025 | 6,588,794 | ||||||
GOLFZON Co. Ltd.(a) | 34,135 | 4,341,340 | ||||||
Grand Korea Leisure Co. Ltd., NVS(a)(c) | 358,604 | 4,395,154 | ||||||
Green Cross Corp. | 49,061 | 7,465,029 | ||||||
Green Cross Holdings Corp. | 194,532 | 3,628,528 | ||||||
GS Engineering & Construction Corp.(c) | 493,988 | 17,753,475 | ||||||
GS Holdings Corp. | 367,501 | 12,288,884 | ||||||
GS Retail Co. Ltd. | 309,601 | 6,884,731 | ||||||
Halla Holdings Corp. | 78,928 | 2,675,786 | ||||||
Hana Financial Group Inc. | 2,530,058 | 102,790,776 | ||||||
Hana Tour Service Inc.(a)(c) | 107,476 | 7,057,097 | ||||||
Hanall Biopharma Co. Ltd.(a) | 315,431 | 4,949,654 | ||||||
Handsome Co. Ltd. | 133,118 | 3,991,874 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hanil Cement Co. Ltd./New | 247,229 | $ | 3,761,709 | |||||
Hanjin Transportation Co. Ltd.(a)(c) | 72,471 | 1,728,431 | ||||||
Hankook & Co. Co. Ltd.(c) | 261,949 | 2,941,526 | ||||||
Hankook Tire & Technology Co. Ltd. | 622,217 | 18,332,517 | ||||||
Hanmi Pharm Co. Ltd.(a) | 55,560 | 12,306,539 | ||||||
Hanmi Semiconductor Co. Ltd. | 274,596 | 7,741,023 | ||||||
Hanon Systems | 1,592,103 | 15,418,274 | ||||||
Hansae Co. Ltd.(c) | 193,319 | 3,668,757 | ||||||
Hansol Chemical Co. Ltd.(c) | 83,885 | 15,142,160 | ||||||
Hanssem Co. Ltd. | 102,581 | 6,274,423 | ||||||
Hanwha Aerospace Co. Ltd. | 312,336 | 13,638,392 | ||||||
Hanwha Corp.(c) | 339,989 | 8,672,906 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 1,051,858 | 4,260,918 | ||||||
Hanwha Life Insurance Co. Ltd.(a) | 3,135,054 | 7,742,173 | ||||||
Hanwha Solutions Corp.(a)(c) | 1,039,193 | 29,543,733 | ||||||
Hanwha Systems Co. Ltd.(c) | 557,797 | 7,370,481 | ||||||
HDC Holdings Co. Ltd.(a)(c) | 356,654 | 2,282,277 | ||||||
HDC Hyundai Development Co-Engineering & Construction, | 387,354 | 5,213,046 | ||||||
Helixmith Co. Ltd.(a)(c) | 334,316 | 5,641,182 | ||||||
Hite Jinro Co. Ltd.(a)(c) | 317,333 | 9,442,632 | ||||||
HLB Inc.(a)(c) | 808,331 | 21,179,334 | ||||||
HLB Life Science Co. Ltd., NVS(a)(c) | 775,826 | 6,914,459 | ||||||
HMM Co. Ltd.(a)(c) | 2,285,801 | 55,369,585 | ||||||
Hotel Shilla Co. Ltd.(c) | 242,854 | 16,413,739 | ||||||
Huchems Fine Chemical Corp., NVS | 215,607 | 4,011,405 | ||||||
Hugel Inc., NVS(a)(c) | 57,961 | 7,147,053 | ||||||
Huons Co. Ltd.(c) | 105,491 | 4,097,334 | ||||||
Huons Global Co. Ltd.(c) | 74,085 | 1,877,332 | ||||||
Hwaseung Enterprise Co. Ltd.(a)(c) | 208,380 | 2,840,363 | ||||||
HYBE Co. Ltd.(a) | 145,756 | 35,416,553 | ||||||
Hyosung Advanced Materials Corp.(c) | 24,079 | 9,445,933 | ||||||
Hyosung Chemical Corp.(a) | 20,255 | 4,706,127 | ||||||
Hyosung Corp. | 92,537 | 6,603,982 | ||||||
Hyosung TNC Corp.(c) | 22,682 | 9,223,342 | ||||||
Hyundai Autoever Corp. | 60,742 | 5,507,220 | ||||||
Hyundai Bioscience Co. Ltd.(a)(c) | 330,814 | 8,818,222 | ||||||
Hyundai Construction Equipment Co. Ltd. | 133,335 | 3,753,901 | ||||||
Hyundai Department Store Co. Ltd. | 128,614 | 8,379,275 | ||||||
Hyundai Doosan Infracore Co. Ltd.(a) | 1,051,756 | 5,957,242 | ||||||
Hyundai Elevator Co. Ltd.(a) | 248,981 | 7,878,545 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 639,913 | 23,313,447 | ||||||
Hyundai Glovis Co. Ltd. | 156,486 | 23,084,084 | ||||||
Hyundai Greenfood Co. Ltd.(c) | 694,497 | 4,880,454 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 401,314 | 17,280,332 | ||||||
Hyundai Home Shopping Network Corp. | 55,973 | 2,721,609 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 465,450 | 11,179,682 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(c) | 215,112 | 14,449,369 | ||||||
Hyundai Mobis Co. Ltd. | 555,674 | 104,336,669 | ||||||
Hyundai Motor Co.(c) | 1,181,943 | 173,919,027 | ||||||
Hyundai Rotem Co. Ltd.(a)(c) | 617,940 | 10,298,297 | ||||||
Hyundai Steel Co. | 746,443 | 24,894,525 | ||||||
Hyundai Wia Corp. | 145,103 | 7,458,547 | ||||||
Iljin Materials Co. Ltd.(c) | 202,943 | 15,534,610 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 132,158 | 2,782,372 | ||||||
Industrial Bank of Korea | 1,916,253 | 17,214,759 | ||||||
Innocean Worldwide Inc. | 89,683 | 3,739,875 | ||||||
Innox Advanced Materials Co. Ltd.(c) | 165,741 | 5,853,340 | ||||||
iNtRON Biotechnology Inc.(a)(c) | 273,815 | 4,212,899 | ||||||
IS Dongseo Co. Ltd.(a)(c) | 163,624 | 7,236,133 |
SCHEDULE OF INVESTMENTS | 25 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
ITM Semiconductor Co. Ltd.(c) | 87,422 | $ | 2,563,923 | |||||
JB Financial Group Co. Ltd. | 1,169,379 | 8,009,580 | ||||||
JW Pharmaceutical Corp.(c) | 180,304 | 3,793,413 | ||||||
JYP Entertainment Corp.(a)(c) | 257,717 | 10,830,482 | ||||||
Kakao Corp. | 2,675,808 | 211,915,351 | ||||||
Kakao Games Corp.(a)(c) | 255,552 | 15,877,855 | ||||||
KakaoBank Corp.(a)(c) | 826,025 | 33,349,615 | ||||||
Kangwon Land Inc.(a) | 809,851 | 18,012,700 | ||||||
KB Financial Group Inc. | 3,358,603 | 165,694,796 | ||||||
KCC Corp.(c) | 41,621 | 11,653,483 | ||||||
KCC Glass Corp. | 99,758 | 4,846,170 | ||||||
KEPCO Engineering & Construction Co. Inc.(a)(c) | 127,762 | 9,588,733 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 218,830 | 6,802,644 | ||||||
Kginicis Co. Ltd. | 233,305 | 3,405,946 | ||||||
Kia Corp. | 2,226,215 | 138,014,899 | ||||||
KIWOOM Securities Co. Ltd.(a) | 113,155 | 9,608,555 | ||||||
KMW Co. Ltd.(a)(c) | 243,578 | 6,352,001 | ||||||
Koh Young Technology Inc.(c) | 530,731 | 8,488,233 | ||||||
Kolmar BNH Co. Ltd.(a)(c) | 122,397 | 3,655,342 | ||||||
Kolmar Korea Co. Ltd.(a) | 146,937 | 5,671,256 | ||||||
Kolon Industries Inc. | 158,581 | 7,822,137 | ||||||
Komipharm International Co. | 382,778 | 2,661,673 | ||||||
KONA I Co. Ltd.(a)(c) | 118,007 | 2,652,166 | ||||||
Korea Aerospace Industries Ltd.(a) | 618,477 | 19,241,985 | ||||||
Korea Electric Power Corp.(a) | 2,069,038 | 40,096,525 | ||||||
Korea Investment Holdings Co. | 350,043 | 23,255,172 | ||||||
Korea Line Corp.(a) | 1,336,730 | 3,113,499 | ||||||
Korea Petrochemical Ind. Co | 30,267 | 4,329,411 | ||||||
Korea REIT & Trust Co. Ltd. | 2,116,731 | 3,875,409 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 330,902 | 24,531,742 | ||||||
Korea United Pharm Inc.(a)(c) | 95,906 | 3,681,112 | ||||||
Korea Zinc Co. Ltd. | 73,987 | 33,933,440 | ||||||
Korean Air Lines Co. Ltd.(a) | 1,463,320 | 36,051,712 | ||||||
Korean Reinsurance Co. | 828,994 | 6,693,820 | ||||||
Krafton Inc.(a)(c) | 191,973 | 47,625,547 | ||||||
KT Skylife Co. Ltd. | 270,336 | 1,919,661 | ||||||
KT&G Corp. | 919,578 | 61,130,372 | ||||||
Kuk-Il Paper Manufacturing Co. | 1,057,047 | 3,308,889 | ||||||
Kumho Petrochemical Co. Ltd.(a)(c) | 156,755 | 21,147,917 | ||||||
Kumho Tire Co. Inc.(a) | 886,599 | 2,940,787 | ||||||
Kyung Dong Navien Co. Ltd. | 82,064 | 3,047,761 | ||||||
L&C Bio Co. Ltd.(c) | 156,139 | 4,147,166 | ||||||
L&F Co. Ltd.(a)(c) | 200,233 | 32,945,436 | ||||||
LEENO Industrial Inc. | 90,911 | 13,729,413 | ||||||
LegoChem Biosciences Inc.(a)(c) | 192,858 | 7,115,036 | ||||||
LF Corp. | 196,293 | 2,925,704 | ||||||
LG Chem Ltd. | 392,681 | 186,344,444 | ||||||
LG Corp. | 735,864 | 46,249,209 | ||||||
LG Display Co. Ltd.(c) | 1,944,012 | 30,572,308 | ||||||
LG Electronics Inc. | 903,297 | 94,300,912 | ||||||
LG Energy Solution(a) | 179,836 | 61,623,015 | ||||||
LG Household & Health Care Ltd.(c) | 78,625 | 62,384,486 | ||||||
LG Innotek Co. Ltd. | 121,204 | 33,458,682 | ||||||
LG Uplus Corp. | 1,708,000 | 18,761,267 | ||||||
LIG Nex1 Co. Ltd.(c) | 137,391 | 7,840,335 | ||||||
Lock&Lock Co. Ltd.(a) | 264,195 | 2,210,040 | ||||||
Lotte Chemical Corp. | 142,086 | 26,186,414 | ||||||
Lotte Chilsung Beverage Co. Ltd.(c) | 44,958 | 6,181,628 | ||||||
Lotte Confectionery Co. Ltd. | 18,657 | 1,798,243 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
LOTTE Fine Chemical Co. Ltd. | 173,519 | $ | 11,543,456 | |||||
LOTTE Himart Co. Ltd. | 93,154 | 1,808,927 | ||||||
LOTTE Reit Co. Ltd. | 1,743,512 | 7,921,117 | ||||||
Lotte Shopping Co. Ltd.(c) | 98,943 | 7,069,753 | ||||||
Lotte Tour Development Co. Ltd.(a)(c) | 411,793 | 6,151,883 | ||||||
LS Corp.(c) | 159,054 | 6,491,171 | ||||||
LS Electric Co. Ltd. | 175,419 | 6,324,017 | ||||||
Lx Hausys Ltd. | 67,105 | 3,093,679 | ||||||
LX Holdings Corp.(a)(c) | 401,750 | 3,285,535 | ||||||
Lx International Corp. | 296,553 | 7,369,384 | ||||||
LX Semicon Co. Ltd.(c) | 107,223 | 10,299,088 | ||||||
Maeil Dairies Co. Ltd. | 48,610 | 2,762,223 | ||||||
Mando Corp.(c) | 273,896 | 10,471,749 | ||||||
Mcnex Co. Ltd. | 132,639 | 5,100,375 | ||||||
MedPacto Inc.(a)(c) | 125,379 | 3,670,967 | ||||||
Medytox Inc.(a)(c) | 46,625 | 4,752,845 | ||||||
MegaStudyEdu Co. Ltd.(a)(c) | 93,270 | 6,477,761 | ||||||
Meritz Financial Group Inc.(c) | 348,381 | 10,712,429 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 437,188 | 15,024,869 | ||||||
Meritz Securities Co. Ltd.(c) | 2,433,793 | 11,918,196 | ||||||
Mezzion Pharma Co. Ltd.(a)(c) | 65,828 | 9,022,871 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 749,463 | 2,556,675 | ||||||
Mirae Asset Securities Co. Ltd.(c) | 2,225,771 | 16,424,830 | ||||||
Myoung Shin Industrial Co. Ltd.(a)(c) | 193,861 | 3,868,004 | ||||||
Namhae Chemical Corp.(a)(c) | 288,944 | 2,336,482 | ||||||
Naturecell Co. Ltd.(a)(c) | 470,097 | 6,460,371 | ||||||
NAVER Corp. | 1,046,290 | 278,791,512 | ||||||
NCSoft Corp. | 140,869 | 52,184,198 | ||||||
NEPES Corp.(a) | 192,440 | 4,611,594 | ||||||
Netmarble Corp.(b)(c) | 176,805 | 15,192,494 | ||||||
Nexen Tire Corp.(a) | 301,974 | 1,589,692 | ||||||
Next Science Co. Ltd.(a) | 364,277 | 5,241,776 | ||||||
NH Investment & Securities Co. Ltd.(a) | 935,104 | 9,048,934 | ||||||
NHN Corp.(a) | 201,434 | 6,014,850 | ||||||
NHN KCP Corp.(a) | 274,029 | 5,390,216 | ||||||
NICE Holdings Co. Ltd. | 245,447 | 3,420,221 | ||||||
NICE Information Service Co. Ltd.(a)(c) | 360,977 | 5,603,551 | ||||||
NKMax Co. Ltd.(a)(c) | 336,819 | 4,420,651 | ||||||
NongShim Co. Ltd. | 32,649 | 8,359,394 | ||||||
OCI Co. Ltd.(a)(c) | 170,224 | 15,057,907 | ||||||
Orion Corp./Republic of Korea | 200,953 | 15,377,776 | ||||||
Orion Holdings Corp. | 266,771 | 3,144,876 | ||||||
Oscotec Inc.(a)(c) | 224,194 | 5,622,092 | ||||||
Osstem Implant Co. Ltd.(a)(d) | 104,101 | 10,639,709 | ||||||
Ottogi Corp. | 13,947 | 5,032,169 | ||||||
Pan Ocean Co. Ltd. | 2,329,926 | 12,857,453 | ||||||
Paradise Co. Ltd., NVS(a)(c) | 503,557 | 7,024,248 | ||||||
Park Systems Corp. | 42,119 | 4,205,184 | ||||||
Partron Co. Ltd.(c) | 452,306 | 4,355,000 | ||||||
Pearl Abyss Corp.(a)(c) | 259,214 | 20,789,758 | ||||||
People & Technology Inc.(a)(c) | 162,370 | 5,831,689 | ||||||
PharmaResearch Co. Ltd.(c) | 63,021 | 4,620,419 | ||||||
Pharmicell Co. Ltd.(a) | 543,510 | 4,994,488 | ||||||
PI Advanced Materials Co. Ltd.(a) | 174,144 | 6,354,842 | ||||||
Poongsan Corp. | 273,806 | 7,292,485 | ||||||
POSCO | 630,383 | 149,983,082 | ||||||
POSCO Chemical Co. Ltd.(c) | 278,964 | 26,721,750 | ||||||
Posco ICT Co. Ltd.(c) | 597,766 | 2,878,365 | ||||||
Posco International Corp.(c) | 455,659 | 7,906,279 | ||||||
RFHIC Corp.(c) | 189,246 | 4,500,261 |
26 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
S&S Tech Corp.(c) | 181,645 | $ | 4,265,548 | |||||
S-1 Corp. | 125,316 | 7,295,061 | ||||||
Sam Chun Dang Pharm Co. Ltd.(a)(c) | 139,430 | 4,253,607 | ||||||
Sam Kang M&T Co. Ltd.(a)(c) | 253,161 | 3,914,533 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 141,520 | 92,066,254 | ||||||
Samsung C&T Corp. | 701,309 | 64,769,833 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 470,712 | 65,809,404 | ||||||
Samsung Electronics Co. Ltd. | 40,681,031 | 2,451,169,483 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,349,061 | 26,353,990 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 260,574 | 41,436,624 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 5,352,984 | 26,094,577 | ||||||
Samsung Life Insurance Co. Ltd. | 572,132 | 28,606,334 | ||||||
Samsung SDI Co. Ltd. | 469,538 | 216,381,910 | ||||||
Samsung SDS Co. Ltd. | 288,024 | 33,813,469 | ||||||
Samsung Securities Co. Ltd. | 507,744 | 17,995,377 | ||||||
Samwha Capacitor Co. Ltd. | 100,355 | 4,750,575 | ||||||
Samyang Foods Co. Ltd.(c) | 53,049 | 3,881,063 | ||||||
Samyang Holdings Corp. | 54,003 | 3,761,037 | ||||||
SD Biosensor Inc. | 303,223 | 13,769,681 | ||||||
Sebang Global Battery Co. Ltd. | 63,484 | 3,390,545 | ||||||
Seegene Inc.(c) | 306,836 | 13,150,998 | ||||||
Seobu T&D(c) | 439,361 | 3,286,578 | ||||||
Seojin System Co. Ltd.(a)(c) | 130,783 | 3,726,930 | ||||||
Seoul Semiconductor Co. Ltd.(a)(c) | 423,506 | 4,741,430 | ||||||
SFA Engineering Corp.(c) | 184,873 | 5,832,762 | ||||||
SFA Semicon Co. Ltd.(a)(c) | 843,940 | 4,631,578 | ||||||
Shin Poong Pharmaceutical Co. | 277,735 | 8,111,980 | ||||||
Shinhan Financial Group Co. Ltd. | 3,627,254 | 118,015,411 | ||||||
Shinsegae Inc. | 58,520 | 12,844,410 | ||||||
Shinsegae International Inc.(c) | 28,567 | 3,639,014 | ||||||
SillaJen Inc.(a)(c)(d) | 540,819 | 3,265,560 | ||||||
SIMMTECH Co. Ltd.(c) | 170,411 | 7,650,283 | ||||||
SK Biopharmaceuticals Co. Ltd.(a)(c) | 225,233 | 15,987,067 | ||||||
SK Bioscience Co. Ltd.(a)(c) | 192,558 | 23,580,404 | ||||||
SK Chemicals Co. Ltd. | 99,849 | 10,488,951 | ||||||
SK D&D Co. Ltd. | 78,541 | 1,960,223 | ||||||
SK Discovery Co. Ltd. | 97,764 | 3,312,025 | ||||||
SK Gas Ltd. | 45,497 | 4,523,213 | ||||||
SK Hynix Inc. | 4,637,746 | 483,505,900 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 186,999 | 19,421,211 | ||||||
SK Inc.(c) | 343,399 | 65,592,621 | ||||||
SK Innovation Co. Ltd.(a) | 436,137 | 73,626,924 | ||||||
SK Networks Co. Ltd. | 1,352,507 | 4,990,324 | ||||||
SK Square Co. Ltd.(a) | 679,272 | 31,524,413 | ||||||
SK Telecom Co. Ltd. | 269,674 | 12,306,056 | ||||||
SKC Co. Ltd. | 193,813 | 22,539,288 | ||||||
SL Corp.(a)(c) | 142,347 | 2,837,576 | ||||||
SM Entertainment Co. Ltd.(c) | 178,348 | 11,152,098 | ||||||
SNT Motiv Co. Ltd. | 87,073 | 3,148,305 | ||||||
S-Oil Corp. | 380,006 | 27,063,788 | ||||||
SOLUM Co. Ltd.(a) | 311,628 | 5,941,092 | ||||||
Solus Advanced Materials Co Ltd. | 114,757 | 6,081,076 | ||||||
Soulbrain Co. Ltd./New(c) | 41,549 | 7,933,199 | ||||||
Soulbrain Holdings Co. Ltd.(c) | 61,068 | 1,470,187 | ||||||
ST Pharm Co. Ltd. | 90,283 | 7,528,587 | ||||||
STIC Investments Inc. | 303,241 | 2,594,179 | ||||||
Taihan Electric Wire Co. Ltd.(a)(c) | 2,812,786 | 3,778,659 | ||||||
Tera Resource Co. Ltd.(a)(d) | 49,111 | — | ||||||
TES Co. Ltd./Korea(c) | 190,641 | 4,068,955 | ||||||
Tokai Carbon Korea Co. Ltd.(c) | 55,096 | 5,441,342 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Tongyang Life Insurance Co. Ltd. | 766,059 | $ | 3,933,425 | |||||
TY Holdings Co. Ltd./Korea(a) | 215,836 | 4,920,978 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.(a)(c) | 81,699 | 2,354,769 | ||||||
Vidente Co. Ltd.(a) | 333,093 | 4,587,757 | ||||||
Webzen Inc.(a)(c) | 153,451 | 2,986,222 | ||||||
Wemade Co. Ltd.(c) | 162,437 | 15,077,929 | ||||||
Wonik Holdings Co. Ltd.(a) | 1 | 4 | ||||||
WONIK IPS Co. Ltd.(c) | 271,189 | 8,187,876 | ||||||
Woori Financial Group Inc. | 4,343,216 | 51,951,795 | ||||||
Woori Investment Bank Co. Ltd.(c) | 3,425,208 | 2,484,717 | ||||||
Woori Technology Investment Co. Ltd., NVS(a)(c) | 596,125 | 4,269,487 | ||||||
Wysiwyg Studious Co. Ltd.(a)(c) | 212,794 | 6,414,677 | ||||||
Y2 Solution Co. Ltd.(a)(c)(d) | 278,963 | 339,670 | ||||||
YG Entertainment Inc.(c) | 114,521 | 6,335,729 | ||||||
Youlchon Chemical Co. Ltd.(c) | 111,418 | 2,225,922 | ||||||
Youngone Corp.(a) | 205,702 | 7,315,568 | ||||||
Youngone Holdings Co. Ltd.(a) | 65,667 | 2,547,670 | ||||||
Yuanta Securities Korea Co. Ltd.(a) | 1,163,826 | 3,458,940 | ||||||
Yuhan Corp. | 434,193 | 21,096,654 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a)(c) | 922,869 | 3,742,517 | ||||||
Zinus Inc.(a)(c) | 96,279 | 6,043,981 | ||||||
|
| |||||||
8,878,055,724 | ||||||||
Taiwan — 17.0% | ||||||||
AcBel Polytech Inc.(c) | 6,154,000 | 7,425,567 | ||||||
Accton Technology Corp.(c) | 4,386,000 | 39,774,732 | ||||||
Acer Inc.(c) | 24,773,872 | 25,711,025 | ||||||
Actron Technology Corp.(c) | 498,000 | 4,083,425 | ||||||
ADATA Technology Co. Ltd.(c) | 2,249,820 | 7,569,671 | ||||||
Adimmune Corp.(c) | 2,605,000 | 3,716,783 | ||||||
Advanced Ceramic X Corp.(c) | 438,000 | 4,246,644 | ||||||
Advanced Energy Solution Holding Co. Ltd.(c) | 257,000 | 12,203,959 | ||||||
Advanced Wireless Semiconductor Co.(c) | 1,439,000 | 5,326,485 | ||||||
Advantech Co. Ltd.(c) | 3,210,110 | 42,272,358 | ||||||
Airtac International Group(c) | 1,170,292 | 38,926,362 | ||||||
Alchip Technologies Ltd., NVS(c) | 600,000 | 23,440,522 | ||||||
Amazing Microelectronic Corp.(c) | 660,000 | 4,536,112 | ||||||
AmTRAN Technology Co. Ltd.(c) | 8,504,672 | 4,924,346 | ||||||
Andes Technology Corp.(c) | 341,000 | 5,171,115 | ||||||
AP Memory Technology Corp.(c) | 709,000 | 9,419,655 | ||||||
Apex International Co. Ltd.(c) | 1,254,000 | 4,519,877 | ||||||
Arcadyan Technology Corp.(c) | 1,312,391 | 5,435,972 | ||||||
Ardentec Corp.(c) | 4,540,546 | 8,321,500 | ||||||
ASE Technology Holding Co. Ltd.(c) | 27,988,222 | 101,158,040 | ||||||
Asia Cement Corp. | 16,590,050 | 26,813,772 | ||||||
Asia Optical Co. Inc.(a)(c) | 2,588,000 | 7,588,889 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 18,761,173 | 5,362,250 | ||||||
Asia Vital Components Co. Ltd.(c) | 3,011,000 | 12,038,807 | ||||||
ASMedia Technology Inc.(c) | 235,000 | 14,548,455 | ||||||
ASPEED Technology Inc., NVS(c) | 193,000 | 18,969,004 | ||||||
ASROCK Inc.(c) | 511,000 | 4,178,237 | ||||||
Asustek Computer Inc.(c) | 5,922,000 | 79,002,288 | ||||||
AU Optronics Corp.(c) | 69,596,000 | 52,104,908 | ||||||
AURAS Technology Co. Ltd.(c) | 698,000 | 6,470,840 | ||||||
Bank of Kaohsiung Co. Ltd.(c) | 26,879,903 | 12,977,270 | ||||||
BES Engineering Corp.(c) | 17,022,000 | 5,386,971 | ||||||
Bizlink Holding Inc.(c) | 1,049,926 | 11,368,758 | ||||||
Brighton-Best International Taiwan Inc.(c) | 4,588,000 | 6,567,214 | ||||||
Capital Securities Corp.(c) | 23,423,050 | 13,254,002 | ||||||
Career Technology MFG. Co. Ltd.(a)(c) | 4,536,498 | 3,880,721 | ||||||
Catcher Technology Co. Ltd. | 5,110,000 | 26,228,659 |
SCHEDULE OF INVESTMENTS | 27 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Cathay Financial Holding Co. Ltd. | 67,329,872 | $ | 151,400,342 | |||||
Cathay Real Estate Development Co. Ltd.(c) | 8,036,900 | 5,519,824 | ||||||
Center Laboratories Inc.(c) | 3,450,007 | 7,281,303 | ||||||
Century Iron & Steel Industrial Co. | 1,446,000 | 5,654,607 | ||||||
Chailease Holding Co. Ltd.(c) | 11,279,721 | 102,369,221 | ||||||
Chang Hwa Commercial Bank Ltd. | 37,908,182 | 24,067,305 | ||||||
Charoen Pokphand Enterprise | 2,113,000 | 6,393,766 | ||||||
Cheng Loong Corp.(c) | 7,251,000 | 8,948,347 | ||||||
Cheng Shin Rubber Industry Co. Ltd.(c) | 13,063,650 | 16,712,331 | ||||||
Cheng Uei Precision Industry Co. Ltd.(c) | 3,335,000 | 4,582,425 | ||||||
Chicony Electronics Co. Ltd.(c) | 4,063,787 | 13,071,889 | ||||||
Chicony Power Technology Co. Ltd.(c) | 1,136,000 | 3,226,694 | ||||||
Chief Telecom Inc.(c) | 260,000 | 2,528,482 | ||||||
China Airlines Ltd.(a)(c) | 23,062,000 | 23,514,806 | ||||||
China Bills Finance Corp.(c) | 15,250,000 | 9,300,787 | ||||||
China Development Financial Holding Corp. | 127,522,649 | 87,329,361 | ||||||
China General Plastics Corp.(c) | 4,485,386 | 5,582,726 | ||||||
China Man-Made Fiber Corp.(c) | 18,449,574 | 6,403,753 | ||||||
China Metal Products(c) | 4,343,146 | 5,577,897 | ||||||
China Motor Corp.(c) | 2,534,800 | 5,659,193 | ||||||
China Petrochemical Development Corp.(a)(c) | 31,915,490 | 13,788,092 | ||||||
China Steel Chemical Corp.(c) | 1,456,000 | 6,262,744 | ||||||
China Steel Corp. | 100,611,529 | 130,830,646 | ||||||
Chin-Poon Industrial Co. Ltd.(c) | 4,204,000 | 5,486,051 | ||||||
Chipbond Technology Corp.(c) | 3,712,000 | 9,236,419 | ||||||
ChipMOS Technologies Inc.(c) | 5,300,000 | 10,010,547 | ||||||
Chlitina Holding Ltd. | 497,000 | 3,747,469 | ||||||
Chong Hong Construction Co. Ltd.(c) | 1,548,122 | 4,229,855 | ||||||
Chroma ATE Inc.(c) | 3,001,000 | 20,432,301 | ||||||
Chung Hung Steel Corp.(c) | 7,846,000 | 11,651,503 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp.(c) | 3,591,000 | 5,399,170 | ||||||
Chunghwa Precision Test Tech Co. | 178,000 | 4,040,891 | ||||||
Chunghwa Telecom Co. Ltd. | 30,869,000 | 137,200,873 | ||||||
Cleanaway Co. Ltd.(c) | 887,000 | 6,741,185 | ||||||
Clevo Co. | 4,601,175 | 5,071,986 | ||||||
Compal Electronics Inc.(c) | 33,615,000 | 30,623,652 | ||||||
Compeq Manufacturing Co. Ltd.(c) | 7,366,000 | 12,764,344 | ||||||
Continental Holdings Corp.(c) | 4,768,600 | 4,013,614 | ||||||
Coretronic Corp.(c) | 3,505,200 | 8,982,778 | ||||||
Co-Tech Development Corp.(c) | 2,429,000 | 6,602,175 | ||||||
CSBC Corp. Taiwan(a)(c) | 6,410,316 | 4,837,491 | ||||||
CTBC Financial Holding Co. Ltd. | 156,202,599 | 152,684,522 | ||||||
CTCI Corp. | 5,342,000 | 7,862,492 | ||||||
Cub Elecparts Inc.(c) | 535,979 | 3,027,270 | ||||||
Darfon Electronics Corp.(c) | 2,788,000 | 4,558,134 | ||||||
Delta Electronics Inc.(c) | 16,471,000 | 146,791,315 | ||||||
E Ink Holdings Inc. | 7,587,000 | 40,888,604 | ||||||
E.Sun Financial Holding Co Ltd.(c) | 98,848,472 | 104,488,050 | ||||||
Eclat Textile Co. Ltd.(c) | 1,573,683 | 32,619,583 | ||||||
EirGenix Inc.(a)(c) | 1,407,000 | 5,244,569 | ||||||
Elan Microelectronics Corp.(c) | 2,355,100 | 13,987,034 | ||||||
Elite Material Co. Ltd.(c) | 2,412,000 | 23,652,684 | ||||||
Elite Semiconductor Microelectronics Technology Inc.(c) | 2,295,000 | 12,083,525 | ||||||
eMemory Technology Inc.(c) | 556,000 | 37,522,911 | ||||||
Ennoconn Corp.(c) | 585,219 | 4,281,013 | ||||||
ENNOSTAR Inc.(a)(c) | 4,871,185 | 13,981,293 | ||||||
Episil Technologies Inc.(a)(c) | 2,194,929 | 8,620,437 | ||||||
Episil-Precision Inc.(c) | 1,136,000 | 4,413,907 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Eternal Materials Co. Ltd.(c) | 8,034,915 | $ | 10,444,296 | |||||
Eva Airways Corp.(a)(c) | 20,638,326 | 24,311,066 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(c) | 21,722,449 | 114,113,603 | ||||||
Everlight Chemical Industrial Corp.(c) | 5,816,781 | 5,410,080 | ||||||
Everlight Electronics Co. Ltd.(c) | 3,604,000 | 6,491,235 | ||||||
Far Eastern Department Stores Ltd. | 9,916,167 | 7,548,304 | ||||||
Far Eastern International Bank(c) | 27,237,397 | 10,837,519 | ||||||
Far Eastern New Century Corp. | 21,100,916 | 22,367,886 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,702,000 | 28,942,925 | ||||||
Faraday Technology Corp.(c) | 1,874,000 | 18,779,667 | ||||||
Farglory Land Development Co. Ltd.(c) | 2,511,782 | 5,495,289 | ||||||
Feng Hsin Steel Co. Ltd.(c) | 4,721,000 | 14,238,041 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,454,387 | 25,750,228 | ||||||
First Financial Holding Co. Ltd. | 86,213,984 | 79,380,443 | ||||||
Fitipower Integrated Technology Inc.(c) | 979,161 | 7,942,557 | ||||||
FLEXium Interconnect Inc.(a)(c) | 2,288,616 | 7,812,486 | ||||||
FocalTech Systems Co. Ltd.(c) | 1,482,000 | 8,221,594 | ||||||
Formosa Chemicals & Fibre Corp. | 28,877,210 | 81,868,995 | ||||||
Formosa International Hotels Corp.(c) | 580,000 | 3,706,160 | ||||||
Formosa Petrochemical Corp.(c) | 8,918,000 | 31,369,810 | ||||||
Formosa Plastics Corp. | 32,990,800 | 124,573,755 | ||||||
Formosa Sumco Technology Corp.(c) | 732,000 | 6,810,921 | ||||||
Formosa Taffeta Co. Ltd.(c) | 6,582,000 | 6,719,422 | ||||||
Foxconn Technology Co. Ltd.(c) | 7,317,424 | 16,842,895 | ||||||
Foxsemicon Integrated Technology Inc.(c) | 689,000 | 5,409,722 | ||||||
Fubon Financial Holding Co. Ltd.(c) | 64,227,022 | 173,417,069 | ||||||
Fulgent Sun International Holding Co. | 1,084,221 | 4,581,583 | ||||||
Fusheng Precision Co. Ltd.(c) | 859,000 | 6,061,050 | ||||||
General Interface Solution Holding Ltd., NVS(c) | 2,158,000 | 7,021,959 | ||||||
Genius Electronic Optical Co. Ltd., NVS(c) | 618,287 | 10,226,613 | ||||||
Getac Holdings Corp.(c) | 4,004,000 | 8,460,565 | ||||||
Giant Manufacturing Co. Ltd.(c) | 2,629,000 | 27,293,751 | ||||||
Gigabyte Technology Co. Ltd.(c) | 4,421,000 | 22,654,065 | ||||||
Ginko International Co. Ltd.(c) | 407,250 | 4,027,832 | ||||||
Global Mixed Mode Technology Inc. | 597,000 | 5,166,665 | ||||||
Global PMX Co. Ltd.(c) | 385,000 | 2,239,840 | ||||||
Global Unichip Corp.(c) | 744,000 | 12,343,461 | ||||||
Globalwafers Co. Ltd.(c) | 1,850,000 | 45,791,971 | ||||||
Gold Circuit Electronics Ltd.(c) | 3,619,000 | 10,605,801 | ||||||
Goldsun Building Materials Co. Ltd.(c) | 9,069,425 | 8,605,746 | ||||||
Gourmet Master Co. Ltd.(c) | 851,471 | 3,482,355 | ||||||
Grand Pacific Petrochemical(c) | 8,602,000 | 8,822,840 | ||||||
Grape King Bio Ltd.(c) | 985,000 | 5,341,754 | ||||||
Great Wall Enterprise Co. Ltd.(c) | 5,414,202 | 10,509,122 | ||||||
Greatek Electronics Inc.(c) | 3,118,000 | 8,160,654 | ||||||
Gudeng Precision Industrial Co. Ltd.(c) | 549,356 | 5,109,011 | ||||||
Hannstar Board Corp.(c) | 3,228,000 | 5,207,035 | ||||||
HannStar Display Corp.(c) | 19,504,640 | 11,249,467 | ||||||
Highwealth Construction Corp.(c) | 5,167,153 | 9,052,453 | ||||||
Hiwin Technologies Corp.(c) | 2,274,555 | 21,716,468 | ||||||
Holtek Semiconductor Inc. | 2,065,000 | 8,067,612 | ||||||
Holy Stone Enterprise Co. Ltd.(c) | 1,316,330 | 5,544,777 | ||||||
Hon Hai Precision Industry Co. Ltd. | 106,216,928 | 394,548,945 | ||||||
Hota Industrial Manufacturing Co. Ltd.(c) | 2,392,261 | 6,836,965 | ||||||
Hotai Finance Co. Ltd. | 1,648,000 | 7,323,777 | ||||||
Hotai Motor Co. Ltd.(c) | 2,594,000 | 58,731,891 | ||||||
Hsin Kuang Steel Co. Ltd.(c) | 3,090,000 | 6,942,802 | ||||||
HTC Corp.(a)(c) | 6,149,000 | 12,936,197 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 72,923,002 | 57,822,837 | ||||||
Huaku Development Co. Ltd. | 2,368,000 | 7,687,174 |
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
IBF Financial Holdings Co. Ltd.(c) | 19,507,706 | �� | $ | 11,040,264 | ||||
Innodisk Corp.(c) | 1,000,740 | 7,600,469 | ||||||
Innolux Corp.(c) | 80,207,241 | 48,807,183 | ||||||
International CSRC Investment Holdings Co.(c) | 7,567,685 | 6,941,291 | ||||||
International Games System Co. Ltd.(c) | 485,000 | 11,987,497 | ||||||
Inventec Corp.(c) | 19,280,000 | 17,805,074 | ||||||
ITE Technology Inc.(c) | 1,618,000 | 6,345,953 | ||||||
ITEQ Corp.(c) | 1,726,604 | 8,058,224 | ||||||
Jentech Precision Industrial Co. Ltd.(c) | 655,000 | 9,083,939 | ||||||
Johnson Health Tech Co. Ltd.(c) | 1,080,000 | 2,174,152 | ||||||
Kenda Rubber Industrial Co. Ltd.(c) | 5,305,337 | 5,724,881 | ||||||
Kindom Development Co. Ltd.(c) | 3,598,300 | 4,798,231 | ||||||
King Slide Works Co. Ltd., NVS | 612,000 | 9,409,122 | ||||||
King Yuan Electronics Co. Ltd.(c) | 8,107,000 | 12,771,565 | ||||||
King’s Town Bank Co. Ltd. | 6,359,000 | 9,188,424 | ||||||
Kinpo Electronics(c) | 14,412,000 | 7,950,507 | ||||||
Kinsus Interconnect Technology Corp.(c) | 2,555,000 | 21,258,359 | ||||||
LandMark Optoelectronics Corp.(c) | 825,900 | 5,391,292 | ||||||
Largan Precision Co. Ltd.(c) | 819,000 | 59,519,028 | ||||||
Lien Hwa Industrial Holdings Corp.(c) | 7,977,427 | 19,158,526 | ||||||
Lite-On Technology Corp. | 17,992,238 | 44,240,742 | ||||||
Longchen Paper & Packaging Co. Ltd.(c) | 6,971,720 | 5,431,845 | ||||||
Lotes Co. Ltd. | 591,848 | 15,371,960 | ||||||
Lotus Pharmaceutical Co. Ltd.(c) | 863,000 | 3,478,762 | ||||||
Macronix International Co. Ltd.(c) | 14,685,554 | 23,247,159 | ||||||
Makalot Industrial Co. Ltd.(c) | 1,654,510 | 13,070,027 | ||||||
Marketech International Corp.(c) | 1,019,000 | 5,484,393 | ||||||
MediaTek Inc.(c) | 12,879,572 | 508,946,948 | ||||||
Medigen Vaccine Biologics Corp.(a)(c) | 1,273,000 | 10,602,657 | ||||||
Mega Financial Holding Co. Ltd. | 89,994,958 | 121,277,286 | ||||||
Mercuries Life Insurance Co. Ltd.(a)(c) | 15,110,158 | 4,817,446 | ||||||
Merida Industry Co. Ltd.(c) | 1,703,850 | 17,353,544 | ||||||
Merry Electronics Co. Ltd.(c) | 1,747,751 | 5,129,005 | ||||||
Microbio Co. Ltd.(a)(c) | 3,037,928 | 6,855,808 | ||||||
Micro-Star International Co. Ltd.(c) | 6,038,000 | 34,034,857 | ||||||
Mitac Holdings Corp.(c) | 8,372,053 | 10,120,462 | ||||||
momo.com Inc.(c) | 397,400 | 14,147,061 | ||||||
Nan Kang Rubber Tire Co. Ltd.(c) | 4,343,000 | 6,264,948 | ||||||
Nan Pao Resins Chemical Co. Ltd.(c) | 439,000 | 2,113,623 | ||||||
Nan Ya Plastics Corp. | 44,575,440 | 140,590,928 | ||||||
Nan Ya Printed Circuit Board Corp.(c) | 1,949,000 | 37,322,602 | ||||||
Nantex Industry Co. Ltd.(c) | 2,515,000 | 6,699,314 | ||||||
Nanya Technology Corp | 10,355,000 | 28,998,149 | ||||||
Nien Made Enterprise Co. Ltd. | 1,286,000 | 16,671,391 | ||||||
Novatek Microelectronics Corp.(c) | 4,901,000 | 81,251,056 | ||||||
Nuvoton Technology Corp.(c) | 1,521,000 | 7,605,044 | ||||||
OBI Pharma Inc.(a)(c) | 1,329,258 | 5,584,661 | ||||||
Oneness Biotech Co. Ltd.(a)(c) | 1,939,000 | 17,117,978 | ||||||
Oriental Union Chemical Corp.(a)(c) | 6,709,000 | 5,237,832 | ||||||
Pan Jit International Inc.(c) | 2,632,200 | 9,680,644 | ||||||
Pan-International Industrial Corp.(c) | 4,558,366 | 6,141,823 | ||||||
Parade Technologies Ltd. | 673,000 | 46,465,036 | ||||||
PChome Online Inc.(c) | 852,000 | 3,464,526 | ||||||
Pegatron Corp. | 15,707,000 | 38,930,691 | ||||||
Pharmally International Holding Co. | 597,543 | — | ||||||
Phison Electronics Corp.(c) | 1,245,000 | 23,035,153 | ||||||
Pixart Imaging Inc.(c) | 1,249,000 | 6,042,650 | ||||||
Pou Chen Corp. | 18,023,000 | 20,784,352 | ||||||
Powertech Technology Inc.(c) | 4,915,000 | 16,671,381 | ||||||
Poya International Co. Ltd.(c) | 467,050 | 6,767,737 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
President Chain Store Corp. | 4,682,000 | $ | 43,750,992 | |||||
President Securities Corp.(c) | 9,488,603 | 7,338,151 | ||||||
Primax Electronics Ltd.(c) | 3,895,000 | 7,354,985 | ||||||
Prince Housing & Development Corp.(c) | 12,966,995 | 6,410,739 | ||||||
Qisda Corp.(c) | 13,291,000 | 14,688,995 | ||||||
Quanta Computer Inc. | 22,447,000 | 75,060,440 | ||||||
Radiant Opto-Electronics Corp.(c) | 2,971,000 | 10,742,624 | ||||||
RDC Semiconductor Co. Ltd.(a)(c) | 492,000 | 7,537,602 | ||||||
Realtek Semiconductor Corp.(c) | 3,930,110 | 64,799,489 | ||||||
Rexon Industrial Corp. Ltd.(c) | 1,210,000 | 1,863,967 | ||||||
RichWave Technology Corp.(c) | 762,200 | 5,901,693 | ||||||
Ritek Corp.(a) | 1 | — | ||||||
Ruentex Development Co. Ltd.(c) | 10,110,120 | 26,104,592 | ||||||
Ruentex Industries Ltd.(c) | 3,869,225 | 16,096,585 | ||||||
Sanyang Motor Co. Ltd.(c) | 4,963,000 | 5,030,418 | ||||||
ScinoPharm Taiwan Ltd.(c) | 2,791,027 | 2,355,816 | ||||||
SDI Corp.(c) | 1,372,000 | 6,557,394 | ||||||
Sensortek Technology Corp.(c) | 241,000 | 3,790,181 | ||||||
Sercomm Corp.(c) | 2,386,000 | 6,233,343 | ||||||
Shanghai Commercial & Savings Bank Ltd/The | 29,793,346 | 49,076,981 | ||||||
Shin Kong Financial Holding Co. Ltd.(c) | 93,557,255 | 37,940,696 | ||||||
Shin Zu Shing Co. Ltd.(c) | 1,547,904 | 5,028,365 | ||||||
Shinkong Synthetic Fibers Corp. | 13,541,000 | 9,903,106 | ||||||
Sigurd Microelectronics Corp.(c) | 5,050,700 | 10,376,227 | ||||||
Simplo Technology Co. Ltd. | 1,302,400 | 14,615,198 | ||||||
Sinbon Electronics Co. Ltd.(c) | 1,932,809 | 18,581,406 | ||||||
Sino-American Silicon Products Inc.(c) | 4,341,000 | 28,547,179 | ||||||
SinoPac Financial Holdings Co. Ltd. | 88,939,660 | 54,614,382 | ||||||
Sinyi Realty Inc. | 4,546,704 | 5,519,642 | ||||||
Sitronix Technology Corp.(c) | 1,008,000 | 10,679,491 | ||||||
Soft-World International Corp.(c) | 897,000 | 2,991,531 | ||||||
Solar Applied Materials Technology Corp., NVS(c) | 4,246,710 | 7,946,602 | ||||||
Sonix Technology Co. Ltd.(c) | 1,443,000 | 4,554,383 | ||||||
Sporton International Inc. | 757,050 | 5,450,353 | ||||||
St. Shine Optical Co. Ltd.(c) | 428,000 | 4,426,846 | ||||||
Standard Foods Corp.(c) | 4,074,096 | 7,398,587 | ||||||
Sunny Friend Environmental Technology Co. Ltd.(c) | 627,000 | 4,461,083 | ||||||
Sunplus Technology Co. Ltd.(c) | 4,133,000 | 5,094,176 | ||||||
Supreme Electronics Co. Ltd.(c) | 4,836,512 | 9,287,166 | ||||||
Synnex Technology International Corp. | 11,341,250 | 29,362,119 | ||||||
Systex Corp.(c) | 1,588,000 | 4,681,630 | ||||||
TA Chen Stainless Pipe(c) | 12,520,466 | 23,937,247 | ||||||
Taichung Commercial Bank Co. Ltd.(c) | 24,996,559 | 11,991,002 | ||||||
TaiDoc Technology Corp.(c) | 523,000 | 3,357,945 | ||||||
Taigen Biopharmaceuticals Holdings | 2,920,000 | 1,776,089 | ||||||
TaiMed Biologics Inc.(a)(c) | 1,660,000 | 4,118,483 | ||||||
Tainan Spinning Co. Ltd.(c) | 11,437,894 | 9,605,626 | ||||||
Taishin Financial Holding Co. Ltd. | 88,529,681 | 62,043,830 | ||||||
Taiwan Business Bank | 41,044,853 | 16,338,957 | ||||||
Taiwan Cement Corp.(c) | 42,936,574 | 72,890,111 | ||||||
Taiwan Cogeneration Corp.(c) | 5,047,000 | 6,680,924 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 79,722,953 | 75,631,865 | ||||||
Taiwan Fertilizer Co. Ltd. | 6,691,000 | 16,455,659 | ||||||
Taiwan Glass Industry Corp.(c) | 9,706,053 | 8,077,353 | ||||||
Taiwan High Speed Rail Corp. | 14,138,000 | 14,963,259 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd.(c) | 3,550,674 | 9,562,788 | ||||||
Taiwan Mask Corp.(c) | 2,025,000 | 7,261,925 | ||||||
Taiwan Mobile Co. Ltd. | 12,766,000 | 47,207,270 | ||||||
Taiwan Paiho Ltd.(c) | 2,635,000 | 7,419,862 |
SCHEDULE OF INVESTMENTS | 29 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Taiwan Secom Co. Ltd.(c) | 2,610,185 | $ | 9,582,569 | |||||
Taiwan Semiconductor Co. Ltd.(c) | 2,066,000 | 5,106,698 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 210,024,000 | 4,515,422,776 | ||||||
Taiwan Shin Kong Security Co. Ltd.(c) | 5,731,577 | 8,057,431 | ||||||
Taiwan Surface Mounting Technology Corp.(c) | 2,195,000 | 9,261,529 | ||||||
Taiwan TEA Corp.(a)(c) | 8,964,000 | 6,885,995 | ||||||
Taiwan Union Technology Corp.(c) | 2,265,000 | 7,017,910 | ||||||
Tanvex BioPharma Inc.(a) | 1,569,950 | 3,331,884 | ||||||
Tatung Co. Ltd.(a)(c) | 15,030,000 | 16,962,713 | ||||||
TCI Co. Ltd.(c) | 885,444 | 6,209,215 | ||||||
Teco Electric and Machinery Co. Ltd. | 14,835,000 | 16,024,349 | ||||||
Test Research Inc. | 1,932,400 | 4,335,907 | ||||||
Thinking Electronic Industrial Co. Ltd. | 791,000 | 3,977,456 | ||||||
Ton Yi Industrial Corp.(c) | 10,896,000 | 5,711,786 | ||||||
Tong Hsing Electronic Industries | 1,273,762 | 13,343,955 | ||||||
Tong Yang Industry Co. Ltd.(c) | 4,648,400 | 5,428,624 | ||||||
Topco Scientific Co. Ltd. | 1,921,639 | 11,902,891 | ||||||
TPK Holding Co. Ltd.(c) | 3,077,000 | 4,263,260 | ||||||
Transcend Information Inc. | 2,449,000 | 6,211,378 | ||||||
Tripod Technology Corp.(c) | 3,159,000 | 14,483,504 | ||||||
TSEC Corp.(a)(c) | 3,798,000 | 5,248,761 | ||||||
TSRC Corp.(c) | 6,601,900 | 8,372,542 | ||||||
TTY Biopharm Co. Ltd.(c) | 2,164,124 | 5,285,739 | ||||||
Tung Ho Steel Enterprise Corp.(c) | 5,318,560 | 13,396,463 | ||||||
Tung Thih Electronic Co. Ltd.(c) | 624,000 | 3,234,756 | ||||||
TXC Corp.(c) | 2,471,000 | 8,637,529 | ||||||
U-Ming Marine Transport Corp.(c) | 4,096,000 | 8,973,222 | ||||||
Unimicron Technology Corp. | 10,326,000 | 96,009,034 | ||||||
Union Bank of Taiwan(a)(c) | 11,047,860 | 5,450,587 | ||||||
Uni-President Enterprises Corp. | 39,450,369 | 94,913,335 | ||||||
United Integrated Services Co. Ltd.(c) | 1,262,400 | 7,992,060 | ||||||
United Microelectronics Corp.(c) | 101,070,000 | 190,451,369 | ||||||
United Renewable Energy Co. Ltd.(a) | 12,490,238 | 9,260,447 | ||||||
Universal Vision Biotechnology Co. Ltd.(c) | 385,000 | 3,740,442 | ||||||
UPC Technology Corp.(c) | 9,167,365 | 6,935,763 | ||||||
USI Corp.(c) | 7,960,300 | 8,164,318 | ||||||
Vanguard International Semiconductor Corp.(c) | 7,634,000 | 34,645,869 | ||||||
VIA Labs Inc.(c) | 208,000 | 3,342,868 | ||||||
Via Technologies Inc.(c) | 1,725,000 | 3,956,097 | ||||||
Visual Photonics Epitaxy Co. Ltd.(c) | 1,412,000 | 5,743,693 | ||||||
Voltronic Power Technology Corp.(c) | 542,493 | 28,173,412 | ||||||
Wafer Works Corp.(c) | 4,545,839 | 11,950,843 | ||||||
Wah Lee Industrial Corp.(c) | 2,492,580 | 9,537,640 | ||||||
Walsin Lihwa Corp.(c) | 20,782,000 | 21,016,807 | ||||||
Walsin Technology Corp.(c) | 2,557,597 | 13,547,101 | ||||||
Wan Hai Lines Ltd.(c) | 5,267,800 | 35,881,387 | ||||||
Win Semiconductors Corp.(c) | 2,934,427 | 32,125,311 | ||||||
Winbond Electronics Corp.(c) | 26,585,480 | 32,016,656 | ||||||
Wisdom Marine Lines Co. Ltd.(c) | 3,646,000 | 11,861,705 | ||||||
Wistron Corp. | 21,941,004 | 23,122,889 | ||||||
Wistron NeWeb Corp.(c) | 2,950,654 | 7,515,685 | ||||||
Wiwynn Corp.(c) | 648,000 | 23,143,708 | ||||||
WPG Holdings Ltd. | 12,166,200 | 24,280,195 | ||||||
WT Microelectronics Co. Ltd.(c) | 4,366,734 | 13,085,241 | ||||||
XinTec Inc.(c) | 1,521,000 | 6,567,445 | ||||||
XPEC Entertainment Inc.(d) | 31,000 | — | ||||||
Xxentria Technology Materials Corp.(c) | 1,636,000 | 4,067,859 | ||||||
Yageo Corp.(c) | 3,710,286 | 60,873,752 | ||||||
Yang Ming Marine Transport | 14,956,677 | 63,214,345 | ||||||
YFY Inc.(c) | 10,978,000 | 13,260,832 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yieh Phui Enterprise Co. Ltd.(a)(c) | 9,567,026 | $ | 8,351,775 | |||||
Yuanta Financial Holding Co. Ltd. | 80,249,388 | 71,686,181 | ||||||
Yulon Finance Corp. | 1,951,658 | 14,201,218 | ||||||
Yulon Motor Co. Ltd.(c) | 5,487,088 | 8,078,314 | ||||||
YungShin Global Holding Corp.(c) | 3,393,650 | 5,152,912 | ||||||
Zhen Ding Technology Holding Ltd.(c) | 5,064,950 | 16,799,365 | ||||||
|
| |||||||
12,358,022,503 | ||||||||
Thailand — 2.1% | ||||||||
Advanced Info Service PCL, NVDR | 10,110,500 | 71,171,008 | ||||||
Airports of Thailand PCL, NVDR(a) | 36,550,700 | 72,214,395 | ||||||
Amata Corp. PCL, NVDR | 12,786,630 | 8,399,702 | ||||||
AP Thailand PCL, NVDR | 33,512,390 | 10,893,203 | ||||||
Asset World Corp. PCL, NVDR(a) | 59,984,700 | 8,837,023 | ||||||
B Grimm Power PCL, NVDR(c) | 8,285,000 | 8,790,029 | ||||||
Bangchak Corp. PCL, NVDR | 13,531,800 | 12,899,699 | ||||||
Bangkok Airways PCL, NVDR(a)(c) | 15,066,200 | 4,373,547 | ||||||
Bangkok Chain Hospital PCL, NVDR(c) | 17,950,450 | 10,492,841 | ||||||
Bangkok Commercial Asset Management PCL, NVDR | 15,776,300 | 10,620,885 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 81,495,500 | 59,252,366 | ||||||
Bangkok Expressway & Metro PCL, NVDR(c) | 64,498,485 | 17,635,279 | ||||||
Bangkok Land PCL, NVDR(c) | 165,587,400 | 5,270,418 | ||||||
Banpu PCL, NVDR | 43,586,400 | 14,607,991 | ||||||
BCPG PCL, NVDR(c) | 12,225,325 | 4,686,181 | ||||||
Berli Jucker PCL, NVDR | 10,084,000 | 10,369,024 | ||||||
BTS Group Holdings PCL, NVDR | 69,482,700 | 20,254,236 | ||||||
Bumrungrad Hospital PCL, NVDR | 3,817,700 | 17,990,155 | ||||||
Carabao Group PCL, NVDR(c) | 2,838,400 | 9,292,794 | ||||||
Central Pattana PCL, NVDR | 17,367,900 | 29,534,662 | ||||||
Central Retail Corp. PCL, NVDR | 16,360,717 | 19,237,731 | ||||||
CH Karnchang PCL, NVDR(c) | 12,976,800 | 8,372,194 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) | 30,125,900 | 23,342,030 | ||||||
Chularat Hospital PCL, NVDR(c) | 72,030,000 | 7,722,892 | ||||||
CK Power PCL, NVDR(c) | 27,078,700 | 4,241,375 | ||||||
Com7 PCL, NVDR | 4,363,200 | 11,076,569 | ||||||
CP ALL PCL, NVDR | 49,662,600 | 103,755,897 | ||||||
Delta Electronics Thailand PCL, NVDR | 2,698,100 | 33,781,030 | ||||||
Dynasty Ceramic PCL, NVDR(c) | 70,934,020 | 6,512,687 | ||||||
Eastern Polymer Group PCL, NVDR(c) | 15,353,800 | 4,657,073 | ||||||
Electricity Generating PCL, NVDR | 1,932,100 | 10,642,727 | ||||||
Energy Absolute PCL, NVDR(c) | 13,299,600 | 38,869,930 | ||||||
Esso Thailand PCL, NVDR(a)(c) | 19,751,800 | 4,560,494 | ||||||
GFPT PCL, NVDR | 9,826,700 | 3,939,702 | ||||||
Global Power Synergy PCL, NVDR | 5,904,800 | 13,630,533 | ||||||
Gulf Energy Development PCL, NVDR | 25,975,944 | 40,385,640 | ||||||
Gunkul Engineering PCL, NVDR(c) | 47,496,541 | 9,065,614 | ||||||
Hana Microelectronics PCL, NVDR(c) | 5,231,200 | 8,233,572 | ||||||
Home Product Center PCL, NVDR | 52,918,375 | 24,780,544 | ||||||
Indorama Ventures PCL, NVDR(c) | 15,392,600 | 21,325,643 | ||||||
Intouch Holdings PCL, NVDR | 10,751,225 | 25,000,336 | ||||||
IRPC PCL, NVDR | 93,856,100 | 11,001,880 | ||||||
Jasmine International PCL, NVDR(a) | 66,500,900 | 7,350,634 | ||||||
JMT Network Services PCL, NVDR | 5,156,400 | 10,789,456 | ||||||
KCE Electronics PCL, NVDR | 7,379,700 | 13,739,336 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a)(c) | 26,009,886 | 2,705,857 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 3,613,800 | 7,569,304 | ||||||
Krung Thai Bank PCL, NVDR | 28,797,300 | 12,389,400 | ||||||
Krungthai Card PCL, NVDR(c) | 7,456,900 | 14,511,140 | ||||||
Land & Houses PCL, NVDR | 62,437,400 | 18,387,911 | ||||||
Major Cineplex Group PCL, NVDR | 10,004,800 | 6,185,064 |
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
MBK PCL, NVDR(a)(c) | 11,305,200 | $ | 4,343,727 | |||||
Mega Lifesciences PCL, NVDR | 5,109,700 | 6,730,693 | ||||||
Minor International PCL, NVDR(a) | 28,397,860 | 26,894,143 | ||||||
Muangthai Capital PCL, NVDR(c) | 6,500,000 | 10,294,984 | ||||||
Ngern Tid Lor PCL, NVDR(a) | 8,908,400 | 10,266,444 | ||||||
Origin Property PCL, NVDR | 16,647,200 | 6,095,741 | ||||||
Osotspa PCL, NVDR | 8,431,300 | 9,126,602 | ||||||
Plan B Media PCL, NVDR(a)(c) | 29,443,288 | 7,184,876 | ||||||
Precious Shipping PCL, NVDR(c) | 8,381,700 | 4,512,587 | ||||||
Prima Marine PCL, NVDR(c) | 15,262,200 | 2,692,270 | ||||||
PTG Energy PCL, NVDR(c) | 10,966,100 | 4,852,105 | ||||||
PTT Exploration & Production PCL, NVDR | 11,332,501 | 47,712,698 | ||||||
PTT Global Chemical PCL, NVDR | 19,593,100 | 31,930,226 | ||||||
PTT Oil & Retail Business PCL, NVDR | 26,087,700 | 20,672,124 | ||||||
PTT PCL, NVDR | 84,043,500 | 102,303,505 | ||||||
Quality Houses PCL, NVDR | 114,371,817 | 8,000,311 | ||||||
Ratch Group PCL, NVDR | 6,963,600 | 9,820,227 | ||||||
Ratchthani Leasing PCL, NVDR(c) | 33,415,825 | 4,477,659 | ||||||
Regional Container Lines PCL, NVDR(c) | 3,533,400 | 5,138,912 | ||||||
RS PCL, NVDR(a)(c) | 6,689,300 | 3,475,808 | ||||||
SCG Packaging PCL, NVDR | 12,062,300 | 22,688,125 | ||||||
Siam Cement PCL (The), NVDR | 6,568,100 | 79,044,679 | ||||||
Siam Commercial Bank PCL (The), NVDR | 7,222,600 | 27,909,971 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 12,291,700 | 5,245,862 | ||||||
Singha Estate PCL, NVDR(a)(c) | 54,439,000 | 3,248,846 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR(c) | 13,073,528 | 5,677,504 | ||||||
Sri Trang Agro-Industry PCL, NVDR(c) | 8,452,260 | 6,941,003 | ||||||
Sri Trang Gloves Thailand PCL, NVDR(c) | 9,110,500 | 7,179,660 | ||||||
Srisawad Corp. PCL, NVDR | 6,531,549 | 11,595,594 | ||||||
Supalai PCL, NVDR | 14,959,400 | 10,074,667 | ||||||
Super Energy Corp. PCL, NVDR | 197,576,200 | 5,575,150 | ||||||
Thai Oil PCL, NVDR | 9,291,400 | 15,445,816 | ||||||
Thai Union Group PCL, NVDR | 23,547,400 | 14,701,361 | ||||||
Thai Vegetable Oil PCL, NVDR(c) | 6,147,100 | 6,114,177 | ||||||
Thanachart Capital PCL, NVDR | 3,719,700 | 4,772,668 | ||||||
Thonburi Healthcare Group PCL, NVDR | 7,464,400 | 11,365,077 | ||||||
Thoresen Thai Agencies PCL, NVDR(c) | 14,691,200 | 4,499,818 | ||||||
TPI Polene PCL, NVDR(c) | 72,245,500 | 3,834,300 | ||||||
True Corp. PCL, NVDR | 103,201,711 | 15,863,880 | ||||||
TTW PCL, NVDR(c) | 25,244,300 | 8,884,757 | ||||||
WHA Corp. PCL, NVDR(c) | 92,549,000 | 9,660,249 | ||||||
|
| |||||||
1,542,198,439 | ||||||||
Turkey — 0.4% | ||||||||
Akbank TAS | 24,808,802 | 12,663,100 | ||||||
Aksa Akrilik Kimya Sanayii AS | 2,172,805 | 5,659,351 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,164,859 | 3,783,543 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 5,102,040 | 8,198,506 | ||||||
Bera Holding AS(a)(c) | 3,003,403 | 1,771,999 | ||||||
BIM Birlesik Magazalar AS | 3,806,071 | 20,102,512 | ||||||
Coca-Cola Icecek AS | 908,671 | 7,154,342 | ||||||
Dogan Sirketler Grubu Holding AS | 11,980,381 | 2,207,363 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(c) | 32,386,031 | 4,656,578 | ||||||
Enerjisa Enerji AS(b) | 2,662,156 | 2,546,699 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 12,311,543 | 27,647,099 | ||||||
Ford Otomotiv Sanayi AS | 635,477 | 12,378,721 | ||||||
Gubre Fabrikalari TAS(a) | 572,508 | 3,147,910 | ||||||
Haci Omer Sabanci Holding AS | 8,048,860 | 9,037,357 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a) | 8,912,604 | 7,553,682 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
KOC Holding AS | 6,087,169 | $ | 13,915,791 | |||||
Koza Altin Isletmeleri AS(a)(c) | 394,993 | 3,267,766 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c) | 2,666,680 | 3,780,297 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 396,448 | 1,599,799 | ||||||
Migros Ticaret AS(a)(c) | 1,130,372 | 2,940,221 | ||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 864,455 | 1,848,801 | ||||||
Pegasus Hava Tasimaciligi AS(a)(c) | 424,393 | 2,870,755 | ||||||
Petkim Petrokimya Holding AS(a)(c) | 13,652,428 | 7,644,827 | ||||||
Sok Marketler Ticaret AS(c) | 2,238,397 | 1,827,560 | ||||||
TAV Havalimanlari Holding AS(a)(c) | 1,945,999 | 4,735,554 | ||||||
Tekfen Holding AS(c) | 2,195,586 | 2,933,031 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,075,764 | 6,241,495 | ||||||
Turk Hava Yollari AO(a) | 5,119,981 | 9,477,713 | ||||||
Turkcell Iletisim Hizmetleri AS | 9,871,705 | 14,636,107 | ||||||
Turkiye Garanti Bankasi AS | 18,226,420 | 14,591,408 | ||||||
Turkiye Is Bankasi AS, Class C | 14,338,835 | 8,302,467 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 1,033,155 | 14,399,711 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 14,377,797 | 1,341,916 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 11,492,231 | 10,279,715 | ||||||
Ulker Biskuvi Sanayi AS(c) | 1,934,410 | 2,075,540 | ||||||
Yapi ve Kredi Bankasi AS(c) | 27,278,109 | 7,045,627 | ||||||
|
| |||||||
264,264,863 | ||||||||
United Arab Emirates — 1.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 24,062,665 | 70,573,938 | ||||||
Abu Dhabi Islamic Bank PJSC | 11,597,042 | 27,978,245 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 21,032,051 | 23,613,409 | ||||||
Air Arabia PJSC, NVS(a) | 27,181,305 | 12,178,924 | ||||||
Al Yah Satellite Communications Co.(a) | 8,398,777 | 6,008,883 | ||||||
Aldar Properties PJSC | 32,374,806 | 36,999,836 | ||||||
Amanat Holdings PJSC(a) | 22,009,016 | 6,856,413 | ||||||
Aramex PJSC | 7,394,746 | 8,076,781 | ||||||
Dana Gas PJSC | 42,735,787 | 12,353,267 | ||||||
Dubai Financial Market PJSC(a) | 14,962,255 | 9,542,844 | ||||||
Dubai Investments PJSC, NVS | 20,657,420 | 12,715,040 | ||||||
Dubai Islamic Bank PJSC | 19,801,564 | 32,908,592 | ||||||
Emaar Development PJSC(a) | 6,489,095 | 7,590,943 | ||||||
Emaar Properties PJSC | 32,888,730 | 45,557,336 | ||||||
Emirates NBD Bank PJSC | 22,347,175 | 87,177,218 | ||||||
Emirates Telecommunications Group Co. PJSC | 29,996,621 | 286,480,597 | ||||||
First Abu Dhabi Bank PJSC | 37,423,770 | 210,703,248 | ||||||
|
| |||||||
897,315,514 | ||||||||
|
| |||||||
Total Common Stocks — 97.8% | 71,173,873,837 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.3% | ||||||||
Alpargatas SA, Preference Shares, NVS | 1,645,446 | 8,192,963 | ||||||
Azul SA, Preference Shares, NVS(a) | 2,479,333 | 11,980,798 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 1,302,239 | 3,914,534 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 40,773,260 | 159,721,690 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 2,157,286 | 4,168,603 | ||||||
Banco Pan SA, Preference Shares, NVS | 2,977,721 | 5,746,626 | ||||||
Bradespar SA, Preference Shares, NVS | 2,212,956 | 12,738,337 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 1,643,396 | 15,399,586 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 2,138,552 | 14,203,757 |
SCHEDULE OF INVESTMENTS | 31 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 2,777,657 | $ | 2,146,582 | |||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 8,615,236 | 21,169,948 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS | 1,881,868 | 8,302,564 | ||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 8,357,136 | 11,166,748 | ||||||
Gerdau SA, Preference Shares, NVS | 9,951,211 | 49,356,162 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a) | 1,985,072 | 6,486,447 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 40,869,290 | 200,633,625 | ||||||
Itausa SA, Preference Shares, NVS | 39,276,242 | 76,063,062 | ||||||
Marcopolo SA, Preference Shares, NVS | 5,956,679 | 3,333,302 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 7,092,458 | 14,254,440 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 40,184,202 | 264,149,105 | ||||||
Randon SA Implementos e Participacoes, Preference Shares, NVS | 2,268,702 | 4,630,690 | ||||||
Unipar Carbocloro SA, Class B, Preference Shares, NVS | 555,794 | 10,142,320 | ||||||
|
| |||||||
907,901,889 | ||||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 4,341,598 | 9,454,289 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 1,172,346 | 77,857,699 | ||||||
|
| |||||||
87,311,988 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 4,018,554 | 35,520,828 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 58,972,077 | 6,331,924 | ||||||
|
| |||||||
South Korea — 0.6% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 184,381 | 13,523,745 | ||||||
Series 2, Preference Shares, NVS | 305,876 | 22,627,344 | ||||||
LG Chem Ltd., Preference Shares, NVS | 66,384 | 15,045,898 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 16,872 | 7,395,126 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 7,024,500 | 388,226,438 | ||||||
|
| |||||||
446,818,551 | ||||||||
|
| |||||||
Total Preferred Stocks — 2.1% | 1,483,885,180 | |||||||
|
| |||||||
Rights | ||||||||
Brazil — 0.0% | ||||||||
Americanas SA (Expires 03/03/22)(a) | 125,467 | 164,880 | ||||||
|
|
Security | Shares | Value | ||||||
South Korea — 0.0% | ||||||||
BNC Korea Co. Ltd. (Expires 03/08/22)(a)(c) | 85,255 | $ | 81,543 | |||||
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a) | 9,376 | 1,091,723 | ||||||
Taihan Electric Wire Co. Ltd. (Expires 03/10/22)(a)(c) | 1,284,557 | 325,854 | ||||||
|
| |||||||
1,499,120 | ||||||||
Thailand — 0.0% | ||||||||
Bangchak Corp. PCL (Expires 03/03/22)(a) | 657,271 | — | ||||||
Khon Kaen Sugar (Expires 03/03/22)(a) | 255,528 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
Total Rights — 0.0% | 1,664,000 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 4.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(g)(h)(i) | 2,765,254,890 | 2,765,807,941 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(g)(h) | 307,790,000 | 307,790,000 | ||||||
|
| |||||||
3,073,597,941 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.2% |
| 3,073,597,941 | ||||||
|
| |||||||
Total Investments in Securities — 104.1% |
| 75,733,020,958 | ||||||
Other Assets, Less Liabilities — (4.1)% |
| (2,952,217,695 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 72,780,803,263 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,976,583, representing less than 0.05% of its net assets as of period end, and an original cost of $35,983,750. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period end. |
(i) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 3,768,443,333 | $ | — | $ | (1,001,652,438 | )(a) | $ | (392,780 | ) | $ | (590,174 | ) | $ | 2,765,807,941 | 2,765,254,890 | $ | 40,181,673 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 179,420,000 | 128,370,000 | (a) | — | — | — | 307,790,000 | 307,790,000 | 19,148 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | (392,780 | ) | $ | (590,174 | ) | $ | 3,073,597,941 | $ | 40,200,821 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 1,041 | 03/18/22 | $ | 61,185 | $ | (626,179 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 626,179 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (6,381,509 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (2,570,565 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 112,242,793 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
SCHEDULE OF INVESTMENTS | 33 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Core MSCI Emerging Markets ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 7,636,286,225 | $ | 63,151,760,894 | $ | 385,826,718 | $ | 71,173,873,837 | ||||||||
Preferred Stocks | 35,520,828 | 1,442,032,428 | 6,331,924 | 1,483,885,180 | ||||||||||||
Rights | — | 1,664,000 | — | 1,664,000 | ||||||||||||
Money Market Funds | 3,073,597,941 | — | — | 3,073,597,941 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 10,745,404,994 | $ | 64,595,457,322 | $ | 392,158,642 | $ | 75,733,020,958 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (626,179 | ) | $ | — | $ | — | $ | (626,179 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 7.5% | ||||||||
Ambev SA | 153,558 | $ | 450,656 | |||||
Americanas SA | 19,608 | 114,906 | ||||||
Atacadao SA | 20,520 | 75,640 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 176,301 | 496,003 | ||||||
Banco Bradesco SA | 45,315 | 148,626 | ||||||
Banco BTG Pactual SA | 38,648 | 192,014 | ||||||
Banco do Brasil SA | 20,805 | 140,664 | ||||||
Banco Inter SA | 14,706 | 57,023 | ||||||
Banco Santander Brasil SA | 8,493 | 50,340 | ||||||
BB Seguridade Participacoes SA | 22,230 | 98,024 | ||||||
BRF SA(a) | 19,722 | 62,194 | ||||||
CCR SA | 22,458 | 51,093 | ||||||
Centrais Eletricas Brasileiras SA | 13,395 | 90,400 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 9,975 | 80,042 | ||||||
Cia. Siderurgica Nacional SA | 22,800 | 112,216 | ||||||
Cosan SA | 34,770 | 142,549 | ||||||
Energisa SA | 5,187 | 44,259 | ||||||
Engie Brasil Energia SA | 9,483 | 73,466 | ||||||
Equatorial Energia SA | 31,749 | 157,008 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 123,156 | 288,283 | ||||||
Hypera SA | 13,395 | 86,893 | ||||||
JBS SA | 28,614 | 200,435 | ||||||
Klabin SA | 20,292 | 91,144 | ||||||
Localiza Rent a Car SA | 18,468 | 205,592 | ||||||
Lojas Renner SA | 32,170 | 159,011 | ||||||
Magazine Luiza SA | 97,413 | 112,385 | ||||||
Natura & Co. Holding SA(a) | 30,096 | 134,302 | ||||||
Petro Rio SA(a) | 10,431 | 53,012 | ||||||
Petroleo Brasileiro SA | 118,389 | 841,795 | ||||||
Raia Drogasil SA | 32,205 | 145,797 | ||||||
Rede D’Or Sao Luiz SA(b) | 11,685 | 115,109 | ||||||
Rumo SA(a) | 35,910 | 107,582 | ||||||
Suzano SA | 25,266 | 272,341 | ||||||
Telefonica Brasil SA | 13,509 | 132,478 | ||||||
TIM SA | 34,327 | 91,052 | ||||||
TOTVS SA | 16,929 | 108,451 | ||||||
Ultrapar Participacoes SA | 28,956 | 81,434 | ||||||
Vale SA | 127,509 | 2,365,761 | ||||||
Vibra Energia SA | 37,341 | 170,085 | ||||||
WEG SA | 53,010 | 300,343 | ||||||
|
| |||||||
8,700,408 | ||||||||
China — 63.8% | ||||||||
360 DigiTech Inc., ADR | 2,166 | 40,613 | ||||||
360 Security Technology Inc., Class A(a) | 28,531 | 47,491 | ||||||
3SBio Inc.(a)(b) | 28,500 | 22,651 | ||||||
51job Inc., ADR(a) | 1,026 | 53,147 | ||||||
AAC Technologies Holdings Inc. | 29,500 | 80,659 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 2,300 | 46,924 | ||||||
AECC Aviation Power Co. Ltd., Class A | 5,700 | 45,766 | ||||||
Agricultural Bank of China Ltd., Class A | 136,800 | 64,629 | ||||||
Agricultural Bank of China Ltd., Class H | 684,000 | 259,044 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 12,491 | 72,224 | ||||||
Air China Ltd., Class A(a) | 11,400 | 17,854 | ||||||
Air China Ltd., Class H(a) | 114,000 | 87,675 | ||||||
Akeso Inc.(a)(b) | 11,000 | 29,048 | ||||||
Alibaba Group Holding Ltd.(a) | 473,120 | 6,228,092 | ||||||
Alibaba Health Information Technology | 148,000 | 103,634 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 14,250 | 25,543 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Aluminum Corp. of China Ltd., Class A(a) | 34,200 | $ | 35,386 | |||||
Aluminum Corp. of China Ltd., Class H(a) | 114,000 | 80,578 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 5,700 | 36,490 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 28,500 | 152,946 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 4,300 | 62,883 | ||||||
ANTA Sports Products Ltd.(c) | 35,440 | 541,282 | ||||||
Autohome Inc., ADR | 2,223 | 68,002 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 11,400 | 22,558 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 51,399 | 31,744 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 86,000 | 53,392 | ||||||
Baidu Inc., ADR(a) | 8,607 | 1,312,051 | ||||||
Bank of Beijing Co. Ltd., Class A | 63,990 | 45,761 | ||||||
Bank of Chengdu Co. Ltd., Class A | 11,400 | 26,071 | ||||||
Bank of China Ltd., Class A | 68,400 | 33,592 | ||||||
Bank of China Ltd., Class H | 2,394,000 | 931,988 | ||||||
Bank of Communications Co. Ltd., Class A | 102,600 | 77,778 | ||||||
Bank of Communications Co. Ltd., Class H | 228,200 | 156,438 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 22,899 | 52,049 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 39,960 | 42,183 | ||||||
Bank of Nanjing Co. Ltd., Class A | 28,500 | 44,129 | ||||||
Bank of Ningbo Co. Ltd., Class A | 12,310 | 74,433 | ||||||
Bank of Shanghai Co. Ltd., Class A | 45,690 | 50,641 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 39,900 | 45,732 | ||||||
BBMG Corp., Class A | 22,800 | 10,427 | ||||||
BeiGene Ltd., ADR(a) | 1,482 | 311,991 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 114,000 | 73,018 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 17,100 | 22,494 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 11,400 | 17,081 | ||||||
Beijing Enterprises Holdings Ltd. | 28,500 | 97,427 | ||||||
Beijing Enterprises Water Group Ltd. | 228,000 | 90,079 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 378 | 12,824 | ||||||
Beijing New Building Materials PLC, Class A | 5,700 | 27,035 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 28,500 | 30,224 | ||||||
Beijing Roborock Technology Co. Ltd., Class A | 358 | 35,926 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 11,400 | 27,153 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 79,800 | 65,378 | ||||||
Bilibili Inc., ADR(a)(c) | 4,845 | 153,150 | ||||||
BOC Aviation Ltd.(b) | 5,700 | 49,550 | ||||||
BOE Technology Group Co. Ltd., Class A | 114,000 | 85,083 | ||||||
Bosideng International Holdings Ltd. | 114,000 | 64,862 | ||||||
BYD Co. Ltd., Class A | 3,900 | 156,826 | ||||||
BYD Co. Ltd., Class H | 25,500 | 790,177 | ||||||
BYD Electronic International Co. Ltd. | 29,500 | 83,243 | ||||||
Caitong Securities Co. Ltd., Class A | 11,400 | 16,976 | ||||||
CanSino Biologics Inc., Class H(a)(b) | 2,600 | 46,991 | ||||||
CGN Power Co. Ltd., Class H(b) | 342,000 | 96,961 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 810 | 23,504 | ||||||
Changjiang Securities Co. Ltd., Class A | 28,500 | 31,257 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 5,700 | 31,568 | ||||||
China Baoan Group Co. Ltd., Class A | 17,100 | 37,501 | ||||||
China Bohai Bank Co. Ltd., Class H(b) | 116,500 | 19,380 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 171,000 | 30,868 | ||||||
China CITIC Bank Corp. Ltd., Class H | 228,000 | 107,140 | ||||||
China Communications Services Corp. Ltd., Class H | 54,800 | 30,064 | ||||||
China Conch Venture Holdings Ltd. | 57,000 | 274,298 | ||||||
China Construction Bank Corp., Class A | 17,100 | 16,360 | ||||||
China Construction Bank Corp., Class H | 2,907,370 | 2,180,424 | ||||||
China CSSC Holdings Ltd., Class A | 5,700 | 19,816 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 28,500 | 24,405 |
SCHEDULE OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Education Group Holdings Ltd. | 31,000 | $ | 26,558 | |||||
China Energy Engineering Corp. Ltd.(a) | 102,600 | 43,854 | ||||||
China Everbright Bank Co. Ltd., Class A | 91,200 | 48,329 | ||||||
China Everbright Environment Group Ltd. | 114,000 | 81,849 | ||||||
China Evergrande Group | 114,000 | 23,332 | ||||||
China Feihe Ltd.(b) | 116,000 | 138,418 | ||||||
China Galaxy Securities Co. Ltd., Class H | 114,000 | 65,252 | ||||||
China Gas Holdings Ltd. | 92,400 | 146,026 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 11,400 | 24,117 | ||||||
China Hongqiao Group Ltd. | 85,500 | 119,701 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 51,450 | — | ||||||
China International Capital Corp. Ltd., Class H(b) | 45,600 | 110,941 | ||||||
China Jinmao Holdings Group Ltd. | 172,000 | 57,197 | ||||||
China Jushi Co. Ltd., Class A | 11,473 | 31,148 | ||||||
China Lesso Group Holdings Ltd. | 57,000 | 87,756 | ||||||
China Life Insurance Co. Ltd., Class A | 5,493 | 25,085 | ||||||
China Life Insurance Co. Ltd., Class H | 228,000 | 377,712 | ||||||
China Literature Ltd.(a)(b) | 11,400 | 61,870 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 128,000 | 264,139 | ||||||
China Medical System Holdings Ltd. | 57,000 | 101,497 | ||||||
China Mengniu Dairy Co. Ltd. | 106,000 | 689,256 | ||||||
China Merchants Bank Co. Ltd., Class A | 38,300 | 302,751 | ||||||
China Merchants Bank Co. Ltd., Class H | 129,456 | 1,091,224 | ||||||
China Merchants Port Holdings Co. Ltd. | 48,000 | 90,499 | ||||||
China Merchants Securities Co. Ltd., Class A | 17,150 | 43,152 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 12,581 | 26,987 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 57,000 | 35,325 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 171,000 | 66,604 | ||||||
China Molybdenum Co. Ltd., Class A | 28,500 | 27,340 | ||||||
China Molybdenum Co. Ltd., Class H | 108,000 | 65,006 | ||||||
China National Building Material Co. Ltd., Class H | 150,000 | 192,424 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 11,400 | 18,916 | ||||||
China National Nuclear Power Co. Ltd., Class A | 34,200 | 40,231 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 5,700 | 44,836 | ||||||
China Oilfield Services Ltd., Class H | 68,000 | 77,520 | ||||||
China Overseas Land & Investment Ltd. | 114,300 | 348,977 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 17,100 | 71,916 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 79,800 | 222,209 | ||||||
China Petroleum & Chemical Corp., Class A | 57,000 | 39,370 | ||||||
China Petroleum & Chemical Corp., Class H | 798,600 | 397,293 | ||||||
China Power International Development Ltd. | 171,000 | 96,929 | ||||||
China Railway Group Ltd., Class A | 39,900 | 39,366 | ||||||
China Railway Group Ltd., Class H | 114,000 | 66,936 | ||||||
China Renewable Energy Investment Ltd.(d) | 7,709 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 38,000 | 301,317 | ||||||
China Resources Cement Holdings Ltd. | 116,000 | 99,260 | ||||||
China Resources Gas Group Ltd. | 15,000 | 68,895 | ||||||
China Resources Land Ltd. | 114,444 | 556,690 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 12,000 | 61,724 | ||||||
China Resources Power Holdings Co. Ltd. | 74,200 | 165,731 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 108,000 | 32,143 | ||||||
China Shenhua Energy Co. Ltd., Class A | 17,100 | 68,464 | ||||||
China Shenhua Energy Co. Ltd., Class H | 114,000 | 314,182 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 45,600 | 50,068 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 102,600 | 82,885 | ||||||
China State Construction International Holdings Ltd. | 18,000 | 25,350 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 57,000 | 37,969 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Taiping Insurance Holdings Co. Ltd. | 57,040 | $ | 67,513 | |||||
China Three Gorges Renewables Group Co. Ltd. | 68,400 | 77,206 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 4,000 | 129,196 | ||||||
China Tower Corp. Ltd., Class H(b) | 1,026,000 | 119,584 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 114,000 | 64,987 | ||||||
China United Network Communications Ltd., Class A | 57,000 | 34,534 | ||||||
China Vanke Co. Ltd., Class A | 17,138 | 52,163 | ||||||
China Vanke Co. Ltd., Class H | 51,301 | 121,849 | ||||||
China Yangtze Power Co. Ltd., Class A | 39,956 | 147,003 | ||||||
China Zheshang Bank Co. Ltd., Class A | 28,500 | 15,487 | ||||||
Chinasoft International Ltd. | 114,000 | 104,014 | ||||||
Chindata Group Holdings Ltd., ADR(a)(c) | 1,653 | 9,075 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 11,440 | 23,654 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 4,300 | 88,004 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 28,000 | 50,920 | ||||||
CIFI Holdings Group Co. Ltd. | 119,700 | 83,396 | ||||||
CITIC Ltd. | 191,000 | 222,883 | ||||||
CITIC Securities Co. Ltd., Class A | 32,775 | 121,468 | ||||||
CITIC Securities Co. Ltd., Class H | 65,550 | 158,808 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 5,700 | 488,258 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 22,770 | 63,933 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) | 113,849 | 230,114 | ||||||
COSCO SHIPPING Ports Ltd. | 114,000 | 93,944 | ||||||
Country Garden Holdings Co. Ltd. | 234,046 | 181,838 | ||||||
Country Garden Services Holdings Co. Ltd. | 57,000 | 340,972 | ||||||
CRRC Corp. Ltd., Class A | 45,600 | 41,915 | ||||||
CRRC Corp. Ltd., Class H | 114,000 | 50,665 | ||||||
CSC Financial Co. Ltd., Class A | 11,400 | 46,675 | ||||||
CSPC Pharmaceutical Group Ltd. | 304,160 | 360,540 | ||||||
Dada Nexus Ltd., ADR(a) | 2,280 | 18,947 | ||||||
Dali Foods Group Co. Ltd.(b) | 57,000 | 30,021 | ||||||
Daqo New Energy Corp., ADR(a) | 1,938 | 92,946 | ||||||
DHC Software Co. Ltd., Class A | 28,500 | 37,365 | ||||||
DiDi Global Inc., ADR(a) | 7,467 | 30,615 | ||||||
Dongfang Electric Corp. Ltd., Class A | 11,400 | 29,548 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 114,000 | 98,123 | ||||||
Dongxing Securities Co. Ltd., Class A | 11,499 | 18,814 | ||||||
Dongyue Group Ltd. | 57,000 | 82,692 | ||||||
East Money Information Co. Ltd., Class A | 22,812 | 97,231 | ||||||
ENN Energy Holdings Ltd. | 23,500 | 340,336 | ||||||
ENN Natural Gas Co. Ltd., Class A | 11,400 | 32,381 | ||||||
Eve Energy Co. Ltd., Class A | 2,700 | 38,747 | ||||||
Everbright Securities Co. Ltd., Class A | 11,497 | 24,279 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 11,440 | 18,757 | ||||||
Far East Horizon Ltd. | 61,000 | 51,987 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 5,700 | 15,577 | ||||||
First Capital Securities Co. Ltd., Class A | 11,400 | 11,530 | ||||||
Flat Glass Group Co. Ltd., Class A | 3,600 | 28,184 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 39,939 | 48,593 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 5,774 | 91,000 | ||||||
Fosun International Ltd. | 57,000 | 61,845 | ||||||
Founder Securities Co. Ltd., Class A | 34,299 | 39,152 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 22,800 | 40,410 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 5,700 | 17,846 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 5,700 | 40,005 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 23,600 | 115,784 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b) | 11,400 | 193,483 | ||||||
GD Power Development Co. Ltd., Class A | 34,200 | 15,346 | ||||||
GDS Holdings Ltd., ADR(a) | 2,679 | 119,269 |
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Geely Automobile Holdings Ltd. | 171,000 | $ | 318,512 | |||||
GEM Co. Ltd., Class A | 17,199 | 26,275 | ||||||
Gemdale Corp., Class A | 11,400 | 22,938 | ||||||
Genscript Biotech Corp.(a) | 42,000 | 166,531 | ||||||
GF Securities Co. Ltd., Class A | 17,100 | 50,647 | ||||||
GF Securities Co. Ltd., Class H | 22,800 | 34,229 | ||||||
GoerTek Inc., Class A | 5,700 | 39,908 | ||||||
GOME Retail Holdings Ltd.(a) | 405,400 | 30,168 | ||||||
Great Wall Motor Co. Ltd., Class A | 5,700 | 33,290 | ||||||
Great Wall Motor Co. Ltd., Class H | 85,500 | 180,003 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 5,700 | 33,180 | ||||||
Greenland Holdings Corp. Ltd., Class A | 78 | 53 | ||||||
Greentown China Holdings Ltd. | 28,500 | 42,743 | ||||||
Greentown Service Group Co. Ltd. | 56,000 | 56,253 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 5,700 | 59,670 | ||||||
Guangdong Investment Ltd. | 114,000 | 153,409 | ||||||
Guanghui Energy Co. Ltd., Class A(a) | 11,400 | 12,986 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 114,235 | 113,099 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 5,700 | 26,881 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) | 45,600 | 19,412 | ||||||
Guosen Securities Co. Ltd., Class A | 22,800 | 37,508 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 22,800 | 60,563 | ||||||
Guoyuan Securities Co. Ltd., Class A | 16,920 | 19,025 | ||||||
Haidilao International Holding Ltd.(b)(c) | 30,000 | 69,080 | ||||||
Haier Smart Home Co. Ltd., Class A | 17,179 | 69,644 | ||||||
Haier Smart Home Co. Ltd., Class H | 68,400 | 239,679 | ||||||
Haitian International Holdings Ltd. | 28,000 | 74,600 | ||||||
Haitong Securities Co. Ltd., Class A | 28,500 | 50,884 | ||||||
Haitong Securities Co. Ltd., Class H | 45,600 | 39,238 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 100 | 1,622 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 5,700 | 64,131 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 50,000 | 106,735 | ||||||
Hello Group Inc., ADR | 4,788 | 45,630 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 11,400 | 52,171 | ||||||
Hengan International Group Co. Ltd. | 28,500 | 151,143 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 17,100 | 68,018 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 13,530 | 21,575 | ||||||
Hesteel Co. Ltd., Class A | 28,500 | 11,620 | ||||||
Hopson Development Holdings Ltd. | 24,690 | 50,826 | ||||||
Huadian Power International Corp. Ltd., Class A | 17,100 | 11,688 | ||||||
Huadong Medicine Co. Ltd., Class A | 5,700 | 34,389 | ||||||
Hualan Biological Engineering Inc., Class A | 2,250 | 9,187 | ||||||
Huaneng Power International Inc., Class A | 17,100 | 23,936 | ||||||
Huaneng Power International Inc., Class H | 114,000 | 66,920 | ||||||
Huatai Securities Co. Ltd., Class A | 22,800 | 57,465 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 22,800 | 37,331 | ||||||
Huaxia Bank Co. Ltd., Class A | 45,600 | 40,704 | ||||||
Huaxin Cement Co. Ltd., Class A | 5,700 | 18,546 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 11,499 | 46,384 | ||||||
Huazhu Group Ltd., ADR(a) | 5,871 | 242,825 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 17,100 | 15,825 | ||||||
Hundsun Technologies Inc., Class A | 5,700 | 47,372 | ||||||
Hutchmed China Ltd, ADR(a)(c) | 2,622 | 71,450 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b) | 11,400 | 62,237 | ||||||
Iflytek Co. Ltd., Class A | 5,729 | 44,768 | ||||||
I-Mab, ADR(a) | 1,311 | 32,408 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 114,000 | 84,219 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,653,050 | 986,797 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Industrial Bank Co. Ltd., Class A | 39,900 | $ | 139,785 | |||||
Industrial Securities Co. Ltd., Class A | 17,100 | 22,242 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 91,200 | 38,926 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 17,100 | 13,460 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 11,400 | 71,505 | ||||||
Innovent Biologics Inc.(a)(b) | 28,500 | 128,620 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 8,383 | 43,835 | ||||||
iQIYI Inc., ADR(a)(c) | 8,855 | 36,660 | ||||||
JA Solar Technology Co. Ltd., Class A | 5,700 | 86,356 | ||||||
JD Health International Inc.(a)(b) | 11,400 | 85,086 | ||||||
JDcom Inc, Class A(a) | 62,584 | 2,235,464 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 5,700 | 17,298 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 38,000 | 40,658 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 13,968 | 88,955 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 2,900 | 76,064 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 5,700 | 16,942 | ||||||
Jiangxi Copper Co. Ltd., Class H | 36,000 | 64,800 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 11,400 | 12,482 | ||||||
Jinke Properties Group Co. Ltd., Class A | 5,700 | 4,061 | ||||||
Jinmao Property Services Co. Ltd. | 2,598 | 660 | ||||||
Jinxin Fertility Group Ltd.(a)(b) | 57,000 | 66,649 | ||||||
Jiumaojiu International Holdings Ltd.(b) | 28,000 | 62,902 | ||||||
JOYY Inc., ADR | 1,539 | 71,240 | ||||||
Kanzhun Ltd.(a)(c) | 1,995 | 64,439 | ||||||
KE Holdings Inc., ADR(a) | 10,431 | 202,466 | ||||||
Kingboard Holdings Ltd. | 28,500 | 133,327 | ||||||
Kingboard Laminates Holdings Ltd. | 28,500 | 47,491 | ||||||
Kingdee International Software Group Co. | 89,000 | 219,976 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a) | 1,254 | 8,452 | ||||||
Kingsoft Corp. Ltd. | 31,600 | 118,178 | ||||||
Kuaishou Technology(a)(b) | 17,100 | 197,888 | ||||||
Kunlun Energy Co. Ltd. | 114,000 | 112,140 | ||||||
Kweichow Moutai Co. Ltd., Class A | 2,400 | 682,534 | ||||||
KWG Group Holdings Ltd. | 28,500 | 13,344 | ||||||
LB Group Co. Ltd., Class A | 5,700 | 24,077 | ||||||
Lee & Man Paper Manufacturing Ltd. | 57,000 | 36,643 | ||||||
Legend Biotech Corp., ADR(a) | 1,254 | 49,646 | ||||||
Lenovo Group Ltd.(c) | 228,000 | 253,894 | ||||||
Lens Technology Co. Ltd., Class A | 17,100 | 39,558 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 5,700 | 19,468 | ||||||
Li Auto Inc., ADR(a) | 17,556 | 534,580 | ||||||
Li Ning Co. Ltd. | 71,000 | 709,159 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 45,600 | 43,521 | ||||||
Longfor Group Holdings Ltd.(b) | 57,000 | 304,809 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 11,820 | 147,129 | ||||||
Lufax Holding Ltd., ADR(a) | 6,669 | 43,148 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 17,602 | 122,071 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 2,800 | 96,707 | ||||||
Mango Excellent Media Co. Ltd., Class A | 5,700 | 31,059 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 22,853 | 26,053 | ||||||
Meituan, Class B(a)(b) | 125,400 | 2,785,781 | ||||||
Metallurgical Corp. of China Ltd., Class A | 34,200 | 22,181 | ||||||
Microport Scientific Corp. | 22,800 | 63,420 | ||||||
Ming Yuan Cloud Group Holdings Ltd. | 15,000 | 29,605 | ||||||
Minth Group Ltd. | 32,000 | 115,706 | ||||||
Muyuan Foods Co. Ltd., Class A | 11,178 | 101,710 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 2,535 | 13,982 |
SCHEDULE OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Nanjing Securities Co. Ltd., Class A | 11,400 | $ | 16,043 | |||||
NARI Technology Co. Ltd., Class A | 13,920 | 78,567 | ||||||
National Silicon Industry Group Co. Ltd., Class A(a) | 12,177 | 47,327 | ||||||
NavInfo Co. Ltd., Class A(a) | 5,708 | 15,541 | ||||||
NetEase Inc. | 65,375 | 1,264,463 | ||||||
New China Life Insurance Co. Ltd., Class A | 5,700 | 34,488 | ||||||
New China Life Insurance Co. Ltd., Class H | 11,400 | 32,625 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 11,400 | 27,888 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 46,630 | 70,411 | ||||||
Nine Dragons Paper Holdings Ltd. | 57,000 | 54,604 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 11,400 | 31,754 | ||||||
NIO Inc., ADR(a) | 40,584 | 926,939 | ||||||
Noah Holdings Ltd., ADR(a) | 798 | 22,631 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 57,000 | 357,476 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 5,724 | 4,482 | ||||||
OFILM Group Co. Ltd., Class A(a) | 17,100 | 21,748 | ||||||
Orient Securities Co. Ltd., Class A | 17,100 | 33,448 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 28,500 | 19,083 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 28,500 | 20,952 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 114,000 | 36,661 | ||||||
Perfect World Co. Ltd., Class A | 8,950 | 18,796 | ||||||
PetroChina Co. Ltd., Class A | 28,500 | 26,276 | ||||||
PetroChina Co. Ltd., Class H | 570,000 | 305,307 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 5,700 | 69,107 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 228,322 | 241,014 | ||||||
Pinduoduo Inc., ADR(a) | 13,566 | 703,533 | ||||||
Ping An Bank Co. Ltd., Class A | 34,200 | 85,580 | ||||||
Ping An Healthcare and Technology Co. | 17,700 | 54,851 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 22,800 | 183,793 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 200,000 | 1,550,733 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 17,100 | 42,826 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 51,300 | 45,445 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 228,000 | 187,207 | ||||||
Power Construction Corp. of China Ltd., Class A | 34,200 | 41,758 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 5,700 | 3,560 | ||||||
RLX Technology Inc., ADR(a)(c) | 19,608 | 60,393 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 18,850 | 56,648 | ||||||
SAIC Motor Corp. Ltd., Class A | 17,100 | 49,309 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 57,000 | 59,109 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 17,153 | 53,600 | ||||||
SDIC Capital Co. Ltd., Class A | 17,104 | 20,125 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 22,899 | 36,323 | ||||||
Sealand Securities Co. Ltd., Class A | 45,700 | 28,401 | ||||||
SF Holding Co. Ltd., Class A | 11,400 | 109,377 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 22,805 | 51,522 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 8,180 | 26,701 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) | 28,500 | 53,517 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 7,740 | 43,481 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 34,200 | 26,525 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 68,400 | 94,446 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 90 | 770 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 11,400 | 49,232 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 17,100 | 8,867 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 57,000 | 39,893 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 5,700 | 38,432 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 23,000 | $ | 92,219 | |||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 34,276 | 30,540 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 11,400 | 33,859 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 28,500 | 51,444 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 62,700 | 83,459 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 33,900 | 35,903 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 11,400 | 18,952 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 15,300 | 25,752 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 52 | 115 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 11,400 | 26,058 | ||||||
Shanxi Securities Co. Ltd., Class A | 16,860 | 15,811 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 17,100 | 19,862 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 2,360 | 109,841 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 5,700 | 17,816 | ||||||
Shengyi Technology Co. Ltd., Class A | 5,700 | 17,626 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 51,394 | 37,424 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 12,820 | 14,724 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 5,797 | 59,001 | ||||||
Shenzhen International Holdings Ltd. | 28,500 | 29,366 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 5,700 | 12,350 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3,100 | 161,202 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 39,900 | 43,651 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 1,254 | 26,883 | ||||||
Shenzhou International Group Holdings Ltd. | 22,800 | 382,963 | ||||||
Shimao Group Holdings Ltd.(c) | 28,500 | 17,103 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 5,705 | 10,884 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 11,400 | 31,418 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 5,620 | 11,137 | ||||||
Sino Biopharmaceutical Ltd. | 302,000 | 192,786 | ||||||
Sinolink Securities Co. Ltd., Class A | 5,700 | 9,184 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 22,800 | 14,749 | ||||||
Sinopharm Group Co. Ltd., Class H | 45,600 | 110,543 | ||||||
Sinotruk Hong Kong Ltd. | 28,500 | 42,541 | ||||||
Smoore International Holdings Ltd.(b) | 57,000 | 211,587 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 11,380 | 27,924 | ||||||
SooChow Securities Co. Ltd., Class A | 22,152 | 27,639 | ||||||
Southwest Securities Co. Ltd., Class A | 34,200 | 25,543 | ||||||
Sun Art Retail Group Ltd.(c) | 57,000 | 20,565 | ||||||
Sunac China Holdings Ltd. | 114,000 | 93,184 | ||||||
Sunac Services Holdings Ltd.(a)(b) | 24,000 | 20,512 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 5,700 | 110,375 | ||||||
Suningcom Co Ltd, Class A(a) | 22,800 | 13,006 | ||||||
Sunny Optical Technology Group Co. Ltd. | 22,900 | 548,774 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 5,700 | 33,435 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 5,700 | 20,144 | ||||||
TAL Education Group, ADR(a) | 10,431 | 29,624 | ||||||
TBEA Co. Ltd., Class A | 5,700 | 18,367 | ||||||
TCL Technology Group Corp., Class A | 51,300 | 45,339 | ||||||
Tencent Holdings Ltd. | 176,700 | 9,534,964 | ||||||
Tencent Music Entertainment Group, ADR(a) | 18,924 | 102,000 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 11,400 | 87,283 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 5,700 | 10,592 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 22,800 | 43,455 | ||||||
Tingyi Cayman Islands Holding Corp. | 64,000 | 141,594 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 45,600 | 84,928 |
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
TongFu Microelectronics Co. Ltd., Class A | 11,400 | $ | 32,980 | |||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 34,200 | 21,678 | ||||||
Tongwei Co. Ltd., Class A | 11,495 | 78,835 | ||||||
Topsports International Holdings Ltd.(b) | 57,000 | 59,253 | ||||||
Transfar Zhilian Co. Ltd., Class A | 17,100 | 20,935 | ||||||
TravelSky Technology Ltd., Class H | 30,000 | 56,510 | ||||||
Trina Solar Co. Ltd. | 4,902 | 59,979 | ||||||
Trip.com Group Ltd., ADR(a) | 15,732 | 406,200 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 16,000 | 153,933 | ||||||
Uni-President China Holdings Ltd. | 57,000 | 59,273 | ||||||
Unisplendour Corp. Ltd., Class A | 8,180 | 28,515 | ||||||
Venus MedTech Hangzhou Inc., Class H(a)(b) | 8,500 | 23,632 | ||||||
Vipshop Holdings Ltd., ADR(a) | 13,395 | 116,135 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 5,700 | 42,482 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 6,400 | 96,899 | ||||||
Want Want China Holdings Ltd. | 114,000 | 121,356 | ||||||
Weibo Corp., ADR(a)(c) | 1,653 | 45,342 | ||||||
Weichai Power Co. Ltd., Class A | 13,400 | 32,422 | ||||||
Weichai Power Co. Ltd., Class H | 57,100 | 96,621 | ||||||
Weimob Inc.(a)(b) | 57,000 | 37,697 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) | 14,240 | 44,036 | ||||||
Western Securities Co. Ltd., Class A | 34,200 | 41,287 | ||||||
Wharf Holdings Ltd. (The) | 57,000 | 206,225 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 2,500 | 98,107 | ||||||
Wingtech Technology Co. Ltd., Class A | 3,000 | 55,907 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 5,750 | 10,452 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 5,700 | 20,272 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 5,700 | 18,929 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 8,200 | 248,224 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 17,160 | 45,880 | ||||||
WuXi AppTec Co. Ltd., Class A | 5,728 | 94,811 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 11,487 | 163,511 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 115,000 | 951,213 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 39,400 | 34,641 | ||||||
Xiamen C & D Inc., Class A | 5,700 | 9,034 | ||||||
Xiaomi Corp., Class B(a)(b) | 444,600 | 836,834 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 11,453 | 27,338 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 23,434 | 38,342 | ||||||
Xinyi Solar Holdings Ltd. | 156,000 | 283,353 | ||||||
XPeng Inc., ADR(a) | 12,141 | 441,568 | ||||||
Yadea Group Holdings Ltd.(b) | 52,000 | 77,144 | ||||||
Yankuang Energy Group Co Ltd, Class H(c) | 58,000 | 142,206 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 5,700 | 28,605 | ||||||
Yihai International Holding Ltd.(c) | 19,000 | 79,498 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 5,700 | 48,491 | ||||||
Yonghui Superstores Co. Ltd., Class A | 22,893 | 13,259 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 10,230 | 51,052 | ||||||
Youngor Group Co. Ltd., Class A | 5,700 | 6,122 | ||||||
Yuexiu Property Co. Ltd. | 50,400 | 50,414 | ||||||
Yum China Holdings Inc. | 13,395 | 696,808 | ||||||
Yunda Holding Co. Ltd., Class A | 7,830 | 24,117 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 5,720 | 81,723 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 1,700 | 69,972 | ||||||
Zai Lab Ltd., ADR(a)(c) | 2,394 | 130,952 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 1,400 | 80,596 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 11,400 | 11,820 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 5,700 | $ | 45,431 | |||||
Zhejiang Dahua Technology Co. Ltd., Class A | 11,400 | 33,947 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 5,700 | 13,270 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 22,800 | 44,571 | ||||||
Zhejiang NHU Co. Ltd., Class A | 8,536 | 46,007 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 13,530 | 43,289 | ||||||
Zheshang Securities Co. Ltd., Class A | 11,400 | 20,919 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 17,100 | 56,284 | ||||||
Zhongsheng Group Holdings Ltd. | 28,500 | 199,013 | ||||||
Zhongtai Securities Co. Ltd. | 11,400 | 15,526 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 17,100 | 89,134 | ||||||
Zijin Mining Group Co. Ltd., Class A | 39,900 | 71,407 | ||||||
Zijin Mining Group Co. Ltd., Class H | 177,000 | 262,700 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 28,600 | 32,038 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 45,600 | 30,333 | ||||||
ZTE Corp., Class A | 5,700 | 26,378 | ||||||
ZTE Corp., Class H | 22,848 | 56,287 | ||||||
ZTO Express Cayman Inc., ADR | 13,110 | 385,958 | ||||||
|
| |||||||
74,035,121 | ||||||||
India — 24.8% | ||||||||
ACC Ltd. | 2,451 | 68,268 | ||||||
Adani Enterprises Ltd. | 8,226 | 180,896 | ||||||
Adani Green Energy Ltd.(a) | 12,084 | 297,352 | ||||||
Adani Ports & Special Economic Zone Ltd. | 15,561 | 147,140 | ||||||
Adani Total Gas Ltd. | 7,980 | 168,237 | ||||||
Adani Transmission Ltd.(a) | 8,037 | 229,028 | ||||||
Ambuja Cements Ltd. | 22,290 | 93,420 | ||||||
Apollo Hospitals Enterprise Ltd. | 2,508 | 160,524 | ||||||
Asian Paints Ltd. | 12,654 | 534,772 | ||||||
Aurobindo Pharma Ltd. | 5,757 | 47,924 | ||||||
Avenue Supermarts Ltd.(a)(b) | 5,130 | 296,793 | ||||||
Axis Bank Ltd.(a) | 69,369 | 688,220 | ||||||
Bajaj Auto Ltd. | 1,995 | 93,880 | ||||||
Bajaj Finance Ltd. | 8,664 | 811,169 | ||||||
Bajaj Finserv Ltd. | 1,254 | 268,843 | ||||||
Balkrishna Industries Ltd. | 2,907 | 70,689 | ||||||
Bandhan Bank Ltd.(b) | 25,251 | 103,285 | ||||||
Berger Paints India Ltd. | 7,524 | 69,103 | ||||||
Bharat Electronics Ltd. | 39,403 | 110,734 | ||||||
Bharat Forge Ltd. | 7,439 | 67,388 | ||||||
Bharat Petroleum Corp. Ltd. | 20,349 | 94,917 | ||||||
Bharti Airtel Ltd.(a) | 77,762 | 711,078 | ||||||
Biocon Ltd.(a) | 17,400 | 80,868 | ||||||
Britannia Industries Ltd. | 2,565 | 117,080 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 13,267 | 122,395 | ||||||
Cipla Ltd. | 14,250 | 175,390 | ||||||
Coal India Ltd. | 36,433 | 82,406 | ||||||
Colgate-Palmolive India Ltd. | 2,640 | 50,929 | ||||||
Container Corp. of India Ltd. | 10,426 | 83,445 | ||||||
Dabur India Ltd. | 16,644 | 124,787 | ||||||
Divi’s Laboratories Ltd. | 3,990 | 226,758 | ||||||
DLF Ltd. | 28,443 | 133,462 | ||||||
Dr. Reddy’s Laboratories Ltd. | 3,192 | 172,346 | ||||||
Eicher Motors Ltd. | 3,819 | 131,910 | ||||||
GAIL India Ltd. | 48,735 | 94,234 | ||||||
Godrej Consumer Products Ltd.(a) | 11,286 | 115,421 | ||||||
Godrej Properties Ltd.(a) | 4,902 | 98,197 | ||||||
Grasim Industries Ltd. | 8,094 | 172,731 |
SCHEDULE OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Havells India Ltd. | 8,265 | $ | 130,574 | |||||
HCL Technologies Ltd. | 34,099 | 512,754 | ||||||
HDFC Asset Management Co. Ltd.(b) | 1,539 | 42,795 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 26,847 | 187,148 | ||||||
Hero MotoCorp Ltd. | 2,109 | 71,441 | ||||||
Hindalco Industries Ltd. | 50,616 | 388,990 | ||||||
Hindustan Petroleum Corp. Ltd. | 19,551 | 71,123 | ||||||
Hindustan Unilever Ltd. | 25,137 | 726,920 | ||||||
Housing Development Finance Corp. Ltd. | 52,896 | 1,671,820 | ||||||
ICICI Bank Ltd. | 159,258 | 1,577,408 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 6,213 | 104,572 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 10,830 | 69,187 | ||||||
Indian Oil Corp. Ltd. | 47,595 | 73,053 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 7,638 | 82,879 | ||||||
Indraprastha Gas Ltd. | 12,476 | 57,683 | ||||||
Indus Towers Ltd.(a) | 22,287 | 63,968 | ||||||
Info Edge India Ltd. | 2,508 | 149,085 | ||||||
Infosys Ltd. | 104,025 | 2,370,716 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 2,964 | 74,201 | ||||||
ITC Ltd. | 94,278 | 271,465 | ||||||
JSW Steel Ltd. | 26,619 | 223,326 | ||||||
Jubilant Foodworks Ltd. | 2,394 | 93,077 | ||||||
Kotak Mahindra Bank Ltd. | 17,442 | 429,354 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 1,770 | 138,338 | ||||||
Larsen & Toubro Ltd. | 21,147 | 512,660 | ||||||
Lupin Ltd. | 4,731 | 47,000 | ||||||
Mahindra & Mahindra Ltd. | 25,764 | 271,982 | ||||||
Marico Ltd. | 12,768 | 87,411 | ||||||
Maruti Suzuki India Ltd. | 3,762 | 416,956 | ||||||
Mindtree Ltd. | 2,223 | 115,353 | ||||||
Motherson Sumi Systems Ltd. | 41,040 | 82,513 | ||||||
Motherson Sumi Wiring India Ltd.(a) | 41,040 | 25,311 | ||||||
Mphasis Ltd. | 2,736 | 113,668 | ||||||
MRF Ltd. | 81 | 70,875 | ||||||
Muthoot Finance Ltd. | 4,275 | 77,452 | ||||||
Nestle India Ltd. | 912 | 214,188 | ||||||
NTPC Ltd. | 147,744 | 263,004 | ||||||
Oil & Natural Gas Corp. Ltd. | 83,505 | 179,850 | ||||||
Page Industries Ltd. | 171 | 96,255 | ||||||
Petronet LNG Ltd. | 20,520 | 58,882 | ||||||
PI Industries Ltd. | 2,736 | 90,046 | ||||||
Pidilite Industries Ltd. | 5,643 | 180,642 | ||||||
Piramal Enterprises Ltd. | 3,819 | 105,578 | ||||||
Power Grid Corp. of India Ltd. | 89,661 | 249,663 | ||||||
Reliance Industries Ltd. | 88,806 | 2,795,764 | ||||||
SBI Cards & Payment Services Ltd.(a) | 7,626 | 79,958 | ||||||
SBI Life Insurance Co. Ltd.(b) | 13,167 | 186,194 | ||||||
Shree Cement Ltd. | 342 | 111,340 | ||||||
Shriram Transport Finance Co. Ltd. | 6,270 | 94,244 | ||||||
Siemens Ltd. | 3,047 | 95,325 | ||||||
SRF Ltd. | 4,617 | 146,933 | ||||||
State Bank of India | 56,088 | 362,340 | ||||||
Sun Pharmaceutical Industries Ltd. | 25,650 | 288,137 | ||||||
Tata Consultancy Services Ltd. | 27,987 | 1,325,792 | ||||||
Tata Consumer Products Ltd. | 18,867 | 180,659 | ||||||
Tata Motors Ltd.(a) | 52,841 | 320,332 | ||||||
Tata Power Co. Ltd. (The) | 46,740 | 139,379 | ||||||
Tata Steel Ltd. | 22,857 | 374,254 | ||||||
Tech Mahindra Ltd. | 20,235 | 380,981 | ||||||
Titan Co. Ltd. | 10,545 | 358,177 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Torrent Pharmaceuticals Ltd. | 2,052 | $ | 75,101 | |||||
Trent Ltd. | 6,099 | 90,199 | ||||||
UltraTech Cement Ltd. | 3,078 | 269,392 | ||||||
United Spirits Ltd.(a) | 11,343 | 133,935 | ||||||
UPL Ltd. | 18,069 | 160,588 | ||||||
Vedanta Ltd. | 37,527 | 191,001 | ||||||
Wipro Ltd. | 43,092 | 318,654 | ||||||
Yes Bank Ltd.(a) | 454,720 | 80,332 | ||||||
Zomato Ltd.(a) | 52,497 | 56,084 | ||||||
|
| |||||||
28,752,280 | ||||||||
Russia — 1.2% | ||||||||
Alrosa PJSC(d) | 83,790 | 24,407 | ||||||
Gazprom PJSC(d) | 376,774 | 303,730 | ||||||
Inter RAO UES PJSC(d) | 1,065,900 | 10,289 | ||||||
LUKOIL PJSC(d) | 12,996 | 226,852 | ||||||
Magnit PJSC, GDR | 10,659 | 16,917 | ||||||
MMC Norilsk Nickel PJSC(d) | 1,995 | 135,146 | ||||||
Mobile TeleSystems PJSC, ADR | 8,322 | 45,771 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) | 41,040 | 13,813 | ||||||
Novatek PJSC, GDR | 2,917 | 112,369 | ||||||
Novolipetsk Steel PJSC(d) | 41,610 | 26,426 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 1,881 | 6,900 | ||||||
PhosAgro PJSC, GDR | 4,421 | 27,047 | ||||||
Polymetal International PLC(d) | 10,488 | 31,808 | ||||||
Polyus PJSC(d) | 1,083 | 40,806 | ||||||
Rosneft Oil Co. PJSC(d) | 37,278 | 38,890 | ||||||
Sberbank of Russia PJSC(d) | 331,170 | 146,383 | ||||||
Severstal PAO(d) | 6,669 | 31,850 | ||||||
Surgutneftegas PJSC(d) | 182,410 | 13,775 | ||||||
Tatneft PJSC(d) | 41,097 | 52,186 | ||||||
TCS Group Holding PLC, GDR(d) | 3,884 | 44,729 | ||||||
United Co. RUSAL International PJSC(a)(d) | 95,760 | 20,207 | ||||||
VK Co. Ltd.(a)(d) | 4,446 | 4,518 | ||||||
VTB Bank PJSC(d) | 153,340,001 | 10,247 | ||||||
X5 Retail Group NV, GDR(d) | 2,622 | 11,279 | ||||||
Yandex NV(a)(d) | 9,690 | 63,345 | ||||||
|
| |||||||
1,459,690 | ||||||||
|
| |||||||
Total Common Stocks — 97.3% | 112,947,499 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 2.6% | ||||||||
Alpargatas SA, Preference Shares, NVS | 5,700 | 28,381 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 153,729 | 602,205 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 7,980 | 74,777 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 4,065 | 26,999 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 33,209 | 81,604 | ||||||
Gerdau SA, Preference Shares, NVS | 37,563 | 186,306 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 147,003 | 721,660 | ||||||
Itausa SA, Preference Shares, NVS | 133,825 | 259,167 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 146,718 | 964,444 | ||||||
|
| |||||||
2,945,543 |
40 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 193,800 | $ | 20,809 | |||||
|
| |||||||
Total Preferred Stocks — 2.6% | 2,966,352 | |||||||
|
| |||||||
Rights | ||||||||
Brazil — 0.0% | ||||||||
Americanas SA (Expires 03/03/22)(a) | 436 | 573 | ||||||
|
| |||||||
Total Rights — 0.0% | 573 | |||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 1,923,349 | 1,923,734 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 980,000 | 980,000 | ||||||
|
| |||||||
2,903,734 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.5% |
| 2,903,734 | ||||||
|
| |||||||
Total Investments in Securities — 102.4% |
| 118,818,158 | ||||||
Other Assets, Less Liabilities — (2.4)% |
| (2,730,627 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 116,087,531 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 2,056,503 | $ | — | $ | (131,978 | )(a) | $ | (428 | ) | $ | (363 | ) | $ | 1,923,734 | 1,923,349 | $ | 12,690 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 520,000 | 460,000 | (a) | — | — | — | 980,000 | 980,000 | 61 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (428 | ) | $ | (363 | ) | $ | 2,903,734 | $ | 12,751 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
SCHEDULE OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI China Index | 2 | 03/18/22 | $ | 57 | $ | (4,316 | ) | |||||||||
MSCI Emerging Markets Index | 1 | 03/18/22 | 59 | (3,397 | ) | |||||||||||
|
| |||||||||||||||
$ | (7,713 | ) | ||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 7,713 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (37,057 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (7,319 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 231,485 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 9,056,779 | $ | 102,633,134 | $ | 1,257,586 | $ | 112,947,499 | ||||||||
Preferred Stocks | — | 2,945,543 | 20,809 | 2,966,352 | ||||||||||||
Rights | — | 573 | — | 573 | ||||||||||||
Money Market Funds | 2,903,734 | — | — | 2,903,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 11,960,513 | $ | 105,579,250 | $ | 1,278,395 | $ | 118,818,158 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (3,397 | ) | $ | (4,316 | ) | $ | — | $ | (7,713 | ) | |||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
42 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI BRIC ETF |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| ||||||||||||
Common Stocks | Preferred Stocks | Total | ||||||||||
| ||||||||||||
Assets: | ||||||||||||
Opening balance, as of August 31, 2021 | $ | 44,066 | $ | — | $ | 44,066 | ||||||
Transfers into Level 3(a) | 9,028,611 | 129,604 | 9,158,215 | |||||||||
Transfers out of Level 3 | (— | ) | (— | ) | (— | ) | ||||||
Accrued discounts/premiums | — | — | — | |||||||||
Net realized gain (loss) | (42,595 | ) | (2,899 | ) | (45,494 | ) | ||||||
Net change in unrealized appreciation (depreciation)(b)(c) | (6,711,017 | ) | (78,540 | ) | (6,789,557 | ) | ||||||
Purchases | 202,167 | — | 202,167 | |||||||||
Sales | (1,263,646 | ) | (27,356 | ) | (1,291,002 | ) | ||||||
|
|
|
|
|
| |||||||
Closing balance, as of February 28, 2022 | $ | 1,257,586 | $ | 20,809 | $ | 1,278,395 | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on investment still held at February 28, 2022 | $ | (6,881,887 | ) | $ | (82,297 | ) | $ | (6,964,184 | ) | |||
|
|
|
|
|
|
(a) | As of August 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of February 28, 2022, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 1 or Level 2 to Level 3 in the fair value hierarchy. |
(b) | Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end.
| ||||||||||||
Value | Valuation Approach | Unobservable Inputs | | Range of Unobservable | | |||||||
| ||||||||||||
Common Stocks | $1,257,586 | Market | Liquidity Discount | 25% | ||||||||
Preferred Stocks | 20,809 | Market | Liquidity Discount | 25% | ||||||||
| ||||||||||||
$1,278,395 | ||||||||||||
|
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
China — 40.6% | ||||||||
360 DigiTech Inc., ADR | 11,552 | $ | 216,600 | |||||
360 Security Technology Inc., Class A(a) | 90,099 | 149,973 | ||||||
3SBio Inc.(a)(b) | 189,000 | 150,211 | ||||||
51job Inc., ADR(a) | 4,574 | 236,933 | ||||||
AAC Technologies Holdings Inc. | 100,500 | 274,787 | ||||||
AECC Aero-Engine Control Co. Ltd., Class A | 41,600 | 167,518 | ||||||
AECC Aviation Power Co. Ltd., Class A | 23,000 | 184,670 | ||||||
Agile Group Holdings Ltd.(c) | 128,000 | 58,320 | ||||||
Agricultural Bank of China Ltd., Class A | 610,000 | 288,187 | ||||||
Agricultural Bank of China Ltd., Class H | 3,233,000 | 1,224,399 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 45,852 | 265,122 | ||||||
Air China Ltd., Class A(a) | 138,700 | 217,224 | ||||||
Air China Ltd., Class H(a)(c) | 106,000 | 81,522 | ||||||
Akeso Inc.(a)(b)(c) | 36,000 | 95,067 | ||||||
Alibaba Group Holding Ltd.(a) | 1,996,920 | 26,287,203 | ||||||
Alibaba Health Information Technology | 540,000 | 378,125 | ||||||
Alibaba Pictures Group Ltd.(a) | 1,550,000 | 154,968 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 75,000 | 134,439 | ||||||
Aluminum Corp. of China Ltd., Class A(a) | 123,600 | 127,887 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 520,000 | 367,548 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 41,500 | 265,672 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 155,500 | 834,495 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 20,325 | 298,023 | ||||||
ANTA Sports Products Ltd.(c) | 147,000 | 2,245,161 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 31,200 | 140,076 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 2,300 | 123,946 | ||||||
Autohome Inc., ADR | 9,906 | 303,025 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 72,800 | 144,055 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 178,500 | 110,242 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 345,000 | 214,189 | ||||||
Baidu Inc., ADR(a) | 36,638 | 5,585,097 | ||||||
Bank of Chengdu Co. Ltd., Class A | 60,600 | 138,588 | ||||||
Bank of China Ltd., Class A | 401,000 | 196,934 | ||||||
Bank of China Ltd., Class H | 10,186,000 | 3,965,427 | ||||||
Bank of Communications Co. Ltd., Class A | 403,400 | 305,804 | ||||||
Bank of Communications Co. Ltd., Class H | 1,000,000 | 685,529 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 73,900 | 167,973 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 165,658 | 174,873 | ||||||
Bank of Nanjing Co. Ltd., Class A | 118,600 | 183,638 | ||||||
Bank of Ningbo Co. Ltd., Class A | 70,000 | 423,258 | ||||||
Bank of Shanghai Co. Ltd., Class A | 187,870 | 208,226 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 188,400 | 215,937 | ||||||
BBMG Corp., Class A | 269,500 | 123,246 | ||||||
BeiGene Ltd., ADR(a) | 6,201 | 1,305,435 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 268,000 | 171,657 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 52,000 | 68,404 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 51,300 | 76,864 | ||||||
Beijing Enterprises Holdings Ltd. | 69,000 | 235,877 | ||||||
Beijing Enterprises Water Group Ltd. | 518,000 | 204,653 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 11,782 | 44,757 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 28,100 | 66,931 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 471,721 | 386,466 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 5,300 | 50,793 | ||||||
Bilibili Inc., ADR(a)(c) | 21,507 | 679,836 | ||||||
BOC Aviation Ltd.(b) | 28,400 | 246,881 | ||||||
BOE Technology Group Co. Ltd., Class A | 338,300 | 252,487 | ||||||
Bosideng International Holdings Ltd.(c) | 468,000 | 266,277 | ||||||
BYD Co. Ltd., Class A | 14,500 | 583,071 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
BYD Co. Ltd., Class H | 106,000 | $ | 3,284,658 | |||||
BYD Electronic International Co. Ltd. | 92,000 | 259,607 | ||||||
Caitong Securities Co. Ltd., Class A | 62,600 | 93,217 | ||||||
CanSino Biologics Inc., Class H(a)(b) | 11,000 | 198,807 | ||||||
CGN Power Co. Ltd., Class H(b) | 849,000 | 240,701 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 3,400 | 98,658 | ||||||
Changjiang Securities Co. Ltd., Class A | 118,500 | 129,964 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 24,099 | 133,466 | ||||||
China Bohai Bank Co. Ltd., Class H(b) | 439,000 | 73,030 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 763,000 | 137,732 | ||||||
China CITIC Bank Corp. Ltd., Class H | 1,049,000 | 492,939 | ||||||
China Coal Energy Co. Ltd., Class H | 280,000 | 174,533 | ||||||
China Communications Services Corp. Ltd., Class H | 324,000 | 177,753 | ||||||
China Conch Venture Holdings Ltd. | 227,500 | 1,094,784 | ||||||
China Construction Bank Corp., Class A | 118,800 | 113,657 | ||||||
China Construction Bank Corp., Class H | 12,554,000 | 9,415,055 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 138,372 | 118,492 | ||||||
China Education Group Holdings Ltd. | 123,000 | 105,377 | ||||||
China Everbright Bank Co. Ltd., Class A | 516,800 | 273,865 | ||||||
China Everbright Bank Co. Ltd., Class H | 181,000 | 67,315 | ||||||
China Everbright Environment Group Ltd. | 516,481 | 370,821 | ||||||
China Evergrande Group | 518,000 | 106,019 | ||||||
China Feihe Ltd.(b) | 478,000 | 570,378 | ||||||
China Galaxy Securities Co. Ltd., Class H | 472,500 | 270,451 | ||||||
China Gas Holdings Ltd. | 397,200 | 627,724 | ||||||
China Great Wall Securities Co. Ltd., Class A | 40,700 | 69,609 | ||||||
China Hongqiao Group Ltd. | 316,000 | 442,403 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 20,200 | — | ||||||
China International Capital Corp. Ltd., Class H(b) | 185,200 | 450,577 | ||||||
China Jinmao Holdings Group Ltd. | 784,000 | 260,714 | ||||||
China Lesso Group Holdings Ltd. | 174,000 | 267,888 | ||||||
China Life Insurance Co. Ltd., Class A | 39,200 | 179,015 | ||||||
China Life Insurance Co. Ltd., Class H | 921,000 | 1,525,756 | ||||||
China Literature Ltd.(a)(b) | 53,800 | 291,981 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 460,000 | 949,251 | ||||||
China Medical System Holdings Ltd. | 201,000 | 357,911 | ||||||
China Meidong Auto Holdings Ltd. | 76,000 | 357,845 | ||||||
China Mengniu Dairy Co. Ltd. | 429,000 | 2,789,537 | ||||||
China Merchants Bank Co. Ltd., Class A | 177,400 | 1,402,298 | ||||||
China Merchants Bank Co. Ltd., Class H | 518,331 | 4,369,171 | ||||||
China Merchants Port Holdings Co. Ltd. | 206,000 | 388,392 | ||||||
China Merchants Securities Co. Ltd., Class A | 69,270 | 174,293 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 77,975 | 167,262 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 350,400 | 217,157 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 614,660 | 239,409 | ||||||
China Molybdenum Co. Ltd., Class A | 183,100 | 175,647 | ||||||
China Molybdenum Co. Ltd., Class H | 429,000 | 258,216 | ||||||
China National Building Material Co. Ltd., Class H | 546,000 | 700,424 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 72,300 | 119,969 | ||||||
China National Nuclear Power Co. Ltd., Class A | 157,500 | 185,275 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 32,700 | 257,216 | ||||||
China Oilfield Services Ltd., Class H | 258,000 | 294,119 | ||||||
China Overseas Land & Investment Ltd. | 505,500 | 1,543,376 | ||||||
China Overseas Property Holdings Ltd. | 165,000 | 179,146 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 62,400 | 262,432 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 324,600 | 903,874 | ||||||
China Petroleum & Chemical Corp., Class A | 278,200 | 192,154 |
44 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Petroleum & Chemical Corp., Class H | 3,128,600 | $ | 1,556,437 | |||||
China Power International Development Ltd. | 715,000 | 405,289 | ||||||
China Railway Group Ltd., Class A | 210,796 | 207,976 | ||||||
China Railway Group Ltd., Class H | 455,000 | 267,156 | ||||||
China Renewable Energy Investment Ltd.(d) | 2,513 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 202,000 | 1,601,739 | ||||||
China Resources Cement Holdings Ltd. | 322,000 | 275,532 | ||||||
China Resources Gas Group Ltd. | 124,000 | 569,531 | ||||||
China Resources Land Ltd. | 429,777 | 2,090,563 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 75,800 | 389,890 | ||||||
China Resources Power Holdings Co. Ltd. | 266,000 | 594,130 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 21,590 | 122,394 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 408,000 | 121,431 | ||||||
China Shenhua Energy Co. Ltd., Class A | 70,700 | 283,064 | ||||||
China Shenhua Energy Co. Ltd., Class H | 431,500 | 1,189,207 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 138,000 | 151,521 | ||||||
China Southern Airlines Co. Ltd., Class H(a) | 202,000 | 127,798 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 361,140 | 291,745 | ||||||
China State Construction International Holdings Ltd. | 292,000 | 411,228 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 261,000 | 173,860 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 216,300 | 256,014 | ||||||
China Three Gorges Renewables Group Co. Ltd. | 250,000 | 282,184 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 15,900 | 513,552 | ||||||
China Tower Corp. Ltd., Class H(b) | 5,372,000 | 626,125 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 410,000 | 233,724 | ||||||
China United Network Communications Ltd., Class A | 286,700 | 173,700 | ||||||
China Vanke Co. Ltd., Class A | 93,100 | 283,368 | ||||||
China Vanke Co. Ltd., Class H | 184,100 | 437,271 | ||||||
China Yangtze Power Co. Ltd., Class A | 187,200 | 688,730 | ||||||
Chinasoft International Ltd. | 350,000 | 319,340 | ||||||
Chindata Group Holdings Ltd., ADR(a)(c) | 15,613 | 85,715 | ||||||
Chongqing Brewery Co. Ltd., Class A(a) | 5,199 | 110,395 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 58,240 | 120,421 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 14,200 | 290,618 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 100,000 | 181,857 | ||||||
CIFI Holdings Group Co. Ltd. | 522,900 | 364,310 | ||||||
CITIC Ltd. | 770,000 | 898,532 | ||||||
CITIC Securities Co. Ltd., Class A | 129,490 | 479,907 | ||||||
CITIC Securities Co. Ltd., Class H | 300,725 | 728,567 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 19,100 | 1,636,093 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 120,650 | 338,758 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) | 446,950 | 903,386 | ||||||
COSCO SHIPPING Ports Ltd. | 268,000 | 220,852 | ||||||
Country Garden Holdings Co. Ltd. | 1,013,828 | 787,675 | ||||||
Country Garden Services Holdings Co. Ltd. | 236,000 | 1,411,742 | ||||||
CRRC Corp. Ltd., Class A | 221,100 | 203,235 | ||||||
CRRC Corp. Ltd., Class H | 485,000 | 215,550 | ||||||
CSC Financial Co. Ltd., Class A | 38,200 | 156,403 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,201,200 | 1,423,858 | ||||||
Dada Nexus Ltd., ADR(a)(c) | 7,994 | 66,430 | ||||||
Dali Foods Group Co. Ltd.(b) | 352,000 | 185,392 | ||||||
Daqo New Energy Corp., ADR(a) | 8,176 | 392,121 | ||||||
DHC Software Co. Ltd., Class A | 71,200 | 93,348 | ||||||
DiDi Global Inc., ADR(a)(c) | 19,281 | 79,052 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 10,300 | 62,001 | ||||||
Dongfang Electric Corp. Ltd., Class A | 36,700 | 95,125 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 362,000 | 311,583 | ||||||
Dongxing Securities Co. Ltd., Class A | 67,000 | 109,620 | ||||||
Dongyue Group Ltd. | 205,000 | 297,402 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
East Money Information Co. Ltd., Class A | 90,096 | $ | 384,014 | |||||
ENN Energy Holdings Ltd. | 107,400 | 1,555,409 | ||||||
Eve Energy Co. Ltd., Class A | 16,600 | 238,223 | ||||||
Everbright Securities Co. Ltd., Class A | 37,700 | 79,612 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 48,140 | 78,930 | ||||||
Far East Horizon Ltd. | 208,000 | 177,268 | ||||||
First Capital Securities Co. Ltd., Class A | 63,600 | 64,326 | ||||||
Flat Glass Group Co. Ltd., Class H | 71,000 | 293,597 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 154,600 | 188,097 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 28,777 | 453,533 | ||||||
Fosun International Ltd. | 287,500 | 311,938 | ||||||
Founder Securities Co. Ltd., Class A | 128,034 | 146,148 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 98,900 | 175,285 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 18,800 | 131,947 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 84,000 | 412,112 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 10,800 | 262,603 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b) | 34,200 | 580,449 | ||||||
G-Bits Network Technology Xiamen Co. Ltd., Class A | 1,000 | 55,658 | ||||||
GDS Holdings Ltd., ADR(a) | 12,600 | 560,952 | ||||||
Geely Automobile Holdings Ltd. | 794,000 | 1,478,938 | ||||||
GEM Co. Ltd., Class A | 72,300 | 110,452 | ||||||
Gemdale Corp., Class A | 49,200 | 98,995 | ||||||
Genscript Biotech Corp.(a) | 154,000 | 610,613 | ||||||
GF Securities Co. Ltd., Class A | 65,000 | 192,516 | ||||||
GF Securities Co. Ltd., Class H | 107,800 | 161,838 | ||||||
Giant Network Group Co. Ltd., Class A | 42,600 | 64,667 | ||||||
GoerTek Inc., Class A | 33,100 | 231,748 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 1,823,000 | 135,660 | ||||||
Gotion High-tech Co. Ltd., Class A(a) | 24,000 | 164,688 | ||||||
Great Wall Motor Co. Ltd., Class H | 453,500 | 954,754 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 30,000 | 174,630 | ||||||
Greenland Holdings Corp. Ltd., Class A | 86,360 | 59,199 | ||||||
Greentown China Holdings Ltd. | 116,500 | 174,993 | ||||||
Greentown Service Group Co. Ltd. | 208,000 | 208,941 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 20,000 | 208,587 | ||||||
Guangdong Investment Ltd. | 408,000 | 549,043 | ||||||
Guanghui Energy Co. Ltd., Class A(a) | 82,700 | 94,206 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 408,800 | 404,733 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 26,600 | 125,445 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A | 84,300 | 133,397 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) | 170,000 | 72,369 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 9,300 | 157,833 | ||||||
Guosen Securities Co. Ltd., Class A | 103,800 | 170,758 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 90,000 | 239,064 | ||||||
Guoyuan Securities Co. Ltd., Class A | 79,440 | 89,323 | ||||||
Haidilao International Holding Ltd.(b)(c) | 143,000 | 329,283 | ||||||
Haier Smart Home Co. Ltd., Class A | 70,000 | 283,782 | ||||||
Haier Smart Home Co. Ltd., Class H | 288,800 | 1,011,978 | ||||||
Haitian International Holdings Ltd. | 102,000 | 271,759 | ||||||
Haitong Securities Co. Ltd., Class A | 110,800 | 197,822 | ||||||
Haitong Securities Co. Ltd., Class H | 200,000 | 172,098 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 9,400 | 178,389 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 20,300 | 107,369 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 14,700 | 134,369 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 3,200 | 51,915 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 16,300 | 183,392 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 144,000 | 307,396 | ||||||
Hello Group Inc., ADR | 19,585 | 186,645 |
SCHEDULE OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 32,256 | $ | 147,616 | |||||
Hengan International Group Co. Ltd. | 84,000 | 445,475 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 60,000 | 238,658 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 60,090 | 95,821 | ||||||
Hesteel Co. Ltd., Class A | 196,200 | 79,993 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 6,000 | 103,046 | ||||||
Hongfa Technology Co. Ltd., Class A | 11,600 | 115,931 | ||||||
Hopson Development Holdings Ltd. | 95,900 | 197,415 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 72,000 | 375,103 | ||||||
Huabao International Holdings Ltd. | 124,000 | 71,140 | ||||||
Huadian Power International Corp. Ltd., Class A | 102,400 | 69,994 | ||||||
Huadong Medicine Co. Ltd., Class A | 18,572 | 112,047 | ||||||
Huaneng Power International Inc., Class H | 632,000 | 370,994 | ||||||
Huatai Securities Co. Ltd., Class A | 89,100 | 224,567 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 142,400 | 233,152 | ||||||
Huaxi Securities Co. Ltd., Class A | 67,400 | 95,146 | ||||||
Huaxia Bank Co. Ltd., Class A | 171,200 | 152,819 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 32,900 | 132,711 | ||||||
Huazhu Group Ltd., ADR(a) | 23,763 | 982,838 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 76,800 | 71,073 | ||||||
Hundsun Technologies Inc., Class A | 18,512 | 153,850 | ||||||
Hutchmed China Ltd, ADR(a) | 12,439 | 338,963 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b)(c) | 47,400 | 258,777 | ||||||
Iflytek Co. Ltd., Class A | 23,500 | 183,635 | ||||||
I-Mab, ADR(a) | 5,415 | 133,859 | ||||||
Imeik Technology Development Co. Ltd., Class A | 2,000 | 154,574 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 507,300 | 374,776 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 7,362,000 | 4,394,783 | ||||||
Industrial Bank Co. Ltd., Class A | 170,000 | 595,573 | ||||||
Industrial Securities Co. Ltd., Class A | 87,200 | 113,424 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 417,700 | 178,284 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 93,000 | 73,201 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 57,100 | 358,154 | ||||||
Innovent Biologics Inc.(a)(b) | 158,000 | 713,051 | ||||||
iQIYI Inc., ADR(a)(c) | 37,788 | 156,442 | ||||||
JA Solar Technology Co. Ltd., Class A | 15,300 | 231,799 | ||||||
JD Health International Inc.(a)(b) | 47,650 | 355,646 | ||||||
JDcom Inc, Class A(a) | 265,172 | 9,471,790 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 150,000 | 160,491 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 13,820 | 147,307 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 53,376 | 339,924 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 12,503 | 327,942 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 10,400 | 205,716 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 31,700 | 94,219 | ||||||
Jiangxi Copper Co. Ltd., Class A | 42,100 | 149,237 | ||||||
Jiangxi Copper Co. Ltd., Class H | 116,000 | 208,800 | ||||||
Jinke Properties Group Co. Ltd., Class A | 64,000 | 45,593 | ||||||
Jinmao Property Services Co. Ltd. | 11,842 | 3,010 | ||||||
Jinxin Fertility Group Ltd.(a)(b) | 180,000 | 210,471 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) | 104,000 | 233,636 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 40,529 | 78,851 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 32,200 | 68,046 | ||||||
JOYY Inc., ADR | 7,567 | 350,276 | ||||||
Kanzhun Ltd.(a)(c) | 10,317 | 333,239 | ||||||
KE Holdings Inc., ADR(a) | 47,994 | 931,564 | ||||||
Kingboard Holdings Ltd | 95,000 | 444,424 | ||||||
Kingboard Laminates Holdings Ltd. | 151,000 | 251,618 | ||||||
Kingdee International Software Group Co. Ltd.(a) | 356,000 | 879,904 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kingsoft Cloud Holdings Ltd., ADR(a)(c) | 13,713 | $ | 92,426 | |||||
Kingsoft Corp. Ltd. | 131,200 | 490,663 | ||||||
Kuaishou Technology(a)(b) | 64,000 | 740,634 | ||||||
Kunlun Energy Co. Ltd. | 538,000 | 529,222 | ||||||
Kweichow Moutai Co. Ltd., Class A | 10,218 | 2,905,889 | ||||||
KWG Group Holdings Ltd. | 136,000 | 63,678 | ||||||
LB Group Co. Ltd., Class A | 26,500 | 111,935 | ||||||
Lee & Man Paper Manufacturing Ltd. | 215,000 | 138,214 | ||||||
Legend Biotech Corp., ADR(a) | 6,395 | 253,178 | ||||||
Lenovo Group Ltd. | 1,000,000 | 1,113,569 | ||||||
Lens Technology Co. Ltd., Class A | 59,100 | 136,719 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 25,300 | 86,410 | ||||||
Li Auto Inc., ADR(a) | 73,877 | 2,249,555 | ||||||
Li Ning Co. Ltd. | 305,500 | 3,051,380 | ||||||
Logan Group Co. Ltd.(c) | 192,000 | 63,880 | ||||||
Longfor Group Holdings Ltd.(b) | 243,500 | 1,302,122 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 46,140 | 574,328 | ||||||
Lufax Holding Ltd., ADR(a) | 79,600 | 515,012 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 59,141 | 410,148 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 12,100 | 417,912 | ||||||
Mango Excellent Media Co. Ltd., Class A | 17,100 | 93,177 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 3,200 | 137,513 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 56,184 | 64,052 | ||||||
Meituan, Class B(a)(b) | 538,800 | 11,969,527 | ||||||
Metallurgical Corp. of China Ltd., Class A | 260,400 | 168,890 | ||||||
Microport Scientific Corp. | 87,200 | 242,554 | ||||||
Ming Yuan Cloud Group Holdings Ltd. | 81,000 | 159,868 | ||||||
Minth Group Ltd. | 96,000 | 347,117 | ||||||
MMG Ltd.(a) | 420,000 | 152,136 | ||||||
Muyuan Foods Co. Ltd., Class A | 44,411 | 404,102 | ||||||
NARI Technology Co. Ltd., Class A | 54,840 | 309,528 | ||||||
NAURA Technology Group Co. Ltd., Class A | 4,600 | 222,989 | ||||||
NavInfo Co. Ltd., Class A(a) | 34,927 | 95,096 | ||||||
NetEase Inc. | 270,500 | 5,231,929 | ||||||
New China Life Insurance Co. Ltd., Class A | 20,000 | 121,011 | ||||||
New China Life Insurance Co. Ltd., Class H | 85,300 | 244,118 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 46,500 | 113,754 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 209,426 | 316,233 | ||||||
Nine Dragons Paper Holdings Ltd. | 242,000 | 231,828 | ||||||
Ninestar Corp., Class A | 19,000 | 151,194 | ||||||
NIO Inc., ADR(a) | 173,870 | 3,971,191 | ||||||
Noah Holdings Ltd., ADR(a) | 4,614 | 130,853 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 238,200 | 1,493,875 | ||||||
OFILM Group Co. Ltd., Class A(a) | 52,700 | 67,024 | ||||||
Oppein Home Group Inc., Class A | 8,100 | 162,440 | ||||||
Orient Securities Co. Ltd., Class A | 59,332 | 116,055 | ||||||
Ovctek China Inc., Class A | 10,200 | 66,576 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 903,000 | 290,392 | ||||||
Perfect World Co. Ltd., Class A | 20,596 | 43,253 | ||||||
PetroChina Co. Ltd., Class A | 170,000 | 156,732 | ||||||
PetroChina Co. Ltd., Class H | 2,636,000 | 1,411,909 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 6,600 | 126,665 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 17,000 | 206,109 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 888,740 | 938,142 | ||||||
Pinduoduo Inc., ADR(a) | 57,627 | 2,988,536 | ||||||
Ping An Bank Co. Ltd., Class A | 155,936 | 390,202 | ||||||
Ping An Healthcare and Technology Co. | 62,600 | 193,992 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 100,500 | 810,141 |
46 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 832,500 | $ | 6,454,924 | |||||
Poly Developments and Holdings Group Co. Ltd., Class A | 103,800 | 259,962 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 240,000 | 212,006 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 1,023,000 | 839,969 | ||||||
Power Construction Corp. of China Ltd., Class A | 138,100 | 168,618 | ||||||
Powerlong Real Estate Holdings Ltd. | 171,000 | 81,964 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 110,718 | 69,155 | ||||||
RLX Technology Inc., ADR(a) | 82,054 | 252,726 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 95,528 | 287,083 | ||||||
SAIC Motor Corp. Ltd., Class A | 71,022 | 204,796 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 163,000 | 169,030 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 79,000 | 246,861 | ||||||
SDIC Capital Co. Ltd., Class A | 98,528 | 115,929 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 80,709 | 128,024 | ||||||
Seazen Group Ltd. | 228,000 | 120,306 | ||||||
Seazen Holdings Co. Ltd., Class A | 22,500 | 107,619 | ||||||
SF Holding Co. Ltd., Class A | 40,300 | 386,658 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 95,573 | 215,924 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 33,353 | 110,254 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 40,160 | 131,091 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b)(c) | 73,000 | 137,079 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 41,600 | 233,694 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 17,005 | 75,714 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 148,800 | 115,409 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 343,200 | 473,888 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 20,800 | 177,926 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 52,600 | 227,156 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 178,200 | 124,717 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 20,000 | 134,850 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 62,500 | 250,594 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 10,700 | 89,019 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 115,300 | 104,371 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 10,856 | 97,116 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 231,916 | 206,637 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 39,300 | 116,725 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 102,400 | 184,839 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 247,200 | 329,043 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 10,400 | 241,930 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 49,180 | 82,777 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 39,000 | 85,942 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 53,200 | 121,605 | ||||||
Shanxi Securities Co. Ltd., Class A | 88,230 | 82,741 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 66,700 | 77,474 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 10,520 | 489,632 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 225,300 | 164,057 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 50,820 | 58,366 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 5,800 | 83,992 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 26,150 | 266,150 | ||||||
Shenzhen International Holdings Ltd. | 142,000 | 146,314 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 6,700 | 89,562 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 10,200 | 530,408 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 89,000 | 97,366 | ||||||
Shenzhou International Group Holdings Ltd. | 112,200 | 1,884,579 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 24,420 | 93,168 | ||||||
Shimao Group Holdings Ltd. | 151,000 | 90,615 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shimao Services Holdings Ltd.(b)(c) | 76,000 | $ | 55,542 | |||||
Sichuan Chuantou Energy Co. Ltd., Class A | 55,400 | 105,697 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 31,100 | 85,712 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 4,100 | 64,873 | ||||||
Silergy Corp. | 10,000 | 1,332,511 | ||||||
Sino Biopharmaceutical Ltd. | 1,302,250 | 831,310 | ||||||
Sinolink Securities Co. Ltd., Class A | 46,800 | 75,409 | ||||||
Sinopharm Group Co. Ltd., Class H | 173,600 | 420,838 | ||||||
Sinotruk Hong Kong Ltd. | 101,000 | 150,759 | ||||||
Smoore International Holdings Ltd.(b) | 242,000 | 898,317 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 34,400 | 84,410 | ||||||
SooChow Securities Co. Ltd., Class A | 59,436 | 74,158 | ||||||
Sun Art Retail Group Ltd. | 229,500 | 82,799 | ||||||
Sunac China Holdings Ltd. | 432,000 | 353,116 | ||||||
Sunac Services Holdings Ltd.(a)(b) | 143,000 | 122,217 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 12,900 | 249,796 | ||||||
Suningcom Co Ltd, Class A(a) | 116,832 | 66,647 | ||||||
Sunny Optical Technology Group Co. Ltd. | 97,200 | 2,329,296 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 21,200 | 124,355 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 23,800 | 84,111 | ||||||
TAL Education Group, ADR(a) | 55,500 | 157,620 | ||||||
TBEA Co. Ltd., Class A | 36,700 | 118,259 | ||||||
TCL Technology Group Corp., Class A | 158,200 | 139,817 | ||||||
Tencent Holdings Ltd. | 760,000 | 41,010,597 | ||||||
Tencent Music Entertainment Group, ADR(a) | 84,631 | 456,161 | ||||||
Thunder Software Technology Co. Ltd., Class A | 10,400 | 231,687 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 33,400 | 255,722 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 20,000 | 37,165 | ||||||
Tingyi Cayman Islands Holding Corp. | 272,000 | 601,773 | ||||||
Toly Bread Co. Ltd., Class A | 20,180 | 79,716 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 142,800 | 265,958 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 139,200 | 88,234 | ||||||
Tongwei Co. Ltd., Class A | 39,500 | 270,900 | ||||||
Topsports International Holdings Ltd.(b) | 212,000 | 220,380 | ||||||
Transfar Zhilian Co. Ltd., Class A | 62,955 | 77,074 | ||||||
TravelSky Technology Ltd., Class H | 133,000 | 250,526 | ||||||
Trina Solar Co. Ltd. | 20,000 | 244,712 | ||||||
Trip.com Group Ltd., ADR(a) | 66,921 | 1,727,900 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 9,400 | 140,150 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 64,000 | 615,734 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 6,200 | 217,734 | ||||||
Uni-President China Holdings Ltd. | 211,000 | 219,414 | ||||||
Unisplendour Corp. Ltd., Class A | 30,080 | 104,856 | ||||||
Venus MedTech Hangzhou Inc., Class H(a)(b)(c) | 30,500 | 84,797 | ||||||
Vinda International Holdings Ltd. | 48,000 | 136,667 | ||||||
Vipshop Holdings Ltd., ADR(a) | 57,726 | 500,484 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 15,000 | 111,795 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 27,700 | 419,392 | ||||||
Want Want China Holdings Ltd. | 686,000 | 730,264 | ||||||
Weibo Corp., ADR(a)(c) | 8,627 | 236,639 | ||||||
Weichai Power Co. Ltd., Class A | 78,824 | 190,720 | ||||||
Weichai Power Co. Ltd., Class H | 238,200 | 403,065 | ||||||
Weimob Inc.(a)(b)(c) | 267,000 | 176,581 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) | 68,060 | 210,470 | ||||||
Western Securities Co. Ltd., Class A | 112,000 | 135,210 | ||||||
Wharf Holdings Ltd. (The) | 186,000 | 672,946 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 7,800 | 306,094 | ||||||
Wingtech Technology Co. Ltd., Class A | 12,700 | 236,675 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 36,200 | 65,804 |
SCHEDULE OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Wuhan Guide Infrared Co. Ltd., Class A | 40,021 | $ | 142,336 | |||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 25,500 | 84,684 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 32,200 | 974,733 | ||||||
WuXi AppTec Co. Ltd., Class A | 24,904 | 412,218 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 38,796 | 552,240 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 485,000 | 4,011,637 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 11,020 | 118,795 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 129,100 | 113,505 | ||||||
Xiamen C & D Inc., Class A | 87,000 | 137,891 | ||||||
Xiaomi Corp., Class B(a)(b) | 1,881,000 | 3,540,450 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 55,302 | 132,003 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 76,962 | 125,924 | ||||||
Xinyi Solar Holdings Ltd. | 662,000 | 1,202,434 | ||||||
XPeng Inc., ADR(a)(c) | 51,807 | 1,884,221 | ||||||
Yadea Group Holdings Ltd.(b) | 162,000 | 240,332 | ||||||
Yankuang Energy Group Co Ltd, Class H(c) | 190,000 | 465,846 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 28,300 | 142,020 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 13,000 | 93,135 | ||||||
Yihai International Holding Ltd.(c) | 65,000 | 271,966 | ||||||
Yonghui Superstores Co. Ltd., Class A | 168,800 | 97,762 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 33,218 | 165,771 | ||||||
Yuexiu Property Co. Ltd. | 189,600 | 189,651 | ||||||
Yum China Holdings Inc. | 55,656 | 2,895,225 | ||||||
Yunda Holding Co. Ltd., Class A | 33,680 | 103,736 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 12,100 | 172,876 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 8,200 | 339,826 | ||||||
Zai Lab Ltd., ADR(a)(c) | 10,546 | 576,866 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 5,100 | 293,601 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 21,200 | 168,971 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 43,400 | 129,235 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 232,000 | 209,289 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 11,200 | 221,506 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 20,800 | 215,578 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 55,939 | 109,352 | ||||||
Zhejiang NHU Co. Ltd., Class A | 32,000 | 172,471 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 65,100 | 73,126 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 70,000 | 230,400 | ||||||
Zhongsheng Group Holdings Ltd. | 81,000 | 565,617 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 75,800 | 395,109 | ||||||
Zijin Mining Group Co. Ltd., Class A | 190,000 | 340,035 | ||||||
Zijin Mining Group Co. Ltd., Class H | 754,000 | 1,119,073 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 113,400 | 127,033 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 100,000 | 66,520 | ||||||
ZTE Corp., Class A | 29,200 | 135,128 | ||||||
ZTE Corp., Class H | 108,160 | 266,457 | ||||||
ZTO Express Cayman Inc., ADR | 57,419 | 1,690,415 | ||||||
|
| |||||||
316,278,844 | ||||||||
India — 15.7% | ||||||||
ACC Ltd. | 9,719 | 270,704 | ||||||
Adani Enterprises Ltd. | 36,936 | 812,249 | ||||||
Adani Green Energy Ltd.(a) | 52,526 | 1,292,511 | ||||||
Adani Ports & Special Economic Zone Ltd. | 65,366 | 618,080 | ||||||
Adani Total Gas Ltd. | 36,936 | 778,697 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Adani Transmission Ltd.(a) | 36,935 | $ | 1,052,524 | |||||
Ambuja Cements Ltd. | 93,388 | 391,399 | ||||||
Apollo Hospitals Enterprise Ltd. | 13,586 | 869,571 | ||||||
Asian Paints Ltd. | 51,058 | 2,157,768 | ||||||
Aurobindo Pharma Ltd. | 35,172 | 292,788 | ||||||
Avenue Supermarts Ltd.(a)(b) | 21,787 | 1,260,472 | ||||||
Axis Bank Ltd.(a) | 292,918 | 2,906,083 | ||||||
Bajaj Auto Ltd. | 9,488 | 446,483 | ||||||
Bajaj Finance Ltd. | 35,940 | 3,364,890 | ||||||
Bajaj Finserv Ltd. | 5,185 | 1,111,604 | ||||||
Balkrishna Industries Ltd. | 11,619 | 282,535 | ||||||
Bandhan Bank Ltd.(b) | 91,040 | 372,383 | ||||||
Berger Paints India Ltd. | 38,668 | 355,141 | ||||||
Bharat Electronics Ltd. | 160,989 | 452,425 | ||||||
Bharat Forge Ltd. | 36,213 | 328,044 | ||||||
Bharat Petroleum Corp. Ltd. | 108,578 | 506,456 | ||||||
Bharti Airtel Ltd.(a) | 326,530 | 2,985,886 | ||||||
Biocon Ltd.(a) | 57,418 | 266,855 | ||||||
Britannia Industries Ltd. | 13,605 | 621,003 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 55,075 | 508,096 | ||||||
Cipla Ltd. | 58,800 | 723,713 | ||||||
Coal India Ltd. | 191,067 | 432,163 | ||||||
Colgate-Palmolive India Ltd. | 14,584 | 281,346 | ||||||
Container Corp. of India Ltd. | 35,587 | 284,823 | ||||||
Dabur India Ltd. | 77,936 | 584,320 | ||||||
Divi’s Laboratories Ltd. | 17,033 | 968,011 | ||||||
DLF Ltd. | 84,721 | 397,534 | ||||||
Dr. Reddy’s Laboratories Ltd. | 14,231 | 768,376 | ||||||
Eicher Motors Ltd. | 17,708 | 611,642 | ||||||
GAIL India Ltd. | 208,295 | 402,761 | ||||||
Godrej Consumer Products Ltd.(a) | 48,480 | 495,801 | ||||||
Godrej Properties Ltd.(a) | 16,641 | 333,353 | ||||||
Grasim Industries Ltd. | 35,420 | 755,885 | ||||||
Havells India Ltd. | 33,295 | 526,009 | ||||||
HCL Technologies Ltd. | 141,830 | 2,132,730 | ||||||
HDFC Asset Management Co. Ltd.(b) | 6,561 | 182,442 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 114,506 | 798,212 | ||||||
Hero MotoCorp Ltd. | 15,756 | 533,721 | ||||||
Hindalco Industries Ltd. | 208,900 | 1,605,422 | ||||||
Hindustan Petroleum Corp. Ltd. | 84,039 | 305,720 | ||||||
Hindustan Unilever Ltd. | 107,456 | 3,107,446 | ||||||
Housing Development Finance Corp. Ltd. | 227,132 | 7,178,689 | ||||||
ICICI Bank Ltd. | 676,964 | 6,705,148 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 28,066 | 472,385 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 48,500 | 309,842 | ||||||
Indian Oil Corp. Ltd. | 232,534 | 356,915 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 33,290 | 361,227 | ||||||
Indraprastha Gas Ltd. | 37,541 | 173,573 | ||||||
Indus Towers Ltd.(a) | 92,757 | 266,232 | ||||||
Info Edge India Ltd. | 10,120 | 601,572 | ||||||
Infosys Ltd. | 438,725 | 9,998,484 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 12,416 | 310,821 | ||||||
ITC Ltd. | 391,150 | 1,126,280 | ||||||
JSW Steel Ltd. | 113,086 | 948,761 | ||||||
Jubilant Foodworks Ltd. | 10,139 | 394,197 | ||||||
Kotak Mahindra Bank Ltd. | 73,129 | 1,800,150 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 7,082 | 553,507 | ||||||
Larsen & Toubro Ltd. | 90,612 | 2,196,678 | ||||||
Lupin Ltd. | 28,138 | 279,537 | ||||||
Mahindra & Mahindra Ltd. | 115,213 | 1,216,264 |
48 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Marico Ltd. | 69,462 | $ | 475,542 | |||||
Maruti Suzuki India Ltd. | 17,700 | 1,961,754 | ||||||
Mindtree Ltd. | 8,526 | 442,422 | ||||||
Motherson Sumi Systems Ltd. | 165,483 | 332,710 | ||||||
Motherson Sumi Wiring India Ltd.(a) | 165,483 | 102,060 | ||||||
Mphasis Ltd. | 11,083 | 460,446 | ||||||
MRF Ltd. | 219 | 191,626 | ||||||
Muthoot Finance Ltd. | 16,435 | 297,760 | ||||||
Nestle India Ltd. | 4,360 | 1,023,967 | ||||||
NTPC Ltd. | 623,375 | 1,109,690 | ||||||
Oil & Natural Gas Corp. Ltd. | 329,638 | 709,963 | ||||||
Page Industries Ltd. | 741 | 417,104 | ||||||
Petronet LNG Ltd. | 98,332 | 282,165 | ||||||
PI Industries Ltd. | 11,704 | 385,195 | ||||||
Pidilite Industries Ltd. | 20,512 | 656,623 | ||||||
Piramal Enterprises Ltd. | 17,535 | 484,764 | ||||||
Power Grid Corp. of India Ltd. | 406,101 | 1,130,795 | ||||||
Reliance Industries Ltd. | 375,860 | 11,832,712 | ||||||
SBI Cards & Payment Services Ltd.(a) | 29,772 | 312,159 | ||||||
SBI Life Insurance Co. Ltd.(b) | 58,770 | 831,066 | ||||||
Shree Cement Ltd. | 1,506 | 490,285 | ||||||
Shriram Transport Finance Co. Ltd. | 28,318 | 425,648 | ||||||
Siemens Ltd. | 10,416 | 325,862 | ||||||
SRF Ltd. | 19,846 | 631,586 | ||||||
State Bank of India | 237,807 | 1,536,282 | ||||||
Sun Pharmaceutical Industries Ltd. | 108,126 | 1,214,625 | ||||||
Tata Consultancy Services Ltd. | 119,088 | 5,641,404 | ||||||
Tata Consumer Products Ltd. | 82,878 | 793,590 | ||||||
Tata Motors Ltd.(a) | 218,922 | 1,327,145 | ||||||
Tata Power Co. Ltd. (The) | 197,806 | 589,861 | ||||||
Tata Steel Ltd. | 95,074 | 1,556,716 | ||||||
Tech Mahindra Ltd. | 82,674 | 1,556,570 | ||||||
Titan Co. Ltd. | 46,634 | 1,583,993 | ||||||
Torrent Pharmaceuticals Ltd. | 6,241 | 228,415 | ||||||
Trent Ltd. | 26,285 | 388,734 | ||||||
UltraTech Cement Ltd. | 13,567 | 1,187,408 | ||||||
United Spirits Ltd.(a) | 42,373 | 500,327 | ||||||
UPL Ltd. | 67,458 | 599,531 | ||||||
Vedanta Ltd. | 149,253 | 759,650 | ||||||
Wipro Ltd. | 177,935 | 1,315,784 | ||||||
Yes Bank Ltd.(a) | 1,479,333 | 261,342 | ||||||
Zomato Ltd.(a) | 195,406 | 208,758 | ||||||
|
| |||||||
122,350,378 | ||||||||
Indonesia — 2.1% | ||||||||
Adaro Energy Tbk PT | 1,838,800 | 315,044 | ||||||
Aneka Tambang Tbk | 1,170,300 | 182,331 | ||||||
Astra International Tbk PT | 2,639,200 | 1,070,288 | ||||||
Bank Central Asia Tbk PT | 7,130,000 | 4,025,354 | ||||||
Bank Jago Tbk PT(a) | 536,800 | 607,265 | ||||||
Bank Mandiri Persero Tbk PT | 2,396,000 | 1,295,376 | ||||||
Bank Negara Indonesia Persero Tbk PT | 952,700 | 533,811 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 8,939,177 | 2,858,392 | ||||||
Barito Pacific Tbk PT | 4,128,700 | 257,446 | ||||||
Charoen Pokphand Indonesia Tbk PT | 956,600 | 387,347 | ||||||
Gudang Garam Tbk PT | 63,000 | 138,059 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 401,600 | 226,951 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 213,500 | 163,559 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 330,100 | 195,678 | ||||||
Indofood Sukses Makmur Tbk PT | 574,700 | 248,574 | ||||||
Kalbe Farma Tbk PT | 2,872,600 | 328,908 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Merdeka Copper Gold Tbk PT(a) | 1,564,300 | $ | 423,574 | |||||
Sarana Menara Nusantara Tbk PT | 3,034,600 | 219,445 | ||||||
Semen Indonesia Persero Tbk PT | 405,500 | 204,831 | ||||||
Telkom Indonesia Persero Tbk PT | 6,479,200 | 1,956,154 | ||||||
Tower Bersama Infrastructure Tbk PT | 1,117,400 | 229,793 | ||||||
Unilever Indonesia Tbk PT | 1,001,100 | 257,609 | ||||||
United Tractors Tbk PT | 216,300 | 377,440 | ||||||
|
| |||||||
16,503,229 | ||||||||
Malaysia — 1.9% | ||||||||
AMMB Holdings Bhd(a) | 264,700 | 212,288 | ||||||
Axiata Group Bhd | 393,700 | 368,522 | ||||||
CIMB Group Holdings Bhd | 815,300 | 1,110,596 | ||||||
Dialog Group Bhd | 527,378 | 355,302 | ||||||
DiGi.Com Bhd | 449,100 | 434,169 | ||||||
Fraser & Neave Holdings Bhd | 31,600 | 170,099 | ||||||
Genting Bhd | 262,500 | 290,970 | ||||||
Genting Malaysia Bhd | 394,200 | 282,136 | ||||||
HAP Seng Consolidated Bhd(c) | 115,100 | 207,802 | ||||||
Hartalega Holdings Bhd | 233,700 | 257,162 | ||||||
Hong Leong Bank Bhd | 81,200 | 388,742 | ||||||
Hong Leong Financial Group Bhd | 45,500 | 209,375 | ||||||
IHH Healthcare Bhd | 235,400 | 369,313 | ||||||
Inari Amertron Bhd | 479,400 | 371,187 | ||||||
IOI Corp. Bhd | 277,900 | 305,358 | ||||||
Kuala Lumpur Kepong Bhd | 54,100 | 335,024 | ||||||
Malayan Banking Bhd | 574,200 | 1,199,767 | ||||||
Malaysia Airports Holdings Bhd(a) | 128,756 | 188,603 | ||||||
Maxis Bhd | 308,300 | 295,579 | ||||||
MISC Bhd | 133,700 | 234,503 | ||||||
Nestle Malaysia Bhd | 8,800 | 281,217 | ||||||
Petronas Chemicals Group Bhd | 324,000 | 736,978 | ||||||
Petronas Dagangan Bhd | 44,300 | 227,066 | ||||||
Petronas Gas Bhd | 94,700 | 393,138 | ||||||
PPB Group Bhd | 79,080 | 337,905 | ||||||
Press Metal Aluminium Holdings Bhd | 430,300 | 700,000 | ||||||
Public Bank Bhd | 1,888,650 | 2,005,832 | ||||||
QL Resources Bhd | 225,850 | 266,275 | ||||||
RHB Bank Bhd | 238,462 | 336,063 | ||||||
Sime Darby Bhd | 313,700 | 169,881 | ||||||
Sime Darby Plantation Bhd | 232,700 | 273,012 | ||||||
Telekom Malaysia Bhd | 175,900 | 211,993 | ||||||
Tenaga Nasional Bhd | 264,600 | 578,413 | ||||||
Top Glove Corp. Bhd | 716,900 | 350,040 | ||||||
Westports Holdings Bhd | 116,400 | 108,402 | ||||||
|
| |||||||
14,562,712 | ||||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures Inc. | 274,650 | 320,880 | ||||||
AC Energy Corp. | 1,105,300 | 183,247 | ||||||
Ayala Corp. | 35,380 | 586,561 | ||||||
Ayala Land Inc. | 1,032,760 | 787,310 | ||||||
Bank of the Philippine Islands | 194,902 | 380,918 | ||||||
BDO Unibank Inc. | 266,559 | 675,504 | ||||||
Globe Telecom Inc. | 3,555 | 178,628 | ||||||
GT Capital Holdings Inc. | 14,680 | 166,247 | ||||||
International Container Terminal Services Inc. | 134,460 | 552,317 | ||||||
JG Summit Holdings Inc. | 413,565 | 488,483 | ||||||
Jollibee Foods Corp. | 63,150 | 296,843 | ||||||
Manila Electric Co. | 34,320 | 246,956 | ||||||
Metro Pacific Investments Corp. | 1,717,400 | 129,956 |
SCHEDULE OF INVESTMENTS | 49 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Metropolitan Bank & Trust Co. | 256,532 | $ | 285,703 | |||||
Monde Nissin Corp.(a)(b) | 576,400 | 185,725 | ||||||
PLDT Inc. | 9,760 | 342,466 | ||||||
SM Investments Corp. | 32,444 | 564,464 | ||||||
SM Prime Holdings Inc. | 1,288,550 | 1,005,702 | ||||||
Universal Robina Corp. | 133,730 | 313,002 | ||||||
|
| |||||||
7,690,912 | ||||||||
South Korea — 14.8% | ||||||||
Alteogen Inc.(a) | 3,883 | 174,892 | ||||||
Amorepacific Corp. | 4,205 | 649,087 | ||||||
AMOREPACIFIC Group. | 5,136 | 209,839 | ||||||
BGF retail Co. Ltd. | 1,344 | 190,400 | ||||||
Celltrion Healthcare Co. Ltd. | 11,616 | 617,827 | ||||||
Celltrion Inc. | 12,977 | 1,732,168 | ||||||
Celltrion Pharm Inc.(a) | 2,290 | 168,493 | ||||||
Cheil Worldwide Inc. | 10,533 | 198,041 | ||||||
CJ CheilJedang Corp. | 1,042 | 330,059 | ||||||
CJ Corp. | 1,895 | 133,494 | ||||||
CJ ENM Co. Ltd. | 1,511 | 164,886 | ||||||
CJ Logistics Corp.(a) | 970 | 100,571 | ||||||
Coway Co. Ltd. | 7,828 | 470,140 | ||||||
DB Insurance Co. Ltd. | 6,258 | 321,657 | ||||||
Doosan Bobcat Inc. | 7,521 | 241,386 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 47,192 | 827,447 | ||||||
Douzone Bizon Co. Ltd. | 144 | 5,831 | ||||||
Ecopro BM Co. Ltd. | 1,514 | 479,108 | ||||||
E-MART Inc. | 2,531 | 276,017 | ||||||
F&F Co. Ltd./New(a) | 456 | 340,832 | ||||||
Green Cross Corp. | 741 | 112,749 | ||||||
GS Engineering & Construction Corp. | 8,943 | 321,403 | ||||||
GS Holdings Corp. | 5,351 | 178,932 | ||||||
Hana Financial Group Inc. | 39,603 | 1,608,984 | ||||||
Hankook Tire & Technology Co. Ltd. | 9,842 | 289,977 | ||||||
Hanmi Pharm Co. Ltd.(a) | 953 | 211,090 | ||||||
Hanon Systems | 27,085 | 262,297 | ||||||
Hanwha Solutions Corp.(a) | 16,791 | 477,360 | ||||||
HLB Inc.(a) | 12,779 | 334,827 | ||||||
HMM Co. Ltd.(a) | 35,522 | 860,459 | ||||||
Hotel Shilla Co. Ltd. | 4,503 | 304,344 | ||||||
HYBE Co. Ltd.(a) | 2,260 | 549,147 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 10,509 | 382,866 | ||||||
Hyundai Glovis Co. Ltd. | 2,352 | 346,956 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 6,508 | 280,230 | ||||||
Hyundai Mobis Co. Ltd. | 8,621 | 1,618,730 | ||||||
Hyundai Motor Co. | 18,233 | 2,682,926 | ||||||
Hyundai Steel Co. | 11,227 | 374,430 | ||||||
Iljin Materials Co. Ltd. | 3,191 | 244,260 | ||||||
Industrial Bank of Korea | 34,774 | 312,394 | ||||||
Kakao Corp. | 41,128 | 3,257,205 | ||||||
Kakao Games Corp.(a) | 4,131 | 256,666 | ||||||
KakaoBank Corp.(a) | 12,277 | 495,667 | ||||||
Kangwon Land Inc.(a) | 12,560 | 279,359 | ||||||
KB Financial Group Inc. | 52,031 | 2,566,920 | ||||||
Kia Corp. | 34,618 | 2,146,154 | ||||||
Korea Aerospace Industries Ltd.(a) | 9,769 | 303,932 | ||||||
Korea Electric Power Corp.(a) | 31,261 | 605,817 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 5,341 | 354,830 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 5,353 | 396,850 | ||||||
Korea Zinc Co. Ltd. | 1,126 | 516,429 | ||||||
Korean Air Lines Co. Ltd.(a) | 23,226 | 572,217 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Krafton Inc.(a) | 2,837 | $ | 703,816 | |||||
KT&G Corp. | 14,805 | 984,185 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 2,351 | 317,175 | ||||||
L&F Co. Ltd.(a) | 3,136 | 515,983 | ||||||
LG Chem Ltd. | 6,068 | 2,879,534 | ||||||
LG Corp. | 11,627 | 730,759 | ||||||
LG Display Co. Ltd. | 30,172 | 474,497 | ||||||
LG Electronics Inc. | 14,117 | 1,473,763 | ||||||
LG Energy Solution(a) | 2,782 | 953,287 | ||||||
LG Household & Health Care Ltd. | 1,251 | 992,598 | ||||||
LG Innotek Co. Ltd. | 1,960 | 541,063 | ||||||
LG Uplus Corp. | 25,500 | 280,101 | ||||||
Lotte Chemical Corp. | 2,158 | 397,719 | ||||||
Lotte Shopping Co. Ltd. | 1,604 | 114,610 | ||||||
Meritz Financial Group Inc. | 5,100 | 156,306 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 5,800 | 198,262 | ||||||
Meritz Securities Co. Ltd. | 44,627 | 218,537 | ||||||
Mirae Asset Securities Co. Ltd. | 33,302 | 245,748 | ||||||
NAVER Corp. | 16,191 | 4,314,209 | ||||||
NCSoft Corp. | 2,116 | 783,861 | ||||||
Netmarble Corp.(b) | 2,932 | 251,941 | ||||||
NH Investment & Securities Co. Ltd.(a) | 20,365 | 197,071 | ||||||
Orion Corp./Republic of Korea | 3,562 | 272,579 | ||||||
Pan Ocean Co. Ltd. | 37,966 | 209,511 | ||||||
Pearl Abyss Corp.(a) | 3,921 | 314,476 | ||||||
POSCO | 9,442 | 2,246,476 | ||||||
POSCO Chemical Co. Ltd. | 4,118 | 394,460 | ||||||
S-1 Corp. | 2,483 | 144,544 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 2,257 | 1,468,298 | ||||||
Samsung C&T Corp. | 10,603 | 979,247 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 7,280 | 1,017,804 | ||||||
Samsung Electronics Co. Ltd. | 626,936 | 37,775,011 | ||||||
Samsung Engineering Co. Ltd.(a) | 20,921 | 408,693 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,939 | 626,382 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 85,932 | 418,899 | ||||||
Samsung Life Insurance Co. Ltd. | 8,304 | 415,196 | ||||||
Samsung SDI Co. Ltd. | 7,251 | 3,341,551 | ||||||
Samsung SDS Co. Ltd. | 4,164 | 488,846 | ||||||
Samsung Securities Co. Ltd. | 7,681 | 272,229 | ||||||
SD Biosensor Inc. | 5,550 | 252,031 | ||||||
Seegene Inc. | 4,975 | 213,229 | ||||||
Shinhan Financial Group Co. Ltd. | 55,439 | 1,803,749 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 3,453 | 245,094 | ||||||
SK Bioscience Co. Ltd.(a) | 3,094 | 378,887 | ||||||
SK Chemicals Co. Ltd. | 1,580 | 165,976 | ||||||
SK Hynix Inc. | 72,263 | 7,533,743 | ||||||
SK IE Technology Co. Ltd.(a)(b) | 3,483 | 361,735 | ||||||
SK Inc. | 5,594 | 1,068,510 | ||||||
SK Innovation Co. Ltd.(a) | 6,744 | 1,138,495 | ||||||
SK Square Co. Ltd.(a) | 12,325 | 571,992 | ||||||
SK Telecom Co. Ltd. | 3,329 | 151,913 | ||||||
SKC Co. Ltd. | 2,889 | 335,973 | ||||||
S-Oil Corp. | 6,024 | 429,026 | ||||||
Woori Financial Group Inc. | 64,673 | 773,592 | ||||||
Yuhan Corp. | 6,019 | 292,452 | ||||||
|
| |||||||
115,374,206 | ||||||||
Taiwan — 20.5% | ||||||||
Accton Technology Corp. | 68,000 | 616,663 | ||||||
Acer Inc. | 402,062 | 417,271 | ||||||
Advantech Co. Ltd. | 54,604 | 719,053 |
50 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Airtac International Group. | 18,161 | $ | 604,073 | |||||
ASE Technology Holding Co. Ltd. | 449,484 | 1,624,573 | ||||||
Asia Cement Corp. | 255,229 | 412,515 | ||||||
ASMedia Technology Inc. | 4,000 | 247,633 | ||||||
Asustek Computer Inc. | 91,000 | 1,213,983 | ||||||
AU Optronics Corp. | 1,119,000 | 837,769 | ||||||
Catcher Technology Co. Ltd. | 78,000 | 400,359 | ||||||
Cathay Financial Holding Co. Ltd. | 1,046,624 | 2,353,476 | ||||||
Chailease Holding Co. Ltd. | 175,443 | 1,592,235 | ||||||
Chang Hwa Commercial Bank Ltd. | 543,212 | 344,877 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 251,776 | 322,097 | ||||||
China Development Financial Holding Corp. | 1,994,400 | 1,365,794 | ||||||
China Steel Corp. | 1,580,867 | 2,055,687 | ||||||
Chunghwa Telecom Co. Ltd. | 479,000 | 2,128,971 | ||||||
Compal Electronics Inc. | 535,000 | 487,391 | ||||||
CTBC Financial Holding Co. Ltd. | 2,426,265 | 2,371,619 | ||||||
Delta Electronics Inc. | 262,000 | 2,334,972 | ||||||
E Ink Holdings Inc. | 81,000 | 436,533 | ||||||
E.Sun Financial Holding Co Ltd. | 1,607,974 | 1,699,713 | ||||||
Eclat Textile Co. Ltd. | 25,604 | 530,724 | ||||||
eMemory Technology Inc. | 9,000 | 607,385 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 342,867 | 1,801,168 | ||||||
Far Eastern New Century Corp. | 226,460 | 240,057 | ||||||
Far EasTone Telecommunications Co. Ltd. | 165,000 | 408,100 | ||||||
Feng TAY Enterprise Co. Ltd. | 57,564 | 429,103 | ||||||
First Financial Holding Co. Ltd. | 1,359,236 | 1,251,499 | ||||||
Formosa Chemicals & Fibre Corp. | 450,950 | 1,278,476 | ||||||
Formosa Petrochemical Corp. | 139,000 | 488,944 | ||||||
Formosa Plastics Corp. | 517,400 | 1,953,710 | ||||||
Foxconn Technology Co. Ltd. | 127,521 | 293,522 | ||||||
Fubon Financial Holding Co. Ltd. | 1,010,570 | 2,728,604 | ||||||
Giant Manufacturing Co. Ltd. | 42,000 | 436,036 | ||||||
Globalwafers Co. Ltd. | 30,000 | 742,573 | ||||||
Hiwin Technologies Corp. | 36,453 | 348,038 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,664,651 | 6,183,443 | ||||||
Hotai Motor Co. Ltd. | 41,000 | 928,299 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 1,178,941 | 934,818 | ||||||
Innolux Corp. | 1,290,620 | 785,360 | ||||||
Inventec Corp. | 340,980 | 314,895 | ||||||
Largan Precision Co. Ltd. | 13,000 | 944,746 | ||||||
Lite-On Technology Corp. | 288,032 | 708,236 | ||||||
MediaTek Inc. | 204,176 | 8,068,184 | ||||||
Mega Financial Holding Co. Ltd. | 1,428,542 | 1,925,105 | ||||||
Micro-Star International Co. Ltd. | 92,000 | 518,583 | ||||||
momo.com Inc. | 6,000 | 213,594 | ||||||
Nan Ya Plastics Corp. | 702,090 | 2,214,392 | ||||||
Nan Ya Printed Circuit Board Corp. | 31,000 | 593,638 | ||||||
Nanya Technology Corp. | 174,000 | 487,270 | ||||||
Nien Made Enterprise Co. Ltd. | 26,000 | 337,058 | ||||||
Novatek Microelectronics Corp. | 77,000 | 1,276,542 | ||||||
Oneness Biotech Co. Ltd.(a) | 30,000 | 264,848 | ||||||
Parade Technologies Ltd. | 10,000 | 690,417 | ||||||
Pegatron Corp. | 248,000 | 614,682 | ||||||
Pou Chen Corp. | 268,000 | 309,061 | ||||||
President Chain Store Corp. | 72,000 | 672,805 | ||||||
Quanta Computer Inc. | 354,000 | 1,183,739 | ||||||
Realtek Semiconductor Corp. | 63,140 | 1,041,050 | ||||||
Ruentex Development Co. Ltd. | 167,921 | 433,576 | ||||||
Shanghai Commercial & Savings Bank Ltd/The | 488,980 | 805,471 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,510,033 | 612,371 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
SinoPac Financial Holdings Co. Ltd. | 1,367,699 | $ | 839,851 | |||||
Synnex Technology International Corp. | 183,050 | 473,910 | ||||||
Taishin Financial Holding Co. Ltd. | 1,445,445 | 1,013,004 | ||||||
Taiwan Cement Corp. | 684,182 | 1,161,483 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,318,510 | 1,250,849 | ||||||
Taiwan High Speed Rail Corp. | 213,000 | 225,433 | ||||||
Taiwan Mobile Co. Ltd. | 195,000 | 721,089 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,254,000 | 69,959,556 | ||||||
Unimicron Technology Corp. | 161,000 | 1,496,945 | ||||||
Uni-President Enterprises Corp. | 615,650 | 1,481,188 | ||||||
United Microelectronics Corp. | 1,592,000 | 2,999,887 | ||||||
Vanguard International Semiconductor Corp. | 127,000 | 576,372 | ||||||
Voltronic Power Technology Corp. | 8,000 | 415,466 | ||||||
Wan Hai Lines Ltd. | 80,000 | 544,916 | ||||||
Win Semiconductors Corp. | 47,000 | 514,543 | ||||||
Winbond Electronics Corp. | 430,000 | 517,845 | ||||||
Wiwynn Corp. | 11,000 | 392,872 | ||||||
WPG Holdings Ltd. | 105,320 | 210,188 | ||||||
Yageo Corp. | 57,151 | 937,662 | ||||||
Yang Ming Marine Transport Corp.(a) | 236,000 | 997,453 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,089,648 | 973,374 | ||||||
Zhen Ding Technology Holding Ltd. | 89,455 | 296,703 | ||||||
|
| |||||||
159,187,968 | ||||||||
Thailand — 2.4% | ||||||||
Advanced Info Service PCL, NVDR | 155,400 | 1,093,910 | ||||||
Airports of Thailand PCL, NVDR(a) | 532,200 | 1,051,485 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,321,600 | 960,887 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 1,086,300 | 297,018 | ||||||
Berli Jucker PCL, NVDR | 203,100 | 208,841 | ||||||
BTS Group Holdings PCL, NVDR | 1,253,100 | 365,279 | ||||||
Bumrungrad Hospital PCL, NVDR | 75,600 | 356,250 | ||||||
Central Pattana PCL, NVDR | 279,200 | 474,788 | ||||||
Central Retail Corp. PCL, NVDR | 295,874 | 347,903 | ||||||
Charoen Pokphand Foods PCL, NVDR | 468,900 | 363,311 | ||||||
CP ALL PCL, NVDR | 747,100 | 1,560,853 | ||||||
Delta Electronics Thailand PCL, NVDR | 37,700 | 472,015 | ||||||
Electricity Generating PCL, NVDR | 46,200 | 254,487 | ||||||
Energy Absolute PCL, NVDR | 201,600 | 589,204 | ||||||
Global Power Synergy PCL, NVDR | 120,100 | 277,237 | ||||||
Gulf Energy Development PCL, NVDR | 413,200 | 642,415 | ||||||
Home Product Center PCL, NVDR | 883,349 | 413,653 | ||||||
Indorama Ventures PCL, NVDR | 257,100 | 356,199 | ||||||
Intouch Holdings PCL, NVDR | 161,100 | 374,614 | ||||||
Krung Thai Bank PCL, NVDR | 581,850 | 250,328 | ||||||
Krungthai Card PCL, NVDR | 79,400 | 153,697 | ||||||
Land & Houses PCL, NVDR | 1,246,400 | 367,067 | ||||||
Minor International PCL, NVDR(a) | 421,480 | 399,162 | ||||||
Muangthai Capital PCL, NVDR | 136,400 | 216,036 | ||||||
PTT Exploration & Production PCL, NVDR | 181,210 | 762,940 | ||||||
PTT Global Chemical PCL, NVDR | 323,400 | 527,034 | ||||||
PTT Oil & Retail Business PCL, NVDR | 372,800 | 295,410 | ||||||
PTT PCL, NVDR | 1,307,100 | 1,591,092 | ||||||
Ratch Group PCL, NVDR | 150,600 | 212,380 | ||||||
SCG Packaging PCL, NVDR | 194,800 | 366,402 | ||||||
Siam Cement PCL (The), NVDR | 103,200 | 1,241,974 | ||||||
Siam Commercial Bank PCL (The), NVDR | 113,800 | 439,752 | ||||||
Srisawad Corp. PCL, NVDR | 120,000 | 213,038 | ||||||
Thai Oil PCL, NVDR | 169,300 | 281,441 | ||||||
Thai Union Group PCL, NVDR | 423,300 | 264,279 |
SCHEDULE OF INVESTMENTS | 51 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
True Corp. PCL, NVDR | 1,768,705 | $ | 271,880 | |||||
|
| |||||||
18,314,261 | ||||||||
|
| |||||||
Total Common Stocks — 99.0% | 770,262,510 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
South Korea — 0.9% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 2,965 | 217,473 | ||||||
Series 2, Preference Shares, NVS | 4,992 | 369,286 | ||||||
LG Chem Ltd., Preference Shares, NVS | 968 | 219,397 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 300 | 131,492 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 108,883 | 6,017,689 | ||||||
|
| |||||||
6,955,337 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.9% | 6,955,337 | |||||||
|
| |||||||
Rights | ||||||||
South Korea — 0.0% | ||||||||
Samsung Biologics Co. Ltd. | 150 | 17,411 | ||||||
|
| |||||||
Total Rights — 0.0% | 17,411 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 8,608,344 | $ | 8,610,066 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 2,100,000 | 2,100,000 | ||||||
|
| |||||||
10,710,066 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.4% |
| 10,710,066 | ||||||
|
| |||||||
Total Investments in Securities — 101.3% |
| 787,945,324 | ||||||
Other Assets, Less Liabilities — (1.3)% | (9,928,955 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 778,016,369 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 12,508,212 | $ | — | $ | (3,896,067 | )(a) | $ | 171 | $ | (2,250 | ) | $ | 8,610,066 | 8,608,344 | $ | 65,323 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,400,000 | — | (300,000 | )(a) | — | — | 2,100,000 | 2,100,000 | 176 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 171 | $ | (2,250 | ) | $ | 10,710,066 | $ | 65,499 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI China Index | 2 | 03/18/22 | $ | 58 | $ | (4,129 | ) |
52 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Asia ETF |
Futures Contracts (continued)
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
MSCI Emerging Markets Index | 8 | 03/18/22 | $ | 470 | $ | (26,916 | ) | |||||||||
|
| |||||||||||||||
$ | (31,045 | ) | ||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 31,045 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||
Equity Contracts | ||||||||
| ||||||||
Net Realized Gain (Loss) from: | ||||||||
Futures contracts | $ | (19,320 | ) | |||||
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||
Futures contracts | $ | (58,286 | ) | |||||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 630,653 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 49,974,792 | $ | 720,287,718 | $ | — | $ | 770,262,510 | ||||||||
Preferred Stocks | — | 6,955,337 | — | 6,955,337 | ||||||||||||
Rights | — | 17,411 | — | 17,411 | ||||||||||||
Money Market Funds | 10,710,066 | — | — | 10,710,066 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 60,684,858 | $ | 727,260,466 | $ | — | $ | 787,945,324 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (26,916 | ) | $ | (4,129 | ) | $ | — | $ | (31,045 | ) | |||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 53 |
Consolidated Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 5.2% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 59,094 | $ | 391,638 | |||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(a) | 147,771 | 161,822 | ||||||
AES Brasil Energia SA | 98,624 | 219,381 | ||||||
Aliansce Sonae Shopping Centers SA | 53,649 | 228,786 | ||||||
Alupar Investimento SA | 44,594 | 222,599 | ||||||
Ambipar Participacoes e Empreendimentos S/A | 19,564 | 128,957 | ||||||
Anima Holding SA(a) | 145,658 | 201,832 | ||||||
Arezzo Industria e Comercio SA | 20,100 | 315,182 | ||||||
Armac Locacao Logistica E Servicos SA | 49,111 | 144,943 | ||||||
Boa Vista Servicos SA | 161,336 | 160,686 | ||||||
BR Malls Participacoes SA(a) | 288,100 | 522,226 | ||||||
BR Properties SA | 69,309 | 100,738 | ||||||
C&A Modas Ltda(a) | 104,587 | 104,154 | ||||||
Cia Brasileira de Aluminio(a) | 54,136 | 206,717 | ||||||
Cia Brasileira de Distribuicao | 60,300 | 276,462 | ||||||
Cia Paranaense de Energia | 32,562 | 220,011 | ||||||
Cia. de Locacao das Americas, NVS | 126,027 | 614,947 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 70,082 | 192,436 | ||||||
Cia. de Saneamento do Parana | 59,362 | 231,983 | ||||||
Cielo SA, NVS | 618,745 | 307,899 | ||||||
CM Hospitalar SA | 43,483 | 140,785 | ||||||
Cogna Educacao(a) | 961,651 | 421,936 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS | 109,009 | 318,281 | ||||||
Dexco SA | 132,660 | 353,452 | ||||||
EcoRodovias Infraestrutura e Logistica SA(a) | 168,237 | 210,750 | ||||||
EDP - Energias do Brasil SA | 90,179 | 362,118 | ||||||
Embraer SA(a) | 258,821 | 881,439 | ||||||
Enauta Participacoes SA | 38,793 | 130,060 | ||||||
Eneva SA(a) | 252,389 | 656,006 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 49,781 | 167,831 | ||||||
Fleury SA | 69,345 | 240,698 | ||||||
GPS Participacoes e Empreendimentos SA(b) | 100,366 | 294,226 | ||||||
Grendene SA | 131,119 | 212,263 | ||||||
GRUPO DE MODA SOMA SA(a) | 162,066 | 407,169 | ||||||
Grupo Mateus SA(a) | 211,117 | 243,235 | ||||||
Grupo SBF SA(a) | 40,200 | 177,484 | ||||||
Guararapes Confeccoes SA | 34,550 | 81,087 | ||||||
Iguatemi SA(a) | 46,416 | 171,357 | ||||||
Instituto Hermes Pardini SA | 22,780 | 81,341 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 27,068 | 174,629 | ||||||
Iochpe Maxion SA, NVS | 47,017 | 118,500 | ||||||
IRB Brasil Resseguros S/A(a) | 591,208 | 348,823 | ||||||
JHSF Participacoes SA | 111,868 | 118,754 | ||||||
LOG Commercial Properties e Participacoes SA | 20,172 | 107,937 | ||||||
Lojas Quero Quero S/A | 91,053 | 141,322 | ||||||
M. Dias Branco SA | 30,887 | 136,405 | ||||||
Mahle-Metal Leve SA | 16,951 | 88,125 | ||||||
Marfrig Global Foods SA | 143,581 | 617,891 | ||||||
Minerva SA | 102,376 | 215,468 | ||||||
Movida Participacoes SA | 53,600 | 169,284 | ||||||
MRV Engenharia e Participacoes SA | 114,012 | 262,055 | ||||||
Multiplan Empreendimentos Imobiliarios SA, NVS | 110,215 | 468,503 | ||||||
Odontoprev SA | 100,500 | 224,002 | ||||||
Omega Energia SA(a) | 114,414 | 240,523 | ||||||
Pet Center Comercio e Participacoes SA | 105,391 | 355,236 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Qualicorp Consultoria e Corretora de Seguros SA | 82,812 | $ | 205,598 | |||||
Santos Brasil Participacoes SA, NVS | 201,112 | 250,889 | ||||||
Sao Martinho SA | 68,854 | 532,281 | ||||||
Sendas Distribuidora SA | 302,505 | 787,438 | ||||||
Sequoia Logistica e Transportes SA(a) | 50,786 | 146,431 | ||||||
SIMPAR SA | 109,023 | 221,433 | ||||||
SLC Agricola SA | 39,945 | 339,344 | ||||||
Smartfit Escola de Ginastica e Danca SA(a) | 99,699 | 355,104 | ||||||
Sul America SA | 103,046 | 701,895 | ||||||
Transmissora Alianca de Energia Eletrica SA | 64,870 | 497,101 | ||||||
Tupy SA | 26,800 | 95,529 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 108,339 | 230,497 | ||||||
Via S/A(a) | 446,454 | 327,104 | ||||||
Vivara Participacoes SA | 40,200 | 203,422 | ||||||
YDUQS Participacoes SA | 127,970 | 525,146 | ||||||
|
| |||||||
19,711,586 | ||||||||
Chile — 0.6% | ||||||||
Aguas Andinas SA, Class A | 930,094 | 196,171 | ||||||
CAP SA | 27,001 | 312,214 | ||||||
Cencosud Shopping SA | 239,257 | 256,860 | ||||||
Colbun SA | 3,290,906 | 239,653 | ||||||
Empresa Nacional de Telecomunicaciones SA | 52,528 | 195,205 | ||||||
Engie Energia Chile SA | 228,923 | 138,923 | ||||||
Itau CorpBanca Chile SA(a) | 105,386,858 | 206,797 | ||||||
Parque Arauco SA(a) | 209,576 | 209,154 | ||||||
Plaza SA | 173,492 | 186,508 | ||||||
Vina Concha y Toro SA | 160,398 | 235,620 | ||||||
|
| |||||||
2,177,105 | ||||||||
China — 8.7% | ||||||||
361 Degrees International Ltd.(a) | 335,000 | 164,696 | ||||||
Anxin-China Holdings Ltd.(a)(c) | 1,084,000 | 1 | ||||||
Asia Cement China Holdings Corp. | 290,000 | 181,288 | ||||||
Baozun Inc., ADR(a)(d) | 20,301 | 213,770 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a)(c) | 2,912,000 | 22,474 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., Class H | 536,000 | 163,717 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(d) | 134,000 | 185,878 | ||||||
Binjiang Service Group Co. Ltd. | 41,000 | 122,093 | ||||||
BOE Varitronix Ltd., Class A | 134,000 | 156,453 | ||||||
Boshiwa International Holding Ltd.(a)(c) | 32,000 | — | ||||||
Burning Rock Biotech Ltd., ADR(a) | 31,356 | 264,331 | ||||||
C&D International Investment Group Ltd. | 163,000 | 303,121 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 335,000 | 163,061 | ||||||
Central China Management Co. Ltd. | 670,000 | 89,804 | ||||||
Central China New Life Ltd.(a) | 469,000 | 286,324 | ||||||
CGN New Energy Holdings Co. Ltd.(d) | 484,000 | 322,120 | ||||||
Changsha Broad Homes Industrial Group Co Ltd., Class H(a)(b)(d) | 80,400 | 113,083 | ||||||
China Animal Healthcare Ltd.(a)(c) | 126,000 | — | ||||||
China Aoyuan Group Ltd. | 603,000 | 100,511 | ||||||
China BlueChemical Ltd., Class H | 938,000 | 280,866 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H(d) | 871,000 | 330,063 | ||||||
China Dongxiang Group Co. Ltd. | 1,876,000 | 141,637 | ||||||
China Everbright Greentech Ltd.(b) | 536,000 | 177,175 | ||||||
China Everbright Ltd. | 402,000 | 442,720 | ||||||
China Foods Ltd. | 536,000 | 231,009 | ||||||
China Harmony Auto Holding Ltd. | 368,500 | 174,003 |
54 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China High Speed Transmission Equipment Group Co. Ltd.(a)(d) | 225,000 | $ | 170,704 | |||||
China Huiyuan Juice Group Ltd.(a)(c) | 379,000 | — | ||||||
China Isotope & Radiation Corp.(d) | 33,800 | 99,480 | ||||||
China Lilang Ltd. | 201,000 | 111,657 | ||||||
China Logistics Property Holdings Co. Ltd.(a)(b) | 402,000 | 222,745 | ||||||
China Lumena New Materials Corp.(a)(c)(d) | 5,249 | — | ||||||
China Metal Recycling Holdings Ltd.(a)(c) | 12,000 | — | ||||||
China Modern Dairy Holdings Ltd. | 1,742,000 | 321,924 | ||||||
China Oriental Group Co. Ltd. | 670,000 | 194,755 | ||||||
China Overseas Grand Oceans Group Ltd. | 682,000 | 393,442 | ||||||
China Renaissance Holdings Ltd.(a)(b) | 127,300 | 189,938 | ||||||
China Shineway Pharmaceutical Group Ltd. | 167,000 | 136,770 | ||||||
China South City Holdings Ltd. | 2,546,000 | 212,532 | ||||||
China Tobacco International HK Co. Ltd. | 94,000 | 175,775 | ||||||
China Travel International Investment Hong Kong Ltd.(a) | 1,074,000 | 210,956 | ||||||
China Water Affairs Group Ltd.(d) | 288,000 | 318,172 | ||||||
China Youran Dairy Group Ltd.(a)(b) | 402,000 | 218,747 | ||||||
China Zhongwang Holdings Ltd.(a)(c)(d) | 696,800 | 109,572 | ||||||
CIMC Enric Holdings Ltd. | 268,000 | 320,548 | ||||||
CMGE Technology Group Ltd.(a)(d) | 602,000 | 212,868 | ||||||
COFCO Joycome Foods Ltd.(a)(d) | 938,000 | 409,217 | ||||||
Concord New Energy Group Ltd. | 2,680,000 | 251,318 | ||||||
Cosmopolitan International Holdings Ltd.(a) | 938,000 | 161,763 | ||||||
CPMC Holdings Ltd. | 335,000 | 185,262 | ||||||
CStone Pharmaceuticals(a)(b) | 435,500 | 361,017 | ||||||
Dexin China Holdings Co. Ltd.(a) | 670,000 | 247,780 | ||||||
Differ Group Holding Co. Ltd.(a)(d) | 1,120,000 | 345,799 | ||||||
Digital China Holdings Ltd. | 466,000 | 254,397 | ||||||
DouYu International Holdings Ltd., ADR(a)(d) | 47,101 | 97,028 | ||||||
EHang Holdings Ltd., ADR(a)(d) | 20,100 | 298,686 | ||||||
Everest Medicines Ltd.(a)(b)(d) | 100,500 | 310,491 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd.(a) | 402,000 | 240,962 | ||||||
FIH Mobile Ltd., NVS(a)(d) | 1,340,000 | 197,682 | ||||||
FinVolution Group, ADR | 39,664 | 161,432 | ||||||
Fu Shou Yuan International Group Ltd. | 636,000 | 471,455 | ||||||
Fufeng Group Ltd.(a) | 670,400 | 251,014 | ||||||
Ganglong China Property Group Ltd.(d) | 278,000 | 167,562 | ||||||
Gaotu Techedu Inc., ADR(a)(d) | 41,138 | 71,992 | ||||||
GCL New Energy Holdings Ltd.(a) | 8,308,000 | 183,709 | ||||||
Gemdale Properties & Investment Corp. Ltd., NVS | 3,268,000 | 359,645 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) | �� | 469,000 | 331,477 | |||||
Grand Pharmaceutical Group Ltd., Class A | 502,500 | 397,634 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 335,000 | 119,174 | ||||||
Greentown Management Holdings Co. Ltd.(b) | 201,000 | 163,896 | ||||||
Haichang Ocean Park Holdings Ltd.(a)(b) | 503,000 | 185,636 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 107,280 | 204,275 | ||||||
Harbin Electric Co. Ltd., Class H | 268,000 | 94,705 | ||||||
Hi Sun Technology China Ltd.(a) | 1,005,000 | 127,476 | ||||||
Hua Han Health Industry Holdings Ltd.(a)(c) | 1,112,400 | 1 | ||||||
Hua Medicine(a)(b) | 402,000 | 195,480 | ||||||
Huanxi Media Group Ltd.(a)(d) | 1,070,000 | 201,024 | ||||||
HUYA Inc., ADR(a)(d) | 27,202 | 142,810 | ||||||
iDreamSky Technology Holdings Ltd.(a)(b) | 241,200 | 174,368 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 415,400 | 400,178 | ||||||
IVD Medical Holding Ltd. | 402,000 | 170,700 | ||||||
JH Educational Technology Inc.(a) | 268,000 | 113,859 | ||||||
Jiayuan International Group Ltd. | 536,000 | 169,868 | ||||||
Jinchuan Group International Resources Co. Ltd. | 1,340,000 | 239,429 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
JinkoSolar Holding Co. Ltd., ADR(a)(d) | 15,611 | $ | 790,073 | |||||
JNBY Design Ltd. | 100,500 | 135,666 | ||||||
Joy Spreader Group Inc.(a)(d) | 737,000 | 215,749 | ||||||
Kangji Medical Holdings Ltd.(d) | 234,500 | 234,965 | ||||||
Lifetech Scientific Corp., NVS(a) | 1,474,000 | 584,972 | ||||||
Lonking Holdings Ltd. | 950,000 | 253,199 | ||||||
Luoyang Glass Co. Ltd., Class H, NVS(a) | 134,000 | 231,972 | ||||||
Luye Pharma Group Ltd., NVS(a)(b) | 837,500 | 338,328 | ||||||
LVGEM China Real Estate Investment Co. | 1,000,000 | 171,474 | ||||||
Maoyan Entertainment(a)(b) | 263,600 | 288,084 | ||||||
Meitu Inc.(a)(b)(d) | 1,038,500 | 167,462 | ||||||
MH Development Ltd.(a)(c) | 164,000 | 10,476 | ||||||
Midea Real Estate Holding Ltd.(b) | 268,000 | 392,692 | ||||||
Mobvista Inc.(a)(b)(d) | 268,000 | 215,638 | ||||||
National Agricultural Holdings Ltd.(a)(c)(d) | 354,000 | 453 | ||||||
NetDragon Websoft Holdings Ltd. | 115,500 | 259,004 | ||||||
New Horizon Health Ltd.(a)(b) | 67,000 | 251,384 | ||||||
Newborn Town Inc.(a) | 268,000 | 151,184 | ||||||
Nexteer Automotive Group Ltd.(d) | 402,000 | 402,635 | ||||||
Poly Property Group Co. Ltd. | 750,000 | 203,465 | ||||||
Pou Sheng International Holdings Ltd.(a) | 1,102,000 | 162,850 | ||||||
Powerlong Commercial Management Holdings Ltd. | 91,500 | 160,130 | ||||||
Q Technology Group Co. Ltd.(d) | 284,000 | 268,204 | ||||||
Radiance Holdings Group Co. Ltd.(a)(d) | 268,000 | 148,153 | ||||||
Redco Properties Group Ltd.(b)(d) | 522,000 | 142,948 | ||||||
ReneSola Ltd., ADR(a)(d) | 35,349 | 212,447 | ||||||
Road King Infrastructure Ltd. | 134,000 | 127,492 | ||||||
Shanghai Industrial Holdings Ltd. | 201,000 | 305,566 | ||||||
Shanghai Jin Jiang Capital Co. Ltd., Class H | 536,000 | 203,711 | ||||||
Shoucheng Holdings Ltd. | 933,200 | 154,369 | ||||||
Shougang Fushan Resources Group Ltd. | 804,000 | 265,855 | ||||||
Shui On Land Ltd. | 1,409,500 | 205,866 | ||||||
Sino-Ocean Group Holding Ltd. | 1,072,000 | 230,584 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 626,000 | 299,469 | ||||||
Sinopec Kantons Holdings Ltd. | 402,000 | 150,466 | ||||||
Skyfame Realty Holdings Ltd. | 1,742,000 | 189,479 | ||||||
Skyworth Group Ltd.(a)(d) | 584,000 | 329,918 | ||||||
SOHO China Ltd.(a) | 1,005,000 | 204,483 | ||||||
Sohu.com Ltd., ADR(a)(d) | 11,055 | 202,749 | ||||||
SSY Group Ltd.(d) | 670,000 | 312,884 | ||||||
Sun King Technology Group Ltd. | 442,000 | 180,234 | ||||||
Superb Summit International Group Ltd.(a)(c) | 11,913 | 4 | ||||||
SY Holdings Group Ltd. | 220,000 | 204,387 | ||||||
TCL Electronics Holdings Ltd. | 670,000 | 314,088 | ||||||
Tian Lun Gas Holdings Ltd. | 167,500 | 138,518 | ||||||
Tiangong International Co. Ltd.(d) | 536,000 | 252,975 | ||||||
Tianjin Port Development Holdings Ltd. | 806,000 | 64,942 | ||||||
Tianli Education International Holdings Ltd.(a)(c) | 455,000 | 90,245 | ||||||
Tianneng Power International Ltd.(d) | 296,000 | 271,547 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 268,000 | 231,938 | ||||||
Tongdao Liepin Group(a) | 80,400 | 193,423 | ||||||
Towngas Smart Energy Co. Ltd.(a) | 402,000 | 285,620 | ||||||
Truly International Holdings Ltd. | 670,000 | 232,482 | ||||||
Untrade SMI Holdings(a)(c) | 468,800 | 1 | ||||||
Up Fintech Holding Ltd., ADR(a)(d) | 64,639 | 291,522 | ||||||
Uxin Ltd., ADR(a)(d) | 242,607 | 249,885 | ||||||
Vnet Group Inc., ADR(a) | 34,180 | 268,997 | ||||||
West China Cement Ltd. | 938,000 | 161,030 | ||||||
Wuling Motors Holdings Ltd.(d) | 670,000 | 100,977 | ||||||
Xtep International Holdings Ltd. | 469,000 | 778,107 |
SCHEDULE OF INVESTMENTS | 55 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Yeahka Ltd.(a) | 114,800 | $ | 317,324 | |||||
Yixin Group Ltd.(a)(b) | 1,440,500 | 216,162 | ||||||
Youdao Inc., ADR(a)(d) | 22,981 | 272,555 | ||||||
Yuexiu REIT | 804,000 | 327,172 | ||||||
Yuexiu Transport Infrastructure Ltd | 402,000 | 249,495 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 402,000 | 354,731 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H | 134,000 | 140,687 | ||||||
Zhenro Properties Group Ltd.(d) | 603,000 | 51,916 | ||||||
Zhou Hei Ya International Holdings Co. | 402,000 | 268,579 | ||||||
Zhuguang Holdings Group Co. Ltd. | 670,000 | 130,320 | ||||||
|
| |||||||
32,927,345 | ||||||||
Colombia — 0.2% | ||||||||
Cementos Argos SA | 177,791 | 274,115 | ||||||
Corp. Financiera Colombiana SA(a) | 33,768 | 237,585 | ||||||
Grupo Argos SA | 112,225 | 367,717 | ||||||
|
| |||||||
879,417 | ||||||||
Czech Republic — 0.0% | ||||||||
Philip Morris CR AS | 134 | 96,739 | ||||||
|
| |||||||
Egypt — 0.3% | ||||||||
Cairo Investment & Real Estate Development Co. SAE | 105,860 | 74,793 | ||||||
Cleopatra Hospital(a) | 470,267 | 141,437 | ||||||
Egyptian Financial Group-Hermes Holding | 231,708 | 256,052 | ||||||
EISewedy Electric Co. | 267,345 | 141,557 | ||||||
Heliopolis Housing | 145,350 | 46,008 | ||||||
Juhayna Food Industries | 208,550 | 82,524 | ||||||
Palm Hills Developments SAE, NVS | 487,050 | 46,893 | ||||||
Talaat Moustafa Group | 296,550 | 177,105 | ||||||
Telecom Egypt Co. | 105,650 | 119,108 | ||||||
|
| |||||||
1,085,477 | ||||||||
Greece — 0.9% | ||||||||
Aegean Airlines SA(a) | 16,104 | 104,312 | ||||||
Athens Water Supply & Sewage Co. SA | 17,008 | 137,353 | ||||||
GEK Terna Holding Real Estate Construction SA(a) | 18,832 | 183,311 | ||||||
Hellenic Petroleum Holdings SA | 15,460 | 122,431 | ||||||
Holding Co. ADMIE IPTO SA | 43,270 | 115,341 | ||||||
LAMDA Development SA(a) | 27,750 | 209,202 | ||||||
Motor Oil Hellas Corinth Refineries SA | 20,806 | 333,846 | ||||||
Mytilineos SA | 36,046 | 580,783 | ||||||
National Bank of Greece SA(a) | 186,930 | 693,337 | ||||||
Piraeus Financial Holdings SA(a) | 266,995 | 422,854 | ||||||
Sarantis SA | 15,003 | 122,004 | ||||||
Terna Energy SA | 15,095 | 218,812 | ||||||
Titan Cement International SA(a) | 13,350 | 194,592 | ||||||
|
| |||||||
3,438,178 | ||||||||
Hungary — 0.1% | ||||||||
Magyar Telekom Telecommunications PLC | 185,121 | 232,639 | ||||||
|
| |||||||
India — 21.1% | ||||||||
3M India Ltd.(a) | 1,139 | 321,771 | ||||||
Aarti Drugs Ltd. | 10,720 | 65,006 | ||||||
Aarti Industries Ltd. | 70,216 | 867,521 | ||||||
Aavas Financiers Ltd.(a) | 15,416 | 574,834 | ||||||
Adani Power Ltd.(a) | 286,559 | 477,067 | ||||||
Aditya Birla Capital Ltd.(a) | 174,870 | 246,735 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 117,049 | 420,466 | ||||||
Advanced Enzyme Technologies Ltd. | 21,574 | 91,989 | ||||||
Aegis Logistics Ltd. | 57,419 | 129,491 | ||||||
Affle India Ltd.(a) | 22,110 | 361,185 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
AIA Engineering Ltd. | 17,219 | $ | 372,000 | |||||
Ajanta Pharma Ltd. | 10,586 | 242,663 | ||||||
Alembic Pharmaceuticals Ltd. | 21,239 | 205,226 | ||||||
Alkyl Amines Chemicals | 4,824 | 193,346 | ||||||
Allcargo Logistics Ltd. | 27,939 | 120,032 | ||||||
Alok Industries Ltd.(a) | 455,399 | 146,857 | ||||||
Amara Raja Batteries Ltd. | 32,897 | 246,075 | ||||||
Amber Enterprises India Ltd.(a) | 6,767 | 313,693 | ||||||
Angel One Ltd. | 9,179 | 163,849 | ||||||
APL Apollo Tubes Ltd.(a) | 42,064 | 479,361 | ||||||
Apollo Tyres Ltd. | 121,873 | 300,789 | ||||||
Ashok Leyland Ltd., NVS | 528,764 | 838,166 | ||||||
Aster DM Healthcare Ltd.(a)(b) | 57,486 | 131,129 | ||||||
Astral Ltd. | 32,941 | 853,783 | ||||||
AstraZeneca Pharma India Ltd. | 2,010 | 69,613 | ||||||
Atul Ltd. | 5,628 | 694,543 | ||||||
AU Small Finance Bank Ltd.(a)(b) | 28,877 | 463,911 | ||||||
Avanti Feeds Ltd. | 27,269 | 174,047 | ||||||
Bajaj Consumer Care Ltd. | 46,096 | 99,608 | ||||||
Bajaj Electricals Ltd.(a) | 17,085 | 261,081 | ||||||
Balaji Amines Ltd., NVS | 3,752 | 143,193 | ||||||
Balrampur Chini Mills Ltd. | 51,427 | 272,843 | ||||||
BASF India Ltd. | 3,990 | 146,326 | ||||||
Bata India Ltd. | 19,765 | 477,884 | ||||||
Bayer CropScience Ltd./India | 5,293 | 310,382 | ||||||
BEML Ltd. | 6,164 | 128,464 | ||||||
Bharat Heavy Electricals Ltd.(a) | 324,950 | 216,722 | ||||||
Birla Corp. Ltd. | 10,117 | 147,829 | ||||||
Birlasoft Ltd. | 56,146 | 306,059 | ||||||
Blue Dart Express Ltd. | 2,077 | 165,991 | ||||||
Blue Star Ltd. | 22,378 | 319,046 | ||||||
Borosil Renewables Ltd.(a) | 18,425 | 144,365 | ||||||
Brigade Enterprises Ltd. | 34,505 | 228,575 | ||||||
Brightcom Group Ltd. | 131,186 | 208,581 | ||||||
Brookfield India Real Estate Trust(b) | 49,890 | 201,567 | ||||||
BSE Ltd. | 8,844 | 231,863 | ||||||
Can Fin Homes Ltd. | 22,914 | 177,738 | ||||||
Canara Bank(a) | 131,923 | 387,599 | ||||||
Carborundum Universal Ltd. | 39,932 | 428,510 | ||||||
Castrol India Ltd. | 157,048 | 225,951 | ||||||
CCL Products India Ltd. | 26,599 | 159,025 | ||||||
Ceat Ltd. | 7,236 | 94,238 | ||||||
Central Depository Services India Ltd. | 18,157 | 328,872 | ||||||
Century Plyboards India Ltd. | 17,755 | 141,154 | ||||||
Century Textiles & Industries Ltd. | 22,780 | 233,124 | ||||||
CESC Ltd. | 218,420 | 227,817 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 196,377 | 450,055 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 66,196 | 334,035 | ||||||
Cholamandalam Financial Holdings Ltd. | 37,855 | 324,529 | ||||||
City Union Bank Ltd. | 123,146 | 205,477 | ||||||
Clean Science and Technology(a) | 9,514 | 232,618 | ||||||
Coforge Ltd. | 7,638 | 462,343 | ||||||
Computer Age Management Services Ltd. | 10,251 | 341,405 | ||||||
Coromandel International Ltd. | 40,401 | 416,325 | ||||||
CreditAccess Grameen Ltd.(a) | 20,502 | 204,933 | ||||||
CRISIL Ltd. | 5,762 | 221,198 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 192,156 | 1,099,016 | ||||||
Cummins India Ltd. | 44,890 | 573,427 | ||||||
Cyient Ltd. | 33,366 | 364,241 | ||||||
Dalmia Bharat Ltd. | 27,805 | 580,655 |
56 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Deepak Nitrite Ltd. | 25,661 | $ | 685,686 | |||||
Devyani International Ltd.(a) | 90,115 | 186,618 | ||||||
Dhani Services Ltd.(a) | 123,005 | 129,047 | ||||||
Dilip Buildcon Ltd.(b) | 23,155 | 83,212 | ||||||
Dixon Technologies India Ltd. | 11,725 | 674,994 | ||||||
Dr Lal PathLabs Ltd.(b) | 12,328 | 413,876 | ||||||
eClerx Services Ltd. | 6,097 | 175,011 | ||||||
Edelweiss Financial Services Ltd., NVS | 202,297 | 147,506 | ||||||
EID Parry India Ltd. | 32,428 | 178,814 | ||||||
Emami Ltd. | 73,968 | 487,837 | ||||||
Embassy Office Parks REIT | 157,718 | 784,980 | ||||||
Endurance Technologies Ltd.(b) | 14,338 | 251,767 | ||||||
Engineers India Ltd. | 163,078 | 134,107 | ||||||
EPL Ltd. | 38,860 | 81,984 | ||||||
Eris Lifesciences Ltd.(b) | 16,415 | 147,737 | ||||||
Escorts Ltd. | 24,455 | 602,877 | ||||||
Exide Industries Ltd. | 167,098 | 332,133 | ||||||
Federal Bank Ltd. | 573,654 | 743,685 | ||||||
Fine Organic Industries Ltd. | 2,412 | 137,872 | ||||||
Finolex Cables Ltd. | 24,455 | 134,712 | ||||||
Finolex Industries Ltd. | 97,954 | 200,089 | ||||||
Firstsource Solutions Ltd. | 117,317 | 199,171 | ||||||
Fortis Healthcare Ltd.(a) | 171,922 | 563,557 | ||||||
Gillette India Ltd. | 4,288 | 295,572 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 10,385 | 209,904 | ||||||
Glenmark Pharmaceuticals Ltd. | 52,729 | 314,806 | ||||||
GMM Pfaudler Ltd. | 2,814 | 164,140 | ||||||
GMR Infrastructure Ltd.(a) | 782,359 | 396,403 | ||||||
GMR Power and Urban Infrastructure Ltd., NVS(a) | 78,235 | 34,784 | ||||||
Godrej Industries Ltd.(a) | 25,728 | 177,969 | ||||||
Granules India Ltd. | 52,461 | 203,491 | ||||||
Graphite India Ltd. | 23,450 | 146,088 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 42,277 | 183,208 | ||||||
Grindwell Norton Ltd. | 14,405 | 308,946 | ||||||
Gujarat Fluorochemicals Ltd.(a) | 9,112 | 313,057 | ||||||
Gujarat Gas Ltd. | 63,449 | 493,307 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 28,207 | 208,405 | ||||||
Gujarat State Petronet Ltd. | 103,314 | 398,793 | ||||||
Happiest Minds Technologies Ltd. | 22,244 | 291,367 | ||||||
HEG Ltd. | 5,180 | 78,601 | ||||||
HFCL Ltd. | 229,006 | 223,414 | ||||||
ICICI Securities Ltd.(b) | 30,680 | 272,416 | ||||||
IDFC First Bank Ltd.(a) | 1,110,324 | 625,174 | ||||||
IDFC Ltd.(a) | 402,469 | 310,960 | ||||||
IIFL Finance Ltd. | 46,699 | 185,554 | ||||||
IIFL Wealth Management Ltd. | 14,204 | 290,324 | ||||||
India Cements Ltd. (The) | 57,687 | 155,693 | ||||||
Indiabulls Housing Finance Ltd. | 122,971 | 246,662 | ||||||
Indiabulls Real Estate Ltd.(a) | 75,040 | 108,473 | ||||||
IndiaMART Intermesh Ltd.(b) | 4,824 | 307,729 | ||||||
Indian Energy Exchange Ltd., NVS(b) | 154,770 | 426,186 | ||||||
Indian Hotels Co. Ltd. (The) | 272,094 | 726,296 | ||||||
Indigo Paints Ltd.(a) | 3,752 | 89,446 | ||||||
Inox Leisure Ltd.(a) | 29,413 | 160,822 | ||||||
Intellect Design Arena Ltd.(a) | 29,413 | 257,081 | ||||||
Ipca Laboratories Ltd. | 49,580 | 647,591 | ||||||
IRB Infrastructure Developers Ltd.(a) | 41,547 | 119,518 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 13,112 | 281,756 | ||||||
Jindal Stainless Hisar Ltd.(a) | 39,061 | 183,978 | ||||||
Jindal Stainless Ltd.(a) | 72,963 | 188,994 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Jindal Steel & Power Ltd.(a) | 145,323 | $ | 828,745 | |||||
JK Cement Ltd. | 13,199 | 500,177 | ||||||
JK Lakshmi Cement Ltd. | 25,192 | 150,054 | ||||||
JM Financial Ltd. | 248,240 | 225,401 | ||||||
Johnson Controls-Hitachi Air Conditioning India | 4,154 | 100,293 | ||||||
Jubilant Ingrevia Ltd. | 27,146 | 181,139 | ||||||
Jubilant Pharmova Ltd. | 25,594 | 135,008 | ||||||
Just Dial Ltd.(a) | 11,053 | 110,055 | ||||||
Kajaria Ceramics Ltd. | 29,078 | 419,259 | ||||||
Kansai Nerolac Paints Ltd. | 50,212 | 303,680 | ||||||
Karur Vysya Bank Ltd. (The) | 150,214 | 95,157 | ||||||
Kaveri Seed Co. Ltd. | 12,127 | 78,637 | ||||||
KEC International Ltd. | 42,009 | 260,766 | ||||||
KEI Industries Ltd. | 22,445 | 296,525 | ||||||
KNR Constructions Ltd. | 61,908 | 255,968 | ||||||
KPIT Technologies Ltd. | 58,223 | 443,500 | ||||||
KPR Mill Ltd. | 32,679 | 275,772 | ||||||
L&T Finance Holdings Ltd.(a) | 253,285 | 223,142 | ||||||
L&T Technology Services Ltd.(b) | 9,782 | 592,488 | ||||||
Laurus Labs Ltd.(b) | 117,049 | 845,870 | ||||||
LIC Housing Finance Ltd. | 114,277 | 523,633 | ||||||
Linde India Ltd. | 7,035 | 258,049 | ||||||
Lux Industries Ltd. | 2,680 | 88,413 | ||||||
Mahanagar Gas Ltd. | 17,487 | 169,527 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 225,857 | 438,784 | ||||||
Mahindra CIE Automotive Ltd.(a) | 54,270 | 140,849 | ||||||
Manappuram Finance Ltd. | 191,419 | 290,897 | ||||||
Mastek Ltd. | 6,164 | 230,996 | ||||||
Max Financial Services Ltd.(a) | 76,782 | 849,189 | ||||||
Max Healthcare Institute Ltd.(a) | 97,284 | 485,195 | ||||||
Metropolis Healthcare Ltd.(b) | 10,117 | 264,019 | ||||||
Minda Industries Ltd. | 29,413 | 361,633 | ||||||
Mindspace Business Parks REIT(b) | 53,600 | 253,796 | ||||||
Motilal Oswal Financial Services Ltd. | 15,544 | 182,510 | ||||||
Multi Commodity Exchange of India Ltd. | 8,169 | 138,904 | ||||||
Narayana Hrudayalaya Ltd.(a) | 26,130 | 238,539 | ||||||
Natco Pharma Ltd., NVS | 33,567 | 388,271 | ||||||
National Aluminium Co. Ltd. | 302,706 | 492,232 | ||||||
Navin Fluorine International Ltd. | 11,792 | 611,591 | ||||||
NBCC India Ltd. | 262,506 | 136,578 | ||||||
NCC Ltd./India | 166,175 | 138,668 | ||||||
NIIT Ltd. | 27,872 | 157,135 | ||||||
Nippon Life India Asset Management Ltd.(b) | 44,287 | 181,720 | ||||||
Nuvoco Vistas Corp. Ltd.(a) | 45,426 | 209,695 | ||||||
Oberoi Realty Ltd.(a) | 45,292 | 548,452 | ||||||
Oil India Ltd. | 90,651 | 270,384 | ||||||
Olectra Greentech Ltd.(a) | 12,998 | 110,110 | ||||||
Oracle Financial Services Software Ltd. | 7,772 | 351,342 | ||||||
Orient Electric Ltd. | 57,352 | 252,253 | ||||||
Paisalo Digital Ltd. | 11,323 | 99,963 | ||||||
Persistent Systems Ltd. | 17,889 | 940,400 | ||||||
Phoenix Mills Ltd. (The) | 34,438 | 439,876 | ||||||
PNB Housing Finance Ltd.(a)(b) | 20,301 | 110,673 | ||||||
Poly Medicure Ltd. | 10,854 | 115,012 | ||||||
Polycab India Ltd. | 12,462 | 394,782 | ||||||
Poonawalla Fincorp Ltd.(a) | 56,146 | 178,715 | ||||||
Praj Industries Ltd. | 43,349 | 197,200 | ||||||
Prestige Estates Projects Ltd. | 52,930 | 321,134 | ||||||
Procter & Gamble Health Ltd. | 3,082 | 187,200 | ||||||
PVR Ltd.(a) | 17,755 | 389,025 |
SCHEDULE OF INVESTMENTS | 57 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Quess Corp. Ltd.(b) | 27,068 | $ | 228,094 | |||||
Radico Khaitan Ltd. | 29,212 | 349,510 | ||||||
Rain Industries Ltd. | 65,190 | 161,562 | ||||||
Rajesh Exports Ltd. | 22,579 | 210,634 | ||||||
Ramco Cements Ltd. (The) | 47,637 | 499,533 | ||||||
Ratnamani Metals & Tubes Ltd. | 7,303 | 217,419 | ||||||
RBL Bank Ltd.(a)(b) | 182,010 | 324,876 | ||||||
REC Ltd. | 359,187 | 585,101 | ||||||
Redington India Ltd. | 195,171 | 399,640 | ||||||
Relaxo Footwears Ltd. | 19,229 | 311,515 | ||||||
Reliance Power Ltd.(a) | 922,657 | 161,523 | ||||||
Route Mobile Ltd. | 7,303 | 145,179 | ||||||
Sanofi India Ltd. | 2,814 | 271,297 | ||||||
Saregama India Ltd. | 2,881 | 150,577 | ||||||
Schaeffler India Ltd. | 16,080 | 390,803 | ||||||
Sheela Foam Ltd.(a) | 4,690 | 213,466 | ||||||
Shriram City Union Finance Ltd. | 8,308 | 175,506 | ||||||
SKF India Ltd. | 8,040 | 384,557 | ||||||
Sobha Ltd. | 15,477 | 159,705 | ||||||
Solar Industries India Ltd. | 10,385 | 320,172 | ||||||
Solara Active Pharma Sciences Ltd. | 6,877 | 62,713 | ||||||
Sonata Software Ltd. | 22,579 | 221,366 | ||||||
Spandana Sphoorty Financial Ltd.(a) | 16,021 | 79,542 | ||||||
SpiceJet Ltd.(a) | 151,010 | 121,588 | ||||||
Sterlite Technologies Ltd. | 68,407 | 161,338 | ||||||
Strides Pharma Science Ltd. | 35,528 | 151,455 | ||||||
Sumitomo Chemical India Ltd. | 27,414 | 137,675 | ||||||
Sun TV Network Ltd. | 25,996 | 155,193 | ||||||
Sundaram Finance Ltd. | 22,780 | 578,009 | ||||||
Sundram Fasteners Ltd. | 36,850 | 419,365 | ||||||
Suprajit Engineering Ltd. | 25,460 | 106,578 | ||||||
Supreme Industries Ltd. | 23,115 | 629,623 | ||||||
Supreme Petrochem Ltd. | 12,395 | 109,410 | ||||||
Suven Pharmaceuticals Ltd. | 38,793 | 264,859 | ||||||
Suzlon Energy Ltd.(a) | 1,916,267 | 241,283 | ||||||
Syngene International Ltd.(a)(b) | 46,632 | 336,656 | ||||||
Tanla Platforms Ltd. | 23,718 | 497,330 | ||||||
Tata Chemicals Ltd. | 60,501 | 679,716 | ||||||
Tata Communications Ltd. | 40,482 | 638,867 | ||||||
Tata Elxsi Ltd. | 12,447 | 1,068,230 | ||||||
Tata Teleservices Maharastra Ltd.(a) | 165,624 | 258,901 | ||||||
TCI Express Ltd. | 4,757 | 112,081 | ||||||
TeamLease Services Ltd.(a) | 5,092 | 278,458 | ||||||
Tejas Networks Ltd.(a)(b) | 26,130 | 142,442 | ||||||
Thermax Ltd. | 15,410 | 372,600 | ||||||
Thyrocare Technologies Ltd.(b) | 9,045 | 103,476 | ||||||
Timken India Ltd. | 6,834 | 184,598 | ||||||
Torrent Power Ltd. | 59,094 | 374,134 | ||||||
Trident Ltd. | 384,245 | 260,005 | ||||||
TTK Prestige Ltd. | 17,420 | 183,893 | ||||||
Tube Investments of India Ltd. | 37,319 | 755,883 | ||||||
TV18 Broadcast Ltd.(a) | 163,815 | 134,203 | ||||||
TVS Motor Co. Ltd. | 67,268 | 553,502 | ||||||
UTI Asset Management Co. Ltd. | 16,147 | 179,711 | ||||||
Vaibhav Global Ltd. | 18,291 | 100,178 | ||||||
Vakrangee Ltd. | 185,121 | 77,349 | ||||||
Vardhman Textiles Ltd. | 8,678 | 295,296 | ||||||
Varun Beverages Ltd. | 59,111 | 743,658 | ||||||
V-Guard Industries Ltd. | 62,444 | 162,717 | ||||||
Vinati Organics Ltd. | 10,921 | 269,697 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
VIP Industries Ltd.(a) | 27,269 | $ | 233,853 | |||||
V-Mart Retail Ltd.(a) | 4,824 | 219,067 | ||||||
Vodafone Idea Ltd.(a) | 3,149,804 | 434,612 | ||||||
Voltas Ltd. | 76,198 | 1,281,058 | ||||||
Welspun India Ltd. | 107,401 | 150,633 | ||||||
Whirlpool of India Ltd. | 11,658 | 259,893 | ||||||
Wockhardt Ltd., NVS(a) | 13,659 | 61,745 | ||||||
Yes Bank Ltd., (Acquired 03/16/20, | 433,083 | 68,056 | ||||||
Yes Bank Ltd.(a) | 100 | 18 | ||||||
Zee Entertainment Enterprises Ltd. | 311,923 | 955,503 | ||||||
Zensar Technologies Ltd. | 40,468 | 187,816 | ||||||
|
| |||||||
79,469,473 | ||||||||
Indonesia — 2.0% | ||||||||
Ace Hardware Indonesia Tbk PT | 2,472,300 | 184,751 | ||||||
AKR Corporindo Tbk PT | 3,518,000 | 186,095 | ||||||
Astra Agro Lestari Tbk PT | 214,400 | 170,144 | ||||||
Bank Aladin Syariah Tbk PT(a) | 1,862,600 | 291,700 | ||||||
Bank BTPN Syariah Tbk PT | 844,200 | 211,865 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,058,800 | 102,807 | ||||||
Bank Tabungan Negara Persero Tbk PT(a) | 1,688,400 | 209,883 | ||||||
Berkah Beton Sadaya Tbk(a) | 938,000 | 289,459 | ||||||
BFI Finance Indonesia Tbk PT | 2,927,900 | 261,875 | ||||||
Bukit Asam Tbk PT | 1,212,700 | 266,413 | ||||||
Bumi Serpong Damai Tbk PT(a) | 2,887,700 | 185,527 | ||||||
Ciputra Development Tbk PT | 3,678,563 | 237,273 | ||||||
Digital Mediatama Maxima Tbk PT(a) | 1,072,000 | 141,769 | ||||||
Erajaya Swasembada Tbk PT | 2,894,400 | 112,721 | ||||||
Hanson International Tbk PT(a)(c) | 25,794,200 | — | ||||||
Indo Tambangraya Megah Tbk PT | 147,500 | 273,861 | ||||||
Indosat Tbk PT | 509,200 | 193,921 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 2,071,657 | 140,796 | ||||||
Inti Agri Resources Tbk PT(a)(c) | 12,327,500 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,742,000 | 191,336 | ||||||
Jasa Marga Persero Tbk PT(a) | 844,200 | 199,292 | ||||||
Lippo Karawaci Tbk PT(a) | 9,060,800 | 81,987 | ||||||
M Cash Integrasi PT(a) | 174,200 | 143,378 | ||||||
Medco Energi Internasional Tbk PT(a) | 3,570,412 | 150,736 | ||||||
Media Nusantara Citra Tbk PT | 2,546,300 | 154,996 | ||||||
Metro Healthcare Indonesia TBK PT(a) | 5,272,900 | 205,965 | ||||||
Mitra Adiperkasa Tbk PT(a) | 3,584,500 | 197,017 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 589,600 | 307,581 | ||||||
Pacific Strategic Financial Tbk PT(a) | 2,673,300 | 214,913 | ||||||
Pakuwon Jati Tbk PT(a) | 6,552,600 | 210,963 | ||||||
Panin Financial Tbk PT(a) | 7,457,600 | 87,724 | ||||||
Pelayaran Tamarin Samudra Tbk PT(a) | 2,224,400 | 7,741 | ||||||
Perusahaan Gas Negara Tbk PT(a) | 3,966,400 | 401,034 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,433,800 | 142,161 | ||||||
Smartfren Telecom Tbk PT(a) | 35,362,600 | 195,746 | ||||||
Sugih Energy Tbk PT(a)(c) | 1,824,800 | 1 | ||||||
Summarecon Agung Tbk PT(a) | 3,966,450 | 192,609 | ||||||
Surya Citra Media Tbk PT(a) | 7,477,200 | 134,989 | ||||||
Timah Tbk PT(a) | 964,800 | 107,385 | ||||||
Transcoal Pacific Tbk PT(a) | 355,100 | 222,683 | ||||||
Waskita Karya Persero Tbk PT(a) | 5,808,994 | 231,975 | ||||||
XL Axiata Tbk PT | 1,172,600 | 234,275 | ||||||
|
| |||||||
7,477,347 |
58 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Kuwait — 1.0% | ||||||||
Boubyan Petrochemicals Co. KSCP | 182,709 | $ | 567,838 | |||||
Boursa Kuwait Securities Co. KPSC | 38,391 | 303,844 | ||||||
Burgan Bank SAK | 98,825 | 89,285 | ||||||
Gulf Bank KSCP | 471,345 | 483,916 | ||||||
Humansoft Holding Co. KSC | 38,927 | 473,824 | ||||||
Kuwait International Bank KSCP(a) | 371,448 | 283,688 | ||||||
National Industries Group Holding SAK(a) | 548,008 | 522,513 | ||||||
National Real Estate Co. KPSC(a) | 297,118 | 217,433 | ||||||
Qurain Petrochemical Industries Co | 223,747 | 290,946 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 330,042 | 240,883 | ||||||
Warba Bank KSCP(a) | 534,278 | 490,333 | ||||||
|
| |||||||
3,964,503 | ||||||||
Malaysia — 2.8% | ||||||||
Alliance Bank Malaysia Bhd | 368,700 | 301,793 | ||||||
Axis Real Estate Investment Trust | 562,800 | 250,670 | ||||||
Berjaya Sports Toto Bhd | 395,400 | 180,157 | ||||||
Bermaz Auto Bhd | 475,800 | 202,854 | ||||||
BIMB Holdings Bhd | 281,400 | 200,402 | ||||||
British American Tobacco Malaysia Bhd | 60,444 | 175,638 | ||||||
Bumi Armada Bhd(a) | 938,000 | 107,166 | ||||||
Bursa Malaysia Bhd | 254,750 | 383,149 | ||||||
Carlsberg Brewery Malaysia Bhd | 67,000 | 322,353 | ||||||
D&O Green Technologies Bhd(d) | 180,900 | 204,350 | ||||||
DRB-Hicom Bhd | 448,900 | 158,665 | ||||||
Dufu Technology Corp. Bhd | 160,000 | 110,606 | ||||||
Frontken Corp. Bhd | 418,350 | 290,652 | ||||||
Gamuda Bhd, NVS | 542,700 | 372,655 | ||||||
Greatech Technology Bhd(a) | 154,200 | 154,842 | ||||||
Heineken Malaysia Bhd(d) | 40,500 | 212,797 | ||||||
Hong Seng Consolidated Bhd(a) | 529,300 | 403,651 | ||||||
IGB REIT, NVS | 710,200 | 240,201 | ||||||
IJM Corp. Bhd | 1,065,300 | 391,655 | ||||||
IOI Properties Group Bhd(d) | 495,800 | 121,632 | ||||||
Kossan Rubber Industries Bhd | 596,300 | 245,707 | ||||||
Lotte Chemical Titan Holding Bhd(b) | 234,500 | 121,760 | ||||||
Magnum Bhd, NVS(d) | 375,350 | 169,369 | ||||||
Mah Sing Group Bhd(d) | 408,857 | 65,733 | ||||||
Malaysia Building Society Bhd | 1,199,400 | 165,691 | ||||||
Malaysian Pacific Industries Bhd | 33,500 | 288,404 | ||||||
My EG Services Bhd(d) | 2,045,000 | 469,306 | ||||||
Padini Holdings Bhd | 221,100 | 177,946 | ||||||
Pentamaster Corp. Bhd | 274,750 | 213,985 | ||||||
Scientex BHD | 342,500 | 361,385 | ||||||
Serba Dinamik Holdings Bhd(a)(c) | 637,120 | 44,646 | ||||||
Sime Darby Property Bhd(d) | 1,199,800 | 175,748 | ||||||
SKP Resources Bhd | 442,200 | 157,687 | ||||||
SP Setia Bhd Group(a) | 676,800 | 206,313 | ||||||
Sunway Bhd | 493,800 | 199,943 | ||||||
Sunway Construction Group Bhd | 308,320 | 110,888 | ||||||
Sunway REIT | 837,500 | 277,272 | ||||||
Supermax Corp. Bhd | 882,316 | 220,658 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 133,544 | 118,472 | ||||||
TIME dotCom Bhd | 434,200 | 439,526 | ||||||
UMW Holdings Bhd | 140,800 | 103,132 | ||||||
Unisem M Bhd | 147,400 | 104,239 | ||||||
United Plantations BHD | 13,400 | 48,583 | ||||||
UWC BHD | 134,000 | 129,702 | ||||||
ViTrox Corp. Bhd | 161,000 | 286,908 | ||||||
VS Industry Bhd | 1,192,850 | 328,399 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Yinson Holdings BHD | 248,000 | $ | 311,328 | |||||
YTL Corp. Bhd | 1,054,300 | 139,368 | ||||||
|
| |||||||
10,467,986 | ||||||||
Mexico — 1.9% | ||||||||
Alsea SAB de CV(a) | 201,100 | 435,564 | ||||||
Banco del Bajio SA(b) | 268,000 | 650,994 | ||||||
Bolsa Mexicana de Valores SAB de CV | 127,300 | 243,773 | ||||||
Concentradora Fibra Danhos SA de CV(d) | 93,800 | 107,031 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a) | 314,900 | 599,634 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 234,500 | 422,377 | ||||||
GCC SAB de CV | 67,020 | 442,644 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 301,600 | 275,079 | ||||||
Gentera SAB de CV(a) | 395,300 | 292,986 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 104,808 | 756,955 | ||||||
Grupo Comercial Chedraui SA de CV | 67,000 | 151,168 | ||||||
Grupo Herdez SAB de CV(d) | 73,700 | 104,067 | ||||||
Grupo Rotoplas SAB de CV, NVS | 78,467 | 100,761 | ||||||
Grupo Traxion SAB de CV(a)(b)(d) | 87,100 | 146,932 | ||||||
La Comer SAB de CV(d) | 174,200 | 315,637 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 294,900 | 355,360 | ||||||
Nemak SAB de CV(a)(b) | 562,896 | 117,356 | ||||||
PLA Administradora Industrial S. de RL de CV(d) | 288,100 | 379,519 | ||||||
Prologis Property Mexico SA de CV | 167,531 | 403,020 | ||||||
Qualitas Controladora SAB de CV | 53,600 | 294,315 | ||||||
Regional SAB de CV | 80,400 | 475,703 | ||||||
|
| |||||||
7,070,875 | ||||||||
Peru — 0.1% | ||||||||
Intercorp Financial Services Inc. | 12,127 | 391,702 | ||||||
|
| |||||||
Philippines — 1.0% | ||||||||
Alliance Global Group Inc. | 1,373,500 | 342,906 | ||||||
Bloomberry Resorts Corp.(a) | 1,661,600 | 239,825 | ||||||
Cebu Air Inc.(a) | 100,510 | 90,791 | ||||||
Century Pacific Food Inc. | 361,800 | 188,768 | ||||||
Cosco Capital Inc., NVS | 1,675,000 | 166,520 | ||||||
D&L Industries Inc. | 938,100 | 147,114 | ||||||
DMCI Holdings Inc. | 1,815,700 | 300,315 | ||||||
First Gen Corp. | 241,250 | 131,283 | ||||||
LT Group Inc. | 964,800 | 182,159 | ||||||
Manila Water Co. Inc., NVS | 449,000 | 175,151 | ||||||
Megaworld Corp. | 4,020,000 | 252,580 | ||||||
Puregold Price Club Inc. | 268,000 | 183,737 | ||||||
Robinsons Land Corp. | 743,700 | 279,998 | ||||||
Robinsons Retail Holdings Inc. | 116,040 | 139,646 | ||||||
Security Bank Corp. | 133,040 | 303,661 | ||||||
Semirara Mining & Power Corp. | 314,900 | 170,133 | ||||||
Vista Land & Lifescapes Inc. | 1,474,100 | 87,980 | ||||||
Wilcon Depot Inc. | 643,300 | 367,009 | ||||||
|
| |||||||
3,749,576 | ||||||||
Poland — 1.1% | ||||||||
Alior Bank SA(a) | 35,175 | 391,833 | ||||||
AmRest Holdings SE(a)(d) | 39,863 | 218,683 | ||||||
Asseco Poland SA | 23,986 | 422,812 | ||||||
Bank Millennium SA(a)(d) | 236,443 | 394,314 | ||||||
Budimex SA(d) | 4,623 | 251,478 | ||||||
CCC SA(a)(d) | 18,762 | 238,729 | ||||||
Ciech SA | 10,519 | 101,231 | ||||||
Enea SA(a) | 81,941 | 170,912 |
SCHEDULE OF INVESTMENTS | 59 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
Grupa Azoty SA(a) | 18,894 | $ | 146,422 | |||||
Grupa Lotos SA(a) | 33,165 | 425,518 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 21,124 | 246,758 | ||||||
KRUK SA | 6,499 | 405,297 | ||||||
LiveChat Software SA | 6,834 | 158,416 | ||||||
Neuca SA(d) | 938 | 167,081 | ||||||
Tauron Polska Energia SA(a) | 380,091 | 223,260 | ||||||
Warsaw Stock Exchange(d) | 9,380 | 85,891 | ||||||
|
| |||||||
4,048,635 | ||||||||
Qatar — 0.9% | ||||||||
Aamal Co. | 690,837 | 226,954 | ||||||
Al Meera Consumer Goods Co. QSC | 32,293 | 176,484 | ||||||
Baladna | 416,606 | 167,767 | ||||||
Doha Bank QPSC | 469,134 | 366,212 | ||||||
Gulf International Services QSC, NVS(a) | 242,684 | 119,058 | ||||||
Gulf Warehousing Co. | 135,340 | 165,034 | ||||||
Medicare Group | 67,335 | 144,275 | ||||||
Qatar Aluminum Manufacturing Co. | 957,229 | 585,089 | ||||||
Qatar Insurance Co. SAQ(a) | 603,804 | 415,253 | ||||||
Qatar National Cement Co. QSC | 103,783 | 176,194 | ||||||
Qatar Navigation QSC | 192,972 | 447,838 | ||||||
United Development Co. QSC | 625,964 | 286,252 | ||||||
Vodafone Qatar QSC | 636,366 | 303,737 | ||||||
|
| |||||||
3,580,147 | ||||||||
Russia — 0.2% | ||||||||
Credit Bank of Moscow PJSC(a)(c) | 4,743,600 | 82,858 | ||||||
Detsky Mir PJSC(a)(b)(c) | 238,520 | 69,156 | ||||||
Federal Grid Co. Unified Energy System PJSC(a)(c) | 142,040,000 | 43,781 | ||||||
Globaltrans Investment PLC, GDR(a)(c) | 36,180 | 43,528 | ||||||
Lenta PJSC, GDR(a)(c) | 58,692 | 23,995 | ||||||
LSR Group PJSC(a)(c) | 16,818 | 29,621 | ||||||
Mosenergo PJSC(a)(c) | 4,900,000 | 28,331 | ||||||
QIWI PJSC, Class B, ADR(a)(c) | 20,971 | 26,779 | ||||||
Rostelecom PJSC(a)(c) | 373,860 | 89,908 | ||||||
Segezha Group PJSC(a)(b)(c) | 1,675,000 | 43,912 | ||||||
Sistema PJSFC, GDR(a)(c) | 93,264 | 188,714 | ||||||
Sovcomflot PJSC(a)(c) | 338,350 | 51,995 | ||||||
Unipro PJSC(a)(c) | 4,288,000 | 23,950 | ||||||
United Medical Group(a)(c) | 11,658 | 28,036 | ||||||
|
| |||||||
774,564 | ||||||||
Saudi Arabia — 2.5% | ||||||||
Al Hammadi Co. for Development and Investment, NVS | 28,073 | 306,997 | ||||||
Al Jouf Agricultural Development Co. | 5,360 | 81,656 | ||||||
Al Moammar Information Systems Co. | 4,891 | 199,115 | ||||||
Al Rajhi Co. for Co-operative Insurance(a) | 7,906 | 179,370 | ||||||
Aldrees Petroleum and Transport Services Co. | 16,080 | 359,975 | ||||||
Alujain Holding | 11,677 | 190,468 | ||||||
Arabian Cement Co./Saudi Arabia | 21,306 | 228,230 | ||||||
Arriyadh Development Co. | 40,183 | 280,010 | ||||||
Aseer Trading Tourism & Manufacturing | 17,554 | 96,730 | ||||||
City Cement Co. | 34,706 | 197,136 | ||||||
Dallah Healthcare Co. | 11,323 | 248,072 | ||||||
Dur Hospitality Co.(a) | 19,430 | 170,479 | ||||||
Eastern Province Cement Co. | 21,105 | 235,600 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 32,830 | 137,515 | ||||||
Halwani Brothers Co. | 3,752 | 89,039 | ||||||
Herfy Food Services Co. | 9,715 | 150,333 | ||||||
Leejam Sports Co. JSC | 10,077 | 341,730 | ||||||
Maharah Human Resources Co. | 10,720 | 222,114 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
National Agriculture Development Co. (The)(a) | 22,981 | $ | 189,483 | |||||
National Gas & Industrialization Co. | 16,080 | 236,917 | ||||||
Qassim Cement Co. (The) | 19,095 | 392,415 | ||||||
Saudi Airlines Catering Co.(a) | 5,561 | 125,893 | ||||||
Saudi Arabia Refineries Co. | 2,412 | 85,689 | ||||||
Saudi Cement Co. | 26,175 | 387,912 | ||||||
Saudi Ceramic Co. | 17,073 | 223,627 | ||||||
Saudi Chemical Co. Holding | 23,249 | 214,106 | ||||||
Saudi Fisheries Co.(a) | 9,182 | 115,182 | ||||||
Saudi Ground Services Co.(a) | 37,922 | 355,136 | ||||||
Saudi Industrial Services Co. | 15,216 | 118,182 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp. | 25,929 | 268,958 | ||||||
Saudi Public Transport Co.(a) | 25,460 | 147,862 | ||||||
Saudi Real Estate Co.(a) | 43,550 | 245,676 | ||||||
Saudia Dairy & Foodstuff Co. | 7,504 | 342,597 | ||||||
Seera Group Holding(a) | 61,305 | 346,916 | ||||||
Southern Province Cement Co. | 25,996 | 471,181 | ||||||
United Electronics Co. | 12,328 | 428,490 | ||||||
United International Transportation Co. | 15,142 | 197,239 | ||||||
Yamama Cement Co.(a) | 51,456 | 360,925 | ||||||
Yanbu Cement Co. | 33,031 | 335,085 | ||||||
|
| |||||||
9,304,040 | ||||||||
South Africa — 3.9% | ||||||||
Adcock Ingram Holdings Ltd. | 24,321 | 81,918 | ||||||
AECI Ltd. | 38,123 | 268,562 | ||||||
Astral Foods Ltd. | 16,683 | 176,310 | ||||||
AVI Ltd. | 107,736 | 502,559 | ||||||
Barloworld Ltd. | 56,682 | 452,866 | ||||||
Coronation Fund Managers Ltd. | 84,286 | 251,878 | ||||||
Dis-Chem Pharmacies Ltd.(b)(d) | 114,972 | 258,862 | ||||||
Distell Group Holdings Ltd.(a) | 56,347 | 627,737 | ||||||
DRDGOLD Ltd. | 174,669 | 162,964 | ||||||
Equites Property Fund Ltd. | 210,983 | 288,835 | ||||||
Fortress REIT Ltd., Series A | 399,186 | 333,082 | ||||||
Foschini Group Ltd. (The) | 118,791 | 962,225 | ||||||
Hyprop Investments Ltd. | 120,361 | 269,741 | ||||||
Imperial Logistics Ltd., NVS | 66,799 | 285,768 | ||||||
Investec Ltd., NVS | 96,949 | 545,077 | ||||||
Investec Property Fund Ltd. | 244,617 | 192,496 | ||||||
JSE Ltd. | 33,031 | 256,579 | ||||||
Life Healthcare Group Holdings Ltd. | 493,790 | 719,992 | ||||||
Momentum Metropolitan Holdings | 316,374 | 383,933 | ||||||
Motus Holdings Ltd. | 57,620 | 412,132 | ||||||
Netcare Ltd. | 360,326 | 343,073 | ||||||
Ninety One Ltd. | 60,032 | 195,991 | ||||||
Oceana Group Ltd. | 30,150 | 105,865 | ||||||
Pick n Pay Stores Ltd. | 134,335 | 401,880 | ||||||
PSG Group Ltd., NVS(a) | 58,826 | 313,063 | ||||||
Redefine Properties Ltd. | 2,318,441 | 636,294 | ||||||
Resilient REIT Ltd.(d) | 104,453 | 395,700 | ||||||
Reunert Ltd., NVS | 66,799 | 203,704 | ||||||
Royal Bafokeng Platinum Ltd. | 59,177 | 700,483 | ||||||
Santam Ltd. | 14,090 | 251,079 | ||||||
Sappi Ltd.(a) | 222,507 | 736,854 | ||||||
Steinhoff International Holdings NV(a) | 1,615,839 | 381,465 | ||||||
Super Group Ltd./South Africa | 144,988 | 296,019 | ||||||
Telkom SA SOC Ltd.(a) | 111,086 | 298,806 | ||||||
Thungela Resources Ltd.(a)(d) | 46,967 | 417,773 | ||||||
Transaction Capital Ltd. | 204,752 | 589,638 |
60 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Truworths International Ltd. | 145,524 | $ | 554,319 | |||||
Vukile Property Fund Ltd. | 361,063 | 294,932 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 20,435 | 110,971 | ||||||
|
| |||||||
14,661,425 | ||||||||
South Korea — 15.5% | ||||||||
ABLBio Inc.(a) | 11,524 | 255,330 | ||||||
AfreecaTV Co. Ltd. | 3,015 | 352,358 | ||||||
Ahnlab Inc. | 2,647 | 144,012 | ||||||
Amicogen Inc.(a) | 9,045 | 194,052 | ||||||
Ananti Inc.(a) | 31,021 | 242,500 | ||||||
AptaBio Therapeutics Inc.(a)(d) | 8,509 | 174,762 | ||||||
Asiana Airlines Inc.(a) | 13,788 | 222,796 | ||||||
BGF Co. Ltd. | 17,420 | 73,456 | ||||||
BH Co. Ltd.(d) | 10,117 | 164,373 | ||||||
Binex Co. Ltd.(a) | 12,127 | 134,573 | ||||||
Bioneer Corp.(a)(d) | 8,771 | 282,883 | ||||||
BNC Korea Co. Ltd.(a)(d) | 16,080 | 209,969 | ||||||
BNK Financial Group Inc. | 101,505 | 668,212 | ||||||
Boryung Pharmaceutical Co. Ltd | 12,346 | 128,838 | ||||||
Bukwang Pharmaceutical Co. Ltd.(a)(d) | 25,996 | 270,655 | ||||||
Cellivery Therapeutics Inc.(a) | 8,693 | 220,092 | ||||||
Chabiotech Co. Ltd.(a) | 18,772 | 272,128 | ||||||
Chong Kun Dang Pharmaceutical Corp.(a)(d) | 3,082 | 247,641 | ||||||
Chunbo Co. Ltd. | 1,541 | 368,170 | ||||||
CJ CGV Co. Ltd.(a)(d) | 13,132 | 285,801 | ||||||
CMG Pharmaceutical Co. Ltd.(a) | 78,870 | 213,439 | ||||||
Com2uSCorp | 3,216 | 299,359 | ||||||
Cosmax Inc.(a) | 4,355 | 313,854 | ||||||
CosmoAM&T Co. Ltd.(a) | 8,040 | 262,450 | ||||||
COWELL FASHION Co. Ltd.(d) | 16,750 | 110,472 | ||||||
Creative & Innovative System(a) | 17,688 | 205,106 | ||||||
CS Wind Corp. | 10,084 | 506,682 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 4,355 | 140,620 | ||||||
Daeduck Electronics Co. Ltd./New | 15,142 | 317,474 | ||||||
Daejoo Electronic Materials Co. Ltd. | 4,154 | 314,047 | ||||||
Daesang Corp.(a) | 10,586 | 197,154 | ||||||
Daewoo Engineering & Construction Co. | 69,684 | 366,530 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(d) | 17,487 | 390,281 | ||||||
Daewoong Co. Ltd.(a) | 9,045 | 228,130 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a) | 1,809 | 251,831 | ||||||
Daishin Securities Co. Ltd. | 14,338 | 203,586 | ||||||
Daou Technology Inc. | 11,063 | 199,308 | ||||||
Dawonsys Co. Ltd.(d) | 8,576 | 207,078 | ||||||
DB HiTek Co. Ltd. | 13,686 | 802,211 | ||||||
Dentium Co. Ltd.(a) | 3,685 | 186,945 | ||||||
Devsisters Co. Ltd.(d) | 2,345 | 112,655 | ||||||
DGB Financial Group Inc. | 63,115 | 499,583 | ||||||
DIO Corp.(a) | 5,844 | 161,064 | ||||||
DL E&C Co. Ltd. | 5,896 | 635,622 | ||||||
Dong-A Socio Holdings Co. Ltd. | 1,675 | 144,836 | ||||||
Dong-A ST Co. Ltd. | 3,149 | 179,177 | ||||||
Dongjin Semichem Co. Ltd.(a) | 12,765 | 381,870 | ||||||
DongKook Pharmaceutical Co. Ltd. | 11,218 | 198,112 | ||||||
Dongkuk Steel Mill Co. Ltd. | 23,271 | 323,381 | ||||||
Dongsuh Cos. Inc. | 11,212 | 256,816 | ||||||
Dongwha Enterprise Co. Ltd.(a) | 1,876 | 112,651 | ||||||
Dongwon F&B Co. Ltd. | 757 | 109,360 | ||||||
Doosan Co. Ltd.(a)(d) | 2,546 | 243,639 | ||||||
Doosan Fuel Cell Co. Ltd.(a) | 15,611 | 511,170 | ||||||
DoubleUGames Co. Ltd. | 4,288 | 178,192 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Douzone Bizon Co. Ltd. | 6,895 | $ | 276,981 | |||||
Duk San Neolux Co. Ltd.(a)(d) | 5,561 | 181,429 | ||||||
Ecopro Co. Ltd.(d) | 7,237 | 531,876 | ||||||
Ecopro HN Co. Ltd. | 3,953 | 174,283 | ||||||
Enzychem Lifesciences Corp.(a)(d) | 6,566 | 180,959 | ||||||
Eo Technics Co Ltd.(a)(d) | 3,685 | 308,336 | ||||||
Eoflow Co. Ltd.(a) | 9,514 | 164,074 | ||||||
Eubiologics Co. Ltd.(a) | 11,591 | 233,056 | ||||||
Eugene Technology Co. Ltd.(d) | 6,700 | 244,630 | ||||||
Fila Holdings Corp. | 18,291 | 540,511 | ||||||
Fine Semitech Corp. | 5,092 | 88,560 | ||||||
Foosung Co. Ltd. | 19,713 | 351,950 | ||||||
GC Cell Corp.(a)(d) | 4,020 | 228,376 | ||||||
GemVax & Kael Co. Ltd.(a) | 16,080 | 204,673 | ||||||
Geneone Life Science Inc., NVS(a) | 30,351 | 369,811 | ||||||
GOLFZON Co. Ltd.(a) | 1,273 | 161,902 | ||||||
Grand Korea Leisure Co. Ltd., NVS(a)(d) | 14,750 | 180,780 | ||||||
Green Cross Holdings Corp. | 10,787 | 201,206 | ||||||
GS Retail Co. Ltd. | 15,075 | 335,229 | ||||||
Hana Materials Inc. | 3,283 | 143,161 | ||||||
Hana Tour Service Inc.(a) | 3,800 | 249,516 | ||||||
Hanall Biopharma Co. Ltd.(a)(d) | 16,482 | 258,631 | ||||||
Handsome Co. Ltd.(d) | 6,568 | 196,958 | ||||||
Hanil Cement Co. Ltd./New | 8,576 | 130,488 | ||||||
Hanjin Transportation Co. Ltd.(a) | 4,757 | 113,454 | ||||||
Hankook & Co. Co. Ltd. | 8,805 | 98,875 | ||||||
Hanmi Semiconductor Co. Ltd. | 7,772 | 219,097 | ||||||
Hansae Co. Ltd.(d) | 6,030 | 114,436 | ||||||
Hansol Chemical Co. Ltd. | 3,350 | 604,712 | ||||||
Hanssem Co. Ltd. | 4,020 | 245,885 | ||||||
Hanwha Aerospace Co. Ltd. | 13,296 | 580,580 | ||||||
Hanwha Corp. | 12,931 | 329,862 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 45,694 | 185,100 | ||||||
Hanwha Life Insurance Co. Ltd.(a)(d) | 114,302 | 282,275 | ||||||
Hanwha Systems Co. Ltd. | 16,817 | 222,212 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(a)(d) | 23,355 | 314,314 | ||||||
Helixmith Co. Ltd.(a)(d) | 16,286 | 274,807 | ||||||
Hite Jinro Co. Ltd.(a) | 12,060 | 358,860 | ||||||
HLB Life Science Co. Ltd., NVS(a) | 30,900 | 275,393 | ||||||
Huchems Fine Chemical Corp., NVS(d) | 8,201 | 152,581 | ||||||
Hugel Inc., NVS(a) | 2,546 | 313,942 | ||||||
Huons Global Co. Ltd. | 102 | 2,585 | ||||||
Hwaseung Enterprise Co. Ltd.(a)(d) | 9,849 | 134,249 | ||||||
Hyosung Advanced Materials Corp. | 951 | 373,067 | ||||||
Hyosung Chemical Corp.(a) | 938 | 217,939 | ||||||
Hyosung Corp. | 2,825 | 201,609 | ||||||
Hyosung Heavy Industries Corp.(a) | 2,381 | 111,690 | ||||||
Hyosung TNC Corp. | 1,005 | 408,670 | ||||||
Hyundai Autoever Corp. | 2,479 | 224,760 | ||||||
Hyundai Bioscience Co. Ltd.(a)(d) | 12,998 | 346,476 | ||||||
Hyundai Department Store Co. Ltd. | 5,398 | 351,683 | ||||||
Hyundai Electric & Energy System Co. Ltd., NVS(a) | 7,483 | 128,370 | ||||||
Hyundai Elevator Co. Ltd.(a) | 9,916 | 313,774 | ||||||
Hyundai Home Shopping Network Corp. | 2,010 | 97,733 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 20,291 | 487,371 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(d) | 8,888 | 597,019 | ||||||
Hyundai Rotem Co. Ltd.(a)(d) | 27,872 | 464,502 | ||||||
Hyundai Wia Corp. | 6,069 | 311,957 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 8,375 | 176,322 |
SCHEDULE OF INVESTMENTS | 61 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Innocean Worldwide Inc.(d) | 3,838 | $ | 160,049 | |||||
iNtRON Biotechnology Inc.(a) | 10,050 | 154,629 | ||||||
IS Dongseo Co. Ltd.(a) | 6,164 | 272,598 | ||||||
ITM Semiconductor Co. Ltd. | 3,216 | 94,319 | ||||||
JB Financial Group Co. Ltd. | 43,970 | 301,169 | ||||||
Jin Air Co. Ltd.(a) | 13,869 | 194,947 | ||||||
Jusung Engineering Co. Ltd. | 13,199 | 288,657 | ||||||
JW Pharmaceutical Corp. | 7,330 | 154,216 | ||||||
JYP Entertainment Corp.(a) | 10,727 | 450,799 | ||||||
KCC Corp. | 1,675 | 468,984 | ||||||
KCC Glass Corp. | 3,944 | 191,597 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) | 4,958 | 372,105 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 8,710 | 270,763 | ||||||
KIWOOM Securities Co. Ltd.(a) | 6,030 | 512,037 | ||||||
KMW Co. Ltd.(a) | 15,946 | 415,838 | ||||||
Koh Young Technology Inc. | 20,606 | 329,562 | ||||||
Kolmar Korea Co. Ltd.(a) | 9,112 | 351,691 | ||||||
Kolon Industries Inc. | 6,901 | 340,397 | ||||||
KoMiCo Ltd. | 1,943 | 88,139 | ||||||
KONA I Co. Ltd.(a)(d) | 5,470 | 122,936 | ||||||
Korea Electric Terminal Co. Ltd. | 2,523 | 122,929 | ||||||
Korea Line Corp.(a) | 92,460 | 215,357 | ||||||
Korea REIT & Trust Co. Ltd. | 87,033 | 159,344 | ||||||
Korea United Pharm Inc.(a) | 3,819 | 146,583 | ||||||
Korean Reinsurance Co. | 37,690 | 304,333 | ||||||
Kumho Tire Co. Inc.(a) | 31,155 | 103,339 | ||||||
Kyung Dong Navien Co. Ltd. | 3,286 | 122,038 | ||||||
L&C Bio Co. Ltd. | 6,365 | 169,059 | ||||||
LEENO Industrial Inc. | 3,632 | 548,506 | ||||||
LegoChem Biosciences Inc.(a) | 8,174 | 301,560 | ||||||
LIG Nex1 Co. Ltd. | 4,466 | 254,856 | ||||||
LOTTE Fine Chemical Co. Ltd. | 6,729 | 447,651 | ||||||
LOTTE Reit Co. Ltd. | 47,302 | 214,902 | ||||||
Lotte Rental Co. Ltd. | 7,035 | 223,671 | ||||||
Lotte Tour Development Co. Ltd.(a) | 20,502 | 306,285 | ||||||
LS Corp. | 6,266 | 255,722 | ||||||
LS Electric Co. Ltd. | 6,633 | 239,126 | ||||||
Lx Hausys Ltd. | 2,814 | 129,731 | ||||||
Lx International Corp. | 10,653 | 264,729 | ||||||
LX Semicon Co. Ltd. | 4,355 | 418,311 | ||||||
Maeil Dairies Co. Ltd. | 1,273 | 72,337 | ||||||
Mando Corp. | 12,264 | 468,884 | ||||||
Mcnex Co. Ltd. | 5,113 | 196,611 | ||||||
Medytox Inc.(a) | 2,077 | 211,725 | ||||||
MegaStudyEdu Co. Ltd.(a)(d) | 3,149 | 218,703 | ||||||
Mezzion Pharma Co. Ltd.(a)(d) | 2,680 | 367,341 | ||||||
Myoung Shin Industrial Co. Ltd.(a)(d) | 8,911 | 177,796 | ||||||
Namhae Chemical Corp.(a) | 18,559 | 150,073 | ||||||
Naturecell Co. Ltd.(a)(d) | 19,404 | 266,662 | ||||||
NEPES Corp.(a) | 7,640 | 183,083 | ||||||
Neptune Co., NVS(a) | 7,102 | 117,944 | ||||||
Next Science Co. Ltd.(a) | 19,296 | 277,660 | ||||||
NEXTIN Inc.(a) | 2,010 | 93,677 | ||||||
NHN Corp.(a) | 7,788 | 232,551 | ||||||
NHN KCP Corp.(a)(d) | 9,904 | 194,814 | ||||||
NICE Information Service Co. Ltd.(a)(d) | 13,235 | 205,451 | ||||||
NKMax Co. Ltd.(a) | 14,003 | 183,785 | ||||||
NongShim Co. Ltd. | 1,340 | 343,091 | ||||||
OCI Co. Ltd.(a) | 7,370 | 651,946 | ||||||
OliX Pharmaceuticals Inc.(a) | 7,370 | 171,217 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Orion Holdings Corp. | 7,906 | $ | 93,201 | |||||
Oscotec Inc.(a)(d) | 8,777 | 220,100 | ||||||
Osstem Implant Co. Ltd.(a)(c) | 4,094 | 418,430 | ||||||
Ottogi Corp. | 268 | 96,696 | ||||||
Paradise Co. Ltd., NVS(a) | 18,626 | 259,819 | ||||||
Park Systems Corp. | 1,742 | 173,922 | ||||||
Partron Co. Ltd.(d) | 14,807 | 142,568 | ||||||
People & Technology Inc.(a) | 6,499 | 233,418 | ||||||
PharmaResearch Co. Ltd. | 1,876 | 137,540 | ||||||
Pharmicell Co. Ltd.(a) | 23,048 | 211,795 | ||||||
PI Advanced Materials Co. Ltd.(a) | 7,169 | 261,610 | ||||||
Poongsan Corp. | 7,390 | 196,824 | ||||||
Posco ICT Co. Ltd.(d) | 24,140 | 116,239 | ||||||
Posco International Corp.(d) | 19,028 | 330,161 | ||||||
PSK Inc. | 3,618 | 144,353 | ||||||
RFHIC Corp. | 6,919 | 164,534 | ||||||
S&S Tech Corp. | 6,365 | 149,469 | ||||||
Sam Chun Dang Pharm Co. Ltd.(a) | 8,576 | 261,629 | ||||||
Sam Kang M&T Co. Ltd.(a)(d) | 9,849 | 152,291 | ||||||
Samwha Capacitor Co. Ltd. | 4,023 | 190,440 | ||||||
Samyang Holdings Corp. | 1,407 | 97,990 | ||||||
Sang-A Frontec Co. Ltd., NVS | 4,399 | 152,538 | ||||||
Sebang Global Battery Co. Ltd. | 2,479 | 132,398 | ||||||
Seojin System Co. Ltd.(a) | 5,226 | 148,926 | ||||||
Seoul Semiconductor Co. Ltd.(a)(d) | 16,852 | 188,669 | ||||||
SFA Engineering Corp. | 7,839 | 247,321 | ||||||
SFA Semicon Co. Ltd.(a)(d) | 29,748 | 163,258 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(a) | 12,024 | 347,014 | ||||||
Shinsegae Inc.(d) | 2,613 | 573,521 | ||||||
Shinsegae International Inc. | 1,005 | 128,022 | ||||||
SillaJen Inc.(a)(c) | 19,774 | 119,399 | ||||||
SIMMTECH Co. Ltd. | 7,705 | 345,902 | ||||||
SK Networks Co. Ltd. | 48,575 | 179,226 | ||||||
SL Corp.(a) | 6,005 | 119,705 | ||||||
SM Entertainment Co. Ltd. | 7,318 | 457,594 | ||||||
SNT Motiv Co. Ltd. | 4,087 | 147,774 | ||||||
SOLUM Co. Ltd.(a) | 11,323 | 215,870 | ||||||
Solus Advanced Materials Co Ltd. | 4,154 | 220,124 | ||||||
Soulbrain Co. Ltd./New | 1,657 | 316,381 | ||||||
ST Pharm Co. Ltd. | 3,484 | 290,526 | ||||||
STIC Investments Inc. | 10,988 | 94,001 | ||||||
Taekwang Industrial Co. Ltd.(a) | 134 | 113,543 | ||||||
Taihan Electric Wire Co. Ltd.(a)(d) | 110,081 | 147,881 | ||||||
TES Co. Ltd./Korea(d) | 5,896 | 125,842 | ||||||
Tesna Inc.(d) | 4,690 | 174,282 | ||||||
Tokai Carbon Korea Co. Ltd. | 1,876 | 185,276 | ||||||
Tongyang Life Insurance Co. Ltd | 20,931 | 107,473 | ||||||
TY Holdings Co. Ltd./Korea(a)(d) | 10,929 | 249,177 | ||||||
Unid Co. Ltd.(d) | 1,943 | 141,696 | ||||||
UniTest Inc.(a) | 7,169 | 158,389 | ||||||
Vidente Co. Ltd.(a) | 14,542 | 200,290 | ||||||
Webzen Inc.(a)(d) | 11,122 | 216,439 | ||||||
Wemade Co. Ltd. | 6,767 | 628,135 | ||||||
WONIK IPS Co. Ltd.(d) | 11,659 | 352,014 | ||||||
Wonik QnC Corp.(a)(d) | 6,566 | 141,343 | ||||||
Woori Technology Investment Co. Ltd., NVS(a) | 21,842 | 156,434 | ||||||
Wysiwyg Studious Co. Ltd.(a) | 9,246 | 278,721 | ||||||
Y2 Solution Co. Ltd.(a)(c) | 8,823 | 10,743 | ||||||
YG Entertainment Inc.(d) | 4,434 | 245,305 | ||||||
Youngone Corp.(a)(d) | 9,056 | 322,067 |
62 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Zinus Inc.(a)(d) | 4,221 | $ | 264,976 | |||||
|
| |||||||
58,380,862 | ||||||||
Taiwan — 22.7% | ||||||||
AcBel Polytech Inc. | 134,000 | 161,688 | ||||||
ADATA Technology Co. Ltd. | 85,000 | 285,988 | ||||||
Adimmune Corp. | 105,000 | 149,813 | ||||||
Advanced Ceramic X Corp. | 18,000 | 174,520 | ||||||
Advanced Energy Solution Holding Co. Ltd. | 11,000 | 522,348 | ||||||
Advanced Wireless Semiconductor Co. | 67,596 | 250,208 | ||||||
Alchip Technologies Ltd., NVS | 26,000 | 1,015,756 | ||||||
AmTRAN Technology Co. Ltd. | 313,471 | 181,505 | ||||||
AP Memory Technology Corp. | 29,000 | 385,289 | ||||||
Arcadyan Technology Corp. | 67,541 | 279,757 | ||||||
Ardentec Corp. | 201,000 | 368,375 | ||||||
Asia Optical Co. Inc.(a) | 67,000 | 196,467 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 737,910 | 210,907 | ||||||
Asia Vital Components Co. Ltd. | 134,000 | 535,769 | ||||||
ASPEED Technology Inc., NVS | 8,000 | 786,280 | ||||||
BES Engineering Corp. | 536,000 | 169,629 | ||||||
Bizlink Holding Inc. | 53,770 | 582,230 | ||||||
Brighton-Best International Taiwan Inc. | 134,000 | 191,806 | ||||||
Capital Securities Corp. | 737,530 | 417,334 | ||||||
Career Technology MFG. Co. Ltd.(a) | 201,369 | 172,260 | ||||||
Cathay Real Estate Development Co. Ltd. | 201,300 | 138,255 | ||||||
Center Laboratories Inc. | 148,319 | 313,030 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 67,000 | 262,005 | ||||||
Chang Wah Electromaterials Inc. | 134,000 | 182,546 | ||||||
Chang Wah Technology Co. Ltd. | 67,000 | 242,702 | ||||||
Charoen Pokphand Enterprise | 67,000 | 202,737 | ||||||
Cheng Loong Corp. | 268,000 | 330,735 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 134,000 | 184,121 | ||||||
Chicony Electronics Co. Ltd. | 201,000 | 646,552 | ||||||
Chicony Power Technology Co. Ltd. | 67,000 | 190,307 | ||||||
China Airlines Ltd.(a) | 938,000 | 956,417 | ||||||
China General Plastics Corp. | 140,700 | 175,122 | ||||||
China Man-Made Fiber Corp. | 557,031 | 193,343 | ||||||
China Motor Corp. | 67,200 | 150,031 | ||||||
China Petrochemical Development Corp.(a) | 1,353,145 | 584,584 | ||||||
China Steel Chemical Corp. | 67,000 | 288,189 | ||||||
Chin-Poon Industrial Co. Ltd. | 134,000 | 174,865 | ||||||
Chipbond Technology Corp. | 252,000 | 627,041 | ||||||
ChipMOS Technologies Inc. | 268,000 | 506,194 | ||||||
Chong Hong Construction Co. Ltd. | 67,424 | 184,219 | ||||||
Chroma ATE Inc. | 134,000 | 912,339 | ||||||
Chung Hung Steel Corp. | 335,000 | 497,483 | ||||||
Chung Hwa Pulp Corp.(a) | 134,000 | 108,128 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 134,000 | 201,473 | ||||||
Cleanaway Co. Ltd. | 29,000 | 220,400 | ||||||
Clevo Co. | 134,000 | 147,711 | ||||||
Compeq Manufacturing Co. Ltd. | 335,000 | 580,513 | ||||||
Coretronic Corp. | 134,400 | 344,427 | ||||||
Co-Tech Development Corp. | 67,000 | 182,110 | ||||||
CSBC Corp. Taiwan(a) | 201,548 | 152,097 | ||||||
CTCI Corp. | 201,000 | 295,837 | ||||||
Cub Elecparts Inc. | 30,361 | 171,482 | ||||||
Darfon Electronics Corp. | 134,000 | 219,078 | ||||||
Dynapack International Technology Corp. | 67,000 | 239,672 | ||||||
EirGenix Inc.(a) | 48,000 | 178,919 | ||||||
Elan Microelectronics Corp. | 110,000 | 653,294 | ||||||
Elite Material Co. Ltd. | 103,000 | 1,010,044 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Elite Semiconductor Microelectronics Technology Inc. | 91,000 | $ | 479,129 | |||||
ENNOSTAR Inc.(a) | 201,184 | 577,439 | ||||||
Episil Technologies Inc(a) | 86,963 | 341,541 | ||||||
Eternal Materials Co. Ltd. | 335,399 | 435,973 | ||||||
Eva Airways Corp.(a) | 871,000 | 1,026,001 | ||||||
Evergreen International Storage & Transport Corp. | 201,000 | 273,807 | ||||||
Everlight Electronics Co. Ltd. | 134,000 | 241,350 | ||||||
Far Eastern Department Stores Ltd. | 469,000 | 357,008 | ||||||
Far Eastern International Bank | 1,024,319 | 407,567 | ||||||
Faraday Technology Corp. | 67,000 | 671,418 | ||||||
Farglory Land Development Co. Ltd. | 67,000 | 146,583 | ||||||
Feng Hsin Steel Co. Ltd. | 187,000 | 563,972 | ||||||
First Copper Technology Co. Ltd. | 67,000 | 104,685 | ||||||
Fitipower Integrated Technology Inc. | 42,512 | 344,840 | ||||||
FLEXium Interconnect Inc.(a) | 134,418 | 458,853 | ||||||
FocalTech Systems Co. Ltd. | 67,000 | 371,691 | ||||||
Formosa Sumco Technology Corp. | 25,000 | 232,613 | ||||||
Formosa Taffeta Co. Ltd. | 335,000 | 341,994 | ||||||
Foxsemicon Integrated Technology Inc. | 29,200 | 229,265 | ||||||
Fulgent Sun International Holding Co. Ltd. | 67,330 | 284,516 | ||||||
Fusheng Precision Co. Ltd. | 54,000 | 381,021 | ||||||
General Interface Solution Holding Ltd., NVS | 67,000 | 218,013 | ||||||
Genius Electronic Optical Co. Ltd., NVS | 27,585 | 456,262 | ||||||
Getac Holdings Corp. | 134,000 | 283,146 | ||||||
Gigabyte Technology Co. Ltd. | 193,000 | 988,970 | ||||||
Global Mixed Mode Technology Inc. | 24,000 | 207,705 | ||||||
Global Unichip Corp. | 31,000 | 514,311 | ||||||
Gold Circuit Electronics Ltd. | 134,000 | 392,699 | ||||||
Goldsun Building Materials Co. Ltd. | 335,426 | 318,277 | ||||||
Gourmet Master Co. Ltd. | 49,821 | 203,758 | ||||||
Grand Pacific Petrochemical | 335,000 | 343,600 | ||||||
Grape King Bio Ltd. | 67,000 | 363,348 | ||||||
Great Wall Enterprise Co. Ltd. | 268,842 | 521,830 | ||||||
Greatek Electronics Inc. | 134,000 | 350,714 | ||||||
Hannstar Board Corp. | 134,481 | 216,929 | ||||||
HannStar Display Corp. | 804,320 | 463,898 | ||||||
Highwealth Construction Corp. | 268,000 | 469,515 | ||||||
Holtek Semiconductor Inc. | 67,000 | 261,758 | ||||||
Holy Stone Enterprise Co. Ltd. | 67,050 | 282,435 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 67,773 | 193,692 | ||||||
Hotai Finance Co. Ltd. | 67,000 | 297,751 | ||||||
Hsin Kuang Steel Co. Ltd. | 96,000 | 215,699 | ||||||
HTC Corp.(a) | 268,000 | 563,815 | ||||||
Huaku Development Co. Ltd. | 96,080 | 311,902 | ||||||
IBF Financial Holdings Co. Ltd. | 802,478 | 454,157 | ||||||
International CSRC Investment Holdings Co. | 335,945 | 308,138 | ||||||
International Games System Co. Ltd. | 21,000 | 519,046 | ||||||
ITE Technology Inc. | 67,000 | 262,781 | ||||||
ITEQ Corp. | 76,559 | 357,308 | ||||||
Jentech Precision Industrial Co. Ltd. | 24,000 | 332,847 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 205,436 | 90,499 | ||||||
Johnson Health Tech Co. Ltd. | 87,000 | 175,140 | ||||||
Kenda Rubber Industrial Co. Ltd. | 268,675 | 289,922 | ||||||
Kindom Development Co. Ltd. | 147,400 | 196,554 | ||||||
King Slide Works Co. Ltd., NVS | 14,000 | 215,241 | ||||||
King Yuan Electronics Co. Ltd. | 402,000 | 633,301 | ||||||
King’s Town Bank Co. Ltd. | 335,000 | 484,058 | ||||||
Kinpo Electronics | 469,000 | 258,728 | ||||||
Kinsus Interconnect Technology Corp. | 110,000 | 915,233 | ||||||
KMC Kuei Meng International Inc. | 27,000 | 186,843 |
SCHEDULE OF INVESTMENTS | 63 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
LandMark Optoelectronics Corp. | 21,400 | $ | 139,694 | |||||
Lien Hwa Industrial Holdings Corp. | 335,525 | 805,794 | ||||||
Longchen Paper & Packaging Co. Ltd. | 268,357 | 209,084 | ||||||
Lotes Co. Ltd. | 24,392 | 633,529 | ||||||
Lotus Pharmaceutical Co. Ltd. | 48,000 | 193,489 | ||||||
Lung Yen Life Service Corp. | 134,000 | 207,910 | ||||||
Macronix International Co. Ltd. | 670,000 | 1,060,607 | ||||||
Makalot Industrial Co. Ltd. | 65,391 | 516,565 | ||||||
Medigen Vaccine Biologics Corp.(a) | 54,000 | 449,759 | ||||||
Mercuries & Associates Holding Ltd. | 134,579 | 102,711 | ||||||
Mercuries Life Insurance Co. Ltd.(a) | 493,651 | 157,387 | ||||||
Merida Industry Co. Ltd. | 71,000 | 723,128 | ||||||
Merry Electronics Co. Ltd. | 68,616 | 201,363 | ||||||
Microbio Co. Ltd.(a) | 128,766 | 290,591 | ||||||
Mitac Holdings Corp. | 469,383 | 567,408 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 174,000 | 251,002 | ||||||
Nantex Industry Co. Ltd. | 115,000 | 306,330 | ||||||
Nuvoton Technology Corp. | 67,000 | 335,002 | ||||||
OBI Pharma Inc.(a) | 67,184 | 282,263 | ||||||
Oriental Union Chemical Corp.(a) | 268,000 | 209,232 | ||||||
Pan Jit International Inc. | 122,000 | 448,689 | ||||||
Pan-International Industrial Corp. | 134,722 | 181,521 | ||||||
PChome Online Inc. | 40,305 | 163,894 | ||||||
Pharmally International Holding Co. Ltd.(a)(c) | 21,603 | — | ||||||
Phison Electronics Corp. | 61,000 | 1,128,630 | ||||||
Pixart Imaging Inc. | 67,635 | 327,217 | ||||||
Powertech Technology Inc. | 201,000 | 681,780 | ||||||
Poya International Co. Ltd. | 17,976 | 260,479 | ||||||
President Securities Corp. | 348,623 | 269,613 | ||||||
Primax Electronics Ltd. | 134,000 | 253,034 | ||||||
Prince Housing & Development Corp. | 536,917 | 265,446 | ||||||
Qisda Corp. | 603,000 | 666,426 | ||||||
Radiant Opto-Electronics Corp. | 187,000 | 676,160 | ||||||
RDC Semiconductor Co. Ltd.(a) | 18,000 | 275,766 | ||||||
Rexon Industrial Corp. Ltd. | 105,000 | 161,749 | ||||||
RichWave Technology Corp. | 34,000 | 263,261 | ||||||
Ruentex Industries Ltd. | 173,000 | 719,707 | ||||||
Run Long Construction Co. Ltd. | 141,800 | 281,834 | ||||||
Sanyang Motor Co. Ltd. | 201,820 | 204,562 | ||||||
ScinoPharm Taiwan Ltd. | 134,708 | 113,703 | ||||||
SDI Corp. | 58,000 | 277,208 | ||||||
Sercomm Corp. | 67,000 | 175,035 | ||||||
Shin Zu Shing Co. Ltd. | 67,856 | 220,430 | ||||||
Shinkong Synthetic Fibers Corp. | 469,135 | 343,098 | ||||||
Sigurd Microelectronics Corp. | 134,124 | 275,546 | ||||||
Simplo Technology Co. Ltd. | 67,600 | 758,590 | ||||||
Sinbon Electronics Co. Ltd. | 67,000 | 644,117 | ||||||
Sincere Navigation Corp. | 134,000 | 136,799 | ||||||
Sino-American Silicon Products Inc. | 189,000 | 1,242,897 | ||||||
Sinyi Realty Inc. | 134,778 | 163,619 | ||||||
Sitronix Technology Corp. | 47,000 | 497,952 | ||||||
Solar Applied Materials Technology Corp., NVS | 134,943 | 252,510 | ||||||
Sonix Technology Co. Ltd. | 67,000 | 211,465 | ||||||
Standard Foods Corp. | 201,000 | 365,017 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 20,000 | 142,299 | ||||||
Sunplus Technology Co. Ltd. | 201,000 | 247,745 | ||||||
Supreme Electronics Co. Ltd. | 152,705 | 293,227 | ||||||
Systex Corp. | 67,000 | 197,525 | ||||||
TA Chen Stainless Pipe | 529,235 | 1,011,818 | ||||||
Taichung Commercial Bank Co. Ltd. | 1,062,902 | 509,881 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
TaiMed Biologics Inc.(a) | 67,000 | $ | 166,228 | |||||
Tainan Spinning Co. Ltd. | 402,190 | 337,762 | ||||||
Taita Chemical Co. Ltd. | 73,700 | 87,109 | ||||||
Taiwan Business Bank | 2,078,340 | 827,337 | ||||||
Taiwan Cogeneration Corp. | 201,000 | 266,072 | ||||||
Taiwan Fertilizer Co. Ltd. | 311,000 | 764,865 | ||||||
Taiwan Glass Industry Corp. | 335,000 | 278,786 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 134,004 | 360,904 | ||||||
Taiwan Mask Corp. | 67,000 | 240,271 | ||||||
Taiwan Paiho Ltd. | 67,050 | 188,805 | ||||||
Taiwan Secom Co. Ltd. | 134,450 | 493,596 | ||||||
Taiwan Semiconductor Co. Ltd. | 67,000 | 165,609 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 201,366 | 283,080 | ||||||
Taiwan Surface Mounting Technology Corp. | 84,000 | 354,428 | ||||||
Taiwan TEA Corp.(a) | 268,000 | 205,873 | ||||||
Taiwan Union Technology Corp. | 67,000 | 207,594 | ||||||
Tanvex BioPharma Inc.(a) | 73,862 | 156,756 | ||||||
Tatung Co. Ltd.(a) | 613,000 | 691,826 | ||||||
TCI Co. Ltd. | 34,528 | 242,129 | ||||||
Teco Electric and Machinery Co. Ltd. | 670,000 | 723,715 | ||||||
Test Research Inc. | 67,000 | 150,334 | ||||||
Tong Hsing Electronic Industries Ltd. | 67,641 | 708,608 | ||||||
Tong Yang Industry Co. Ltd. | 134,133 | 156,647 | ||||||
Topco Scientific Co. Ltd. | 59,000 | 365,454 | ||||||
TPK Holding Co. Ltd. | 134,000 | 185,660 | ||||||
Transcend Information Inc. | 134,000 | 339,863 | ||||||
Tripod Technology Corp. | 134,000 | 614,368 | ||||||
TSEC Corp.(a) | 134,000 | 185,185 | ||||||
TSRC Corp. | 268,000 | 339,878 | ||||||
TTY Biopharm Co. Ltd. | 67,450 | 164,742 | ||||||
Tung Ho Steel Enterprise Corp. | 223,750 | 563,585 | ||||||
TXC Corp. | 134,000 | 468,405 | ||||||
U-Ming Marine Transport Corp. | 154,000 | 337,372 | ||||||
Union Bank of Taiwan(a) | 641,226 | 316,356 | ||||||
United Integrated Services Co. Ltd. | 67,400 | 426,699 | ||||||
United Renewable Energy Co. Ltd.(a) | 570,059 | 422,650 | ||||||
UPC Technology Corp. | 268,741 | 203,322 | ||||||
USI Corp. | 268,070 | 274,941 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 67,425 | 274,269 | ||||||
Wafer Works Corp. | 210,918 | 554,496 | ||||||
Wah Lee Industrial Corp. | 68,340 | 261,497 | ||||||
Walsin Lihwa Corp. | 871,000 | 880,841 | ||||||
Walsin Technology Corp. | 134,000 | 709,772 | ||||||
Wisdom Marine Lines Co. Ltd. | 156,000 | 507,522 | ||||||
Wistron Corp. | 912,000 | 961,126 | ||||||
Wistron NeWeb Corp. | 134,481 | 342,540 | ||||||
WT Microelectronics Co. Ltd. | 134,757 | 403,809 | ||||||
XinTec Inc. | 67,000 | 289,296 | ||||||
Xxentria Technology Materials Corp. | 67,000 | 166,593 | ||||||
YFY Inc. | 402,000 | 485,594 | ||||||
Yieh Phui Enterprise Co. Ltd.(a) | 268,797 | 234,653 | ||||||
Yulon Finance Corp. | 77,142 | 561,323 | ||||||
Yulon Motor Co. Ltd. | 201,026 | 295,959 | ||||||
YungShin Global Holding Corp. | 134,200 | 203,769 | ||||||
Yungtay Engineering Co. Ltd. | 67,000 | 153,908 | ||||||
|
| |||||||
85,583,898 | ||||||||
Thailand — 3.9% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR | 33,500 | 203,044 | ||||||
Amata Corp. PCL, NVDR(d) | 408,776 | 268,530 | ||||||
AP Thailand PCL, NVDR | 1,086,600 | 353,199 |
64 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangchak Corp. PCL, NVDR | 509,300 | $ | 485,509 | |||||
Bangkok Chain Hospital PCL, NVDR(d) | 629,800 | 368,146 | ||||||
Bangkok Land PCL, NVDR(d) | 6,284,600 | 200,030 | ||||||
Bangkok Life Assurance PCL, NVDR(d) | 218,900 | 293,650 | ||||||
Banpu PCL, NVDR(d) | 1,963,100 | 657,933 | ||||||
Central Plaza Hotel PCL, NVDR(a) | 207,700 | 219,501 | ||||||
CH Karnchang PCL, NVDR | 455,700 | 294,002 | ||||||
Chularat Hospital PCL, NVDR(d) | 2,586,200 | 277,286 | ||||||
CK Power PCL, NVDR | 1,125,700 | 176,320 | ||||||
Com7 PCL, NVDR | 218,300 | 554,184 | ||||||
Eastern Polymer Group PCL, NVDR | 489,800 | 148,565 | ||||||
Eastern Water Resources Development and Management PCL, NVDR(d) | 790,600 | 185,098 | ||||||
Esso Thailand PCL, NVDR(a)(d) | 623,100 | 143,868 | ||||||
GFPT PCL, NVDR | 542,800 | 217,618 | ||||||
Gunkul Engineering PCL, NVDR(d) | 1,455,299 | 277,771 | ||||||
Hana Microelectronics PCL, NVDR | 221,100 | 347,997 | ||||||
IRPC PCL, NVDR | 4,133,900 | 484,579 | ||||||
Jasmine International PCL, NVDR(a) | 2,304,800 | 254,760 | ||||||
Jay Mart PCL, NVDR | 180,900 | 314,469 | ||||||
JMT Network Services PCL, NVDR(d) | 198,600 | 415,559 | ||||||
KCE Electronics PCL, NVDR | 321,900 | 599,305 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a) | 1,031,930 | 107,354 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 120,632 | 252,670 | ||||||
Major Cineplex Group PCL, NVDR | 342,000 | 211,428 | ||||||
MBK PCL, NVDR(a) | 569,500 | 218,815 | ||||||
Mega Lifesciences PCL, NVDR | 174,200 | 229,463 | ||||||
Ngern Tid Lor PCL, NVDR(a) | 411,400 | 474,116 | ||||||
Plan B Media PCL, NVDR(a)(d) | 1,150,380 | 280,721 | ||||||
Pruksa Holding PCL, NVDR | 509,200 | 224,490 | ||||||
PTG Energy PCL, NVDR(d) | 368,600 | 163,092 | ||||||
Quality Houses PCL, NVDR | 3,236,167 | 226,370 | ||||||
Sansiri PCL, NVDR | 4,944,600 | 187,281 | ||||||
Siam Global House PCL, NVDR | 1 | 1 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 422,200 | 180,187 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR(d) | 495,828 | 215,326 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 341,780 | 280,670 | ||||||
Star Petroleum Refining PCL, NVDR(a) | 790,600 | 217,391 | ||||||
Supalai PCL, NVDR | 509,300 | 342,997 | ||||||
Super Energy Corp. PCL, NVDR | 7,584,400 | 214,015 | ||||||
Thai Vegetable Oil PCL, NVDR(d) | 234,600 | 233,344 | ||||||
Thanachart Capital PCL, NVDR | 120,600 | 154,739 | ||||||
Thonburi Healthcare Group PCL, NVDR | 255,900 | 389,626 | ||||||
Thoresen Thai Agencies PCL, NVDR | 580,500 | 177,803 | ||||||
Tipco Asphalt PCL, NVDR(d) | 355,100 | 198,878 | ||||||
Tisco Financial Group PCL, NVDR | 73,700 | 221,094 | ||||||
TOA Paint Thailand PCL, NVDR(d) | 214,400 | 191,100 | ||||||
TPI Polene Power PCL, NVDR | 2,090,400 | 261,198 | ||||||
TTW PCL, NVDR(d) | 790,600 | 278,253 | ||||||
VGI PCL, NVDR(d) | 1,775,500 | 316,706 | ||||||
WHA Corp. PCL, NVDR(d) | 3,618,000 | 377,646 | ||||||
|
| |||||||
14,567,697 | ||||||||
Turkey — 1.1% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 95,006 | 166,043 | ||||||
Coca-Cola Icecek AS | 32,160 | 253,209 | ||||||
Dogan Sirketler Grubu Holding AS | 582,029 | 107,238 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 872,494 | 125,450 | ||||||
Enerjisa Enerji AS(b) | 90,115 | 86,207 | ||||||
Gubre Fabrikalari TAS(a) | 19,669 | 108,149 | ||||||
Haci Omer Sabanci Holding AS | 381,693 | 428,569 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Hektas Ticaret TAS(a)(d) | 173,061 | $ | 162,099 | |||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a) | 309,741 | 262,514 | ||||||
Koza Altin Isletmeleri AS(a) | 14,807 | 122,498 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 91,924 | 130,312 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 23,383 | 94,358 | ||||||
Migros Ticaret AS(a)(d) | 50,515 | 131,395 | ||||||
MLP Saglik Hizmetleri AS(a)(b) | 49,513 | 105,893 | ||||||
Nuh Cimento Sanayi AS | 23,628 | 71,702 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 4,087 | 119,689 | ||||||
Oyak Cimento Fabrikalari AS(a)(d) | 185,389 | 97,264 | ||||||
Pegasus Hava Tasimaciligi AS(a)(d) | 19,893 | 134,564 | ||||||
Petkim Petrokimya Holding AS(a) | 458,079 | 256,506 | ||||||
TAV Havalimanlari Holding AS(a) | 86,162 | 209,674 | ||||||
Tekfen Holding AS(d) | 82,008 | 109,552 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 47,101 | 273,276 | ||||||
Turk Hava Yollari AO(a) | 195,631 | 362,137 | ||||||
Turkiye Halk Bankasi AS(a)(d) | 397,578 | 126,101 | ||||||
Yapi ve Kredi Bankasi AS | 1,024,430 | 264,599 | ||||||
|
| |||||||
4,308,998 | ||||||||
United Arab Emirates — 0.8% | ||||||||
Agthia Group PJSC | 103,180 | 137,085 | ||||||
Air Arabia PJSC, NVS(a) | 1,037,403 | 464,821 | ||||||
Al Waha Capital PJSC | 314,833 | 137,037 | ||||||
Al Yah Satellite Communications Co.(a) | 351,482 | 251,467 | ||||||
Amanat Holdings PJSC(a) | 363,877 | 113,358 | ||||||
Aramex PJSC | 204,314 | 223,158 | ||||||
Dana Gas PJSC | 1,181,813 | 341,616 | ||||||
Drake & Scull International PJSC(a)(c) | 241,185 | 7,289 | ||||||
Dubai Financial Market PJSC(a) | 585,111 | 373,181 | ||||||
Dubai Investments PJSC, NVS | 778,308 | 479,064 | ||||||
Emaar Development PJSC(a) | 313,359 | 366,567 | ||||||
Ras Al Khaimah Ceramics, NVS | 176,746 | 153,311 | ||||||
|
| |||||||
3,047,954 | ||||||||
|
| |||||||
Total Common Stocks — 98.5% | 371,398,168 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 0.9% | ||||||||
Azul SA, Preference Shares, NVS(a) | 115,843 | 559,784 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 32,911 | 98,931 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 28,922 | 55,887 | ||||||
Banco Pan SA, Preference Shares, NVS | 129,444 | 249,811 | ||||||
Bradespar SA, Preference Shares, NVS | 89,914 | 517,568 | ||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 129,377 | 99,983 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS | 63,315 | 279,338 | ||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 221,552 | 296,036 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a) | 88,239 | 288,331 | ||||||
Marcopolo SA, Preference Shares, NVS | 216,424 | 121,109 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 288,435 | 579,697 | ||||||
Randon SA Implementos e Participacoes, Preference Shares, NVS | 84,956 | 173,405 | ||||||
Unipar Carbocloro SA, Class B, Preference Shares, NVS | 17,113 | 312,284 | ||||||
|
| |||||||
3,632,164 |
SCHEDULE OF INVESTMENTS | 65 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 120,466 | $ | 262,327 | |||||
|
| |||||||
Total Preferred Stocks — 1.0% | 3,894,491 | |||||||
|
| |||||||
Rights | ||||||||
South Korea — 0.0% | ||||||||
BNC Korea Co. Ltd. (Expires 03/08/22)(a) | 4,120 | 3,941 | ||||||
Taihan Electric Wire Co. Ltd. | 50,272 | 12,752 | ||||||
|
| |||||||
16,693 | ||||||||
Thailand — 0.0% | ||||||||
Bangchak Corp. PCL (Expires 03/03/22)(a) | 24,666 | — | ||||||
Khon Kaen Sugar (Expires 03/03/22)(a) | 10,138 | — | ||||||
VGI PCL (Expires 03/25/22)(a) | 532,650 | 13,041 | ||||||
|
| |||||||
13,041 | ||||||||
|
| |||||||
Total Rights — 0.0% | 29,734 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h) | 19,703,271 | 19,707,212 | ||||||
|
| |||||||
Total Short-Term Investments — 5.2% | 19,707,212 | |||||||
|
| |||||||
Total Investments in Securities — 104.7% | 395,029,605 | |||||||
Other Assets, Less Liabilities — (4.7)% | (17,848,704 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 377,180,901 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | All or a portion of this security is on loan. |
(e) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $68,056, representing less than 0.05% of its net assets as of period end, and an original cost of $336,376. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 20,739,436 | $ | — | $ | (1,027,148 | )(a) | $ | (2,296 | ) | $ | (2,780 | ) | $ | 19,707,212 | 19,703,271 | $ | 406,888 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 2,250,000 | — | (2,250,000 | )(a) | — | — | — | — | 85 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,296 | ) | $ | (2,780 | ) | $ | 19,707,212 | $ | 406,973 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(c) | As of period end, the entity is no longer held. |
66 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 26 | 03/18/22 | $ | 1,528 | $ | (39,473 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 39,473 | ||
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||||||
Equity Contracts | ||||||||
| ||||||||
Net Realized Gain (Loss) from: | ||||||||
Futures contracts | $ | (57,884 | ) | |||||
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||
Futures contracts | $ | (67,705 | ) | |||||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,345,102 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated 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 Consolidated Financial Statements.
SCHEDULE OF INVESTMENTS | 67 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Small-Cap ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 52,944,803 | $ | 316,845,066 | $ | 1,608,299 | $ | 371,398,168 | ||||||||
Preferred Stocks | — | 3,894,491 | — | 3,894,491 | ||||||||||||
Rights | — | 29,734 | — | 29,734 | ||||||||||||
Money Market Funds | 19,707,212 | — | — | 19,707,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 72,652,015 | $ | 320,769,291 | $ | 1,608,299 | $ | 395,029,605 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (39,473 | ) | $ | — | $ | — | $ | (39,473 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
68 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares Core MSCI Emerging Markets ETF (Consolidated) | iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF (Consolidated) | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 72,659,423,017 | $ | 115,914,424 | $ | 777,235,258 | $ | 375,322,393 | ||||||||
Affiliated(c) | 3,073,597,941 | 2,903,734 | 10,710,066 | 19,707,212 | ||||||||||||
Cash | 4,820,161 | 6,562 | 95,966 | 548,231 | ||||||||||||
Foreign currency, at value(d) | 59,247,472 | 55,388 | 466,492 | 970,199 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 5,737,000 | 3,000 | 21,000 | 47,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 224,449,002 | 672,554 | 3,661,176 | 8,537,034 | ||||||||||||
Securities lending income — Affiliated | 6,050,904 | 1,277 | 7,350 | 58,831 | ||||||||||||
Dividends | 132,534,913 | 61,071 | 1,481,182 | 849,417 | ||||||||||||
Tax reclaims | 1,263,778 | — | — | 6,751 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 76,167,124,188 | 119,618,010 | 793,678,490 | 406,047,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 2,766,498,123 | 1,922,961 | 8,611,614 | 19,749,274 | ||||||||||||
Deferred foreign capital gain tax | 295,357,466 | 812,019 | 2,517,218 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 313,349,644 | 728,342 | 4,225,978 | 8,218,990 | ||||||||||||
Variation margin on futures contracts | 1,988,624 | 484 | 5,624 | 10,856 | ||||||||||||
Bank borrowings | — | — | — | 682,139 | ||||||||||||
Investment advisory fees | 6,414,823 | 66,673 | 301,435 | 204,319 | ||||||||||||
Foreign taxes | 2,712,245 | — | 252 | 589 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 3,386,320,925 | 3,530,479 | 15,662,121 | 28,866,167 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 72,780,803,263 | $ | 116,087,531 | $ | 778,016,369 | $ | 377,180,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 68,915,424,204 | $ | 354,808,460 | $ | 790,070,226 | $ | 366,158,331 | ||||||||
Accumulated earnings (loss) | 3,865,379,059 | (238,720,929 | ) | (12,053,857 | ) | 11,022,570 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 72,780,803,263 | $ | 116,087,531 | $ | 778,016,369 | $ | 377,180,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 1,282,800,000 | 2,850,000 | 10,000,000 | 6,700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 56.74 | $ | 40.73 | $ | 77.80 | $ | 56.30 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 4.30 billion | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 2,612,132,173 | $ | 1,794,898 | $ | 8,126,855 | $ | 18,480,113 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 59,436,479,625 | $ | 137,557,190 | $ | 695,199,816 | $ | 348,748,593 | ||||||||
(c) Investments, at cost — Affiliated | $ | 3,073,295,234 | $ | 2,903,240 | $ | 10,708,637 | $ | 19,706,122 | ||||||||
(d) Foreign currency, at cost | $ | 59,230,481 | $ | 55,644 | $ | 468,691 | $ | 979,818 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 69 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares Core MSCI Emerging Markets ETF | iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 745,987,159 | $ | 1,200,290 | $ | 5,305,121 | $ | 3,615,065 | ||||||||
Dividends — Affiliated | 303,268 | 239 | 708 | 1,365 | ||||||||||||
Interest — Unaffiliated | — | — | 49 | — | ||||||||||||
Securities lending income — Affiliated — net(a) | 39,897,553 | 12,512 | 64,791 | 405,608 | ||||||||||||
Other income — Unaffiliated | 7,486 | — | — | — | ||||||||||||
Mauritius income taxes refund | — | — | 6,128 | — | ||||||||||||
Foreign taxes withheld | (83,581,977 | ) | (89,430 | ) | (764,244 | ) | (489,701 | ) | ||||||||
Other foreign taxes | (1,042,856 | ) | — | (18,582 | ) | (14,387 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 701,570,633 | 1,123,611 | 4,593,971 | 3,517,950 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 42,604,982 | 475,639 | 2,033,519 | 1,351,172 | ||||||||||||
Commitment fees | 19,090 | 1,086 | 6,601 | 3,154 | ||||||||||||
Professional fees | 217 | 217 | 217 | 217 | ||||||||||||
Mauritius income taxes | 294 | 194 | — | 295 | ||||||||||||
Interest expense | — | 183 | 116 | 19,911 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 42,624,583 | 477,319 | 2,040,453 | 1,374,749 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (19,601 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 42,604,982 | 477,319 | 2,040,453 | 1,374,749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 658,965,651 | 646,292 | 2,553,518 | 2,143,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(b) | (779,691,355 | ) | 4,636,679 | (39,268,015 | ) | 19,496,077 | ||||||||||
Investments — Affiliated | (392,780 | ) | (428 | ) | 171 | (2,296 | ) | |||||||||
In-kind redemptions — Unaffiliated | — | 852,335 | 2,511,930 | 730,123 | ||||||||||||
Futures contracts | (6,381,509 | ) | (37,057 | ) | (19,320 | ) | (57,884 | ) | ||||||||
Foreign currency transactions | (6,259,215 | ) | (5,527 | ) | (86,043 | ) | (468,668 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (792,724,859 | ) | 5,446,002 | (36,861,277 | ) | 19,697,352 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(c) | (7,631,818,026 | ) | (30,020,662 | ) | (52,991,707 | ) | (50,126,125 | ) | ||||||||
Investments — Affiliated | (590,174 | ) | (363 | ) | (2,250 | ) | (2,780 | ) | ||||||||
Futures contracts | (2,570,565 | ) | (7,319 | ) | (58,286 | ) | (67,705 | ) | ||||||||
Foreign currency translations | 7,358,191 | 26,371 | (30,761 | ) | (22,226 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (7,627,620,574 | ) | (30,001,973 | ) | (53,083,004 | ) | (50,218,836 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (8,420,345,433 | ) | (24,555,971 | ) | (89,944,281 | ) | (30,521,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,761,379,782 | ) | $ | (23,909,679 | ) | $ | (87,390,763 | ) | $ | (28,378,283 | ) | ||||
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| |||||||||
(a) Net of securities lending income tax paid of | $ | 3,989,646 | $ | — | $ | — | $ | — | ||||||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (106,913 | ) | $ | (187,334 | ) | $ | (457,394 | ) | $ | (2,828,966 | ) | ||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | 18,467,881 | $ | 572,486 | $ | 613,055 | $ | 2,131,776 |
See notes to financial statements.
70 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares Core MSCI Emerging Markets ETF (Consolidated) | iShares MSCI BRIC ETF | |||||||||||||||||||||
|
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|
| |||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||
| ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||
OPERATIONS |
| |||||||||||||||||||||
Net investment income | $ | 658,965,651 | $ | 1,530,049,822 | $ | 646,292 | $ | 2,235,278 | ||||||||||||||
Net realized gain (loss) | (792,724,859 | ) | (911,776,306 | ) | 5,446,002 | 31,233,685 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (7,627,620,574 | ) | 12,040,223,767 | (30,001,973 | ) | (8,170,900 | ) | |||||||||||||||
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| |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,761,379,782 | ) | 12,658,497,283 | (23,909,679 | ) | 25,298,063 | ||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,730,803,862 | ) | (1,363,503,586 | ) | (3,263,803 | ) | (1,832,595 | ) | ||||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,673,664,777 | 14,675,947,414 | (15,081,440 | ) | (12,245,845 | ) | ||||||||||||||||
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NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (7,818,518,867 | ) | 25,970,941,111 | (42,254,922 | ) | 11,219,623 | ||||||||||||||||
Beginning of period | 80,599,322,130 | 54,628,381,019 | 158,342,453 | 147,122,830 | ||||||||||||||||||
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End of period | $ | 72,780,803,263 | $ | 80,599,322,130 | $ | 116,087,531 | $ | 158,342,453 | ||||||||||||||
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(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 | 71 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF (Consolidated) | |||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 2,553,518 | $ | 11,902,973 | $ | 2,143,201 | $ | 5,136,327 | ||||||||||||
Net realized gain (loss) |
| (36,861,277 | ) | 44,989,063 | 19,697,352 | 23,493,196 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (53,083,004 | ) | 26,216,229 | (50,218,836 | ) | 66,286,938 | ||||||||||||||
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| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (87,390,763 | ) | 83,108,265 | (28,378,283 | ) | 94,916,461 | ||||||||||||||
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| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (16,088,918 | ) | (7,205,739 | ) | (11,439,379 | ) | (6,293,337 | ) | ||||||||||||
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| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (432,726 | ) | 247,467,812 | (275,843 | ) | 116,140,101 | ||||||||||||||
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| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (103,912,407 | ) | 323,370,338 | (40,093,505 | ) | 204,763,225 | ||||||||||||||
Beginning of period | 881,928,776 | 558,558,438 | 417,274,406 | 212,511,181 | ||||||||||||||||
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End of period | $ | 778,016,369 | $ | 881,928,776 | $ | 377,180,901 | $ | 417,274,406 | ||||||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
72 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares Core MSCI Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||
| ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.18 | $ | 53.34 | $ | 48.31 | $ | 52.27 | $ | 53.91 | $ | 44.60 | ||||||||||||||
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| |||||||||||||||
Net investment income(a) | 0.52 | 1.33 | 1.46 | 1.40 | 1.39 | 1.31 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
| (6.60 | ) | 10.70 | 5.21 | (4.01 | ) | (1.61 | ) | 8.95 | ||||||||||||||||
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| |||||||||||||||
Net increase (decrease) from investment operations | (6.08 | ) | 12.03 | 6.67 | (2.61 | ) | (0.22 | ) | 10.26 | |||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||
From net investment income | (1.36 | ) | (1.19 | ) | (1.64 | ) | (1.35 | ) | (1.42 | ) | (0.95 | ) | ||||||||||||||
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Total distributions | (1.36 | ) | (1.19 | ) | (1.64 | ) | (1.35 | ) | (1.42 | ) | (0.95 | ) | ||||||||||||||
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| |||||||||||||||
Net asset value, end of period | $ | 56.74 | $ | 64.18 | $ | 53.34 | $ | 48.31 | $ | 52.27 | $ | 53.91 | ||||||||||||||
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| |||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||
Based on net asset value | (9.58 | )%(e) | 22.67 | % | 13.97 | % | (4.93 | )%(f) | (0.52 | )% | 23.45 | % | ||||||||||||||
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| |||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||
Total expenses | 0.11 | %(h) | 0.12 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.15 | % | ||||||||||||||
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Total expenses after fees waived | 0.11 | %(h) | 0.12 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | ||||||||||||||
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| |||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.11 | % | 0.14 | % | 0.14 | % | N/A | N/A | |||||||||||||||||
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| |||||||||||||||
Net investment income | 1.70 | %(h) | 2.12 | % | 2.97 | % | 2.79 | % | 2.48 | % | 2.74 | % | ||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 72,780,803 | $ | 80,599,322 | $ | 54,628,381 | $ | 53,020,298 | $ | 49,079,726 | $ | 36,775,298 | ||||||||||||||
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| |||||||||||||||
Portfolio turnover rate(i) | 4 | %(e) | 9 | % | 15 | % | 15 | % | 6 | % | 4 | % | ||||||||||||||
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(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) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019: |
• Total return by 0.01%.
(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.
F I N A N C I A L H I G H L I G H T S | 73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI BRIC ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 02/28/22 | |
| Year Ended |
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
| |||||||||||||||||||||||||||||||
(unaudited) | 08/31/21 | 08/31/20 | (a) | 08/31/19 | (a) | 08/31/18 | (a) | 08/31/17 | (a) | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.27 | $ | 47.46 | $ | 40.23 | $ | 41.01 | $ | 42.21 | $ | 33.48 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(b) | 0.22 | 0.62 | 0.55 | 0.69 | 0.68 | 0.70 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (8.61 | ) | 2.74 | 7.34 | (0.59 | ) | (1.13 | ) | 8.57 | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (8.39 | ) | 3.36 | 7.89 | 0.10 | (0.45 | ) | 9.27 | ||||||||||||||||||||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.15 | ) | (0.55 | ) | (0.66 | ) | (0.88 | ) | (0.75 | ) | (0.54 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total distributions | (1.15 | ) | (0.55 | ) | (0.66 | ) | (0.88 | ) | (0.75 | ) | (0.54 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 40.73 | $ | 50.27 | $ | 47.46 | $ | 40.23 | $ | 41.01 | $ | 42.21 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (16.95 | )%(f) | 7.09 | % | 19.78 | % | 0.35 | % | (1.16 | )% | 28.15 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.69 | %(h) | 0.70 | % | 0.70 | % | 0.69 | % | 0.67 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 0.93 | %(h) | 1.20 | % | 1.29 | % | 1.69 | % | 1.51 | % | 1.96 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 116,088 | $ | 158,342 | $ | 147,123 | $ | 160,926 | $ | 205,064 | $ | 261,702 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 6 | %(f) | 80 | % | 42 | % | 53 | % | 22 | % | 24 | % | ||||||||||||||||||||||||||||||||||||
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|
|
(a) | Consolidated Financial Highlights. |
(b) | Based on average shares outstanding. |
(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.
74 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Asia ETF | ||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/22 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||
(unaudited) |
| 08/31/21 | 08/31/20 | (a) | 08/31/19 | (a) | 08/31/18 | (a) | 08/31/17 | (a) | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 88.19 | $ | 75.48 | $ | 62.82 | $ | 69.38 | $ | 69.15 | $ | 56.33 | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Net investment income(b) | 0.26 | 1.28 | 1.12 | 1.26 | 1.16 | 1.31 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
| (8.97 | ) | 12.32 | 12.79 | (6.52 | ) | 0.42 | 12.43 | |||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (8.71 | ) | 13.60 | 13.91 | (5.26 | ) | 1.58 | 13.74 | ||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.68 | ) | (0.89 | ) | (1.25 | ) | (1.30 | ) | (1.35 | ) | (0.92 | ) | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Total distributions | (1.68 | ) | (0.89 | ) | (1.25 | ) | (1.30 | ) | (1.35 | ) | (0.92 | ) | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 77.80 | $ | 88.19 | $ | 75.48 | $ | 62.82 | $ | 69.38 | $ | 69.15 | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (9.99 | )%(f) | 18.11 | % | 22.31 | % | (7.52 | )% | 2.22 | % | 24.80 | % | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Net investment income | 0.62 | %(h) | 1.46 | % | 1.68 | % | 1.94 | % | 1.58 | % | 2.16 | % | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 778,016 | $ | 881,929 | $ | 558,558 | $ | 452,328 | $ | 440,538 | $ | 501,330 | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 16 | %(f) | 48 | % | 20 | % | 16 | % | 33 | % | 15 | % | ||||||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
(a) | Consolidated Financial Highlights. |
(b) | Based on average shares outstanding. |
(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.
F I N A N C I A L H I G H L I G H T S | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Small-Cap ETF (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended | Year Ended | Year Ended 08/31/19 | Year Ended | Year Ended 08/31/17 | |||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.28 | $ | 44.74 | $ | 41.51 | $ | 47.64 | $ | 49.23 | $ | 43.27 | ||||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.33 | 0.96 | 0.85 | 0.99 | 1.10 | 1.04 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.55 | ) | 17.81 | 3.52 | (5.98 | ) | (1.22 | ) | 5.81 | |||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (4.22 | ) | 18.77 | 4.37 | (4.99 | ) | (0.12 | ) | 6.85 | |||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.76 | ) | (1.23 | ) | (1.14 | ) | (1.14 | ) | (1.47 | ) | (0.89 | ) | ||||||||||||||||||||||||||||||||||
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Total distributions | (1.76 | ) | (1.23 | ) | (1.14 | ) | (1.14 | ) | (1.47 | ) | (0.89 | ) | ||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 56.30 | $ | 62.28 | $ | 44.74 | $ | 41.51 | $ | 47.64 | $ | 49.23 | ||||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (6.92 | )%(e) | 42.38 | % | 10.68 | % | (10.50 | )% | (0.38 | )% | 16.17 | % | ||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.70 | %(g) | 0.69 | % | 0.71 | % | 0.69 | % | 0.67 | % | 0.69 | % | ||||||||||||||||||||||||||||||||||
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Net investment income | 1.09 | %(g) | 1.72 | % | 2.07 | % | 2.25 | % | 2.14 | % | 2.32 | % | ||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 377,181 | $ | 417,274 | $ | 212,511 | $ | 238,702 | $ | 262,024 | $ | 253,519 | ||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 39 | %(e) | 34 | % | 46 | % | 29 | % | 39 | % | 19 | % | ||||||||||||||||||||||||||||||||||
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(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.
76 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Core MSCI Emerging Markets | Diversified | |||
MSCI BRIC(a) | Diversified | |||
MSCI Emerging Markets Asia | Diversified | |||
MSCI Emerging Markets Small-Cap | Diversified |
(a) | The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index. |
Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF as of period end were $9,577,563,031 and $121,032, which is 13.2% and 0.0% of each respective Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
As of period end, MSCI Emerging Markets Small-Cap no longer invests in the Subsidiary. Effective February 10, 2022, MSCI Emerging Markets Small-Cap transferred substantially all of the assets of MSCI Emerging Markets Small-Cap’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets Small-Cap through on-exchange transactions in India. MSCI Emerging Markets Small-Cap recognized a realized gain/loss of $23,157,500 as a result of this transaction. After the transfer, MSCI Emerging Markets Small-Cap began making new investments in India directly.
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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
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 Consolidated 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 Consolidated 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 February 28, 2022, if any, are disclosed in the Consolidated 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 Consolidated Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Each of the iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under
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 | 77 |
Notes to Financial Statements (unaudited) (continued)
the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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.
78 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 Global 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 Global 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.
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.
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 | 79 |
Notes to Financial Statements (unaudited) (continued)
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 | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Barclays Bank PLC | $ | 3,032,799 | $ | 3,032,799 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. | 85,380,608 | 85,380,608 | — | — | ||||||||||||
BNP Paribas SA | 38,091,768 | 38,042,756 | — | (49,012 | )(b) | |||||||||||
BofA Securities, Inc. | 188,569,981 | 188,569,981 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 74,381,481 | 74,381,481 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 55,291,546 | 55,291,546 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 12,706,892 | 12,506,313 | — | (200,579 | )(b) | |||||||||||
Deutsche Bank Securities, Inc. | 1,425,060 | 1,334,266 | — | (90,794 | )(b) | |||||||||||
Goldman Sachs & Co. LLC | 132,936,444 | 132,936,444 | — | — | ||||||||||||
Goldman Sachs International | 383,511,939 | 383,511,939 | — | — | ||||||||||||
HSBC Bank PLC | 14,431,165 | 14,431,165 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 197,117,000 | 197,117,000 | — | — | ||||||||||||
J.P. Morgan Securities PLC | 412,739,311 | 412,739,311 | — | — | ||||||||||||
Jefferies LLC | 8,350,182 | 8,350,182 | — | — | ||||||||||||
Macquarie Bank Ltd. | 57,452,239 | 57,452,239 | — | — | ||||||||||||
Morgan Stanley | 874,020,661 | 874,020,661 | — | — | ||||||||||||
National Financial Services LLC | 5,973,535 | 5,973,535 | — | — | ||||||||||||
Nomura Securities International, Inc. | 1,156,976 | 1,156,976 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 411,219 | 411,219 | — | — | ||||||||||||
SG Americas Securities LLC | 18,272,451 | 18,272,451 | — | — | ||||||||||||
State Street Bank & Trust Co. | 510,779 | 493,614 | — | (17,165 | )(b) | |||||||||||
Toronto Dominion Bank | 12,564,490 | 11,831,477 | — | (733,013 | )(b) | |||||||||||
UBS AG | 16,009,822 | 16,009,822 | — | — | ||||||||||||
UBS Europe SE | 3,934,410 | 3,934,410 | — | — | ||||||||||||
UBS Securities LLC | 1,971,850 | 1,971,850 | — | — | ||||||||||||
Wells Fargo Securities LLC | 11,887,565 | 11,887,565 | — | — | ||||||||||||
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| |||||||||
$ | 2,612,132,173 | $ | 2,611,041,610 | $ | — | $ | (1,090,563 | ) | ||||||||
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| |||||||||
MSCI BRIC | ||||||||||||||||
BNP Paribas SA | $ | 165,930 | $ | 165,930 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 567,687 | 567,687 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 8,982 | 8,982 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 115,901 | 115,901 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 151,601 | 151,601 | — | — | ||||||||||||
Macquarie Bank Ltd. | 85,162 | 85,162 | — | — | ||||||||||||
Morgan Stanley | 639,849 | 639,849 | — | — | ||||||||||||
RBC Capital Markets LLC | 59,786 | 59,786 | — | — | ||||||||||||
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|
| |||||||||
$ | 1,794,898 | $ | 1,794,898 | $ | — | $ | — | |||||||||
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| |||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Barclays Capital, Inc. | $ | 193,721 | $ | 193,721 | $ | — | $ | — | ||||||||
BNP Paribas SA | 1,746,625 | 1,732,468 | — | (14,157 | )(b) | |||||||||||
BofA Securities, Inc. | 2,499,985 | 2,499,985 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 336,782 | 336,782 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 201,814 | 201,814 | — | — | ||||||||||||
Deutsche Bank Securities, Inc. | 33,948 | 33,948 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 885,569 | 885,569 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 983,734 | 983,734 | — | — | ||||||||||||
Macquarie Bank Ltd. | 701,482 | 701,482 | — | — | ||||||||||||
UBS AG | 479,923 | 479,923 | — | — | ||||||||||||
UBS Securities LLC | 63,272 | 63,272 | — | — | ||||||||||||
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|
|
| |||||||||
$ | 8,126,855 | $ | 8,112,698 | $ | — | $ | (14,157 | ) | ||||||||
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|
80 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Barclays Bank PLC | $ | 234,070 | $ | 226,969 | $ | — | $ | (7,101 | )(b) | |||||||
Barclays Capital, Inc. | 872,272 | 872,272 | — | — | ||||||||||||
BNP Paribas SA | 1,039,673 | 1,007,770 | — | (31,903 | )(b) | |||||||||||
BofA Securities, Inc. | 1,461,216 | 1,461,216 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 279,683 | 279,683 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 157,833 | 157,833 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 4,038,003 | 4,038,003 | — | — | ||||||||||||
HSBC Bank PLC | 245,150 | 245,150 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 2,454,490 | 2,454,490 | — | — | ||||||||||||
Macquarie Bank Ltd. | 712,451 | 712,451 | — | — | ||||||||||||
Morgan Stanley | 5,630,497 | 5,630,497 | — | — | ||||||||||||
SG Americas Securities LLC | 733,120 | 733,120 | — | — | ||||||||||||
UBS AG | 570,153 | 570,153 | — | — | ||||||||||||
UBS Securities LLC | 17,806 | 17,806 | — | — | ||||||||||||
Wells Fargo Securities LLC | 33,696 | 33,696 | — | — | ||||||||||||
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$ | 18,480,113 | $ | 18,441,109 | $ | — | $ | (39,004 | ) | ||||||||
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(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated 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 Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated 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 directors).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Core MSCI Emerging Markets | 0.11 | % | ||
MSCI Emerging Markets Asia | 0.49 |
For its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.11%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
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 | 81 |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each of the iShares MSCI BRIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | 0.35 |
Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.11% of average daily net assets.
This amount is included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Core MSCI Emerging Markets | $ | 19,601 |
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 Consolidated Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Core MSCI Emerging Markets | $ | 10,304,844 | ||
MSCI BRIC | 3,233 | |||
MSCI Emerging Markets Asia | 15,683 | |||
MSCI Emerging Markets Small-Cap | 92,508 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
82 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, 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) | |||||||||
Core MSCI Emerging Markets | $ | 17,521,325 | $ | 72,453,028 | $ | (14,243,403 | ) | |||||
MSCI BRIC | 321,535 | 425,173 | (377,598 | ) | ||||||||
MSCI Emerging Markets Asia | 2,346,173 | 2,171,065 | (612,622 | ) | ||||||||
MSCI Emerging Markets Small-Cap | 6,638,182 | 10,299,733 | 6,977,239 |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Core MSCI Emerging Markets | $ | 3,558,285,403 | $ | 3,034,525,363 | ||||
MSCI BRIC | 7,729,985 | 16,367,034 | ||||||
MSCI Emerging Markets Asia | 135,765,720 | 138,972,499 | ||||||
MSCI Emerging Markets Small-Cap | 152,406,680 | 163,161,413 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Core MSCI Emerging Markets | $ | 207,555,963 | $ | — | ||||
MSCI BRIC | — | 8,099,092 | ||||||
MSCI Emerging Markets Asia | 3,025,593 | 12,093,509 | ||||||
MSCI Emerging Markets Small-Cap | 1,944,591 | 2,882,904 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Core MSCI Emerging Markets | $ | 6,442,750,309 | ||
MSCI BRIC | 222,988,191 | |||
MSCI Emerging Markets Asia | 52,695,377 | |||
MSCI Emerging Markets Small-Cap | 18,944,995 |
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.
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 | 83 |
Notes to Financial Statements (unaudited) (continued)
As of February��28, 2022, 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) | ||||||||||||
Core MSCI Emerging Markets | $ | 64,131,945,289 | $ | 21,518,376,739 | $ | (9,917,927,249 | ) | $ | 11,600,449,490 | |||||||
MSCI BRIC | 137,172,525 | 19,504,995 | (37,867,075 | ) | (18,362,080 | ) | ||||||||||
MSCI Emerging Markets Asia | 703,083,749 | 173,853,518 | (89,022,988 | ) | 84,830,530 | |||||||||||
MSCI Emerging Markets Small-Cap | 381,290,555 | 62,164,809 | (48,465,232 | ) | 13,699,577 |
9. | LINE OF CREDIT |
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the iShares Core MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI BRIC | $ | 996,000 | $ | 33,017 | 1.10 | % | ||||||
MSCI Emerging Markets Asia | 508,000 | 21,017 | 1.09 | |||||||||
MSCI Emerging Markets Small-Cap | 89,720,000 | 3,442,766 | 1.13 |
The iShares Core MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended February 28, 2022, the Fund did not borrow under the Uncommitted Liquidity Facility.
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic
84 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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.
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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
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.
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 | 85 |
Notes to Financial Statements (unaudited) (continued)
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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Core MSCI Emerging Markets | ||||||||||||||||
Shares sold | 27,000,000 | $ | 1,673,664,777 | 237,000,000 | $ | 14,957,078,135 | ||||||||||
Shares redeemed | — | — | (5,400,000 | ) | (281,130,721 | ) | ||||||||||
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Net increase | 27,000,000 | $ | 1,673,664,777 | 231,600,000 | $ | 14,675,947,414 | ||||||||||
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MSCI BRIC | ||||||||||||||||
Shares sold | — | $ | 4,500 | 2,350,000 | $ | 108,060,901 | ||||||||||
Shares redeemed | (300,000 | ) | (15,085,940 | ) | (2,300,000 | ) | (120,306,746 | ) | ||||||||
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Net increase (decrease) | (300,000 | ) | $ | (15,081,440 | ) | 50,000 | $ | (12,245,845 | ) | |||||||
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MSCI Emerging Markets Asia | ||||||||||||||||
Shares sold | 400,000 | $ | 32,589,236 | 4,900,000 | $ | 437,028,671 | ||||||||||
Shares redeemed | (400,000 | ) | (33,021,962 | ) | (2,300,000 | ) | (189,560,859 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | — | $ | (432,726 | ) | 2,600,000 | $ | 247,467,812 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Shares sold | 200,000 | $ | 11,860,096 | 2,100,000 | $ | 123,013,305 | ||||||||||
Shares redeemed | (200,000 | ) | (12,135,939 | ) | (150,000 | ) | (6,873,204 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | — | $ | (275,843 | ) | 1,950,000 | $ | 116,140,101 | |||||||||
|
|
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|
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.
12. | SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
In response to recent negative developments that led to a material deterioration in the accessibility of the Russian equity market to international institutional investors, MSCI announced on March 2, 2022 that they would remove all Russian securities from their indexes effective March 9, 2022. On March 8, 2022 in response to MSCI’s announcement, the Board approved a proposal to change the name of the Fund from iShares MSCI BRIC ETF to iShares MSCI BIC ETF and to change the Fund’s investment objective. These changes became effective on March 10, 2022.
Effective March 31, 2022, BFA reduced the investment advisory fee for iShares Core MSCI Emerging Markets ETF from 0.11% to 0.09%.
86 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M | 87 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Core MSCI Emerging Markets(a) | $ | 0.947898 | $ | — | $ | 0.413439 | $ | 1.361337 | 70 | % | — | % | 30 | % | 100 | % | ||||||||||||||||
MSCI BRIC(a) | 0.274540 | — | 0.870654 | 1.145194 | 24 | — | 76 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Asia(a) | 0.914858 | — | 0.761071 | 1.675929 | 55 | — | 45 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Small-Cap(a) | 1.299271 | — | 0.459859 | 1.759130 | 74 | — | 26 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
88 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 Company’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 | 89 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
90 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-810-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· | iShares MSCI Frontier and Select EM ETF | FM | NYSE Arca |
· | iShares MSCI World ETF | URTH | NYSE Arca |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500 Index) | (2.62)% | 16.39% | ||
U.S. small cap equities (Russell 2000 Index) | (9.46) | (6.01) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (6.78) | 2.83 | ||
Emerging market equities (MSCI Emerging Markets Index) | (9.81) | (10.69) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.02 | 0.04 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (3.94) | (1.67) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.07) | (2.64) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (3.09) | (0.66) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (3.07) | 0.64 | ||
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 | ||||
2 | ||||
4 | ||||
6 | ||||
6 | ||||
7 | ||||
Financial Statements | ||||
28 | ||||
29 | ||||
30 | ||||
31 | ||||
33 | ||||
42 | ||||
43 | ||||
44 | ||||
45 |
Fund Summary as of February 28, 2022 | iShares® MSCI Frontier and Select EM ETF |
Investment Objective
The iShares MSCI Frontier and Select EM ETF (the “Fund”) seeks to track the investment results of an index composed primarily of frontier market equities along with select emerging market equities, as represented by the MSCI Frontier and Emerging Markets Select 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 Months | 1 Year | 5 Years | | Since Inception | | 1 Year | 5 Years | | Since Inception | | ||||||||||||||||||||||
Fund NAV | (0.44 | )% | 16.23 | % | 7.33 | % | 6.68 | % | 16.23 | % | 42.45 | % | 84.37 | % | ||||||||||||||||||
Fund Market | (0.55 | ) | 19.53 | 7.67 | 6.76 | 19.53 | 44.73 | 85.74 | ||||||||||||||||||||||||
Index | 0.71 | 18.73 | 8.83 | 8.27 | 18.73 | 52.67 | 112.17 |
The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.
Index performance through February 28, 2021 reflects the performance of the MSCI Frontier Markets 100 Index. Index performance beginning on March 1, 2021 reflects the performance of the MSCI Frontier and Emerging Markets Select Index.
Past performance is no guarantee 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” on page 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 995.60 | $ | 3.96 | $ | 1,000.00 | $ | 1,020.80 | $ | 4.01 | 0.80 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 40.0 | % | ||
Real Estate | 11.8 | |||
Materials | 11.8 | |||
Consumer Staples | 9.3 | |||
Industrials | 7.8 | |||
Communication Services | 7.3 | |||
Energy | 5.9 | |||
Utilities | 2.6 | |||
Health Care | 2.6 | |||
Other (each representing less than 1%) | 0.9 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Vietnam | 29.9 | % | ||
Nigeria | 7.4 | |||
Bahrain | 6.2 | |||
Morocco | 6.1 | |||
Bangladesh | 6.0 | |||
Colombia | 5.4 | |||
Romania | 5.3 | |||
Philippines | 5.2 | |||
Peru | 5.2 | |||
Kenya | 5.0 |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI World ETF |
Investment Objective
The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.66 | )% | 10.81 | % | 12.30 | % | 10.93 | % | 10.81 | % | 78.61 | % | 182.16 | % | ||||||||||||||||||
Fund Market | (4.90 | ) | 10.74 | 12.25 | 10.90 | 10.74 | 78.22 | 181.43 | ||||||||||||||||||||||||
Index | (4.65 | ) | 10.74 | 12.05 | 10.73 | 10.74 | 76.65 | 176.99 |
The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.
Past performance is no guarantee 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” on page 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 953.40 | $ | 1.16 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | 0.24 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 22.4 | % | ||
Financials | 14.0 | |||
Health Care | 12.6 | |||
Consumer Discretionary | 11.7 | |||
Industrials | 10.1 | |||
Communication Services | 8.0 | |||
Consumer Staples | 7.2 | |||
Materials | 4.4 | |||
Energy | 4.1 | |||
Utilities | 2.8 | |||
Real Estate | 2.7 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 67.8 | % | ||
Japan | 6.4 | |||
Canada | 3.9 | |||
United Kingdom | 3.9 | |||
France | 3.1 | |||
Switzerland | 2.9 | |||
Germany | 2.3 | |||
Australia | 2.3 | |||
Netherlands | 1.6 | |||
Sweden | 0.9 |
F U N D S U M M A R Y | 5 |
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.
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 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 a 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.
6 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Bahrain — 6.1% | ||||||||
Ahli United Bank BSC | 22,008,845 | $ | 21,856,862 | |||||
Aluminium Bahrain BSC | 511,338 | 1,692,549 | ||||||
Bahrain Telecommunications Co. BSC | 1,669,519 | 2,503,060 | ||||||
GFH Financial Group BSC | 10,451,738 | 3,441,548 | ||||||
Ithmaar Holding BSC(a)(b) | 7,341,331 | 524,173 | ||||||
|
| |||||||
30,018,192 | ||||||||
Bangladesh — 5.8% | ||||||||
Bangladesh Export Import Co. Ltd. | 2,244,610 | 3,852,601 | ||||||
Beacon Pharmaceuticals Ltd. | 594,004 | 1,552,098 | ||||||
Beximco Pharmaceuticals Ltd. | 1,145,473 | 2,484,222 | ||||||
BRAC Bank Ltd. | 2,801,703 | 1,759,311 | ||||||
British American Tobacco Bangladesh Co. Ltd. | 394,180 | 2,814,884 | ||||||
City Bank Ltd. (The) | 2,944,027 | 907,224 | ||||||
Eastern Bank Ltd. | 2,236,651 | 990,946 | ||||||
GrameenPhone Ltd. | 402,927 | 1,592,055 | ||||||
International Finance Investment & Commerce Bank Ltd.(b) | 3,995,000 | 734,008 | ||||||
Islami Bank Bangladesh Ltd. | 2,770,520 | 1,050,281 | ||||||
LafargeHolcim Bangladesh Ltd. | 1,694,772 | 1,357,515 | ||||||
National Bank Ltd.(b) | 9,114,618 | 794,926 | ||||||
Olympic Industries Ltd. | 532,885 | 912,154 | ||||||
Renata Ltd. | 94,032 | 1,487,542 | ||||||
Square Pharmaceuticals Ltd. | 2,272,196 | 5,789,152 | ||||||
Summit Power Ltd. | 1,689,028 | 746,358 | ||||||
|
| |||||||
28,825,277 | ||||||||
Colombia — 4.0% | ||||||||
Bancolombia SA | 399,122 | 3,957,761 | ||||||
Cementos Argos SA | 735,749 | 1,134,364 | ||||||
Corp. Financiera Colombiana SA(b) | 154,838 | 1,089,410 | ||||||
Ecopetrol SA | 7,717,656 | 6,396,413 | ||||||
Grupo Argos SA | 473,067 | 1,550,052 | ||||||
Grupo de Inversiones Suramericana SA | 185,860 | 1,508,311 | ||||||
Interconexion Electrica SA ESP | 696,591 | 4,299,502 | ||||||
|
| |||||||
19,935,813 | ||||||||
Croatia — 0.2% | ||||||||
Valamar Riviera DD(b) | 245,906 | 1,151,733 | ||||||
|
| |||||||
Egypt — 4.8% | ||||||||
Commercial International Bank Egypt SAE(b) | 6,795,194 | 20,696,914 | ||||||
Eastern Co. SAE | 4,079,246 | 2,820,201 | ||||||
|
| |||||||
23,517,115 | ||||||||
Estonia — 0.6% | ||||||||
LHV Group AS | 39,032 | 1,684,938 | ||||||
Tallink Grupp AS(b) | 1,151,067 | 749,508 | ||||||
Tallinna Sadam AS(c) | 239,495 | 473,486 | ||||||
|
| |||||||
2,907,932 | ||||||||
Jordan — 1.3% | ||||||||
Arab Bank PLC | 469,872 | 3,114,808 | ||||||
Jordan Islamic Bank | 182,073 | 939,897 | ||||||
Jordan Petroleum Refinery Co. | 254,431 | 1,270,361 | ||||||
Jordan Phosphate Mines Co. | 33,068 | 903,164 | ||||||
|
| |||||||
6,228,230 | ||||||||
Kazakhstan — 4.3% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, GDR | 368,889 | 3,739,798 | ||||||
Kaspi.KZ JSC | 180,342 | 10,807,265 | ||||||
NAC Kazatomprom JSC, GDR | 237,413 | 6,968,767 | ||||||
|
| |||||||
21,515,830 |
Security | Shares | Value | ||||||
| ||||||||
Kenya — 4.8% | ||||||||
East African Breweries Ltd.(b) | 1,423,234 | $ | 1,987,652 | |||||
Equity Group Holdings PLC/Kenya(b) | 10,373,666 | 4,555,848 | ||||||
KCB Group Ltd. | 8,861,416 | 3,502,536 | ||||||
Safaricom PLC | 43,892,205 | 13,904,019 | ||||||
|
| |||||||
23,950,055 | ||||||||
Lithuania — 0.5% | ||||||||
AB Ignitis Grupe | 67,263 | 1,463,917 | ||||||
Siauliu Bankas AB | 1,233,560 | 930,050 | ||||||
|
| |||||||
2,393,967 | ||||||||
Mauritius — 0.3% | ||||||||
Lighthouse Capital Ltd.(d) | 2,380,863 | 1,424,531 | ||||||
|
| |||||||
Morocco — 6.0% | ||||||||
Attijariwafa Bank | 158,338 | 7,808,710 | ||||||
Banque Centrale Populaire | 90,346 | 2,601,723 | ||||||
Ciments du Maroc SA | 13,142 | 2,460,608 | ||||||
Co. Sucrerie Marocaine et de Raffinage | 102,623 | 2,589,889 | ||||||
Hightech Payment Systems SA | 1,393 | 897,110 | ||||||
Itissalat Al-Maghrib | 641,726 | 8,870,394 | ||||||
Label Vie | 4,156 | 2,060,265 | ||||||
Societe d’Exploitation des Ports | 80,314 | 2,320,397 | ||||||
|
| |||||||
29,609,096 | ||||||||
Nigeria — 7.2% | ||||||||
Access Bank PLC | 98,285,949 | 2,234,100 | ||||||
Afriland Properties PLC | 8,020 | 35 | ||||||
Dangote Cement PLC | 14,311,534 | 8,554,143 | ||||||
FBN Holdings PLC | 95,143,544 | 2,391,168 | ||||||
Guaranty Trust Holding Co. PLC | 80,697,900 | 4,777,841 | ||||||
MTN Nigeria Communications PLC | 13,381,351 | 5,877,992 | ||||||
Nestle Nigeria PLC | 1,581,044 | 4,958,255 | ||||||
United Bank for Africa PLC | 94,428,459 | 1,785,056 | ||||||
Zenith Bank PLC | 86,002,243 | 5,093,450 | ||||||
|
| |||||||
35,672,040 | ||||||||
Oman — 1.7% | ||||||||
Bank Muscat SAOG | 5,251,261 | 7,087,408 | ||||||
National Bank of Oman SAOG(b) | 1,314,168 | 635,144 | ||||||
Omani Qatari Telecommunications Co. SAOG | 900,900 | 838,047 | ||||||
|
| |||||||
8,560,599 | ||||||||
Pakistan — 3.1% | ||||||||
Engro Corp. Ltd./Pakistan | 1,045,571 | 1,609,124 | ||||||
Engro Fertilizers Ltd. | 2,111,089 | 1,053,580 | ||||||
Fauji Fertilizer Co. Ltd. | 1,898,339 | 1,171,356 | ||||||
Habib Bank Ltd. | 2,166,323 | 1,419,012 | ||||||
Hub Power Co. Ltd. (The) | 3,772,432 | 1,529,606 | ||||||
Lucky Cement Ltd.(b) | 470,427 | 1,721,988 | ||||||
Mari Petroleum Co. Ltd. | 95,940 | 967,428 | ||||||
MCB Bank Ltd. | 1,524,747 | 1,358,387 | ||||||
Pakistan Petroleum Ltd. | 1,941,254 | 855,312 | ||||||
Pakistan State Oil Co. Ltd. | 754,314 | 770,987 | ||||||
Systems Ltd. | 252,500 | 919,706 | ||||||
TRG Pakistan | 1,476,500 | 578,929 | ||||||
United Bank Ltd./Pakistan | 1,796,416 | 1,502,061 | ||||||
|
| |||||||
15,457,476 | ||||||||
Peru — 5.0% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(b) | 275,327 | 2,725,738 | ||||||
Credicorp Ltd. | 87,428 | 13,223,485 | ||||||
Intercorp Financial Services Inc. | 45,208 | 1,460,218 |
S C H E D U L E O F I N V E S T M E N T S | 7 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Peru (continued) | ||||||||
Southern Copper Corp. | 108,285 | $ | 7,513,896 | |||||
|
| |||||||
24,923,337 | ||||||||
Philippines — 5.1% | ||||||||
Aboitiz Equity Ventures Inc. | 788,110 | 920,768 | ||||||
AC Energy Corp. | 2,952,200 | 489,442 | ||||||
Alliance Global Group Inc. | 1,147,000 | 286,359 | ||||||
Ayala Corp. | 109,960 | 1,823,015 | ||||||
Ayala Land Inc. | 3,173,800 | 2,419,503 | ||||||
Bank of the Philippine Islands | 719,360 | 1,405,924 | ||||||
BDO Unibank Inc. | 772,270 | 1,957,059 | ||||||
Century Pacific Food Inc. | 431,400 | 225,082 | ||||||
DMCI Holdings Inc. | 1,499,100 | 247,950 | ||||||
Globe Telecom Inc. | 10,710 | 538,144 | ||||||
GT Capital Holdings Inc. | 40,120 | 454,348 | ||||||
International Container Terminal Services Inc. | 403,170 | 1,656,087 | ||||||
JG Summit Holdings Inc. | 1,157,980 | 1,367,750 | ||||||
Jollibee Foods Corp. | 172,020 | 808,598 | ||||||
Manila Electric Co. | 86,410 | 621,780 | ||||||
Megaworld Corp. | 4,391,000 | 275,891 | ||||||
Metro Pacific Investments Corp. | 5,002,000 | 378,501 | ||||||
Metropolitan Bank & Trust Co. | 718,550 | 800,258 | ||||||
Monde Nissin Corp.(b)(c) | 1,731,300 | 557,852 | ||||||
PLDT Inc. | 29,975 | 1,051,785 | ||||||
Puregold Price Club Inc. | 355,000 | 243,383 | ||||||
Robinsons Land Corp. | 793,100 | 298,597 | ||||||
Robinsons Retail Holdings Inc. | 176,890 | 212,875 | ||||||
Security Bank Corp. | 183,090 | 417,899 | ||||||
SM Investments Corp. | 93,375 | 1,624,547 | ||||||
SM Prime Holdings Inc. | 3,953,300 | 3,085,517 | ||||||
Universal Robina Corp. | 336,630 | 787,899 | ||||||
Wilcon Depot Inc. | 528,300 | 301,400 | ||||||
|
| |||||||
25,258,213 | ||||||||
Romania — 5.2% | ||||||||
Banca Transilvania SA | 17,300,077 | 9,942,579 | ||||||
BRD-Groupe Societe Generale SA | 766,945 | 3,453,071 | ||||||
MED Life SA(b) | 268,366 | 1,303,971 | ||||||
OMV Petrom SA | 41,307,542 | 4,315,129 | ||||||
Societatea Energetica Electrica SA | 504,445 | 1,107,728 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 420,397 | 3,638,907 | ||||||
Teraplast SA | 4,317,073 | 886,152 | ||||||
Transgaz SA Medias | 18,675 | 840,914 | ||||||
|
| |||||||
25,488,451 | ||||||||
Slovenia — 0.1% | ||||||||
Pozavarovalnica Sava dd | 17,491 | 517,751 | ||||||
|
| |||||||
Sri Lanka — 1.0% | ||||||||
Commercial Bank of Ceylon PLC | 1,428,510 | 579,183 | ||||||
Expolanka Holdings PLC | 992,043 | 1,452,459 | ||||||
John Keells Holdings PLC | 2,732,474 | 2,012,190 | ||||||
Sampath Bank PLC | 2,891,749 | 785,926 | ||||||
|
| |||||||
4,829,758 | ||||||||
Vietnam — 29.3% | ||||||||
An PHAT Holdings JSC(b) | 453,897 | 524,034 | ||||||
Bank for Foreign Trade of Vietnam JSC | 1,733,595 | 6,422,130 | ||||||
Bank for Investment and Development of Vietnam JSC | 748,024 | 1,436,948 | ||||||
Bao Viet Holdings | 276,310 | 718,336 | ||||||
Dat Xanh Group JSC(b) | 1,093,080 | 2,039,857 | ||||||
Development Investment Construction(b) | 731,400 | 2,769,901 | ||||||
Duc Giang Chemicals JSC | 307,000 | 2,201,895 |
Security | Shares | Value | ||||||
| ||||||||
Vietnam (continued) | ||||||||
FLC Group JSC(b) | 1,288,000 | $ | 709,669 | |||||
Gelex Group JSC(b) | 1,529,384 | 2,782,741 | ||||||
Ha Do JSC | 360,140 | 1,114,629 | ||||||
Hoa Phat Group JSC | 8,031,503 | 16,677,449 | ||||||
Hoa Sen Group(b) | 876,759 | 1,481,477 | ||||||
Hoang Huy Investment Financial Services JSC(b) | 1,241,600 | 1,169,647 | ||||||
Khang Dien House Trading and Investment JSC(b) | 1,152,270 | 2,677,390 | ||||||
KIDO Group Corp. | 476,572 | 1,130,390 | ||||||
Kinh Bac City Development Share Holding Corp.(b) | 738,620 | 1,869,587 | ||||||
Masan Group Corp. | 1,513,180 | 10,386,074 | ||||||
No Va Land Investment Group Corp.(b) | 2,475,033 | 8,188,056 | ||||||
PetroVietnam Drilling & Well Services JSC(b) | 766,000 | 1,182,948 | ||||||
PetroVietnam Fertilizer & Chemicals JSC | 640,100 | 1,624,287 | ||||||
PetroVietnam Gas JSC | 209,100 | 1,087,092 | ||||||
PetroVietnam Power Corp. | 1,696,540 | 1,294,926 | ||||||
PetroVietnam Technical Services Corp. | 874,898 | 1,346,240 | ||||||
Phat Dat Real Estate Development Corp.(b) | 714,154 | 2,661,249 | ||||||
Saigon - Hanoi Commercial Joint Stock Bank(b) | 973,844 | 924,319 | ||||||
Saigon Beer Alcohol Beverage Corp. | 232,980 | 1,734,327 | ||||||
Saigon Thuong Tin Commercial JSB(b) | 2,068,480 | 2,990,832 | ||||||
Saigon-Hanoi Securities | 588,600 | 1,141,414 | ||||||
SSI Securities Corp. | 2,346,294 | 4,714,905 | ||||||
Thaiholdings JSC(b) | 628,200 | 4,767,270 | ||||||
Thanh Thanh Cong - Bien Hoa JSC(b) | 1,021,990 | 1,016,641 | ||||||
Van Phu Invest Investment(b) | 395,600 | 1,130,928 | ||||||
Viet Capital Securities JSC | 854,100 | 2,346,923 | ||||||
Vietjet Aviation JSC(b) | 594,890 | 3,658,203 | ||||||
Vietnam Construction and Import-Export JSC | 647,610 | 1,230,429 | ||||||
Vietnam Dairy Products JSC | 2,673,274 | 9,199,178 | ||||||
Viglacera Corp. JSC | 249,360 | 577,159 | ||||||
Vincom Retail JSC(b) | 3,405,780 | 5,018,064 | ||||||
Vingroup JSC(b) | 3,484,034 | 11,761,097 | ||||||
Vinh Hoan Corp. | 366,500 | 1,229,165 | ||||||
Vinhomes JSC(c) | 3,983,988 | 13,564,675 | ||||||
Vndirect Securities Corp. | 1,192,800 | 4,132,643 | ||||||
|
| |||||||
144,635,124 | ||||||||
|
| |||||||
Total Common Stocks — 96.4% |
| 476,820,520 | ||||||
|
| |||||||
Preferred Stocks |
| |||||||
Colombia — 1.3% | ||||||||
Bancolombia SA, Preference Shares, NVS | 714,491 | 6,315,534 | ||||||
|
| |||||||
Total Preferred Stocks — 1.3% |
| 6,315,534 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 22,569 | 22,573 | ||||||
|
| |||||||
Total Short-Term Investments — 0.0% | 22,573 | |||||||
|
| |||||||
Total Investments in Securities — 97.7% |
| 483,158,627 | ||||||
Other Assets, Less Liabilities — 2.3% | 11,140,137 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 494,298,764 | ||||||
|
|
8 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Frontier and Select EM ETF |
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | All or a portion of this security is on loan. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 24,659 | $ | — | $ | (2,079 | )(a) | $ | 1 | $ | (8 | ) | $ | 22,573 | 22,569 | $ | 36 | (b) | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 174 | 03/18/22 | $ | 10,227 | $ | (393,237 | ) | |||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 10,143,295 | NGN | 4,798,285,718 | CITI | 10/28/22 | $ | (743,571 | ) | ||||||||||||
|
| |||||||||||||||||||
Net unrealized depreciation | $ | (743,571 | ) | |||||||||||||||||
|
|
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) February 28, 2022 | iShares® MSCI Frontier and Select EM 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:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized depreciation on futures contracts(a) | $ | 393,237 | $ | — | $ | 393,237 | ||||||
Forward foreign currency exchange contracts | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | — | $ | 743,571 | $ | 743,571 | ||||||
|
|
|
|
|
| |||||||
$ | 393,237 | $ | 743,571 | $ | 1,136,808 | |||||||
|
|
|
|
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | (1,201,713 | ) | $ | — | $ | (1,201,713 | ) | ||||
Forward foreign currency exchange contracts | — | (733,549 | ) | (733,549 | ) | |||||||
|
|
|
|
|
| |||||||
$ | (1,201,713 | ) | $ | (733,549 | ) | $ | (1,935,262 | ) | ||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | 191,511 | $ | — | $ | 191,511 | ||||||
Forward foreign currency exchange contracts | — | (69,429 | ) | (69,429 | ) | |||||||
|
|
|
|
|
| |||||||
$ | 191,511 | $ | (69,429 | ) | $ | 122,082 | ||||||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 11,178,740 | ||
Forward foreign currency exchange contracts: | ||||
Average amounts sold — in USD | $ | 10,371,299 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| ||||||||
Assets | Liabilities | |||||||
| ||||||||
Derivative Financial Instruments: | ||||||||
Futures contracts | $ | — | $ | 393,237 | ||||
Forward foreign currency exchange contracts | — | 743,571 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | — | 1,136,808 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (393,237 | ) | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | — | 743,571 | ||||||
|
|
|
|
10 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Frontier and Select EM ETF |
The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:
| ||||||||||||||||||||
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | (a) | | Net Amount of Derivative Liabilities | (b) | |||||
| ||||||||||||||||||||
Citibank N.A. | $ | 743,571 | $ | — | $ | — | $ | (420,000 | ) | $ | 323,571 | |||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
(b) | Net amount represents the net amount payable due to the counterparty in the event of default. |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 178,466,061 | $ | 297,830,286 | $ | 524,173 | $ | 476,820,520 | ||||||||
Preferred Stocks | 6,315,534 | — | — | 6,315,534 | ||||||||||||
Money Market Funds | 22,573 | — | — | 22,573 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 184,804,168 | $ | 297,830,286 | $ | 524,173 | $ | 483,158,627 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (743,571 | ) | $ | — | $ | (743,571 | ) | ||||||
Futures Contracts | (393,237 | ) | — | — | (393,237 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (393,237 | ) | $ | (743,571 | ) | $ | — | $ | (1,136,808 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange 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 | 11 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Australia — 2.3% | ||||||||
Ampol Ltd. | 7,816 | $ | 168,828 | |||||
APA Group | 38,637 | 282,455 | ||||||
Aristocrat Leisure Ltd. | 19,682 | 539,877 | ||||||
ASX Ltd. | 6,323 | 379,769 | ||||||
Aurizon Holdings Ltd. | 60,457 | 154,220 | ||||||
Australia & New Zealand Banking Group Ltd. | 93,482 | 1,769,786 | ||||||
BHP Group Ltd. | 165,031 | 5,635,175 | ||||||
BlueScope Steel Ltd. | 16,493 | 244,226 | ||||||
Brambles Ltd. | 47,128 | 339,450 | ||||||
Cochlear Ltd. | 2,141 | 349,505 | ||||||
Coles Group Ltd. | 43,554 | 551,005 | ||||||
Commonwealth Bank of Australia | 55,844 | 3,788,650 | ||||||
Computershare Ltd. | 17,801 | 281,262 | ||||||
Crown Resorts Ltd.(a) | 12,278 | 110,966 | ||||||
CSL Ltd. | 15,616 | 2,968,977 | ||||||
Dexus | 34,850 | 275,872 | ||||||
Domino’s Pizza Enterprises Ltd. | 1,978 | 114,214 | ||||||
Endeavour Group Ltd./Australia | 43,070 | 224,942 | ||||||
Evolution Mining Ltd. | 60,111 | 185,875 | ||||||
Fortescue Metals Group Ltd. | 56,153 | 748,089 | ||||||
Glencore PLC | 328,817 | 1,933,446 | ||||||
Goodman Group | 54,241 | 877,600 | ||||||
GPT Group/The | 62,779 | 224,000 | ||||||
IDP Education Ltd. | 6,838 | 132,244 | ||||||
Insurance Australia Group Ltd. | 83,448 | 278,588 | ||||||
Lendlease Corp. Ltd. | 22,592 | 174,292 | ||||||
Macquarie Group Ltd. | 11,288 | 1,485,537 | ||||||
Medibank Pvt Ltd. | 90,215 | 208,082 | ||||||
Mineral Resources Ltd. | 5,562 | 182,796 | ||||||
Mirvac Group | 129,027 | 240,624 | ||||||
National Australia Bank Ltd. | 107,686 | 2,261,733 | ||||||
Newcrest Mining Ltd. | 27,646 | 512,855 | ||||||
Northern Star Resources Ltd. | 36,885 | 274,903 | ||||||
Orica Ltd. | 13,789 | 147,015 | ||||||
Origin Energy Ltd. | 57,721 | 239,696 | ||||||
Qantas Airways Ltd.(a) | 30,432 | 112,765 | ||||||
QBE Insurance Group Ltd. | 48,850 | 407,654 | ||||||
Ramsay Health Care Ltd. | 6,386 | 297,892 | ||||||
REA Group Ltd. | 1,724 | 166,175 | ||||||
Reece Ltd. | 9,537 | 135,017 | ||||||
Rio Tinto Ltd. | 12,199 | 1,052,005 | ||||||
Rio Tinto PLC | 36,745 | 2,873,166 | ||||||
Santos Ltd. | 102,634 | 546,612 | ||||||
Scentre Group | 169,683 | 376,968 | ||||||
SEEK Ltd. | 10,988 | 214,517 | ||||||
Sonic Healthcare Ltd. | 14,847 | 378,860 | ||||||
South32 Ltd. | 152,762 | 536,196 | ||||||
Stockland | 83,837 | 253,682 | ||||||
Suncorp Group Ltd. | 41,954 | 326,349 | ||||||
Tabcorp Holdings Ltd. | 72,696 | 262,900 | ||||||
Telstra Corp. Ltd. | 136,024 | 390,883 | ||||||
Transurban Group | 99,491 | 918,939 | ||||||
Treasury Wine Estates Ltd. | 24,550 | 207,084 | ||||||
Vicinity Centres | 127,034 | 165,416 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 7,101 | 130,275 | ||||||
Wesfarmers Ltd. | 36,969 | 1,296,498 | ||||||
Westpac Banking Corp. | 119,617 | 1,976,820 | ||||||
WiseTech Global Ltd. | 4,775 | 152,876 |
Security | Shares | Value | ||||||
| ||||||||
Australia (continued) | ||||||||
Woodside Petroleum Ltd. | 31,471 | $ | 657,626 | |||||
Woolworths Group Ltd. | 41,314 | 1,068,284 | ||||||
|
| |||||||
43,192,013 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 11,227 | 399,084 | ||||||
OMV AG | 4,814 | 229,163 | ||||||
Raiffeisen Bank International AG | 4,857 | 79,145 | ||||||
Verbund AG | 2,224 | 268,251 | ||||||
voestalpine AG | 3,802 | 125,660 | ||||||
|
| |||||||
1,101,303 | ||||||||
Belgium — 0.2% | ||||||||
Ageas SA/NV | 5,625 | 270,597 | ||||||
Anheuser-Busch InBev SA/NV | 28,425 | 1,754,044 | ||||||
Elia Group SA/NV | 1,012 | 145,691 | ||||||
Etablissements Franz Colruyt NV | 1,795 | 71,794 | ||||||
Groupe Bruxelles Lambert SA | 3,693 | 383,467 | ||||||
KBC Group NV | 8,221 | 592,298 | ||||||
Proximus SADP | 5,013 | 99,660 | ||||||
Sofina SA | 497 | 193,013 | ||||||
Solvay SA | 2,439 | 271,999 | ||||||
UCB SA | 4,128 | 450,516 | ||||||
Umicore SA | 6,272 | 256,586 | ||||||
|
| |||||||
4,489,665 | ||||||||
Canada — 3.9% | ||||||||
Agnico Eagle Mines Ltd. | 15,029 | 759,216 | ||||||
Air Canada(a)(b) | 5,829 | 110,142 | ||||||
Algonquin Power & Utilities Corp. | 21,572 | 312,134 | ||||||
Alimentation Couche-Tard Inc. | 26,699 | 1,047,949 | ||||||
AltaGas Ltd. | 9,259 | 203,954 | ||||||
Ballard Power Systems Inc.(a)(b) | 7,909 | 90,478 | ||||||
Bank of Montreal | 21,106 | 2,409,997 | ||||||
Bank of Nova Scotia (The) | 39,640 | 2,872,532 | ||||||
Barrick Gold Corp. | 58,000 | 1,311,006 | ||||||
Bausch Health Cos Inc.(a) | 10,778 | 259,267 | ||||||
BCE Inc. | 2,455 | 128,938 | ||||||
BlackBerry Ltd.(a) | 18,100 | 124,237 | ||||||
Brookfield Asset Management Inc., Class A | 46,042 | 2,516,236 | ||||||
Brookfield Renewable Corp., Class A | 4,269 | 159,982 | ||||||
CAE Inc.(a) | 10,443 | 279,386 | ||||||
Cameco Corp. | 13,086 | 321,807 | ||||||
Canadian Apartment Properties REIT | 2,811 | 117,009 | ||||||
Canadian Imperial Bank of Commerce | 14,684 | 1,858,583 | ||||||
Canadian National Railway Co. | 23,048 | 2,859,225 | ||||||
Canadian Natural Resources Ltd. | 38,663 | 2,159,942 | ||||||
Canadian Pacific Railway Ltd. | 29,670 | 2,089,189 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS | 1,886 | 278,057 | ||||||
Canadian Utilities Ltd., Class A, NVS | 4,247 | 118,279 | ||||||
Canopy Growth Corp.(a)(b) | 7,860 | 56,059 | ||||||
CCL Industries Inc., Class B, NVS | 5,009 | 225,810 | ||||||
Cenovus Energy Inc. | 42,958 | 675,466 | ||||||
CGI Inc.(a) | 7,167 | 587,609 | ||||||
Constellation Software Inc. | 651 | 1,097,152 | ||||||
Dollarama Inc. | 9,493 | 490,565 | ||||||
Emera Inc. | 7,979 | 373,298 | ||||||
Empire Co. Ltd., Class A, NVS | 5,539 | 171,567 | ||||||
Enbridge Inc. | 65,850 | 2,844,928 | ||||||
Fairfax Financial Holdings Ltd. | 893 | 432,902 | ||||||
First Quantum Minerals Ltd. | 19,269 | 565,072 | ||||||
FirstService Corp. | 1,300 | 185,067 |
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Canada (continued) | ||||||||
Fortis Inc. | 15,410 | $ | 706,124 | |||||
Franco-Nevada Corp. | 6,238 | 918,647 | ||||||
George Weston Ltd. | 2,499 | 270,976 | ||||||
GFL Environmental Inc. | 5,087 | 148,737 | ||||||
Gildan Activewear Inc. | 7,025 | 275,790 | ||||||
Great-West Lifeco Inc. | 9,850 | 296,316 | ||||||
Hydro One Ltd.(c) | 10,972 | 270,946 | ||||||
iA Financial Corp. Inc. | 3,535 | 210,036 | ||||||
IGM Financial Inc. | 2,781 | 98,800 | ||||||
Imperial Oil Ltd. | 8,110 | 364,006 | ||||||
Intact Financial Corp. | 5,724 | 820,959 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 20,035 | 203,907 | ||||||
Keyera Corp. | 7,317 | 171,394 | ||||||
Kinross Gold Corp. | 41,608 | 207,466 | ||||||
Lightspeed Commerce Inc.(a) | 3,534 | 92,846 | ||||||
Loblaw Companies Ltd. | 5,683 | 443,296 | ||||||
Lundin Mining Corp. | 21,933 | 211,630 | ||||||
Magna International Inc. | 9,411 | 699,198 | ||||||
Manulife Financial Corp. | 63,917 | 1,294,981 | ||||||
Metro Inc. | 8,021 | 418,674 | ||||||
National Bank of Canada | 11,031 | 884,482 | ||||||
Northland Power Inc. | 7,437 | 236,458 | ||||||
Nutrien Ltd. | 18,635 | 1,602,684 | ||||||
Nuvei Corp.(a)(c) | 1,877 | 101,899 | ||||||
Onex Corp. | 2,517 | 169,031 | ||||||
Open Text Corp. | 8,789 | 382,486 | ||||||
Pan American Silver Corp. | 6,954 | 164,482 | ||||||
Parkland Corp. | 5,038 | 131,843 | ||||||
Pembina Pipeline Corp. | 18,010 | 612,411 | ||||||
Power Corp. of Canada | 17,833 | 549,974 | ||||||
Quebecor Inc., Class B | 5,554 | 121,465 | ||||||
Restaurant Brands International Inc. | 9,361 | 523,994 | ||||||
RioCan REIT | 5,439 | 107,793 | ||||||
Ritchie Bros Auctioneers Inc. | 3,632 | 190,354 | ||||||
Rogers Communications Inc., Class B, NVS | 11,604 | 599,563 | ||||||
Royal Bank of Canada | 46,473 | 5,140,812 | ||||||
Saputo Inc. | 8,150 | 199,715 | ||||||
Shaw Communications Inc., Class B, NVS | 14,839 | 444,994 | ||||||
Shell PLC | 254,402 | 6,708,782 | ||||||
Shopify Inc., Class A(a) | 3,691 | 2,562,355 | ||||||
Sun Life Financial Inc. | 19,275 | 1,013,705 | ||||||
Suncor Energy Inc. | 48,475 | 1,482,360 | ||||||
TC Energy Corp. | 31,941 | 1,716,120 | ||||||
Teck Resources Ltd., Class B | 15,483 | 557,510 | ||||||
TELUS Corp. | 14,275 | 360,507 | ||||||
TFI International Inc. | 2,742 | 285,817 | ||||||
Thomson Reuters Corp. | 5,675 | 573,813 | ||||||
TMX Group Ltd. | 1,845 | 186,378 | ||||||
Toromont Industries Ltd. | 2,714 | 230,053 | ||||||
Toronto-Dominion Bank (The) | 59,434 | 4,795,984 | ||||||
Tourmaline Oil Corp. | 10,171 | 401,223 | ||||||
Waste Connections Inc. | 8,503 | 1,050,035 | ||||||
West Fraser Timber Co. Ltd. | 3,136 | 313,031 | ||||||
Wheaton Precious Metals Corp. | 14,733 | 645,579 | ||||||
WSP Global Inc. | 3,841 | 471,254 | ||||||
|
| |||||||
73,736,715 | ||||||||
Cayman Islands — 0.0% | ||||||||
CK Hutchison Holdings Ltd. | 83,500 | 585,424 |
Security | Shares | Value | ||||||
| ||||||||
Cayman Islands (continued) | ||||||||
Grab Holdings Ltd., Class A(a) | 35,523 | $ | 204,612 | |||||
|
| |||||||
790,036 | ||||||||
Denmark — 0.7% | ||||||||
Ambu A/S, Class B(b) | 5,205 | 95,984 | ||||||
AP Moller - Maersk A/S, Class A | 100 | 299,847 | ||||||
AP Moller - Maersk A/S, Class B, NVS | 185 | 585,250 | ||||||
Carlsberg A/S, Class B | 3,278 | 480,717 | ||||||
Chr Hansen Holding A/S | 3,709 | 270,402 | ||||||
Coloplast A/S, Class B | 3,878 | 583,399 | ||||||
Danske Bank A/S | 22,064 | 373,720 | ||||||
Demant A/S(a) | 3,549 | 149,983 | ||||||
DSV A/S | 6,647 | 1,223,425 | ||||||
Genmab A/S(a) | 2,138 | 718,574 | ||||||
GN Store Nord AS | 4,066 | 214,941 | ||||||
Novo Nordisk A/S, Class B | 54,896 | 5,680,825 | ||||||
Novozymes A/S, Class B | 6,705 | 440,066 | ||||||
Orsted AS(c) | 6,255 | 809,485 | ||||||
Pandora A/S | 3,265 | 334,327 | ||||||
Rockwool International A/S, Class B | 276 | 94,616 | ||||||
Tryg A/S | 11,783 | 266,600 | ||||||
Vestas Wind Systems A/S | 33,170 | 1,069,623 | ||||||
|
| |||||||
13,691,784 | ||||||||
Finland — 0.3% | ||||||||
Elisa Oyj | 4,645 | 257,366 | ||||||
Fortum Oyj | 14,501 | 303,474 | ||||||
Kesko Oyj, Class B | 8,691 | 255,773 | ||||||
Kone Oyj, Class B | 11,078 | 646,441 | ||||||
Neste Oyj | 13,807 | 538,399 | ||||||
Nokia Oyj(a) | 178,799 | 966,827 | ||||||
Nordea Bank Abp | 105,647 | 1,168,828 | ||||||
Orion Oyj, Class B | 3,468 | 162,853 | ||||||
Sampo Oyj, Class A | 16,265 | 767,456 | ||||||
Stora Enso Oyj, Class R | 19,018 | 362,180 | ||||||
UPM-Kymmene Oyj | 17,414 | 601,710 | ||||||
Wartsila OYJ Abp | 15,744 | 176,326 | ||||||
|
| |||||||
6,207,633 | ||||||||
France — 3.1% | ||||||||
Accor SA(a) | 5,581 | 190,609 | ||||||
Aeroports de Paris(a) | 964 | 136,300 | ||||||
Air Liquide SA | 15,441 | 2,564,829 | ||||||
Airbus SE(a) | 19,495 | 2,489,103 | ||||||
Alstom SA | 10,346 | 263,201 | ||||||
Amundi SA(c) | 1,993 | 138,226 | ||||||
Arkema SA | 1,996 | 264,704 | ||||||
AXA SA | 63,096 | 1,707,227 | ||||||
BioMerieux | 1,354 | 148,820 | ||||||
BNP Paribas SA | 36,671 | 2,127,817 | ||||||
Bollore SA | 29,086 | 147,178 | ||||||
Bouygues SA | 7,482 | 267,542 | ||||||
Bureau Veritas SA | 9,613 | 274,863 | ||||||
Capgemini SE | 5,231 | 1,095,003 | ||||||
Carrefour SA | 20,443 | 410,991 | ||||||
Cie. de Saint-Gobain | 16,502 | 1,023,208 | ||||||
Cie. Generale des Etablissements Michelin SCA | 5,529 | 761,109 | ||||||
CNP Assurances | 5,635 | 137,343 | ||||||
Covivio | 1,712 | 140,059 | ||||||
Credit Agricole SA | 40,572 | 516,820 | ||||||
Danone SA | 21,368 | 1,300,013 | ||||||
Dassault Aviation SA | 828 | 123,215 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
France (continued) | ||||||||
Dassault Systemes SE | 21,678 | $ | 1,045,666 | |||||
Edenred | 8,155 | 371,092 | ||||||
Eiffage SA | 2,714 | 276,459 | ||||||
Electricite de France SA | 15,537 | 140,463 | ||||||
Engie SA | 59,602 | 949,606 | ||||||
EssilorLuxottica SA | 9,344 | 1,631,184 | ||||||
Eurazeo SE | 1,298 | 100,258 | ||||||
Eurofins Scientific SE | 4,463 | 452,896 | ||||||
Faurecia SE | 3,842 | 144,667 | ||||||
Gecina SA | 1,497 | 190,240 | ||||||
Getlink SE | 14,431 | 235,360 | ||||||
Hermes International | 1,035 | 1,427,303 | ||||||
Ipsen SA | 1,227 | 142,773 | ||||||
Kering SA | 2,443 | 1,694,547 | ||||||
Klepierre SA | 6,951 | 198,691 | ||||||
La Francaise des Jeux SAEM(c) | 3,139 | 130,119 | ||||||
Legrand SA | 8,720 | 822,645 | ||||||
L’Oreal SA | 8,183 | 3,234,938 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 9,047 | 6,648,685 | ||||||
Orange SA | 65,145 | 787,713 | ||||||
Orpea SA | 1,682 | 69,652 | ||||||
Pernod Ricard SA | 6,785 | 1,481,167 | ||||||
Publicis Groupe SA | 7,457 | 494,889 | ||||||
Remy Cointreau SA | 742 | 142,800 | ||||||
Renault SA(a) | 6,348 | 198,934 | ||||||
Safran SA | 11,221 | 1,426,718 | ||||||
Sanofi | 37,077 | 3,875,752 | ||||||
Sartorius Stedim Biotech | 904 | 346,657 | ||||||
Schneider Electric SE | 17,628 | 2,731,213 | ||||||
SEB SA | 902 | 131,183 | ||||||
Societe Generale SA | 26,466 | 748,393 | ||||||
Sodexo SA | 2,881 | 240,525 | ||||||
Teleperformance | 1,919 | 712,068 | ||||||
Thales SA | 3,465 | 396,129 | ||||||
TotalEnergies SE | 82,036 | 4,179,340 | ||||||
Ubisoft Entertainment SA(a) | 3,041 | 163,049 | ||||||
Unibail-Rodamco-Westfield(a)(b) | 4,131 | 314,889 | ||||||
Valeo | 7,516 | 165,759 | ||||||
Veolia Environnement SA | 21,396 | 746,008 | ||||||
Vinci SA | 17,639 | 1,849,474 | ||||||
Vivendi SE | 25,574 | 322,840 | ||||||
Wendel SE | 878 | 89,133 | ||||||
Worldline SA/France(a)(c) | 7,783 | 396,880 | ||||||
|
| |||||||
58,076,937 | ||||||||
Germany — 2.2% | ||||||||
adidas AG | 6,202 | 1,466,411 | ||||||
Allianz SE, Registered | 13,443 | 3,030,285 | ||||||
Aroundtown SA | 32,702 | 201,645 | ||||||
BASF SE | 30,199 | 2,010,838 | ||||||
Bayer AG, Registered | 31,975 | 1,846,971 | ||||||
Bayerische Motoren Werke AG | 10,790 | 1,039,154 | ||||||
Bechtle AG | 2,680 | 137,474 | ||||||
Beiersdorf AG | 3,290 | 333,501 | ||||||
Brenntag SE | 5,040 | 422,516 | ||||||
Carl Zeiss Meditec AG, Bearer | 1,316 | 206,526 | ||||||
Commerzbank AG(a) | 32,793 | 274,055 | ||||||
Continental AG(a) | 3,524 | 300,291 | ||||||
Covestro AG(c) | 6,068 | 320,910 | ||||||
Daimler Truck Holding AG(a) | 13,669 | 416,570 | ||||||
Delivery Hero SE(a)(c) | 5,280 | 283,011 |
Security | Shares | Value | ||||||
| ||||||||
Germany (continued) | ||||||||
Deutsche Bank AG, Registered(a) | 68,166 | $ | 841,495 | |||||
Deutsche Boerse AG | 6,192 | 1,054,019 | ||||||
Deutsche Lufthansa AG, Registered(a) | 21,359 | 162,222 | ||||||
Deutsche Post AG, Registered | 32,319 | 1,624,424 | ||||||
Deutsche Telekom AG, Registered | 108,678 | 1,948,018 | ||||||
E.ON SE | 73,222 | 995,932 | ||||||
Evonik Industries AG | 6,861 | 206,527 | ||||||
Fresenius Medical Care AG & Co. KGaA | 6,693 | 429,414 | ||||||
Fresenius SE & Co. KGaA | 13,127 | 458,030 | ||||||
GEA Group AG | 5,016 | 219,343 | ||||||
Hannover Rueck SE | 1,964 | 361,576 | ||||||
HeidelbergCement AG | 4,701 | 305,033 | ||||||
HelloFresh SE(a) | 5,455 | 297,548 | ||||||
Henkel AG & Co. KGaA | 3,388 | 260,494 | ||||||
Infineon Technologies AG | 42,623 | 1,442,188 | ||||||
KION Group AG | 2,358 | 189,032 | ||||||
Knorr-Bremse AG | 2,369 | 208,851 | ||||||
LANXESS AG | 2,720 | 132,496 | ||||||
LEG Immobilien SE | 2,378 | 305,788 | ||||||
Mercedes-Benz Group AG | 27,906 | 2,180,002 | ||||||
Merck KGaA | 4,213 | 835,638 | ||||||
MTU Aero Engines AG | 1,767 | 422,995 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 4,561 | 1,251,252 | ||||||
Nemetschek SE | 1,883 | 167,081 | ||||||
Puma SE | 3,445 | 315,922 | ||||||
Rational AG | 165 | 121,434 | ||||||
RWE AG | 20,961 | 970,555 | ||||||
SAP SE | 34,036 | 3,839,397 | ||||||
Scout24 SE(c) | 2,992 | 174,524 | ||||||
Siemens AG, Registered | 24,933 | 3,512,619 | ||||||
Siemens Healthineers AG(c) | 8,907 | 571,566 | ||||||
Symrise AG | 4,196 | 499,100 | ||||||
Telefonica Deutschland Holding AG | 34,328 | 93,676 | ||||||
Uniper SE | 2,997 | 95,877 | ||||||
United Internet AG, Registered(d) | 3,181 | 108,180 | ||||||
Volkswagen AG | 1,058 | 273,640 | ||||||
Vonovia SE | 23,640 | 1,254,883 | ||||||
Zalando SE(a)(c) | 7,253 | 480,052 | ||||||
|
| |||||||
40,900,981 | ||||||||
Hong Kong — 0.8% | ||||||||
AIA Group Ltd. | 394,200 | 4,093,312 | ||||||
BOC Hong Kong Holdings Ltd. | 122,500 | 440,395 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) | 56,700 | 175,995 | ||||||
Chow Tai Fook Jewellery Group Ltd.(a) | 64,600 | 134,144 | ||||||
CK Asset Holdings Ltd. | 69,000 | 435,807 | ||||||
CK Infrastructure Holdings Ltd. | 19,500 | 121,056 | ||||||
CLP Holdings Ltd. | 56,000 | 570,488 | ||||||
ESR Cayman Ltd.(a)(c) | 69,400 | 214,101 | ||||||
Futu Holdings Ltd., ADR(a) | 1,689 | 72,205 | ||||||
Galaxy Entertainment Group Ltd.(a) | 68,000 | 379,252 | ||||||
Hang Lung Properties Ltd. | 59,000 | 123,669 | ||||||
Hang Seng Bank Ltd. | 25,500 | 470,248 | ||||||
Henderson Land Development Co. Ltd. | 48,000 | 199,562 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS | 85,000 | 83,862 | ||||||
HKT Trust & HKT Ltd., Class SS | 126,000 | 169,943 | ||||||
Hong Kong & China Gas Co. Ltd. | 358,589 | 542,275 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 38,400 | 1,860,735 | ||||||
Hongkong Land Holdings Ltd. | 38,800 | 210,117 |
14 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Hong Kong (continued) | ||||||||
Jardine Matheson Holdings Ltd. | 6,800 | $ | 404,600 | |||||
Link REIT | 69,000 | 557,575 | ||||||
Melco Resorts & Entertainment Ltd., ADR(a) | 6,948 | 69,619 | ||||||
MTR Corp. Ltd. | 53,000 | 274,726 | ||||||
New World Development Co. Ltd. | 45,333 | 181,316 | ||||||
Power Assets Holdings Ltd. | 48,500 | 305,673 | ||||||
Sands China Ltd.(a) | 77,200 | 203,614 | ||||||
Sino Land Co. Ltd. | 118,000 | 148,939 | ||||||
SITC International Holdings Co. Ltd.(b) | 42,000 | 173,173 | ||||||
Sun Hung Kai Properties Ltd. | 46,000 | 534,786 | ||||||
Swire Pacific Ltd., Class A | 14,500 | 80,130 | ||||||
Swire Properties Ltd. | 37,200 | 96,739 | ||||||
Techtronic Industries Co. Ltd. | 48,000 | 804,291 | ||||||
WH Group Ltd.(c) | 275,500 | 192,402 | ||||||
Wharf Real Estate Investment Co. Ltd. | 54,000 | 242,421 | ||||||
Xinyi Glass Holdings Ltd. | 60,000 | 159,824 | ||||||
|
| |||||||
14,726,994 | ||||||||
Ireland — 0.6% | ||||||||
CRH PLC | 25,495 | 1,158,957 | ||||||
Flutter Entertainment PLC, Class DI(a) | 5,465 | 787,004 | ||||||
James Hardie Industries PLC | 14,643 | 478,051 | ||||||
Kerry Group PLC, Class A | 5,227 | 622,740 | ||||||
Kingspan Group PLC | 5,111 | 499,152 | ||||||
Linde PLC(a) | 16,828 | 4,934,643 | ||||||
Seagate Technology Holdings PLC | 6,728 | 694,060 | ||||||
Smurfit Kappa Group PLC | 8,104 | 404,732 | ||||||
STERIS PLC | 3,273 | 785,520 | ||||||
Trane Technologies PLC | 7,765 | 1,195,266 | ||||||
|
| |||||||
11,560,125 | ||||||||
Israel — 0.2% | ||||||||
Azrieli Group Ltd. | 1,380 | 117,730 | ||||||
Bank Hapoalim BM | 33,091 | 350,715 | ||||||
Bank Leumi Le-Israel BM | 45,239 | 490,070 | ||||||
Check Point Software Technologies Ltd.(a) | 3,463 | 501,719 | ||||||
CyberArk Software Ltd.(a)(b) | 1,328 | 225,946 | ||||||
Elbit Systems Ltd. | 869 | 178,646 | ||||||
Fiverr International Ltd.(a)(b) | 948 | 74,807 | ||||||
ICL Group Ltd. | 23,122 | 262,586 | ||||||
Inmode Ltd.(a) | 1,622 | 69,243 | ||||||
Isracard Ltd. | 1 | 5 | ||||||
Israel Discount Bank Ltd., Class A | 38,075 | 251,072 | ||||||
Kornit Digital Ltd.(a)(b) | 1,508 | 143,004 | ||||||
Mizrahi Tefahot Bank Ltd. | 4,602 | 179,843 | ||||||
Nice Ltd.(a) | 2,063 | 466,667 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 36,282 | 294,973 | ||||||
Wix.com Ltd.(a) | 1,775 | 162,555 | ||||||
|
| |||||||
3,769,581 | ||||||||
Italy — 0.6% | ||||||||
Amplifon SpA | 4,075 | 174,876 | ||||||
Assicurazioni Generali SpA | 36,115 | 714,240 | ||||||
Atlantia SpA(a) | 15,982 | 293,993 | ||||||
DiaSorin SpA | 813 | 121,669 | ||||||
Enel SpA | 265,171 | 1,954,029 | ||||||
Eni SpA | 82,324 | 1,280,526 | ||||||
Ferrari NV | 4,104 | 881,902 | ||||||
FinecoBank Banca Fineco SpA | 13,538 | 225,622 | ||||||
Infrastrutture Wireless Italiane SpA(c) | 11,042 | 112,753 | ||||||
Intesa Sanpaolo SpA | 538,518 | 1,376,628 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 20,356 | 211,992 |
Security | Shares | Value | ||||||
| ||||||||
Italy (continued) | ||||||||
Moncler SpA | 6,698 | $ | 402,215 | |||||
Nexi SpA(a)(c) | 15,317 | 209,199 | ||||||
Poste Italiane SpA(c) | 17,111 | 196,255 | ||||||
Prysmian SpA | 8,327 | 274,120 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 3,414 | 166,984 | ||||||
Snam SpA | 65,887 | 366,085 | ||||||
Telecom Italia SpA/Milano | 335,060 | 140,774 | ||||||
Terna - Rete Elettrica Nazionale | 46,012 | 376,967 | ||||||
UniCredit SpA | 69,520 | 878,351 | ||||||
|
| |||||||
10,359,180 | ||||||||
Japan — 6.3% | ||||||||
Advantest Corp. | 5,800 | 466,116 | ||||||
Aeon Co. Ltd. | 20,700 | 468,931 | ||||||
AGC Inc. | 5,600 | 248,430 | ||||||
Aisin Corp. | 4,300 | 156,624 | ||||||
Ajinomoto Co. Inc. | 15,200 | 442,943 | ||||||
ANA Holdings Inc.(a) | 4,800 | 105,687 | ||||||
Asahi Group Holdings Ltd. | 15,000 | 605,090 | ||||||
Asahi Intecc Co. Ltd. | 6,300 | 136,038 | ||||||
Asahi Kasei Corp. | 42,900 | 402,609 | ||||||
Astellas Pharma Inc. | 62,200 | 1,037,758 | ||||||
Azbil Corp. | 3,600 | 136,652 | ||||||
Bandai Namco Holdings Inc. | 5,800 | 425,205 | ||||||
Benefit One Inc. | 2,300 | 53,272 | ||||||
Bridgestone Corp. | 18,200 | 749,493 | ||||||
Brother Industries Ltd. | 8,500 | 154,708 | ||||||
Canon Inc. | 32,300 | 760,114 | ||||||
Capcom Co. Ltd. | 5,100 | 123,781 | ||||||
Central Japan Railway Co. | 4,200 | 567,488 | ||||||
Chiba Bank Ltd./The | 17,000 | 106,861 | ||||||
Chubu Electric Power Co. Inc. | 20,400 | 203,769 | ||||||
Chugai Pharmaceutical Co. Ltd. | 21,200 | 703,281 | ||||||
Concordia Financial Group Ltd. | 33,900 | 137,915 | ||||||
Cosmos Pharmaceutical Corp. | 600 | 83,189 | ||||||
CyberAgent Inc. | 13,400 | 175,348 | ||||||
Dai Nippon Printing Co. Ltd. | 6,500 | 169,680 | ||||||
Daifuku Co. Ltd. | 3,000 | 216,980 | ||||||
Dai-ichi Life Holdings Inc. | 32,300 | 670,811 | ||||||
Daiichi Sankyo Co. Ltd. | 59,000 | 1,439,329 | ||||||
Daikin Industries Ltd. | 7,900 | 1,459,956 | ||||||
Daito Trust Construction Co. Ltd. | 1,900 | 210,216 | ||||||
Daiwa House Industry Co. Ltd. | 18,100 | 513,321 | ||||||
Daiwa House REIT Investment Corp. | 64 | 173,570 | ||||||
Daiwa Securities Group Inc. | 48,500 | 286,756 | ||||||
Denso Corp. | 14,200 | 998,546 | ||||||
Dentsu Group Inc. | 6,300 | 251,371 | ||||||
Disco Corp. | 900 | 254,821 | ||||||
East Japan Railway Co. | 10,400 | 617,851 | ||||||
Eisai Co. Ltd. | 8,400 | 416,764 | ||||||
ENEOS Holdings Inc. | 103,800 | 411,026 | ||||||
FANUC Corp. | 6,000 | 1,102,213 | ||||||
Fast Retailing Co. Ltd. | 2,000 | 1,078,819 | ||||||
Fuji Electric Co. Ltd. | 3,600 | 185,226 | ||||||
FUJIFILM Holdings Corp. | 12,100 | 769,126 | ||||||
Fujitsu Ltd. | 6,100 | 886,232 | ||||||
GLP J-Reit | 140 | 209,021 | ||||||
GMO Payment Gateway Inc. | 1,400 | 135,419 | ||||||
Hakuhodo DY Holdings Inc. | 8,400 | 111,623 | ||||||
Hamamatsu Photonics KK | 4,700 | 238,156 | ||||||
Hankyu Hanshin Holdings Inc. | 8,300 | 248,312 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Japan (continued) | ||||||||
Hikari Tsushin Inc. | 600 | $ | 74,558 | |||||
Hino Motors Ltd. | 10,000 | 93,968 | ||||||
Hirose Electric Co. Ltd. | 1,100 | 165,399 | ||||||
Hitachi Construction Machinery Co. Ltd. | 3,100 | 75,862 | ||||||
Hitachi Ltd. | 31,400 | 1,552,815 | ||||||
Hitachi Metals Ltd.(a) | 6,200 | 110,518 | ||||||
Honda Motor Co. Ltd. | 55,500 | 1,686,139 | ||||||
Hoshizaki Corp. | 1,600 | 111,554 | ||||||
Hoya Corp. | 12,400 | 1,615,331 | ||||||
Hulic Co. Ltd. | 12,700 | 115,698 | ||||||
Ibiden Co. Ltd. | 3,100 | 151,399 | ||||||
Idemitsu Kosan Co. Ltd. | 6,100 | 163,520 | ||||||
Iida Group Holdings Co. Ltd. | 4,300 | 79,804 | ||||||
Inpex Corp. | 33,000 | 340,148 | ||||||
Isuzu Motors Ltd. | 18,600 | 251,558 | ||||||
Ito En Ltd. | 1,600 | 92,019 | ||||||
ITOCHU Corp. | 41,500 | 1,352,427 | ||||||
Itochu Techno-Solutions Corp. | 2,800 | 72,586 | ||||||
Japan Airlines Co. Ltd.(a) | 4,200 | 83,280 | ||||||
Japan Exchange Group Inc. | 16,500 | 308,980 | ||||||
Japan Metropolitan Fund Invest | 236 | 191,005 | ||||||
Japan Post Bank Co. Ltd. | 13,400 | 117,576 | ||||||
Japan Post Holdings Co. Ltd. | 81,800 | 676,134 | ||||||
Japan Post Insurance Co. Ltd. | 5,800 | 99,057 | ||||||
Japan Real Estate Investment Corp. | 36 | 192,303 | ||||||
Japan Tobacco Inc. | 41,400 | 761,394 | ||||||
JFE Holdings Inc. | 15,900 | 236,712 | ||||||
JSR Corp. | 5,900 | 185,601 | ||||||
Kajima Corp. | 14,700 | 197,840 | ||||||
Kakaku.com Inc. | 3,900 | 85,803 | ||||||
Kansai Electric Power Co. Inc./The | 23,700 | 238,961 | ||||||
Kansai Paint Co. Ltd. | 5,200 | 104,368 | ||||||
Kao Corp. | 15,400 | 719,902 | ||||||
KDDI Corp. | 55,200 | 1,796,276 | ||||||
Keio Corp. | 3,000 | 122,751 | ||||||
Keisei Electric Railway Co. Ltd. | 3,800 | 106,422 | ||||||
Keyence Corp. | 6,300 | 2,979,904 | ||||||
Kikkoman Corp. | 4,600 | 342,920 | ||||||
Kintetsu Group Holdings Co. Ltd.(a) | 5,000 | 150,212 | ||||||
Kirin Holdings Co. Ltd. | 27,200 | 452,212 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 1,600 | 137,039 | ||||||
Kobe Bussan Co. Ltd. | 4,000 | 132,439 | ||||||
Koei Tecmo Holdings Co. Ltd. | 1,700 | 59,033 | ||||||
Koito Manufacturing Co. Ltd. | 3,000 | 155,169 | ||||||
Komatsu Ltd. | 28,700 | 660,213 | ||||||
Konami Holdings Corp. | 2,800 | 159,294 | ||||||
Kose Corp. | 1,200 | 137,567 | ||||||
Kubota Corp. | 33,100 | 593,869 | ||||||
Kurita Water Industries Ltd. | 2,900 | 119,842 | ||||||
Kyocera Corp. | 11,000 | 633,083 | ||||||
Kyowa Kirin Co. Ltd. | 9,500 | 243,114 | ||||||
Lasertec Corp. | 2,300 | 426,357 | ||||||
Lawson Inc. | 1,500 | 62,544 | ||||||
Lion Corp. | 6,500 | 85,197 | ||||||
Lixil Corp. | 9,400 | 209,501 | ||||||
M3 Inc. | 14,500 | 545,541 | ||||||
Makita Corp. | 7,100 | 253,052 | ||||||
Marubeni Corp. | 52,000 | 545,825 | ||||||
Mazda Motor Corp.(a) | 18,200 | 134,614 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 2,300 | 98,896 |
Security | Shares | Value | ||||||
| ||||||||
Japan (continued) | ||||||||
Medipal Holdings Corp. | 5,300 | $ | 97,001 | |||||
MEIJI Holdings Co. Ltd. | 3,600 | 216,065 | ||||||
Mercari Inc.(a) | 3,000 | 93,960 | ||||||
MINEBEA MITSUMI Inc. | 12,200 | 267,801 | ||||||
MISUMI Group Inc. | 9,900 | 317,371 | ||||||
Mitsubishi Chemical Holdings Corp. | 43,700 | 310,437 | ||||||
Mitsubishi Corp. | 43,700 | 1,469,355 | ||||||
Mitsubishi Electric Corp. | 61,200 | 740,246 | ||||||
Mitsubishi Estate Co. Ltd. | 40,900 | 624,472 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 4,600 | 81,613 | ||||||
Mitsubishi HC Capital Inc. | 20,900 | 108,689 | ||||||
Mitsubishi Heavy Industries Ltd. | 10,900 | 321,469 | ||||||
Mitsubishi UFJ Financial Group Inc. | 391,200 | 2,401,570 | ||||||
Mitsui & Co. Ltd. | 51,900 | 1,294,007 | ||||||
Mitsui Chemicals Inc. | 5,400 | 138,049 | ||||||
Mitsui Fudosan Co. Ltd. | 29,900 | 665,456 | ||||||
Mitsui OSK Lines Ltd. | 3,800 | 308,720 | ||||||
Miura Co. Ltd. | 2,600 | 71,260 | ||||||
Mizuho Financial Group Inc. | 79,890 | 1,052,880 | ||||||
MonotaRO Co. Ltd. | 8,900 | 167,525 | ||||||
MS&AD Insurance Group Holdings Inc. | 14,600 | 494,016 | ||||||
Murata Manufacturing Co. Ltd. | 18,300 | 1,243,763 | ||||||
NEC Corp. | 7,800 | 337,472 | ||||||
Nexon Co. Ltd. | 16,000 | 349,557 | ||||||
NGK Insulators Ltd. | 9,100 | 141,322 | ||||||
Nidec Corp. | 14,600 | 1,269,231 | ||||||
Nihon M&A Center Holdings Inc. | 10,400 | 153,827 | ||||||
Nintendo Co. Ltd. | 3,500 | 1,772,581 | ||||||
Nippon Building Fund Inc. | 48 | 275,055 | ||||||
Nippon Express Holdings Inc. | 2,200 | 133,364 | ||||||
Nippon Paint Holdings Co. Ltd. | 23,900 | 213,907 | ||||||
Nippon Prologis REIT Inc. | 60 | 176,403 | ||||||
Nippon Sanso Holdings Corp. | 4,400 | 85,993 | ||||||
Nippon Shinyaku Co. Ltd. | 1,400 | 91,182 | ||||||
Nippon Steel Corp. | 28,647 | 524,497 | ||||||
Nippon Telegraph & Telephone Corp. | 39,100 | 1,123,769 | ||||||
Nippon Yusen KK | 5,100 | 477,824 | ||||||
Nissan Chemical Corp. | 3,500 | 198,941 | ||||||
Nissan Motor Co. Ltd.(a) | 77,200 | 368,181 | ||||||
Nisshin Seifun Group Inc. | 5,800 | 82,325 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,800 | 143,815 | ||||||
Nitori Holdings Co. Ltd. | 2,500 | 376,195 | ||||||
Nitto Denko Corp. | 4,500 | 328,403 | ||||||
Nomura Holdings Inc. | 103,900 | 474,104 | ||||||
Nomura Real Estate Holdings Inc. | 3,500 | 87,145 | ||||||
Nomura Real Estate Master Fund Inc. | 140 | 184,626 | ||||||
Nomura Research Institute Ltd. | 11,400 | 400,172 | ||||||
NTT Data Corp. | 20,000 | 379,882 | ||||||
Obayashi Corp. | 20,500 | 171,646 | ||||||
Obic Co. Ltd. | 2,200 | 353,835 | ||||||
Odakyu Electric Railway Co. Ltd. | 10,200 | 168,285 | ||||||
Oji Holdings Corp. | 26,900 | 137,436 | ||||||
Olympus Corp. | 35,400 | 718,991 | ||||||
Omron Corp. | 5,400 | 367,462 | ||||||
Ono Pharmaceutical Co. Ltd. | 12,400 | 305,288 | ||||||
Open House Group Co. Ltd. | 2,400 | 109,126 | ||||||
Oracle Corp. Japan | 1,100 | 78,568 | ||||||
Oriental Land Co. Ltd./Japan | 6,800 | 1,257,080 | ||||||
ORIX Corp. | 42,000 | 832,571 | ||||||
Orix JREIT Inc. | 92 | 128,710 |
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Japan (continued) | ||||||||
Osaka Gas Co. Ltd. | 12,500 | $ | 228,766 | |||||
Otsuka Corp. | 3,300 | 128,184 | ||||||
Otsuka Holdings Co. Ltd. | 13,000 | 448,164 | ||||||
Pan Pacific International Holdings Corp. | 13,600 | 222,605 | ||||||
Panasonic Corp. | 73,900 | 771,760 | ||||||
Persol Holdings Co. Ltd. | 5,200 | 116,489 | ||||||
Pola Orbis Holdings Inc. | 2,700 | 42,533 | ||||||
Rakuten Group Inc. | 28,500 | 242,268 | ||||||
Recruit Holdings Co. Ltd. | 44,300 | 1,869,911 | ||||||
Renesas Electronics Corp.(a) | 43,000 | 506,570 | ||||||
Resona Holdings Inc. | 69,100 | 309,036 | ||||||
Ricoh Co. Ltd. | 21,100 | 180,000 | ||||||
Rinnai Corp. | 1,100 | 90,493 | ||||||
Rohm Co. Ltd. | 3,000 | 239,261 | ||||||
Ryohin Keikaku Co. Ltd. | 9,000 | 132,549 | ||||||
Santen Pharmaceutical Co. Ltd. | 12,100 | 137,905 | ||||||
SBI Holdings Inc./Japan | 8,700 | 228,218 | ||||||
SCSK Corp. | 4,600 | 78,754 | ||||||
Secom Co. Ltd. | 7,100 | 521,469 | ||||||
Seiko Epson Corp. | 9,700 | 149,190 | ||||||
Sekisui Chemical Co. Ltd. | 12,600 | 206,337 | ||||||
Sekisui House Ltd. | 19,600 | 399,607 | ||||||
Seven & i Holdings Co. Ltd. | 25,200 | 1,226,175 | ||||||
SG Holdings Co. Ltd. | 10,900 | 231,027 | ||||||
Sharp Corp./Japan | 6,200 | 58,628 | ||||||
Shimadzu Corp. | 8,500 | 306,144 | ||||||
Shimano Inc. | 2,200 | 512,309 | ||||||
Shimizu Corp. | 17,700 | 117,159 | ||||||
Shin-Etsu Chemical Co. Ltd. | 11,873 | 1,854,421 | ||||||
Shionogi & Co. Ltd. | 9,300 | 618,379 | ||||||
Shiseido Co. Ltd. | 13,300 | 763,235 | ||||||
Shizuoka Bank Ltd./The | 14,600 | 107,940 | ||||||
SMC Corp. | 1,900 | 1,135,001 | ||||||
SoftBank Corp. | 96,500 | 1,219,218 | ||||||
SoftBank Group Corp. | 39,900 | 1,790,552 | ||||||
Sohgo Security Services Co. Ltd. | 2,100 | 75,819 | ||||||
Sompo Holdings Inc. | 10,800 | 468,915 | ||||||
Sony Group Corp. | 41,500 | 4,240,146 | ||||||
Square Enix Holdings Co. Ltd. | 2,500 | 121,921 | ||||||
Stanley Electric Co. Ltd. | 3,800 | 90,299 | ||||||
Subaru Corp. | 19,500 | 319,815 | ||||||
SUMCO Corp. | 11,300 | 188,586 | ||||||
Sumitomo Chemical Co. Ltd. | 49,800 | 237,757 | ||||||
Sumitomo Corp. | 36,000 | 587,362 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 5,200 | 57,068 | ||||||
Sumitomo Electric Industries Ltd. | 25,200 | 334,533 | ||||||
Sumitomo Metal Mining Co. Ltd. | 8,800 | 438,966 | ||||||
Sumitomo Mitsui Financial Group Inc. | 43,100 | 1,528,423 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 11,400 | 405,065 | ||||||
Sumitomo Realty & Development Co. Ltd. | 10,600 | 311,834 | ||||||
Suntory Beverage & Food Ltd. | 4,100 | 163,381 | ||||||
Suzuki Motor Corp. | 12,300 | 489,761 | ||||||
Sysmex Corp. | 4,900 | 392,247 | ||||||
T&D Holdings Inc. | 17,300 | 251,256 | ||||||
Taisei Corp. | 5,600 | 186,208 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 1,100 | 54,604 | ||||||
Takeda Pharmaceutical Co. Ltd. | 52,126 | 1,589,337 | ||||||
TDK Corp. | 12,900 | 522,104 | ||||||
Terumo Corp. | 20,400 | 662,559 | ||||||
TIS Inc. | 6,500 | 153,846 |
Security | Shares | Value | ||||||
| ||||||||
Japan (continued) | ||||||||
Tobu Railway Co. Ltd. | 5,500 | $ | 135,193 | |||||
Toho Co. Ltd./Tokyo | 3,200 | 133,457 | ||||||
Tokio Marine Holdings Inc. | 19,900 | 1,132,331 | ||||||
Tokyo Century Corp. | 1,100 | 48,226 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 54,900 | 172,331 | ||||||
Tokyo Electron Ltd. | 5,000 | 2,453,887 | ||||||
Tokyo Gas Co. Ltd. | 12,500 | 254,604 | ||||||
Tokyu Corp. | 16,200 | 216,049 | ||||||
TOPPAN INC | 9,200 | 181,280 | ||||||
Toray Industries Inc. | 46,800 | 266,886 | ||||||
Toshiba Corp. | 13,900 | 554,190 | ||||||
Tosoh Corp. | 9,000 | 139,663 | ||||||
TOTO Ltd. | 4,100 | 172,597 | ||||||
Toyo Suisan Kaisha Ltd. | 2,600 | 109,296 | ||||||
Toyota Industries Corp. | 4,700 | 357,487 | ||||||
Toyota Motor Corp. | 347,300 | 6,354,262 | ||||||
Toyota Tsusho Corp. | 6,200 | 257,393 | ||||||
Trend Micro Inc./Japan | 3,900 | 217,880 | ||||||
Tsuruha Holdings Inc. | 1,200 | 96,474 | ||||||
Unicharm Corp. | 13,400 | 505,102 | ||||||
USS Co. Ltd. | 6,400 | 106,317 | ||||||
Welcia Holdings Co. Ltd. | 2,700 | 72,001 | ||||||
West Japan Railway Co. | 6,900 | 297,693 | ||||||
Yakult Honsha Co. Ltd. | 4,200 | 227,929 | ||||||
Yamaha Corp. | 4,300 | 201,750 | ||||||
Yamaha Motor Co. Ltd. | 10,300 | 231,540 | ||||||
Yamato Holdings Co. Ltd. | 10,100 | 198,352 | ||||||
Yaskawa Electric Corp. | 8,600 | 344,316 | ||||||
Yokogawa Electric Corp. | 8,300 | 133,915 | ||||||
Z Holdings Corp. | 89,900 | 440,047 | ||||||
ZOZO Inc. | 3,600 | 102,512 | ||||||
|
| |||||||
119,595,077 | ||||||||
Liechtenstein — 0.1% | ||||||||
ArcelorMittal SA | 21,911 | 679,868 | ||||||
Tenaris SA | 15,470 | 199,366 | ||||||
|
| |||||||
879,234 | ||||||||
Netherlands — 1.6% | ||||||||
ABN AMRO Bank NV, CVA(c) | 14,184 | 188,750 | ||||||
Adyen NV(a)(c) | 650 | 1,354,777 | ||||||
Aegon NV | 63,733 | 314,828 | ||||||
AerCap Holdings NV(a) | 4,408 | 239,927 | ||||||
Akzo Nobel NV | 6,119 | 582,175 | ||||||
Argenx SE(a)(b) | 1,536 | 444,738 | ||||||
ASM International NV | 1,559 | 503,506 | ||||||
ASML Holding NV | 13,503 | 9,033,828 | ||||||
CNH Industrial NV | 33,438 | 475,639 | ||||||
Davide Campari-Milano NV | 17,106 | 186,162 | ||||||
Euronext NV(c) | 2,861 | 258,266 | ||||||
EXOR NV | 3,625 | 274,650 | ||||||
Heineken Holding NV | 3,849 | 314,344 | ||||||
Heineken NV | 8,637 | 876,124 | ||||||
IMCD NV | 1,898 | 308,314 | ||||||
ING Groep NV | 129,347 | 1,510,578 | ||||||
InPost SA(a) | 6,588 | 40,685 | ||||||
JDE Peet’s NV | 3,370 | 110,635 | ||||||
Just Eat Takeaway.com NV(a)(c) | 6,074 | 245,828 | ||||||
Koninklijke Ahold Delhaize NV | 34,851 | 1,072,095 | ||||||
Koninklijke DSM NV | 5,821 | 1,092,974 | ||||||
Koninklijke KPN NV | 112,455 | 384,836 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Netherlands (continued) | ||||||||
Koninklijke Philips NV | 30,375 | $ | 1,037,569 | |||||
NN Group NV | 9,019 | 432,866 | ||||||
NXP Semiconductors NV | 8,778 | 1,668,873 | ||||||
Prosus NV | 30,956 | 1,921,799 | ||||||
QIAGEN NV(a) | 7,627 | 383,199 | ||||||
Randstad NV | 4,099 | 279,341 | ||||||
Stellantis NV | 67,880 | 1,233,507 | ||||||
STMicroelectronics NV | 22,962 | 963,899 | ||||||
Universal Music Group NV | 24,186 | 552,227 | ||||||
Wolters Kluwer NV | 8,918 | 908,653 | ||||||
|
| |||||||
29,195,592 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd.(a) | 40,947 | 198,266 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 19,771 | 371,537 | ||||||
Mercury NZ Ltd. | 22,412 | 87,301 | ||||||
Meridian Energy Ltd. | 42,013 | 142,638 | ||||||
Ryman Healthcare Ltd. | 13,953 | 94,907 | ||||||
Spark New Zealand Ltd. | 61,207 | 187,924 | ||||||
Xero Ltd.(a) | 4,360 | 299,785 | ||||||
|
| |||||||
1,382,358 | ||||||||
Norway — 0.2% | ||||||||
Adevinta ASA(a) | 8,057 | 86,313 | ||||||
Aker BP ASA | 4,130 | 129,354 | ||||||
DNB Bank ASA | 30,347 | 679,417 | ||||||
Equinor ASA | 31,527 | 991,067 | ||||||
Gjensidige Forsikring ASA | 6,548 | 161,962 | ||||||
Mowi ASA | 12,692 | 326,804 | ||||||
Norsk Hydro ASA | 39,635 | 376,377 | ||||||
Orkla ASA | 24,577 | 230,222 | ||||||
Schibsted ASA, Class A | 2,395 | 68,827 | ||||||
Schibsted ASA, Class B | 3,193 | 82,652 | ||||||
Telenor ASA | 22,862 | 338,257 | ||||||
Yara International ASA | 5,412 | 275,633 | ||||||
|
| |||||||
3,746,885 | ||||||||
Portugal — 0.0% | ||||||||
EDP - Energias de Portugal SA | 90,669 | 442,687 | ||||||
Galp Energia SGPS SA | 16,424 | 181,802 | ||||||
Jeronimo Martins SGPS SA | 9,259 | 201,862 | ||||||
|
| |||||||
826,351 | ||||||||
Singapore — 0.4% | ||||||||
Ascendas Real Estate Investment Trust | 110,816 | 227,222 | ||||||
CapitaLand Integrated Commercial Trust(b) | 161,876 | 253,338 | ||||||
Capitaland Investment Ltd./Singapore(a) | 88,300 | 241,965 | ||||||
City Developments Ltd. | 13,500 | 71,435 | ||||||
DBS Group Holdings Ltd. | 59,600 | 1,498,352 | ||||||
Genting Singapore Ltd. | 200,500 | 114,620 | ||||||
Keppel Corp. Ltd. | 47,500 | 211,468 | ||||||
Mapletree Commercial Trust | 71,800 | 96,286 | ||||||
Mapletree Logistics Trust | 103,900 | 135,084 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 111,600 | 967,061 | ||||||
Sea Ltd., ADR(a) | 10,472 | 1,524,723 | ||||||
Singapore Airlines Ltd.(a) | 44,700 | 169,256 | ||||||
Singapore Exchange Ltd. | 7,500 | 52,033 | ||||||
Singapore Technologies Engineering Ltd. | 51,200 | 145,097 | ||||||
Singapore Telecommunications Ltd. | 276,500 | 518,652 | ||||||
United Overseas Bank Ltd. | 40,100 | 891,238 | ||||||
UOL Group Ltd. | 15,100 | 78,255 | ||||||
Venture Corp. Ltd. | 9,700 | 126,531 |
Security | Shares | Value | ||||||
| ||||||||
Singapore (continued) | ||||||||
Wilmar International Ltd. | 63,300 | $ | 205,727 | |||||
|
| |||||||
7,528,343 | ||||||||
Spain — 0.6% | ||||||||
ACS Actividades de Construccion y Servicios SA | 8,187 | 198,949 | ||||||
Aena SME SA(a)(c) | 2,445 | 399,037 | ||||||
Amadeus IT Group SA(a) | 14,603 | 963,456 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 216,074 | 1,282,124 | ||||||
Banco Santander SA | 567,421 | 1,889,521 | ||||||
CaixaBank SA | 144,690 | 475,246 | ||||||
Cellnex Telecom SA(c) | 16,900 | 764,424 | ||||||
EDP Renovaveis SA | 9,414 | 228,828 | ||||||
Enagas SA | 2,268 | 47,931 | ||||||
Endesa SA | 10,386 | 228,299 | ||||||
Ferrovial SA | 15,863 | 432,175 | ||||||
Grifols SA | 9,768 | 185,202 | ||||||
Iberdrola SA | 190,000 | 2,155,661 | ||||||
Industria de Diseno Textil SA | 35,440 | 924,480 | ||||||
Naturgy Energy Group SA | 6,387 | 171,361 | ||||||
Red Electrica Corp. SA | 5,764 | 114,187 | ||||||
Repsol SA | 47,345 | 614,350 | ||||||
Siemens Gamesa Renewable Energy SA(a)(b) | 7,803 | 179,545 | ||||||
Telefonica SA | 171,791 | 820,460 | ||||||
|
| |||||||
12,075,236 | ||||||||
Sweden — 0.9% | ||||||||
Alfa Laval AB | 10,272 | 333,130 | ||||||
Assa Abloy AB, Class B | 32,232 | 846,016 | ||||||
Atlas Copco AB, Class A | 22,123 | 1,134,558 | ||||||
Atlas Copco AB, Class B | 12,731 | 575,253 | ||||||
Boliden AB | 8,755 | 389,426 | ||||||
Electrolux AB, Class B | 7,384 | 132,212 | ||||||
Embracer Group AB(a)(b) | 15,563 | 133,595 | ||||||
Epiroc AB, Class A | 21,518 | 404,337 | ||||||
Epiroc AB, Class B | 12,753 | 206,731 | ||||||
EQT AB | 9,586 | 320,844 | ||||||
Essity AB, Class B | 20,384 | 524,601 | ||||||
Evolution AB(c) | 5,638 | 646,448 | ||||||
Fastighets AB Balder, Class B(a) | 3,431 | 213,885 | ||||||
Getinge AB, Class B | 7,472 | 290,022 | ||||||
H & M Hennes & Mauritz AB, Class B | 24,979 | 416,877 | ||||||
Hexagon AB, Class B | 64,572 | 872,347 | ||||||
Husqvarna AB, Class B | 13,701 | 165,016 | ||||||
Industrivarden AB, Class A | 3,716 | 102,617 | ||||||
Industrivarden AB, Class C | 5,229 | 141,731 | ||||||
Investment AB Latour, Class B | 4,849 | 133,943 | ||||||
Investor AB | 16,288 | 360,168 | ||||||
Investor AB, Class B | 59,387 | 1,209,266 | ||||||
Kinnevik AB, Class B(a) | 7,916 | 201,544 | ||||||
L E Lundbergforetagen AB, Class B | 2,494 | 120,428 | ||||||
Lifco AB, Class B | 7,626 | 173,351 | ||||||
Lundin Energy AB | 6,637 | 244,899 | ||||||
Nibe Industrier AB, Class B | 47,033 | 418,677 | ||||||
Sagax AB, Class B | 5,268 | 143,244 | ||||||
Sandvik AB | 36,826 | 793,693 | ||||||
Securitas AB, Class B | 10,272 | 124,362 | ||||||
Sinch AB(a)(b)(c) | 17,102 | 144,262 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 53,109 | 611,835 | ||||||
Skanska AB, Class B | 11,124 | 251,773 | ||||||
SKF AB, Class B | 12,492 | 230,655 | ||||||
Svenska Cellulosa AB SCA, Class B | 19,382 | 316,228 |
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Sweden (continued) | ||||||||
Svenska Handelsbanken AB, Class A | 47,152 | $ | 448,265 | |||||
Swedbank AB, Class A | 29,559 | 477,587 | ||||||
Swedish Match AB | 51,661 | 375,562 | ||||||
Tele2 AB, Class B | 16,398 | 217,292 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 93,256 | 858,132 | ||||||
Telia Co. AB | 87,956 | 327,036 | ||||||
Volvo AB, Class A | 6,567 | 128,329 | ||||||
Volvo AB, Class B | 46,957 | 903,165 | ||||||
|
| |||||||
17,063,342 | ||||||||
Switzerland — 2.9% | ||||||||
ABB Ltd., Registered | 52,955 | 1,789,503 | ||||||
Adecco Group AG, Registered | 5,216 | 246,344 | ||||||
Alcon Inc. | 16,036 | 1,238,902 | ||||||
Bachem Holding AG, Class B, Registered | 197 | 117,240 | ||||||
Baloise Holding AG, Registered | 1,557 | 261,175 | ||||||
Barry Callebaut AG, Registered | 120 | 276,799 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 31 | 328,838 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 3 | 336,735 | ||||||
Cie. Financiere Richemont SA, Class A, Registered | 17,306 | 2,317,386 | ||||||
Clariant AG, Registered | 7,292 | 131,641 | ||||||
Coca-Cola HBC AG, Class DI | 6,545 | 166,286 | ||||||
Credit Suisse Group AG, Registered | 89,141 | 746,743 | ||||||
EMS-Chemie Holding AG, Registered | 236 | 233,435 | ||||||
Geberit AG, Registered | 1,196 | 782,396 | ||||||
Givaudan SA, Registered | 300 | 1,252,622 | ||||||
Holcim Ltd. | 16,814 | 846,383 | ||||||
Julius Baer Group Ltd. | 7,447 | 436,070 | ||||||
Kuehne + Nagel International AG, Registered | 1,825 | 497,705 | ||||||
Logitech International SA, Registered | 5,815 | 435,130 | ||||||
Lonza Group AG, Registered | 2,400 | 1,660,564 | ||||||
Nestle SA, Registered | 92,093 | 11,999,324 | ||||||
Novartis AG, Registered | 71,267 | 6,263,756 | ||||||
Partners Group Holding AG | 754 | 1,019,249 | ||||||
Roche Holding AG, Bearer | 1,118 | 466,663 | ||||||
Roche Holding AG, NVS | 22,883 | 8,666,554 | ||||||
Schindler Holding AG, Participation Certificates, NVS | 1,381 | 316,864 | ||||||
Schindler Holding AG, Registered | 666 | 149,285 | ||||||
SGS SA, Registered | 191 | 546,518 | ||||||
Siemens Energy AG(a) | 13,058 | 310,568 | ||||||
Sika AG, Registered | 4,567 | 1,515,489 | ||||||
Sonova Holding AG, Registered | 1,839 | 712,050 | ||||||
Straumann Holding AG, Registered | 327 | 519,427 | ||||||
Swatch Group AG (The), Bearer | 968 | 297,676 | ||||||
Swatch Group AG (The), Registered | 1,785 | 105,748 | ||||||
Swiss Life Holding AG, Registered | 1,053 | 642,517 | ||||||
Swiss Prime Site AG, Registered | 2,566 | 251,451 | ||||||
Swiss Re AG | 9,678 | 924,788 | ||||||
Swisscom AG, Registered | 876 | 524,735 | ||||||
Temenos AG, Registered | 2,269 | 228,067 | ||||||
UBS Group AG, Registered | 113,593 | 2,089,744 | ||||||
VAT Group AG(c) | 908 | 343,129 | ||||||
Vifor Pharma AG | 1,638 | 287,517 | ||||||
Zurich Insurance Group AG | 5,010 | 2,299,570 | ||||||
|
| |||||||
54,582,586 | ||||||||
United Kingdom — 3.8% | ||||||||
3i Group PLC | 31,736 | 565,349 | ||||||
abrdn plc | 71,086 | 197,031 | ||||||
Admiral Group PLC | 6,792 | 270,563 |
Security | Shares | Value | ||||||
| ||||||||
United Kingdom (continued) | ||||||||
Amcor PLC | 51,579 | $ | 599,864 | |||||
Anglo American PLC | 42,472 | 2,155,952 | ||||||
Antofagasta PLC | 12,865 | 260,488 | ||||||
Aptiv PLC(a) | 8,848 | 1,145,285 | ||||||
Ashtead Group PLC | 14,588 | 947,955 | ||||||
Associated British Foods PLC | 11,609 | 297,027 | ||||||
AstraZeneca PLC | 50,496 | 6,137,603 | ||||||
Auto Trader Group PLC(c) | 31,277 | 276,616 | ||||||
AVEVA Group PLC | 3,925 | 129,972 | ||||||
Aviva PLC | 127,773 | 715,960 | ||||||
BAE Systems PLC | 104,548 | 1,003,764 | ||||||
Barclays PLC | 551,775 | 1,348,295 | ||||||
Barratt Developments PLC | 33,230 | 270,665 | ||||||
Berkeley Group Holdings PLC | 3,658 | 190,239 | ||||||
BP PLC | 655,879 | 3,196,828 | ||||||
British American Tobacco PLC | 71,520 | 3,134,499 | ||||||
British Land Co. PLC/The | 28,694 | 202,772 | ||||||
BT Group PLC | 292,857 | 730,705 | ||||||
Bunzl PLC | 10,993 | 434,419 | ||||||
Burberry Group PLC | 13,195 | 342,096 | ||||||
Clarivate PLC(a)(b) | 11,524 | 172,630 | ||||||
Coca-Cola Europacific Partners PLC | 6,710 | 343,619 | ||||||
Compass Group PLC | 58,653 | 1,325,737 | ||||||
Croda International PLC | 4,545 | 454,950 | ||||||
DCC PLC | 3,208 | 251,743 | ||||||
Diageo PLC | 76,077 | 3,769,033 | ||||||
Entain PLC(a) | 19,793 | 444,994 | ||||||
Experian PLC | 30,049 | 1,173,848 | ||||||
Ferguson PLC | 7,244 | 1,103,826 | ||||||
GlaxoSmithKline PLC | 164,018 | 3,420,453 | ||||||
Halma PLC | 12,380 | 399,305 | ||||||
Hargreaves Lansdown PLC | 11,594 | 175,721 | ||||||
Hikma Pharmaceuticals PLC | 5,658 | 157,518 | ||||||
HSBC Holdings PLC | 668,333 | 4,639,756 | ||||||
Imperial Brands PLC | 29,939 | 654,654 | ||||||
Informa PLC(a) | 49,003 | 387,998 | ||||||
InterContinental Hotels Group PLC(a) | 5,997 | 417,588 | ||||||
Intertek Group PLC | 5,264 | 377,860 | ||||||
J Sainsbury PLC | 56,998 | 210,215 | ||||||
JD Sports Fashion PLC | 84,097 | 169,173 | ||||||
Johnson Matthey PLC | 6,309 | 158,542 | ||||||
Kingfisher PLC | 68,541 | 279,603 | ||||||
Land Securities Group PLC | 22,977 | 243,481 | ||||||
Legal & General Group PLC | 195,812 | 724,001 | ||||||
Lloyds Banking Group PLC | 2,310,713 | 1,489,266 | ||||||
London Stock Exchange Group PLC | 10,655 | 930,785 | ||||||
M&G PLC | 84,745 | 233,292 | ||||||
Melrose Industries PLC | 142,524 | 281,979 | ||||||
Mondi PLC | 15,884 | 333,269 | ||||||
National Grid PLC | 117,898 | 1,782,543 | ||||||
NatWest Group PLC | 188,014 | 576,105 | ||||||
Next PLC | 4,338 | 397,198 | ||||||
Ocado Group PLC(a) | 15,593 | 286,738 | ||||||
Pearson PLC | 24,584 | 212,674 | ||||||
Persimmon PLC | 10,508 | 338,185 | ||||||
Phoenix Group Holdings PLC | 22,855 | 189,429 | ||||||
Prudential PLC | 85,622 | 1,294,473 | ||||||
Reckitt Benckiser Group PLC | 23,278 | 1,971,114 | ||||||
RELX PLC | 63,029 | 1,919,421 | ||||||
Rentokil Initial PLC | 63,246 | 429,210 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
United Kingdom (continued) | ||||||||
Rolls-Royce Holdings PLC(a) | 272,470 | $ | 375,862 | |||||
Royalty Pharma PLC, Class A | 11,201 | 439,751 | ||||||
Sage Group PLC/The | 35,972 | 337,469 | ||||||
Schroders PLC | 4,053 | 165,922 | ||||||
Segro PLC | 39,156 | 680,964 | ||||||
Sensata Technologies Holding PLC(a) | 5,204 | 301,364 | ||||||
Severn Trent PLC | 8,157 | 313,824 | ||||||
Smith & Nephew PLC | 28,660 | 512,610 | ||||||
Smiths Group PLC | 12,931 | 263,800 | ||||||
Spirax-Sarco Engineering PLC | 2,357 | 375,599 | ||||||
SSE PLC | 34,035 | 772,415 | ||||||
St. James’s Place PLC | 17,595 | 329,870 | ||||||
Standard Chartered PLC | 85,792 | 611,405 | ||||||
Taylor Wimpey PLC | 128,543 | 257,830 | ||||||
Tesco PLC | 255,840 | 991,113 | ||||||
Unilever PLC | 84,590 | 4,249,122 | ||||||
United Utilities Group PLC | 22,236 | 319,146 | ||||||
Vodafone Group PLC | 911,229 | 1,604,071 | ||||||
Whitbread PLC(a) | 6,588 | 257,165 | ||||||
WPP PLC | 38,868 | 546,674 | ||||||
|
| |||||||
72,381,852 | ||||||||
United States — 67.6% | ||||||||
10X Genomics Inc., Class A(a) | 2,442 | 198,950 | ||||||
3M Co. | 18,874 | 2,805,620 | ||||||
A O Smith Corp. | 4,371 | 299,763 | ||||||
Abbott Laboratories | 57,800 | 6,971,836 | ||||||
AbbVie Inc. | 57,617 | 8,514,064 | ||||||
ABIOMED Inc.(a) | 1,485 | 461,449 | ||||||
Accenture PLC, Class A | 20,682 | 6,535,926 | ||||||
Activision Blizzard Inc. | 25,418 | 2,071,567 | ||||||
Adobe Inc.(a) | 15,534 | 7,264,941 | ||||||
Advance Auto Parts Inc. | 2,063 | 421,842 | ||||||
Advanced Micro Devices Inc.(a) | 53,461 | 6,593,880 | ||||||
AES Corp. (The) | 21,724 | 461,201 | ||||||
Affirm Holdings Inc.(a)(b) | 5,536 | 231,626 | ||||||
Aflac Inc. | 20,823 | 1,272,077 | ||||||
Agilent Technologies Inc. | 9,892 | 1,289,521 | ||||||
AGNC Investment Corp. | 16,728 | 215,958 | ||||||
Air Products and Chemicals Inc. | 7,219 | 1,705,850 | ||||||
Airbnb Inc., Class A(a) | 9,648 | 1,461,576 | ||||||
Akamai Technologies Inc.(a) | 5,405 | 585,145 | ||||||
Albemarle Corp. | 3,864 | 756,919 | ||||||
Alexandria Real Estate Equities Inc. | 4,722 | 894,347 | ||||||
Align Technology Inc.(a) | 2,443 | 1,249,497 | ||||||
Alleghany Corp.(a) | 452 | 299,188 | ||||||
Allegion PLC | 2,952 | 338,063 | ||||||
Alliant Energy Corp. | 8,437 | 492,721 | ||||||
Allstate Corp. (The) | 9,656 | 1,181,508 | ||||||
Ally Financial Inc. | 11,755 | 586,575 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 3,870 | 610,880 | ||||||
Alphabet Inc., Class A(a) | 9,830 | 26,552,206 | ||||||
Alphabet Inc., Class C, NVS(a) | 9,359 | 25,248,897 | ||||||
Altria Group Inc. | 60,467 | 3,101,352 | ||||||
Amazon.com Inc.(a) | 14,937 | 45,875,411 | ||||||
AMC Entertainment Holdings Inc., Class A(a)(b) | 16,084 | 303,344 | ||||||
AMERCO | 318 | 183,680 | ||||||
Ameren Corp. | 8,433 | 724,816 | ||||||
American Electric Power Co. Inc. | 16,338 | 1,481,040 | ||||||
American Express Co. | 22,022 | 4,284,160 | ||||||
American Financial Group Inc./OH | 2,364 | 320,062 |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) | ||||||||
American International Group Inc. | 27,023 | $ | 1,654,889 | |||||
American Tower Corp. | 14,821 | 3,362,440 | ||||||
American Water Works Co. Inc. | 5,921 | 894,604 | ||||||
Ameriprise Financial Inc. | 3,713 | 1,113,120 | ||||||
AmerisourceBergen Corp. | 5,097 | 726,475 | ||||||
AMETEK Inc. | 7,549 | 979,785 | ||||||
Amgen Inc. | 18,607 | 4,214,113 | ||||||
Amphenol Corp., Class A | 19,434 | 1,477,178 | ||||||
Analog Devices Inc. | 17,529 | 2,809,723 | ||||||
Annaly Capital Management Inc. | 47,425 | 330,078 | ||||||
ANSYS Inc.(a) | 2,851 | 924,266 | ||||||
Anthem Inc. | 7,904 | 3,571,422 | ||||||
Aon PLC, Class A | 7,372 | 2,153,656 | ||||||
Apollo Global Management Inc. | 10,789 | 704,090 | ||||||
Apple Inc. | 536,920 | 88,656,230 | ||||||
Applied Materials Inc. | 29,445 | 3,951,519 | ||||||
Aramark | 7,562 | 279,492 | ||||||
Arch Capital Group Ltd.(a) | 12,929 | 609,085 | ||||||
Archer-Daniels-Midland Co. | 18,481 | 1,449,834 | ||||||
Arista Networks Inc.(a) | 7,517 | 922,561 | ||||||
Arrow Electronics Inc.(a) | 2,362 | 287,881 | ||||||
Arthur J Gallagher & Co. | 6,737 | 1,065,726 | ||||||
Asana Inc., Class A(a)(b) | 2,191 | 120,045 | ||||||
Assurant Inc. | 1,932 | 327,880 | ||||||
AT&T Inc. | 232,832 | 5,515,790 | ||||||
Atmos Energy Corp. | 4,313 | 473,611 | ||||||
Autodesk Inc.(a) | 7,225 | 1,591,162 | ||||||
Automatic Data Processing Inc. | 13,799 | 2,821,068 | ||||||
AutoZone Inc.(a) | 708 | 1,319,280 | ||||||
Avalara Inc.(a) | 2,834 | 294,481 | ||||||
AvalonBay Communities Inc. | 4,554 | 1,086,539 | ||||||
Avantor Inc.(a) | 17,448 | 605,271 | ||||||
Avery Dennison Corp. | 2,709 | 477,326 | ||||||
Baker Hughes Co. | 27,114 | 796,609 | ||||||
Ball Corp. | 10,821 | 971,077 | ||||||
Bank of America Corp. | 241,051 | 10,654,454 | ||||||
Bank of New York Mellon Corp. (The) | 26,706 | 1,419,424 | ||||||
Bath & Body Works Inc. | 8,758 | 467,414 | ||||||
Baxter International Inc. | 16,374 | 1,391,299 | ||||||
Becton Dickinson and Co. | 9,370 | 2,541,894 | ||||||
Bentley Systems Inc., Class B | 5,815 | 223,238 | ||||||
Berkshire Hathaway Inc., Class B(a) | 42,658 | 13,712,414 | ||||||
Best Buy Co. Inc. | 7,367 | 711,947 | ||||||
Bill.com Holdings Inc.(a) | 2,438 | 579,951 | ||||||
Biogen Inc.(a) | 4,825 | 1,018,123 | ||||||
BioMarin Pharmaceutical Inc.(a) | 6,159 | 481,141 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 750 | 469,470 | ||||||
Bio-Techne Corp. | 1,264 | 530,134 | ||||||
Black Knight Inc.(a) | 5,275 | 296,402 | ||||||
BlackRock Inc.(e) | 4,962 | 3,691,182 | ||||||
Blackstone Inc., NVS | 22,523 | 2,871,007 | ||||||
Block Inc.(a) | 15,867 | 2,023,043 | ||||||
Boeing Co. (The)(a) | 18,204 | 3,738,009 | ||||||
Booking Holdings Inc.(a) | 1,339 | 2,908,643 | ||||||
Booz Allen Hamilton Holding Corp. | 4,678 | 377,468 | ||||||
BorgWarner Inc. | 7,883 | 323,282 | ||||||
Boston Properties Inc. | 4,851 | 593,326 | ||||||
Boston Scientific Corp.(a) | 46,721 | 2,063,667 | ||||||
Bristol-Myers Squibb Co. | 72,475 | 4,976,858 | ||||||
Broadcom Inc. | 13,375 | 7,857,010 |
20 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) | ||||||||
Broadridge Financial Solutions Inc. | 3,848 | $ | 562,616 | |||||
Brown & Brown Inc. | 7,840 | 530,062 | ||||||
Brown-Forman Corp., Class B, NVS | 10,129 | 660,715 | ||||||
Bunge Ltd. | 4,732 | 494,731 | ||||||
Burlington Stores Inc.(a)(b) | 2,187 | 494,021 | ||||||
Cable One Inc. | 169 | 242,152 | ||||||
Cadence Design Systems Inc.(a) | 9,033 | 1,367,867 | ||||||
Caesars Entertainment Inc.(a)(b) | 6,986 | 588,151 | ||||||
Camden Property Trust | 3,217 | 531,159 | ||||||
Campbell Soup Co. | 6,705 | 301,524 | ||||||
Capital One Financial Corp. | 13,904 | 2,131,066 | ||||||
Cardinal Health Inc. | 9,526 | 514,499 | ||||||
Carlyle Group Inc. (The) | 5,238 | 245,505 | ||||||
CarMax Inc.(a) | 5,295 | 578,902 | ||||||
Carnival Corp.(a) | 27,122 | 551,390 | ||||||
Carrier Global Corp. | 26,909 | 1,207,676 | ||||||
Carvana Co.(a)(b) | 2,485 | 373,918 | ||||||
Catalent Inc.(a) | 5,464 | 557,547 | ||||||
Caterpillar Inc. | 17,900 | 3,357,682 | ||||||
Cboe Global Markets Inc. | 3,491 | 409,459 | ||||||
CBRE Group Inc., Class A(a) | 10,965 | 1,061,960 | ||||||
CDW Corp./DE | 4,492 | 774,690 | ||||||
Celanese Corp. | 3,618 | 503,915 | ||||||
Centene Corp.(a) | 19,213 | 1,587,378 | ||||||
CenterPoint Energy Inc. | 19,592 | 535,841 | ||||||
Ceridian HCM Holding Inc.(a) | 4,533 | 330,501 | ||||||
Cerner Corp. | 9,663 | 901,075 | ||||||
CF Industries Holdings Inc. | 7,045 | 571,984 | ||||||
CH Robinson Worldwide Inc. | 4,323 | 417,948 | ||||||
Charles River Laboratories International Inc.(a) | 1,615 | 470,223 | ||||||
Charles Schwab Corp. (The) | 47,465 | 4,008,894 | ||||||
Charter Communications Inc., Class A(a) | 4,186 | 2,519,051 | ||||||
Cheniere Energy Inc. | 8,003 | 1,063,599 | ||||||
Chevron Corp. | 63,053 | 9,079,632 | ||||||
Chewy Inc., Class A(a)(b) | 2,640 | 124,450 | ||||||
Chipotle Mexican Grill Inc.(a) | 915 | 1,393,865 | ||||||
Chubb Ltd. | 14,205 | 2,892,706 | ||||||
Church & Dwight Co. Inc. | 8,034 | 786,127 | ||||||
Cigna Corp. | 11,095 | 2,638,169 | ||||||
Cincinnati Financial Corp. | 5,108 | 627,211 | ||||||
Cintas Corp. | 3,007 | 1,128,587 | ||||||
Cisco Systems Inc. | 137,405 | 7,663,077 | ||||||
Citigroup Inc. | 66,113 | 3,915,873 | ||||||
Citizens Financial Group Inc. | 13,949 | 731,207 | ||||||
Citrix Systems Inc. | 3,924 | 402,210 | ||||||
Clorox Co. (The) | 4,019 | 585,930 | ||||||
Cloudflare Inc., Class A(a) | 7,743 | 901,440 | ||||||
CME Group Inc. | 11,772 | 2,784,431 | ||||||
CMS Energy Corp. | 9,647 | 617,504 | ||||||
Coca-Cola Co. (The) | 133,811 | 8,328,397 | ||||||
Cognex Corp. | 5,892 | 398,064 | ||||||
Cognizant Technology Solutions Corp., Class A | 17,163 | 1,478,249 | ||||||
Coinbase Global Inc., Class A(a) | 1,234 | 235,410 | ||||||
Colgate-Palmolive Co. | 26,146 | 2,011,935 | ||||||
Comcast Corp., Class A | 149,348 | 6,983,512 | ||||||
Conagra Brands Inc. | 16,120 | 563,716 | ||||||
ConocoPhillips | 43,680 | 4,143,485 | ||||||
Consolidated Edison Inc. | 11,549 | 990,558 | ||||||
Constellation Brands Inc., Class A | 5,495 | 1,184,832 | ||||||
Constellation Energy Corp. | 10,751 | 494,331 |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) | ||||||||
Cooper Companies Inc. (The) | 1,625 | $ | 664,658 | |||||
Copart Inc.(a) | 6,909 | 848,978 | ||||||
Corning Inc. | 26,431 | 1,067,812 | ||||||
Corteva Inc. | 23,979 | 1,247,627 | ||||||
CoStar Group Inc.(a) | 12,898 | 786,907 | ||||||
Costco Wholesale Corp. | 14,409 | 7,481,873 | ||||||
Coterra Energy Inc. | 25,420 | 593,049 | ||||||
Coupa Software Inc.(a)(b) | 2,490 | 301,315 | ||||||
Crowdstrike Holdings Inc., Class A(a) | 6,166 | 1,203,665 | ||||||
Crown Castle International Corp. | 14,156 | 2,358,248 | ||||||
Crown Holdings Inc. | 4,308 | 528,462 | ||||||
CSX Corp. | 73,551 | 2,494,114 | ||||||
Cummins Inc. | 4,673 | 953,853 | ||||||
CVS Health Corp. | 43,036 | 4,460,681 | ||||||
Danaher Corp. | 20,985 | 5,758,494 | ||||||
Darden Restaurants Inc. | 4,258 | 618,347 | ||||||
Datadog Inc., Class A(a) | 7,155 | 1,152,742 | ||||||
DaVita Inc.(a) | 2,451 | 276,399 | ||||||
Deere & Co. | 9,607 | 3,458,712 | ||||||
Dell Technologies Inc., Class C(a) | 9,124 | 464,959 | ||||||
Delta Air Lines Inc.(a) | 5,287 | 211,057 | ||||||
DENTSPLY SIRONA Inc. | 7,171 | 388,238 | ||||||
Devon Energy Corp. | 21,037 | 1,252,753 | ||||||
Dexcom Inc.(a) | 3,154 | 1,305,472 | ||||||
Diamondback Energy Inc. | 5,622 | 776,398 | ||||||
Digital Realty Trust Inc. | 9,218 | 1,243,693 | ||||||
Discover Financial Services | 9,785 | 1,207,860 | ||||||
Discovery Inc., Class A(a)(b) | 5,315 | 149,086 | ||||||
Discovery Inc., Class C, NVS(a) | 10,354 | 289,601 | ||||||
DISH Network Corp., Class A(a) | 8,101 | 258,908 | ||||||
DocuSign Inc.(a) | 6,343 | 751,201 | ||||||
Dollar General Corp. | 7,616 | 1,510,557 | ||||||
Dollar Tree Inc.(a) | 7,346 | 1,043,720 | ||||||
Dominion Energy Inc. | 26,230 | 2,086,072 | ||||||
Domino’s Pizza Inc. | 1,202 | 519,516 | ||||||
DoorDash Inc., Class A(a) | 3,506 | 367,955 | ||||||
Dover Corp. | 4,786 | 750,732 | ||||||
Dow Inc. | 24,668 | 1,454,425 | ||||||
DR Horton Inc. | 11,118 | 949,477 | ||||||
DraftKings Inc., Class A(a)(b) | 10,521 | 249,137 | ||||||
Dropbox Inc., Class A(a) | 10,392 | 235,794 | ||||||
DTE Energy Co. | 6,293 | 765,166 | ||||||
Duke Energy Corp. | 25,095 | 2,519,789 | ||||||
Duke Realty Corp. | 12,457 | 660,221 | ||||||
DuPont de Nemours Inc. | 17,077 | 1,321,247 | ||||||
Dynatrace Inc.(a) | 6,205 | 275,626 | ||||||
Eastman Chemical Co. | 4,531 | 536,788 | ||||||
Eaton Corp. PLC | 13,053 | 2,013,947 | ||||||
eBay Inc. | 21,230 | 1,158,946 | ||||||
Ecolab Inc. | 8,416 | 1,483,404 | ||||||
Edison International | 12,612 | 799,853 | ||||||
Edwards Lifesciences Corp.(a) | 20,339 | 2,285,493 | ||||||
Elanco Animal Health Inc.(a) | 13,967 | 396,802 | ||||||
Electronic Arts Inc. | 9,292 | 1,208,796 | ||||||
Eli Lilly & Co. | 26,509 | 6,625,925 | ||||||
Emerson Electric Co. | 19,515 | 1,813,334 | ||||||
Enphase Energy Inc.(a) | 4,199 | 699,973 | ||||||
Entegris Inc.(b) | 4,431 | 578,157 | ||||||
Entergy Corp. | 6,596 | 693,965 | ||||||
EOG Resources Inc. | 19,061 | 2,190,490 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) | ||||||||
EPAM Systems Inc.(a) | 1,828 | $ | 379,767 | |||||
Equifax Inc. | 3,972 | 867,246 | ||||||
Equinix Inc. | 2,927 | 2,077,380 | ||||||
Equitable Holdings Inc. | 12,180 | 397,799 | ||||||
Equity LifeStyle Properties Inc. | 5,832 | 435,184 | ||||||
Equity Residential | 11,736 | 1,001,081 | ||||||
Erie Indemnity Co., Class A, NVS | 842 | 147,434 | ||||||
Essential Utilities Inc. | 7,670 | 361,334 | ||||||
Essex Property Trust Inc. | 2,122 | 673,035 | ||||||
Estee Lauder Companies Inc. (The), Class A | 7,604 | 2,253,293 | ||||||
Etsy Inc.(a) | 4,130 | 639,696 | ||||||
Everest Re Group Ltd. | 1,250 | 372,775 | ||||||
Evergy Inc. | 7,664 | 478,310 | ||||||
Eversource Energy | 11,364 | 929,575 | ||||||
Exact Sciences Corp.(a) | 5,695 | 444,552 | ||||||
Exelon Corp. | 32,233 | 1,371,836 | ||||||
Expedia Group Inc.(a) | 4,754 | 932,307 | ||||||
Expeditors International of Washington Inc. | 5,555 | 574,165 | ||||||
Extra Space Storage Inc. | 4,369 | 822,027 | ||||||
Exxon Mobil Corp. | 138,035 | 10,824,705 | ||||||
F5 Inc.(a) | 1,973 | 396,277 | ||||||
FactSet Research Systems Inc. | 1,242 | 504,364 | ||||||
Fair Isaac Corp.(a) | 911 | 429,254 | ||||||
Fastenal Co. | 18,772 | 966,007 | ||||||
FedEx Corp. | 8,259 | 1,835,728 | ||||||
Fidelity National Financial Inc. | 8,830 | 420,661 | ||||||
Fidelity National Information Services Inc. | 20,153 | 1,919,170 | ||||||
Fifth Third Bancorp | 22,529 | 1,077,787 | ||||||
First Citizens BancShares Inc./NC, Class A | 389 | 306,707 | ||||||
First Republic Bank/CA | 5,768 | 999,364 | ||||||
FirstEnergy Corp. | 18,113 | 758,029 | ||||||
Fiserv Inc.(a) | 19,451 | 1,899,779 | ||||||
FleetCor Technologies Inc.(a) | 2,565 | 600,723 | ||||||
FMC Corp. | 4,345 | 509,451 | ||||||
Ford Motor Co. | 128,869 | 2,262,940 | ||||||
Fortinet Inc.(a) | 4,567 | 1,573,423 | ||||||
Fortive Corp. | 11,155 | 722,286 | ||||||
Fortune Brands Home & Security Inc. | 4,516 | 392,440 | ||||||
Fox Corp., Class A, NVS | 10,540 | 440,888 | ||||||
Fox Corp., Class B | 4,991 | 190,956 | ||||||
Franklin Resources Inc. | 9,915 | 294,773 | ||||||
Freeport-McMoRan Inc. | 48,310 | 2,268,154 | ||||||
Garmin Ltd. | 4,944 | 546,015 | ||||||
Gartner Inc.(a) | 2,731 | 765,827 | ||||||
Generac Holdings Inc.(a) | 2,066 | 651,761 | ||||||
General Dynamics Corp. | 7,756 | 1,818,394 | ||||||
General Electric Co. | 35,808 | 3,420,022 | ||||||
General Mills Inc. | 19,797 | 1,334,912 | ||||||
General Motors Co.(a) | 42,623 | 1,991,347 | ||||||
Genuine Parts Co. | 4,683 | 572,075 | ||||||
Gilead Sciences Inc. | 40,907 | 2,470,783 | ||||||
Global Payments Inc. | 9,743 | 1,299,521 | ||||||
Globe Life Inc. | 3,177 | 320,750 | ||||||
GoDaddy Inc., Class A(a) | 5,534 | 461,591 | ||||||
Goldman Sachs Group Inc. (The) | 11,090 | 3,784,906 | ||||||
Guidewire Software Inc.(a) | 2,544 | 224,254 | ||||||
Halliburton Co. | 29,158 | 977,668 | ||||||
Hartford Financial Services Group Inc. (The) | 11,361 | 789,362 | ||||||
Hasbro Inc. | 4,291 | 416,442 | ||||||
HCA Healthcare Inc. | 8,357 | 2,091,841 |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) | ||||||||
Healthpeak Properties Inc. | 17,769 | $ | 551,905 | |||||
HEICO Corp. | 1,425 | 210,202 | ||||||
HEICO Corp., Class A | 2,397 | 294,639 | ||||||
Henry Schein Inc.(a) | 4,585 | 396,052 | ||||||
Hershey Co. (The) | 4,755 | 961,746 | ||||||
Hess Corp. | 9,101 | 919,747 | ||||||
Hewlett Packard Enterprise Co. | 42,758 | 680,707 | ||||||
Hilton Worldwide Holdings Inc.(a) | 9,101 | 1,354,775 | ||||||
Hologic Inc.(a) | 8,291 | 590,070 | ||||||
Home Depot Inc. (The) | 34,174 | 10,793,174 | ||||||
Honeywell International Inc. | 22,514 | 4,272,031 | ||||||
Horizon Therapeutics PLC(a) | 6,798 | 619,774 | ||||||
Hormel Foods Corp. | 9,780 | 465,919 | ||||||
Host Hotels & Resorts Inc.(a) | 23,921 | 437,037 | ||||||
Howmet Aerospace Inc. | 13,384 | 480,753 | ||||||
HP Inc. | 39,217 | 1,347,496 | ||||||
HubSpot Inc.(a) | 1,461 | 767,025 | ||||||
Humana Inc. | 4,191 | 1,820,235 | ||||||
Huntington Bancshares Inc./OH | 48,310 | 749,771 | ||||||
Huntington Ingalls Industries Inc. | 1,320 | 269,808 | ||||||
IAC/InterActiveCorp.(a)(b) | 2,595 | 297,802 | ||||||
IDEX Corp. | 2,520 | 483,588 | ||||||
IDEXX Laboratories Inc.(a) | 2,769 | 1,474,077 | ||||||
Illinois Tool Works Inc. | 10,270 | 2,221,812 | ||||||
Illumina Inc.(a) | 4,785 | 1,562,781 | ||||||
Incyte Corp.(a) | 6,279 | 428,856 | ||||||
Ingersoll Rand Inc. | 13,256 | 669,693 | ||||||
Insulet Corp.(a) | 2,247 | 594,758 | ||||||
Intel Corp. | 132,506 | 6,320,536 | ||||||
Intercontinental Exchange Inc. | 18,366 | 2,353,052 | ||||||
International Business Machines Corp. | 29,235 | 3,581,580 | ||||||
International Flavors & Fragrances Inc. | 8,171 | 1,086,743 | ||||||
International Paper Co. | 12,170 | 529,760 | ||||||
Interpublic Group of Companies Inc. (The) | 12,910 | 475,088 | ||||||
Intuit Inc. | 8,940 | 4,240,868 | ||||||
Intuitive Surgical Inc.(a) | 11,640 | 3,379,441 | ||||||
Invesco Ltd. | 11,398 | 242,094 | ||||||
Invitation Homes Inc. | 18,846 | 712,379 | ||||||
IPG Photonics Corp.(a) | 1,254 | 163,459 | ||||||
IQVIA Holdings Inc.(a) | 6,309 | 1,451,827 | ||||||
Iron Mountain Inc. | 9,484 | 466,423 | ||||||
Jack Henry & Associates Inc. | 2,508 | 443,414 | ||||||
Jacobs Engineering Group Inc. | 4,325 | 531,975 | ||||||
Jazz Pharmaceuticals PLC(a) | 2,007 | 275,802 | ||||||
JB Hunt Transport Services Inc. | 2,750 | 558,058 | ||||||
JM Smucker Co. (The) | 3,512 | 473,242 | ||||||
Johnson & Johnson | 85,819 | 14,123,233 | ||||||
Johnson Controls International PLC | 23,092 | 1,500,056 | ||||||
JPMorgan Chase & Co. | 96,715 | 13,714,187 | ||||||
Juniper Networks Inc. | 10,683 | 360,979 | ||||||
Kellogg Co. | 8,373 | 535,370 | ||||||
Keurig Dr Pepper Inc. | 23,162 | 895,675 | ||||||
KeyCorp | 31,306 | 784,841 | ||||||
Keysight Technologies Inc.(a) | 5,999 | 944,063 | ||||||
Kimberly-Clark Corp. | 10,988 | 1,430,088 | ||||||
Kimco Realty Corp. | 20,173 | 474,671 | ||||||
Kinder Morgan Inc. | 66,683 | 1,160,284 | ||||||
KKR & Co. Inc. | 17,136 | 1,030,216 | ||||||
KLA Corp. | 4,978 | 1,734,833 | ||||||
Knight-Swift Transportation Holdings Inc. | 5,183 | 282,370 |
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Kraft Heinz Co. (The) | 22,368 | $ | 877,273 | |||||
Kroger Co. (The) | 23,191 | 1,085,339 | ||||||
L3Harris Technologies Inc. | 6,561 | 1,655,406 | ||||||
Laboratory Corp. of America Holdings(a) | 3,147 | 853,655 | ||||||
Lam Research Corp. | 4,658 | 2,614,768 | ||||||
Las Vegas Sands Corp.(a) | 11,550 | 495,033 | ||||||
Lear Corp. | 1,958 | 308,072 | ||||||
Leidos Holdings Inc. | 4,524 | 460,724 | ||||||
Lennar Corp., Class A | 8,975 | 806,673 | ||||||
Lennox International Inc. | 1,070 | 285,615 | ||||||
Liberty Broadband Corp., Class A(a) | 820 | 118,744 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 4,748 | 696,532 | ||||||
Liberty Global PLC, Class A(a) | 5,232 | 134,881 | ||||||
Liberty Global PLC, Class C, NVS(a) | 11,381 | 294,426 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 6,214 | 377,376 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b) | 2,750 | 138,490 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 5,559 | 279,729 | ||||||
Lincoln National Corp. | 5,854 | 394,677 | ||||||
Live Nation Entertainment Inc.(a) | 5,379 | 649,891 | ||||||
LKQ Corp. | 9,142 | 429,217 | ||||||
Lockheed Martin Corp. | 8,124 | 3,524,191 | ||||||
Loews Corp. | 7,180 | 440,421 | ||||||
Lowe’s Companies Inc. | 22,049 | 4,874,152 | ||||||
Lucid Group Inc.(a)(b) | 13,258 | 384,217 | ||||||
Lululemon Athletica Inc.(a) | 3,864 | 1,236,248 | ||||||
Lumen Technologies Inc. | 30,861 | 319,720 | ||||||
Lyft Inc., Class A(a) | 8,580 | 334,105 | ||||||
LyondellBasell Industries NV, Class A | 8,697 | 845,609 | ||||||
M&T Bank Corp. | 4,204 | 766,095 | ||||||
Marathon Petroleum Corp. | 20,843 | 1,623,044 | ||||||
Markel Corp.(a) | 448 | 556,824 | ||||||
MarketAxess Holdings Inc. | 1,287 | 490,900 | ||||||
Marriott International Inc./MD, Class A(a) | 9,030 | 1,536,364 | ||||||
Marsh & McLennan Companies Inc. | 16,521 | 2,567,529 | ||||||
Martin Marietta Materials Inc. | 2,041 | 774,355 | ||||||
Marvell Technology Inc. | 26,870 | 1,836,027 | ||||||
Masco Corp. | 8,091 | 453,420 | ||||||
Masimo Corp.(a) | 1,751 | 275,695 | ||||||
Mastercard Inc., Class A | 28,781 | 10,384,760 | ||||||
Match Group Inc.(a) | 8,577 | 956,250 | ||||||
McCormick & Co. Inc./MD, NVS | 8,143 | 774,969 | ||||||
McDonald’s Corp. | 24,346 | 5,959,170 | ||||||
McKesson Corp. | 5,050 | 1,388,548 | ||||||
Medical Properties Trust Inc. | 19,536 | 397,362 | ||||||
Medtronic PLC | 43,902 | 4,609,271 | ||||||
MercadoLibre Inc.(a)(b) | 1,463 | 1,648,289 | ||||||
Merck & Co. Inc. | 82,554 | 6,321,985 | ||||||
Meta Platforms Inc., Class A(a) | 77,841 | 16,426,786 | ||||||
MetLife Inc. | 23,769 | 1,605,596 | ||||||
Mettler-Toledo International Inc.(a) | 750 | 1,056,555 | ||||||
MGM Resorts International | 12,626 | 559,206 | ||||||
Microchip Technology Inc. | 17,886 | 1,257,922 | ||||||
Micron Technology Inc. | 36,915 | 3,280,267 | ||||||
Microsoft Corp. | 233,107 | 69,650,041 | ||||||
Mid-America Apartment Communities Inc. | 3,823 | 782,224 | ||||||
Moderna Inc.(a) | 11,210 | 1,721,856 | ||||||
Mohawk Industries Inc.(a)(b) | 1,927 | 271,283 | ||||||
Molina Healthcare Inc.(a) | 1,909 | 585,815 | ||||||
Molson Coors Beverage Co., Class B | 6,270 | 327,169 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Mondelez International Inc., Class A | 45,799 | $ | 2,998,919 | |||||
MongoDB Inc.(a) | 1,901 | 726,163 | ||||||
Monolithic Power Systems Inc. | 1,413 | 648,143 | ||||||
Monster Beverage Corp.(a) | 12,956 | 1,093,486 | ||||||
Moody’s Corp. | 5,528 | 1,780,182 | ||||||
Morgan Stanley | 44,912 | 4,075,315 | ||||||
Mosaic Co. (The) | 12,151 | 637,077 | ||||||
Motorola Solutions Inc. | 5,528 | 1,218,537 | ||||||
MSCI Inc. | 2,689 | 1,349,044 | ||||||
Nasdaq Inc. | 3,821 | 653,964 | ||||||
NetApp Inc. | 7,452 | 584,088 | ||||||
Netflix Inc.(a) | 14,429 | 5,692,529 | ||||||
Neurocrine Biosciences Inc.(a) | 3,187 | 286,416 | ||||||
Newell Brands Inc. | 12,606 | 299,393 | ||||||
Newmont Corp. | 26,091 | 1,727,224 | ||||||
News Corp., Class A, NVS | 12,887 | 287,638 | ||||||
NextEra Energy Inc. | 63,973 | 5,007,167 | ||||||
Nike Inc., Class B | 41,674 | 5,690,585 | ||||||
NiSource Inc. | 12,895 | 373,052 | ||||||
Nordson Corp. | 1,667 | 377,559 | ||||||
Norfolk Southern Corp. | 8,112 | 2,080,890 | ||||||
Northern Trust Corp. | 6,500 | 740,350 | ||||||
Northrop Grumman Corp. | 4,947 | 2,187,267 | ||||||
NortonLifeLock Inc. | 19,541 | 566,298 | ||||||
Novavax Inc.(a)(b) | 2,305 | 192,168 | ||||||
Novocure Ltd.(a) | 3,020 | 247,217 | ||||||
NRG Energy Inc. | 8,041 | 304,271 | ||||||
Nuance Communications Inc.(a) | 9,790 | 543,541 | ||||||
Nucor Corp. | 9,700 | 1,276,714 | ||||||
NVIDIA Corp. | 81,634 | 19,906,451 | ||||||
NVR Inc.(a) | 109 | 540,470 | ||||||
Occidental Petroleum Corp. | 30,524 | 1,334,815 | ||||||
Okta Inc.(a) | 4,831 | 883,300 | ||||||
Old Dominion Freight Line Inc. | 3,210 | 1,008,036 | ||||||
Omnicom Group Inc. | 6,946 | 582,700 | ||||||
ON Semiconductor Corp.(a) | 14,075 | 881,236 | ||||||
ONEOK Inc. | 14,783 | 965,330 | ||||||
Oracle Corp. | 54,626 | 4,149,937 | ||||||
O’Reilly Automotive Inc.(a) | 2,237 | 1,452,350 | ||||||
Otis Worldwide Corp. | 13,241 | 1,037,168 | ||||||
Owens Corning | 3,389 | 315,821 | ||||||
PACCAR Inc. | 11,351 | 1,042,135 | ||||||
Packaging Corp. of America | 3,259 | 479,692 | ||||||
Palantir Technologies Inc., Class A(a)(b) | 51,795 | 613,771 | ||||||
Palo Alto Networks Inc.(a)(b) | 3,169 | 1,883,178 | ||||||
Paramount Global, Class B, NVS | 19,911 | 609,476 | ||||||
Parker-Hannifin Corp. | 4,212 | 1,248,395 | ||||||
Paychex Inc. | 10,728 | 1,277,276 | ||||||
Paycom Software Inc.(a) | 1,683 | 570,890 | ||||||
PayPal Holdings Inc.(a) | 36,398 | 4,074,028 | ||||||
Peloton Interactive Inc., Class A(a) | 9,202 | 267,410 | ||||||
Pentair PLC | 5,419 | 313,814 | ||||||
PepsiCo Inc. | 45,211 | 7,402,849 | ||||||
PerkinElmer Inc. | 3,660 | 657,373 | ||||||
Pfizer Inc. | 182,790 | 8,580,163 | ||||||
PG&E Corp.(a)(b) | 47,566 | 540,825 | ||||||
Philip Morris International Inc. | 50,826 | 5,136,984 | ||||||
Phillips 66 | 14,319 | 1,206,233 | ||||||
Pinterest Inc., Class A(a) | 18,164 | 485,887 | ||||||
Pioneer Natural Resources Co. | 7,552 | 1,809,459 |
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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Plug Power Inc.(a)(b) | 16,919 | $ | 427,882 | |||||
PNC Financial Services Group Inc. (The) | 13,859 | 2,761,406 | ||||||
Pool Corp. | 1,330 | 609,911 | ||||||
PPG Industries Inc. | 7,816 | 1,043,045 | ||||||
PPL Corp. | 25,606 | 670,109 | ||||||
Principal Financial Group Inc. | 8,792 | 621,067 | ||||||
Procter & Gamble Co. (The) | 79,340 | 12,368,313 | ||||||
Progressive Corp. (The) | 19,099 | 2,023,157 | ||||||
Prologis Inc. | 24,113 | 3,516,881 | ||||||
Prudential Financial Inc. | 12,590 | 1,405,799 | ||||||
PTC Inc.(a) | 3,651 | 406,283 | ||||||
Public Service Enterprise Group Inc. | 16,514 | 1,070,603 | ||||||
Public Storage | 5,208 | 1,848,944 | ||||||
PulteGroup Inc. | 8,512 | 422,706 | ||||||
Qorvo Inc.(a) | 3,633 | 496,922 | ||||||
QUALCOMM Inc. | 36,778 | 6,325,448 | ||||||
Quest Diagnostics Inc. | 4,001 | 525,211 | ||||||
Raymond James Financial Inc. | 6,191 | 678,843 | ||||||
Raytheon Technologies Corp. | 49,179 | 5,050,683 | ||||||
Realty Income Corp. | 17,996 | 1,189,356 | ||||||
Regency Centers Corp. | 5,020 | 330,768 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 3,430 | 2,120,975 | ||||||
Regions Financial Corp. | 31,260 | 756,179 | ||||||
Republic Services Inc. | 7,277 | 875,278 | ||||||
ResMed Inc. | 4,797 | 1,183,660 | ||||||
RingCentral Inc., Class A(a) | 2,552 | 333,904 | ||||||
Rivian Automotive Inc., Class A(a)(b) | 5,648 | 381,579 | ||||||
Robert Half International Inc. | 3,667 | 441,103 | ||||||
Robinhood Markets Inc., Class A(a)(b) | 6,022 | 72,324 | ||||||
Rockwell Automation Inc. | 3,763 | 1,003,141 | ||||||
Roku Inc.(a) | 3,763 | 525,051 | ||||||
Rollins Inc. | 7,265 | 237,057 | ||||||
Roper Technologies Inc. | 3,439 | 1,541,429 | ||||||
Ross Stores Inc. | 11,661 | 1,065,699 | ||||||
Royal Caribbean Cruises Ltd.(a) | 7,527 | 607,579 | ||||||
RPM International Inc. | 4,205 | 355,617 | ||||||
S&P Global Inc. | 11,414 | 4,288,107 | ||||||
salesforce.com Inc.(a) | 31,922 | 6,720,539 | ||||||
SBA Communications Corp. | 3,575 | 1,084,619 | ||||||
Schlumberger NV | 46,096 | 1,808,807 | ||||||
Seagen Inc.(a) | 4,465 | 575,405 | ||||||
Sealed Air Corp. | 4,924 | 330,548 | ||||||
SEI Investments Co. | 3,955 | 231,684 | ||||||
Sempra Energy | 10,459 | 1,508,397 | ||||||
ServiceNow Inc.(a) | 6,459 | 3,745,703 | ||||||
Sherwin-Williams Co. (The) | 8,163 | 2,147,930 | ||||||
Signature Bank/New York NY | 1,857 | 640,461 | ||||||
Simon Property Group Inc. | 10,837 | 1,490,738 | ||||||
Sirius XM Holdings Inc.(b) | 33,489 | 206,292 | ||||||
Skyworks Solutions Inc. | 5,398 | 745,842 | ||||||
Snap Inc., Class A, NVS(a)(b) | 34,607 | 1,382,204 | ||||||
Snap-on Inc. | 1,803 | 378,955 | ||||||
Snowflake Inc., Class A(a) | 6,872 | 1,825,616 | ||||||
SoFi Technologies Inc.(a)(b) | 17,018 | 194,856 | ||||||
SolarEdge Technologies Inc.(a) | 1,650 | 527,043 | ||||||
Southern Co. (The) | 34,549 | 2,237,739 | ||||||
Southwest Airlines Co.(a) | 4,881 | 213,788 | ||||||
Splunk Inc.(a) | 5,364 | 633,488 | ||||||
SS&C Technologies Holdings Inc. | 7,747 | 580,793 | ||||||
Stanley Black & Decker Inc. | 5,310 | 863,937 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Starbucks Corp. | 38,452 | $ | 3,529,509 | |||||
State Street Corp. | 11,844 | 1,010,649 | ||||||
Steel Dynamics Inc. | 6,984 | 492,931 | ||||||
Stryker Corp. | 11,122 | 2,928,979 | ||||||
Sun Communities Inc. | 3,786 | 685,266 | ||||||
Sunrun Inc.(a) | 5,706 | 155,660 | ||||||
SVB Financial Group(a) | 1,917 | 1,161,702 | ||||||
Synchrony Financial | 18,634 | 797,163 | ||||||
Synopsys Inc.(a) | 4,967 | 1,551,641 | ||||||
Sysco Corp. | 16,882 | 1,470,422 | ||||||
T Rowe Price Group Inc. | 7,508 | 1,085,356 | ||||||
Take-Two Interactive Software Inc.(a) | 3,804 | 616,248 | ||||||
Target Corp. | 15,915 | 3,179,340 | ||||||
TE Connectivity Ltd. | 10,551 | 1,502,779 | ||||||
Teladoc Health Inc.(a)(b) | 4,726 | 358,751 | ||||||
Teledyne Technologies Inc.(a) | 1,516 | 650,940 | ||||||
Teleflex Inc. | 1,539 | 517,581 | ||||||
Teradyne Inc. | 5,308 | 625,919 | ||||||
Tesla Inc.(a) | 27,936 | 24,316,332 | ||||||
Texas Instruments Inc. | 30,104 | 5,117,379 | ||||||
Textron Inc. | 7,277 | 532,167 | ||||||
Thermo Fisher Scientific Inc. | 12,829 | 6,978,976 | ||||||
TJX Companies Inc. (The) | 39,234 | 2,593,367 | ||||||
T-Mobile U.S. Inc.(a) | 20,473 | 2,522,478 | ||||||
Tractor Supply Co. | 3,725 | 759,118 | ||||||
Trade Desk Inc. (The), Class A(a)(b) | 14,099 | 1,202,927 | ||||||
Tradeweb Markets Inc., Class A | 3,456 | 291,963 | ||||||
TransDigm Group Inc.(a) | 1,688 | 1,125,204 | ||||||
TransUnion | 6,265 | 568,611 | ||||||
Travelers Companies Inc. (The) | 8,142 | 1,399,040 | ||||||
Trimble Inc.(a) | 8,225 | 573,694 | ||||||
Truist Financial Corp. | 43,546 | 2,709,432 | ||||||
Twilio Inc., Class A(a) | 5,446 | 951,961 | ||||||
Twitter Inc.(a) | 26,388 | 938,093 | ||||||
Tyler Technologies Inc.(a) | 1,334 | 571,299 | ||||||
Tyson Foods Inc., Class A | 9,654 | 894,540 | ||||||
U.S. Bancorp. | 45,879 | 2,593,999 | ||||||
Uber Technologies Inc.(a) | 47,620 | 1,715,749 | ||||||
UDR Inc. | 9,933 | 545,024 | ||||||
UGI Corp. | 6,874 | 264,237 | ||||||
Ulta Beauty Inc.(a) | 1,684 | 630,658 | ||||||
Union Pacific Corp. | 21,267 | 5,230,619 | ||||||
United Parcel Service Inc., Class B | 23,762 | 5,000,000 | ||||||
United Rentals Inc.(a) | 2,365 | 760,631 | ||||||
UnitedHealth Group Inc. | 30,788 | 14,651,086 | ||||||
Unity Software Inc.(a)(b) | 1,855 | 197,465 | ||||||
Universal Health Services Inc., Class B | 2,632 | 378,824 | ||||||
Upstart Holdings Inc.(a)(b) | 637 | 100,640 | ||||||
Vail Resorts Inc. | 1,326 | 345,489 | ||||||
Valero Energy Corp. | 13,282 | 1,109,180 | ||||||
Veeva Systems Inc., Class A(a) | 4,487 | 1,027,747 | ||||||
Ventas Inc. | 12,875 | 695,250 | ||||||
VeriSign Inc.(a) | 3,288 | 702,711 | ||||||
Verisk Analytics Inc. | 4,987 | 884,395 | ||||||
Verizon Communications Inc. | 134,991 | 7,244,967 | ||||||
Vertex Pharmaceuticals Inc.(a) | 8,460 | 1,945,969 | ||||||
VF Corp. | 11,136 | 646,111 | ||||||
Viatris Inc. | 39,645 | 436,491 | ||||||
VICI Properties Inc. | 20,108 | 562,220 | ||||||
Visa Inc., Class A | 54,644 | 11,809,661 |
24 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Vistra Corp. | 14,299 | $ | 326,303 | |||||
VMware Inc., Class A | 6,783 | 795,782 | ||||||
Vornado Realty Trust | 5,374 | 232,587 | ||||||
Vulcan Materials Co. | 4,336 | 786,767 | ||||||
W R Berkley Corp. | 4,665 | 421,250 | ||||||
Walgreens Boots Alliance Inc. | 24,285 | 1,119,296 | ||||||
Walmart Inc. | 50,250 | 6,791,790 | ||||||
Walt Disney Co. (The)(a) | 59,356 | 8,811,992 | ||||||
Waste Management Inc. | 13,741 | 1,984,200 | ||||||
Waters Corp.(a) | 2,002 | 634,093 | ||||||
Wayfair Inc., Class A(a)(b) | 2,421 | 341,046 | ||||||
Webster Financial Corp. | 5,875 | 353,734 | ||||||
WEC Energy Group Inc. | 10,290 | 935,155 | ||||||
Wells Fargo & Co. | 130,487 | 6,964,091 | ||||||
Welltower Inc. | 13,652 | 1,137,075 | ||||||
West Pharmaceutical Services Inc. | 2,411 | 933,250 | ||||||
Western Digital Corp.(a) | 9,948 | 506,751 | ||||||
Western Union Co. (The) | 13,403 | 243,667 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,878 | 545,596 | ||||||
Westrock Co. | 8,872 | 401,635 | ||||||
Weyerhaeuser Co. | 24,490 | 952,171 | ||||||
Whirlpool Corp. | 2,095 | 421,661 | ||||||
Williams Companies Inc. (The) | 39,721 | 1,242,473 | ||||||
Willis Towers Watson PLC | 4,214 | 936,772 | ||||||
Workday Inc., Class A(a) | 6,236 | 1,428,356 | ||||||
WP Carey Inc. | 6,155 | 476,397 | ||||||
WW Grainger Inc. | 1,474 | 703,186 | ||||||
Wynn Resorts Ltd.(a) | 3,501 | 302,907 | ||||||
Xcel Energy Inc. | 17,749 | 1,195,040 | ||||||
Xylem Inc./NY | 5,892 | 524,093 | ||||||
Yum! Brands Inc. | 9,646 | 1,182,407 | ||||||
Zebra Technologies Corp., Class A(a) | 1,769 | 731,198 | ||||||
Zendesk Inc.(a) | 3,972 | 463,413 | ||||||
Zillow Group Inc., Class A(a) | 2,027 | 116,086 | ||||||
Zillow Group Inc., Class C, NVS(a) | 5,490 | 315,785 | ||||||
Zimmer Biomet Holdings Inc. | 6,711 | 853,572 | ||||||
Zoetis Inc. | 15,457 | 2,993,248 | ||||||
Zoom Video Communications Inc., Class A(a) | 7,073 | 937,880 | ||||||
ZoomInfo Technologies Inc.(a)(b) | 9,260 | 506,429 | ||||||
Zscaler Inc.(a) | 2,685 | 642,118 | ||||||
|
| |||||||
1,273,611,220 | ||||||||
|
| |||||||
Total Common Stocks — 99.5% |
| 1,875,471,023 | ||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 1,881 | $ | 152,113 | |||||
Fuchs Petrolub SE, Preference Shares, NVS | 2,279 | 90,045 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 5,809 | 461,047 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 4,997 | 498,742 | ||||||
Sartorius AG, Preference Shares, NVS | 860 | 379,701 | ||||||
Volkswagen AG, Preference Shares, NVS | 6,047 | 1,188,705 | ||||||
|
| |||||||
2,770,353 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.1% |
| 2,770,353 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 16,331,610 | 16,334,876 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 2,180,000 | 2,180,000 | ||||||
|
| |||||||
18,514,876 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.0% |
| 18,514,876 | ||||||
|
| |||||||
Total Investments in Securities — 100.6% |
| 1,896,756,252 | ||||||
Other Assets, Less Liabilities — (0.6)% |
| (12,190,728 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 1,884,565,524 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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) February 28, 2022 | iShares® MSCI World ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,947,642 | $ | 6,390,708 | (a) | $ | — | $ | (2,240 | ) | $ | (1,234 | ) | $ | 16,334,876 | 16,331,610 | $ | 31,840 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 810,000 | 1,370,000 | (a) | — | — | — | 2,180,000 | 2,180,000 | 102 | — | ||||||||||||||||||||||||||||||||
BlackRock Inc. | 3,794,856 | 1,184,362 | (297,284 | ) | 97,815 | (1,088,567 | ) | 3,691,182 | 4,962 | 35,745 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | 95,575 | $ | (1,089,801 | ) | $ | 22,206,058 | $ | 67,687 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
TOPIX Index | 2 | 03/10/22 | $ | 330 | $ | (13,109 | ) | |||||||||
Euro STOXX 50 Index | 18 | 03/18/22 | 788 | (58,172 | ) | |||||||||||
FTSE 100 Index | 5 | 03/18/22 | 497 | 8,032 | ||||||||||||
S&P 500 E-Mini Index | 20 | 03/18/22 | 4,368 | (191,935 | ) | |||||||||||
|
| |||||||||||||||
$ | (255,184 | ) | ||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 8,032 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 263,216 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 275,324 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (384,358 | ) | |
|
|
26 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI World ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 5,569,615 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,357,784,649 | $ | 517,686,374 | $ | — | $ | 1,875,471,023 | ||||||||
Preferred Stocks | — | 2,770,353 | — | 2,770,353 | ||||||||||||
Money Market Funds | 18,514,876 | — | — | 18,514,876 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,376,299,525 | $ | 520,456,727 | $ | — | $ | 1,896,756,252 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | — | $ | 8,032 | $ | — | $ | 8,032 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (191,935 | ) | (71,281 | ) | — | (263,216 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (191,935 | ) | $ | (63,249 | ) | $ | — | $ | (255,184 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 27 |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Frontier and Select EM ETF | iShares MSCI World ETF | |||||||
| ||||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | 483,136,054 | $ | 1,874,550,194 | ||||
Affiliated(c) | 22,573 | 22,206,058 | ||||||
Cash | 727,339 | 115,958 | ||||||
Foreign currency, at value(d) | 13,073,246 | 2,171,832 | ||||||
Cash pledged: | ||||||||
Futures contracts | 498,000 | 287,999 | ||||||
Collateral — OTC derivatives | 420,000 | — | ||||||
Foreign currency collateral pledged: | ||||||||
Futures contracts(e) | — | 144,216 | ||||||
Receivables: | ||||||||
Investments sold | 8,551,426 | 2,725,031 | ||||||
Securities lending income — Affiliated | 5 | 5,934 | ||||||
Dividends | 229,687 | 2,709,680 | ||||||
Tax reclaims | — | 511,361 | ||||||
|
|
|
| |||||
Total assets | 506,658,330 | 1,905,428,263 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Collateral on securities loaned, at value | 22,580 | 16,350,433 | ||||||
Deferred foreign capital gain tax | 699,128 | — | ||||||
Payables: | ||||||||
Investments purchased | 7,460,071 | 4,139,891 | ||||||
Variation margin on futures contracts | 127,895 | 20,616 | ||||||
Bank borrowings | 3,000,512 | — | ||||||
Investment advisory fees | 305,589 | 351,799 | ||||||
Foreign taxes | 220 | — | ||||||
Unrealized depreciation on: | ||||||||
Forward foreign currency exchange contracts | 743,571 | — | ||||||
|
|
|
| |||||
Total liabilities | 12,359,566 | 20,862,739 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 494,298,764 | $ | 1,884,565,524 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 545,741,124 | $ | 1,648,120,712 | ||||
Accumulated earnings (loss) | (51,442,360 | ) | 236,444,812 | |||||
|
|
|
| |||||
NET ASSETS | $ | 494,298,764 | $ | 1,884,565,524 | ||||
|
|
|
| |||||
Shares outstanding | 14,750,000 | 15,100,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 33.51 | $ | 124.81 | ||||
|
|
|
| |||||
Shares authorized | 500 million | 500 million | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Securities loaned, at value | $ | 21,110 | $ | 16,374,715 | ||||
(b) Investments, at cost — Unaffiliated | $ | 389,231,631 | $ | 1,640,899,593 | ||||
(c) Investments, at cost — Affiliated | $ | 22,578 | $ | 21,711,382 | ||||
(d) Foreign currency, at cost | $ | 12,520,937 | $ | 2,166,167 | ||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | 148,878 |
See notes to financial statements.
28 | 2 0 2 2 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 February 28, 2022
iShares MSCI Frontier and | iShares MSCI World | |||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | 3,851,581 | $ | 14,113,385 | ||||
Dividends — Affiliated | 2 | 36,677 | ||||||
Securities lending income — Affiliated — net | 34 | 31,010 | ||||||
Foreign taxes withheld | (320,453 | ) | (549,740 | ) | ||||
|
|
|
| |||||
Total investment income | 3,531,164 | 13,631,332 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees | 1,994,479 | 2,140,464 | ||||||
Commitment fees | 2,419 | — | ||||||
Professional fees | 217 | 217 | ||||||
Interest expense | 14,781 | — | ||||||
|
|
|
| |||||
Total expenses | 2,011,896 | 2,140,681 | ||||||
|
|
|
| |||||
Net investment income | 1,519,268 | 11,490,651 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(a) | 30,485,449 | (10,549,224 | ) | |||||
Investments — Affiliated | 1 | (8,393 | ) | |||||
In-kind redemptions — Unaffiliated | — | 39,907,439 | ||||||
In-kind redemptions — Affiliated | — | 103,968 | ||||||
Futures contracts | (1,201,713 | ) | 275,324 | |||||
Forward foreign currency exchange contracts | (733,549 | ) | — | |||||
Foreign currency transactions | (1,752,463 | ) | (87,964 | ) | ||||
|
|
|
| |||||
Net realized gain | 26,797,725 | 29,641,150 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated(b) | (31,663,590 | ) | (140,423,601 | ) | ||||
Investments — Affiliated | (8 | ) | (1,089,801 | ) | ||||
Futures contracts | 191,511 | (384,358 | ) | |||||
Forward foreign currency exchange contracts | (69,429 | ) | — | |||||
Foreign currency translations | 958,248 | (5,259 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (30,583,268 | ) | (141,903,019 | ) | ||||
|
|
|
| |||||
Net realized and unrealized loss | (3,785,543 | ) | (112,261,869 | ) | ||||
|
|
|
| |||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,266,275 | ) | $ | (100,771,218 | ) | ||
|
|
|
| |||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (637,702 | ) | $ | — | |||
(b) Net of increase in deferred foreign capital gain tax of | $ | (167,207 | ) | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Changes in Net Assets
iShares MSCI Frontier and Select EM ETF | iShares MSCI World ETF | |||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||
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INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,519,268 | $ | 9,359,354 | $ | 11,490,651 | $ | 18,847,920 | ||||||||
Net realized gain | 26,797,725 | 32,240,921 | 29,641,150 | 15,189,250 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (30,583,268 | ) | 86,573,585 | (141,903,019 | ) | 285,475,469 | ||||||||||
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Net increase (decrease) in net assets resulting from operations | (2,266,275 | ) | 128,173,860 | (100,771,218 | ) | 319,512,639 | ||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,161,338 | ) | (9,715,012 | ) | (14,844,552 | ) | (18,261,968 | ) | ||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 3,627,493 | 3,870,773 | 430,342,557 | 320,340,634 | ||||||||||||
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NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (1,800,120 | ) | 122,329,621 | 314,726,787 | 621,591,305 | |||||||||||
Beginning of period | 496,098,884 | 373,769,263 | 1,569,838,737 | 948,247,432 | ||||||||||||
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End of period | $ | 494,298,764 | $ | 496,098,884 | $ | 1,884,565,524 | $ | 1,569,838,737 | ||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 2 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 |
(For a share outstanding throughout each period)
iShares MSCI Frontier and Select EM ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 33.86 | $ | 25.69 | $ | 28.97 | $ | 28.29 | $ | 30.62 | $ | 24.20 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.10 | 0.65 | 0.87 | 1.03 | 0.87 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.24 | ) | 8.20 | (3.36 | ) | 0.76 | (1.99 | ) | 6.00 | |||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (0.14 | ) | 8.85 | (2.49 | ) | 1.79 | (1.12 | ) | 6.72 | |||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.21 | ) | (0.68 | ) | (0.79 | ) | (1.11 | ) | (1.21 | ) | (0.30 | ) | ||||||||||||||||||||||||||||||||||||
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Total distributions | (0.21 | ) | (0.68 | ) | (0.79 | ) | (1.11 | ) | (1.21 | ) | (0.30 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 33.51 | $ | 33.86 | $ | 25.69 | $ | 28.97 | $ | 28.29 | $ | 30.62 | ||||||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (0.44 | )%(e) | 34.77 | % | (8.44 | )% | 6.45 | % | (3.92 | )% | 27.91 | % | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.80 | %(g) | 0.79 | % | 0.79 | % | 0.79 | % | 0.81 | % | 0.80 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 0.60 | %(g) | 2.17 | % | 3.27 | % | 3.63 | % | 2.69 | % | 2.65 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 494,299 | $ | 496,099 | $ | 373,769 | $ | 496,868 | $ | 523,445 | $ | 627,626 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 23 | %(e) | 36 | % | 25 | % | 33 | % | 35 | % | 32 | % | ||||||||||||||||||||||||||||||||||||
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(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 | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI World ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 131.92 | $ | 103.07 | $ | 89.79 | $ | 91.33 | $ | 82.22 | $ | 72.15 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.84 | 1.84 | 1.76 | 1.96 | 1.84 | 1.74 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (6.92 | ) | 28.80 | 13.35 | (1.52 | ) | 9.15 | 9.90 | ||||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (6.08 | ) | 30.64 | 15.11 | 0.44 | 10.99 | 11.64 | |||||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.03 | ) | (1.79 | ) | (1.83 | ) | (1.98 | ) | (1.88 | ) | (1.57 | ) | ||||||||||||||||||||||||||||||||||||
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Total distributions | (1.03 | ) | (1.79 | ) | (1.83 | ) | (1.98 | ) | (1.88 | ) | (1.57 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 124.81 | $ | 131.92 | $ | 103.07 | $ | 89.79 | $ | 91.33 | $ | 82.22 | ||||||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (4.66 | )%(e) | 29.94 | % | 17.04 | % | 0.61 | % | 13.46 | % | 16.29 | % | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.24 | %(g) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 1.29 | %(g) | 1.58 | % | 1.90 | % | 2.24 | % | 2.09 | % | 2.25 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,884,566 | $ | 1,569,839 | $ | 948,247 | $ | 646,459 | $ | 566,243 | $ | 509,769 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 4 | %(e) | 5 | % | 7 | % | 4 | % | 3 | % | 3 | % | ||||||||||||||||||||||||||||||||||||
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(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.
32 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Frontier and Select EM | Diversified | |
MSCI World | 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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
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 | 33 |
Notes to Financial Statements (unaudited) (continued)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
34 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
4. | SECURITIES AND OTHER INVESTMENTS |
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Frontier and Select EM | ||||||||||||||||
Goldman Sachs & Co. LLC | $ | 21,110 | $ | 21,110 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI World | ||||||||||||||||
Barclays Bank PLC | $ | 1,207,357 | $ | 1,182,829 | $ | — | $ | (24,528 | )(b) | |||||||
Barclays Capital, Inc. | 111,334 | 111,334 | — | — | ||||||||||||
BNP Paribas SA | 4,680,345 | 4,680,345 | — | — | ||||||||||||
BofA Securities, Inc. | 197,924 | 192,857 | — | (5,067 | )(b) | |||||||||||
Citigroup Global Markets, Inc. | 277,937 | 277,937 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 1,638,736 | 1,584,374 | — | (54,362 | )(b) | |||||||||||
J.P. Morgan Securities LLC | 3,059,860 | 3,030,002 | — | (29,858 | )(b) | |||||||||||
Jefferies LLC | 8,375 | 7,796 | — | (579 | )(b) | |||||||||||
Morgan Stanley | 2,024,607 | 2,024,607 | — | — | ||||||||||||
National Financial Services LLC | 38,267 | 36,995 | — | (1,272 | )(b) | |||||||||||
Scotia Capital (USA), Inc. | 45,944 | 43,601 | — | (2,343 | )(b) | |||||||||||
SG Americas Securities LLC | 195,442 | 194,892 | — | (550 | )(b) | |||||||||||
State Street Bank & Trust Co. | 162,768 | 162,768 | — | — | ||||||||||||
UBS AG | 1,666,634 | 1,660,451 | — | (6,183 | )(b) | |||||||||||
UBS Securities LLC | 188,078 | 178,876 | — | (9,202 | )(b) | |||||||||||
Wells Fargo Bank N.A. | 523,691 | 523,691 | — | — | ||||||||||||
Wells Fargo Securities LLC | 347,416 | 330,400 | — | (17,016 | )(b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 16,374,715 | $ | 16,223,755 | $ | — | $ | (150,960 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
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.
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 | 35 |
Notes to Financial Statements (unaudited) (continued)
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
36 | 2 0 2 2 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)
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 directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF
| Investment Advisory Fee
| |||
MSCI Frontier and Select EM | 0.79 | % | ||
MSCI World | 0.24 |
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Frontier and Select EM | $ | 12 | ||
MSCI World | 9,034 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, 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 Frontier and Select EM | $ | 3,951,421 | $ | 579,509 | $ | 1,795 | ||||||
MSCI World | 30,263,518 | 31,638,158 | (5,005,912 | ) |
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.
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 | 37 |
Notes to Financial Statements (unaudited) (continued)
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier and Select EM | $ | 116,265,425 | $ | 117,136,121 | ||||
MSCI World | 87,954,264 | 74,951,223 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Frontier and Select EM | $ | 586,127 | $ | — | ||||
MSCI World | 512,855,409 | 99,307,076 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Frontier and Select EM | $ | 156,460,419 | ||
MSCI World | 25,348,280 |
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.
As of February 28, 2022, 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 Frontier and Select EM | $ | 405,757,710 | $ | 116,781,010 | $ | (40,516,901 | ) | $ | 76,264,109 | |||||||
MSCI World | 1,667,303,683 | 301,491,169 | (72,293,784 | ) | 229,197,385 |
9. | LINE OF CREDIT |
The iShares MSCI Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
38 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI Frontier and Select EM | $ | 3,000,000 | $ | 2,667,845 | 1.25 | % |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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.
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 | 39 |
Notes to Financial Statements (unaudited) (continued)
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.
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 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.
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Frontier and Select EM | ||||||||||||||||
Shares sold | 100,000 | $ | 3,627,493 | 400,000 | $ | 13,406,994 | ||||||||||
Shares redeemed | — | — | (300,000 | ) | (9,536,221 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 100,000 | $ | 3,627,493 | 100,000 | $ | 3,870,773 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI World | ||||||||||||||||
Shares sold | 4,000,000 | $ | 530,582,568 | 3,100,000 | $ | 365,815,188 | ||||||||||
Shares redeemed | (800,000 | ) | (100,240,011 | ) | (400,000 | ) | (45,474,554 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 3,200,000 | $ | 430,342,557 | 2,700,000 | $ | 320,340,634 | ||||||||||
|
|
|
|
|
|
|
|
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
40 | 2 0 2 2 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)
may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. | 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 | 41 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Frontier and Select EM ETF and iShares MSCI World ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
42 | 2 0 2 2 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 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI World(a) | $ | 0.934558 | $ | — | $ | 0.096558 | $ | 1.031116 | 91 | % | — | % | 9 | % | 100 | % |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 43 |
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 Company’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.
44 | 2 0 2 2 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 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVS | Non-Voting Shares | |
REIT | Real Estate Investment Trust |
Counterparty Abbreviations | ||
CITI | Citibank N.A. |
Currency Abbreviations | ||
NGN | Nigerian Naira | |
USD | United States Dollar |
GLOSSARY OF TERMS USED IN THIS REPORT | 45 |
THIS PAGE INTENTIONALLY LEFT BLANK.
THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-811-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca |
· | iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca |
· | iShares MSCI Global Gold Miners ETF | RING | NASDAQ |
· | iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX |
· | iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||||||
6-Month
|
12-Month
| |||||||
U.S. large cap equities
|
|
(2.62)% |
|
|
16.39% |
| ||
U.S. small cap equities
|
|
(9.46) |
|
|
(6.01) |
| ||
International equities
|
|
(6.78) |
|
|
2.83 |
| ||
Emerging market equities
|
|
(9.81) |
|
|
(10.69) |
| ||
3-month Treasury bills
|
|
0.02 |
|
|
0.04 |
| ||
U.S. Treasury securities
|
|
(3.94) |
|
|
(1.67) |
| ||
U.S. investment grade bonds
|
|
(4.07) |
|
|
(2.64) |
| ||
Tax-exempt municipal bonds
|
|
(3.09) |
|
|
(0.66) |
| ||
U.S. high yield bonds
|
|
(3.07) |
|
|
0.64 |
| ||
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 | ||||
2 | ||||
4 | ||||
9 | ||||
9 | ||||
10 | ||||
Financial Statements | ||||
29 | ||||
31 | ||||
33 | ||||
36 | ||||
41 | ||||
50 | ||||
51 | ||||
52 | ||||
53 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF |
Investment Objective
The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 8.51 | % | 12.84 | % | 12.42 | % | 7.20 | % | 12.84 | % | 79.57 | % | 100.41 | % | ||||||||||||||||||
Fund Market | 9.40 | 13.16 | 12.48 | 7.21 | 13.16 | 80.06 | 100.66 | |||||||||||||||||||||||||
Index | 8.51 | 13.05 | 12.45 | 7.28 | 13.05 | 79.79 | 101.87 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,085.10 | $ 2.02 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Fertilizers & Agricultural Chemicals | 36.8 | % | ||
Agricultural & Farm Machinery | 29.2 | |||
Agricultural Products | 19.2 | |||
Packaged Foods & Meats | 14.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 55.2 | % | ||
Canada | 8.8 | |||
Norway | 5.1 | |||
Japan | 4.4 | |||
India | 3.7 | |||
Netherlands | 3.0 | |||
China | 2.7 | |||
Saudi Arabia | 2.3 | |||
Israel | 1.8 | |||
Malaysia | 1.7 |
(a) | Excludes money market funds. |
4 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Global Energy Producers ETF |
Investment Objective
The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 35.33 | % | 41.87 | % | 5.62 | % | 1.04 | % | 41.87 | % | 31.42 | % | 10.93 | % | ||||||||||||||||||
Fund Market | 37.25 | 42.95 | 5.90 | 1.10 | 42.95 | 33.18 | 11.60 | |||||||||||||||||||||||||
Index | 36.27 | 42.70 | 5.43 | 0.90 | 42.70 | 30.28 | 9.43 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,353.30 | $ 2.28 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Integrated Oil & Gas | 57.1 | % | ||
Oil & Gas Exploration & Production | 29.4 | |||
Oil & Gas Refining & Marketing | 10.7 | |||
Coal & Consumable Fuels | 2.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 51.5 | % | ||
Canada | 17.4 | |||
France | 5.3 | |||
India | 4.5 | |||
United Kingdom | 4.4 | |||
Brazil | 2.6 | |||
Australia | 2.0 | |||
Italy | 1.6 | |||
Norway | 1.5 | |||
China | 1.4 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Gold Miners ETF |
Investment Objective
The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 4.40 | % | 9.51 | % | 9.09 | % | (4.68 | )% | 9.51 | % | 54.47 | % | (38.08 | )% | ||||||||||||||||||
Fund Market | 6.16 | 11.87 | 9.46 | (4.46 | ) | 11.87 | 57.14 | (36.63 | ) | |||||||||||||||||||||||
Index | 6.10 | 11.18 | 9.63 | (4.37 | ) | 11.18 | 58.34 | (36.07 | ) |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,044.00 | $ 1.98 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Canada | 50.0 | % | ||
United States | 22.8 | |||
South Africa | 11.2 | |||
Australia | 7.2 | |||
China | 3.9 | |||
Peru | 1.2 | |||
Russia | 1.0 | |||
Other (each representing less than 1%) | 2.7 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Newmont Corp. | 21.7 | % | ||
Barrick Gold Corp. | 16.4 | |||
Agnico Eagle Mines Ltd. | 8.4 | |||
Gold Fields Ltd. | 5.0 | |||
Newcrest Mining Ltd. | 4.9 | |||
Wheaton Precious Metals Corp. | 4.7 | |||
AngloGold Ashanti Ltd. | 4.5 | |||
Zijin Mining Group Co. Ltd., Class H | 3.9 | |||
Kinross Gold Corp. | 2.9 | |||
Yamana Gold Inc. | 2.3 |
(a) | Excludes money market funds. |
6 | 2 0 2 2 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 February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF |
Investment Objective
The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 8.51 | % | 21.07 | % | 15.31 | % | 3.54 | % | 21.07 | % | 103.90 | % | 41.57 | % | ||||||||||||||||||
Fund Market | 10.07 | 22.50 | 15.81 | 3.57 | 22.50 | 108.33 | 42.04 | |||||||||||||||||||||||||
Index | 8.59 | 21.95 | 15.77 | 3.75 | 21.95 | 107.97 | 44.55 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,085.10 | $ 2.02 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Diversified Metals & Mining | 49.0 | % | ||
Steel | 31.5 | |||
Copper | 10.3 | |||
Aluminum | 5.6 | |||
Precious Metals & Minerals | 3.6 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Australia | 36.4 | % | ||
United States | 15.7 | |||
Brazil | 7.1 | |||
United Kingdom | 6.1 | |||
Canada | 4.9 | |||
Japan | 4.4 | |||
South Africa | 3.9 | |||
India | 3.4 | |||
China | 2.9 | |||
South Korea | 2.1 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Silver and Metals Miners ETF |
Investment Objective
The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market 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 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.45 | )% | (16.32 | )% | 3.68 | % | (4.96 | )% | (16.32 | )% | 19.79 | % | (39.90 | )% | ||||||||||||||||||
Fund Market | (6.07 | ) | (16.39 | ) | 3.76 | (4.94 | ) | (16.39 | ) | 20.26 | (39.76 | ) | ||||||||||||||||||||
Index | (6.00 | ) | (15.92 | ) | 3.71 | (4.94 | ) | (15.92 | ) | 20.00 | (39.72 | ) |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 935.50 | $ 1.87 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Canada | 67.8 | % | ||
United States | 20.4 | |||
Mexico | 5.0 | |||
Japan | 4.6 | |||
Other (each representing less than 1%) | 2.2 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Pan American Silver Corp. | 17.6 | % | ||
Hecla Mining Co. | 10.4 | |||
First Majestic Silver Corp. | 8.7 | |||
Newmont Corp. | 8.4 | |||
Industrias Penoles SAB de CV | 5.0 | |||
MAG Silver Corp. | 4.8 | |||
Asahi Holdings Inc. | 4.6 | |||
SilverCrest Metals Inc. | 4.4 | |||
Agnico Eagle Mines Ltd. | 4.4 | |||
Fortuna Silver Mines Inc. | 4.1 |
(a) | Excludes money market funds. |
8 | 2 0 2 2 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 |
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.
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 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 a 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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 1.0% | ||||||||
Australian Agricultural Co. Ltd.(a) | 45,444 | $ | 54,460 | |||||
Costa Group Holdings Ltd. | 69,342 | 137,276 | ||||||
Elders Ltd. | 24,318 | 204,381 | ||||||
Inghams Group Ltd. | 53,214 | 130,701 | ||||||
Nufarm Ltd./Australia | 50,820 | 203,639 | ||||||
Select Harvests Ltd. | 18,648 | 74,816 | ||||||
Tassal Group Ltd. | 32,928 | 85,553 | ||||||
|
| |||||||
890,826 | ||||||||
Brazil — 0.4% | ||||||||
Sao Martinho SA | 27,720 | 214,292 | ||||||
SLC Agricola SA | 16,562 | 140,698 | ||||||
Tres Tentos Agroindustrial SA(a) | 19,194 | 37,299 | ||||||
|
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392,289 | ||||||||
Canada — 8.8% | ||||||||
Ag Growth International Inc. | 2,982 | 88,225 | ||||||
Nutrien Ltd. | 89,586 | 7,704,749 | ||||||
Rogers Sugar Inc.(b) | 14,070 | 64,717 | ||||||
|
| |||||||
7,857,691 | ||||||||
China — 2.7% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 37,800 | 49,724 | ||||||
China BlueChemical Ltd., Class H | 274,000 | 82,044 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) | 295,050 | — | ||||||
China Modern Dairy Holdings Ltd. | 504,000 | 93,140 | ||||||
China Youran Dairy Group Ltd.(a)(d) | 126,000 | 68,562 | ||||||
COFCO Joycome Foods Ltd.(a) | 374,000 | 163,163 | ||||||
First Tractor Co. Ltd., Class H | 64,000 | 30,824 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 12,600 | 39,449 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 16,800 | 39,147 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 26,900 | 123,105 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 61,700 | 387,007 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 2,900 | 57,363 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 25,200 | 27,592 | ||||||
Muyuan Foods Co. Ltd., Class A | 50,166 | 456,468 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 42,000 | 102,746 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 19,880 | 111,679 | ||||||
Sichuan New Energy Power Co. Ltd.(a) | 12,600 | 51,238 | ||||||
Sinofert Holdings Ltd. | 336,000 | 48,230 | ||||||
Tongwei Co. Ltd., Class A | 42,600 | 292,161 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) | 58,820 | 181,896 | ||||||
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) | 12,600 | 38,073 | ||||||
|
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2,443,611 | ||||||||
Cyprus — 0.0% | ||||||||
Ros Agro PLC, GDR(c)(e) | 5,334 | 15,624 | ||||||
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Egypt — 0.0% | ||||||||
Misr Fertilizers Production Co. SAE | 7,040 | 39,829 | ||||||
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Faeroe Islands — 0.6% | ||||||||
Bakkafrost P/F | 7,854 | 533,733 | ||||||
|
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France — 0.1% | ||||||||
Vilmorin & Cie SA | 882 | 45,640 | ||||||
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Germany — 1.2% | ||||||||
K+S AG, Registered(a) | 29,988 | 769,257 | ||||||
KWS Saat SE & Co. KGaA | 1,806 | 131,249 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Suedzucker AG | 11,298 | $ | 153,922 | |||||
|
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1,054,428 | ||||||||
Hong Kong — 1.0% | ||||||||
WH Group Ltd.(d) | 1,302,000 | 909,285 | ||||||
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India — 3.7% | ||||||||
Balrampur Chini Mills Ltd. | 19,782 | 104,952 | ||||||
Bayer CropScience Ltd./India | 2,100 | 123,144 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 25,956 | 130,978 | ||||||
Coromandel International Ltd. | 18,354 | 189,135 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 8,442 | 63,987 | ||||||
EID Parry India Ltd. | 10,878 | 59,983 | ||||||
Escorts Ltd. | 10,584 | 260,922 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 12,138 | 89,681 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 28,098 | 47,164 | ||||||
Kaveri Seed Co. Ltd. | 3,822 | 24,784 | ||||||
PI Industries Ltd. | 12,978 | 427,124 | ||||||
Rallis India Ltd. | 12,306 | 38,355 | ||||||
Shree Renuka Sugars Ltd.(a) | 82,740 | 36,535 | ||||||
Sumitomo Chemical India Ltd. | 15,666 | 78,676 | ||||||
Tata Consumer Products Ltd. | 93,576 | 896,027 | ||||||
Triveni Engineering & Industries Ltd. | 11,214 | 37,231 | ||||||
UPL Ltd. | 77,700 | 690,557 | ||||||
|
| |||||||
3,299,235 | ||||||||
Indonesia — 0.8% | ||||||||
Astra Agro Lestari Tbk PT | 75,600 | 59,995 | ||||||
Charoen Pokphand Indonesia Tbk PT | 1,155,000 | 467,684 | ||||||
Inti Agri Resources Tbk PT(a)(c) | 2,230,700 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 651,000 | 71,504 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 491,400 | 48,722 | ||||||
Sawit Sumbermas Sarana Tbk PT | 508,200 | 39,810 | ||||||
|
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687,715 | ||||||||
Ireland — 0.1% | ||||||||
Origin Enterprises PLC | 19,698 | 79,753 | ||||||
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Israel — 1.7% | ||||||||
ICL Group Ltd. | 110,586 | 1,255,872 | ||||||
Israel Corp. Ltd. (The)(a) | 588 | 308,993 | ||||||
|
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1,564,865 | ||||||||
Japan — 4.4% | ||||||||
Hokuto Corp. | 3,000 | 51,465 | ||||||
Kubota Corp. | 160,600 | 2,881,432 | ||||||
Kumiai Chemical Industry Co. Ltd. | 12,600 | 89,413 | ||||||
Maruha Nichiro Corp. | 6,100 | 133,092 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 2,400 | 42,843 | ||||||
NH Foods Ltd. | 13,100 | 491,679 | ||||||
Sakata Seed Corp. | 4,400 | 129,273 | ||||||
Taki Chemical Co. Ltd. | 800 | 33,253 | ||||||
YAMABIKO Corp. | 5,300 | 61,381 | ||||||
Yukiguni Maitake Co. Ltd. | 3,100 | 32,348 | ||||||
|
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3,946,179 | ||||||||
Malaysia — 1.7% | ||||||||
Genting Plantations Bhd | 42,000 | 91,133 | ||||||
IOI Corp. Bhd | 386,400 | 424,578 | ||||||
Kuala Lumpur Kepong Bhd | 69,000 | 427,295 | ||||||
QL Resources Bhd | 172,207 | 203,031 | ||||||
Sime Darby Plantation Bhd | 268,800 | 315,366 | ||||||
United Plantations BHD | 16,800 | 60,910 | ||||||
|
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1,522,313 |
10 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mauritius — 0.2% | ||||||||
Golden Agri-Resources Ltd.(b) | 991,200 | $ | 209,583 | |||||
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Netherlands — 3.0% | ||||||||
CNH Industrial NV | 160,650 | 2,285,167 | ||||||
ForFarmers NV | 5,166 | 21,073 | ||||||
OCI NV(a) | 14,784 | 419,071 | ||||||
|
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2,725,311 | ||||||||
Norway — 5.1% | ||||||||
Atlantic Sapphire ASA(a)(b) | 11,382 | 40,298 | ||||||
Austevoll Seafood ASA | 14,322 | 202,224 | ||||||
Grieg Seafood ASA(a) | 8,274 | 104,206 | ||||||
Leroy Seafood Group ASA | 46,452 | 405,544 | ||||||
Mowi ASA | 68,964 | 1,775,741 | ||||||
Norway Royal Salmon ASA(b) | 1,764 | 40,519 | ||||||
Salmar ASA | 9,240 | 678,902 | ||||||
Yara International ASA | 25,956 | 1,321,937 | ||||||
|
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4,569,371 | ||||||||
Poland — 0.1% | ||||||||
Grupa Azoty SA(a) | 7,770 | 60,215 | ||||||
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Russia — 0.2% | ||||||||
PhosAgro PJSC, GDR | 21,252 | 130,018 | ||||||
|
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Saudi Arabia — 2.3% | ||||||||
Al Jouf Agricultural Development Co. | 2,310 | 35,191 | ||||||
Almarai Co. JSC | 39,060 | 523,693 | ||||||
National Agriculture Development Co. (The)(a) | 7,728 | 63,719 | ||||||
SABIC Agri-Nutrients Co. | 33,642 | 1,433,414 | ||||||
Saudi Fisheries Co.(a) | 3,024 | 37,934 | ||||||
|
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2,093,951 | ||||||||
Singapore — 1.3% | ||||||||
China XLX Fertiliser Ltd. | 66,000 | 50,931 | ||||||
First Resources Ltd. | 88,200 | 120,209 | ||||||
Japfa Ltd. | 63,040 | 27,565 | ||||||
Wilmar International Ltd. | 302,400 | 982,810 | ||||||
|
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1,181,515 | ||||||||
South Africa — 0.1% | ||||||||
Astral Foods Ltd. | 6,132 | 64,805 | ||||||
Oceana Group Ltd. | 12,800 | 44,944 | ||||||
|
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109,749 | ||||||||
South Korea — 0.1% | ||||||||
Dongwon Industries Co. Ltd. | 168 | 29,432 | ||||||
Harim Holdings Co. Ltd. | 7,308 | 63,779 | ||||||
Namhae Chemical Corp.(a) | 3,402 | 27,510 | ||||||
|
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120,721 | ||||||||
Sweden — 0.9% | ||||||||
Husqvarna AB, Class B | 65,436 | 788,119 | ||||||
|
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Taiwan — 0.5% | ||||||||
Charoen Pokphand Enterprise | 26,000 | 78,674 | ||||||
Taiwan Fertilizer Co. Ltd. | 113,000 | 277,909 | ||||||
Taiwan TEA Corp.(a) | 84,000 | 64,527 | ||||||
|
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421,110 | ||||||||
Thailand — 0.6% | ||||||||
Charoen Pokphand Foods PCL, NVDR | 604,800 | 468,609 | ||||||
GFPT PCL, NVDR | 79,800 | 31,993 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a) | 235,254 | 24,474 | ||||||
Thaifoods Group PCL, NVDR(b) | 180,600 | 23,493 | ||||||
|
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548,569 |
Security | Shares | Value | ||||||
Turkey — 0.2% | ||||||||
Gubre Fabrikalari TAS(a) | 7,938 | $ | 43,647 | |||||
Hektas Ticaret TAS(a)(b) | 61,027 | 57,161 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 2,016 | 31,129 | ||||||
|
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131,937 | ||||||||
United Kingdom — 0.4% | ||||||||
Cranswick PLC | 8,274 | 388,403 | ||||||
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United States — 55.0% | ||||||||
AGCO Corp. | 9,996 | 1,201,119 | ||||||
American Vanguard Corp. | 4,410 | 66,459 | ||||||
AppHarvest Inc.(a)(b) | 8,358 | 31,927 | ||||||
Archer-Daniels-Midland Co. | 87,822 | 6,889,636 | ||||||
Bunge Ltd. | 22,050 | 2,305,327 | ||||||
Cal-Maine Foods Inc. | 5,838 | 258,448 | ||||||
CF Industries Holdings Inc. | 33,684 | 2,734,804 | ||||||
Corteva Inc. | 114,408 | 5,952,648 | ||||||
Darling Ingredients Inc.(a) | 25,368 | 1,838,673 | ||||||
Deere & Co. | 46,200 | 16,632,924 | ||||||
FMC Corp. | 19,908 | 2,334,213 | ||||||
Fresh Del Monte Produce Inc. | 5,586 | 144,566 | ||||||
Hydrofarm Holdings Group Inc.(a) | 4,116 | 83,349 | ||||||
Ingredion Inc. | 10,458 | 928,043 | ||||||
Lamb Weston Holdings Inc. | 22,848 | 1,517,793 | ||||||
Lindsay Corp. | 1,722 | 225,944 | ||||||
Mosaic Co. (The) | 57,960 | 3,038,843 | ||||||
Pilgrim’s Pride Corp.(a) | 7,644 | 180,245 | ||||||
Sanderson Farms Inc. | 3,150 | 562,558 | ||||||
Scotts Miracle-Gro Co. (The) | 6,510 | 911,791 | ||||||
Toro Co. (The) | 16,716 | 1,568,128 | ||||||
Vital Farms Inc.(a)(b) | 2,436 | 34,713 | ||||||
|
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49,442,151 | ||||||||
|
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Total Common Stocks — 98.2% | 88,203,739 | |||||||
|
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Preferred Stocks | ||||||||
Chile — 1.6% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 21,294 | 1,414,175 | ||||||
|
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Total Preferred Stocks — 1.6% | 1,414,175 | |||||||
|
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Rights | ||||||||
Thailand — 0.0% | ||||||||
Khon Kaen Sugar (Expires 02/28/22)(a) | 2,201 | — | ||||||
|
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Total Rights — 0.0% | — | |||||||
|
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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) February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h) | 276,754 | $ | 276,809 | |||||
|
| |||||||
Total Short-Term Investments — 0.3% | 276,809 | |||||||
|
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Total Investments in Securities — 100.1% | 89,894,723 | |||||||
Other Assets, Less Liabilities — (0.1)% | (55,263 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 89,839,460 | ||||||
|
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(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | 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. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 1,825,834 | $ | — | $ | (1,548,825 | )(a) | $ | (189 | ) | $ | (11 | ) | $ | 276,809 | 276,754 | $ | 55,566 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 80,000 | — | (80,000 | )(a) | — | — | — | — | 5 | — | ||||||||||||||||||||||||||
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$ | (189 | ) | $ | (11 | ) | $ | 276,809 | $ | 55,571 | $ | — | |||||||||||||||||||||||||
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|
|
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(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. |
(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 | ||||||||||||||||
Euro STOXX 50 Index | 2 | 03/18/22 | $ | 88 | $ | (9,529 | ) | |||||||||
|
|
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:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 9,529 | ||
|
|
(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). |
12 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 928 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (9,529 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 29,174 |
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 58,477,327 | $ | 29,710,788 | $ | 15,624 | $ | 88,203,739 | ||||||||
Preferred Stocks | — | 1,414,175 | — | 1,414,175 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Money Market Funds | 276,809 | — | — | 276,809 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 58,754,136 | $ | 31,124,963 | $ | 15,624 | $ | 89,894,723 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | — | $ | (9,529 | ) | $ | — | $ | (9,529 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 13 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 2.0% | ||||||||
Beach Energy Ltd. | 70,870 | $ | 78,940 | |||||
Karoon Energy Ltd.(a) | �� | 24,035 | 36,172 | |||||
New Hope Corp. Ltd.(b) | 17,670 | 32,759 | ||||||
Paladin Energy Ltd.(a)(b) | 93,860 | 54,017 | ||||||
Santos Ltd. | 132,502 | 705,684 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 8,930 | 163,830 | ||||||
Whitehaven Coal Ltd. | 37,430 | 87,593 | ||||||
Woodside Petroleum Ltd. | 39,928 | 834,346 | ||||||
|
| |||||||
1,993,341 | ||||||||
Austria — 0.3% | ||||||||
OMV AG | 6,080 | 289,429 | ||||||
|
| |||||||
Brazil — 1.3% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 6,650 | 44,072 | ||||||
Enauta Participacoes SA | 4,275 | 14,333 | ||||||
Petro Rio SA(a) | 26,901 | 136,714 | ||||||
Petroleo Brasileiro SA | 151,698 | 1,078,636 | ||||||
|
| |||||||
1,273,755 | ||||||||
Canada — 17.3% | ||||||||
Advantage Energy Ltd.(a) | 7,721 | 45,138 | ||||||
ARC Resources Ltd. | 28,197 | 348,597 | ||||||
Baytex Energy Corp.(a) | 23,275 | 106,321 | ||||||
Birchcliff Energy Ltd. | 11,020 | 58,599 | ||||||
Cameco Corp. | 16,340 | 401,829 | ||||||
Canacol Energy Ltd. | 5,251 | 13,298 | ||||||
Canadian Natural Resources Ltd. | 48,295 | 2,698,043 | ||||||
Cenovus Energy Inc. | 53,693 | 844,262 | ||||||
Crescent Point Energy Corp. | 23,815 | 170,416 | ||||||
Denison Mines Corp.(a) | 31,255 | 46,852 | ||||||
Energy Fuels Inc./Canada(a) | 6,270 | 51,595 | ||||||
Enerplus Corp. | 10,450 | 133,562 | ||||||
Freehold Royalties Ltd. | 5,035 | 56,209 | ||||||
Headwater Exploration Inc.(a) | 7,885 | 44,728 | ||||||
Imperial Oil Ltd. | 10,097 | 453,190 | ||||||
Kelt Exploration Ltd.(a) | 6,175 | 28,013 | ||||||
MEG Energy Corp.(a) | 11,400 | 148,852 | ||||||
NexGen Energy Ltd.(a) | 16,435 | 87,264 | ||||||
NuVista Energy Ltd.(a) | 7,410 | 56,474 | ||||||
Paramount Resources Ltd., Class A | 3,040 | 67,444 | ||||||
Parex Resources Inc. | 5,225 | 115,218 | ||||||
Peyto Exploration & Development Corp. | 6,650 | 57,397 | ||||||
PrairieSky Royalty Ltd. | 8,265 | 111,765 | ||||||
Shell PLC | 315,833 | 8,328,766 | ||||||
Suncor Energy Inc. | 59,795 | 1,828,524 | ||||||
Tamarack Valley Energy Ltd. | 16,530 | 67,294 | ||||||
Tourmaline Oil Corp. | 12,875 | 507,890 | ||||||
Vermilion Energy Inc.(a) | 6,650 | 124,343 | ||||||
Whitecap Resources Inc. | 24,772 | 188,990 | ||||||
|
| |||||||
17,190,873 | ||||||||
China — 1.4% | ||||||||
CGN Mining Co. Ltd. | 90,000 | 10,512 | ||||||
China Coal Energy Co. Ltd., Class H | 95,000 | 59,217 | ||||||
China Shenhua Energy Co. Ltd., Class A | 19,000 | 76,071 | ||||||
China Shenhua Energy Co. Ltd., Class H | 142,500 | 392,728 | ||||||
Guanghui Energy Co. Ltd., Class A(a) | 19,000 | 21,643 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 38,000 | 36,607 | ||||||
PetroChina Co. Ltd., Class A | 47,500 | 43,793 | ||||||
PetroChina Co. Ltd., Class H | 854,000 | 457,424 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shaanxi Coal Industry Co. Ltd., Class A | 23,700 | $ | 53,544 | |||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 9,510 | 16,007 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 9,500 | 20,935 | ||||||
Yankuang Energy Group Co. Ltd, Class H(b) | 62,000 | 152,013 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 6,100 | 30,612 | ||||||
|
| |||||||
1,371,106 | ||||||||
Colombia — 0.2% | ||||||||
Ecopetrol SA | 205,010 | 169,913 | ||||||
|
| |||||||
Finland — 0.7% | ||||||||
Neste Oyj | 17,417 | 679,169 | ||||||
|
| |||||||
France — 5.3% | ||||||||
TotalEnergies SE | 102,896 | 5,242,057 | ||||||
|
| |||||||
Greece — 0.1% | ||||||||
Hellenic Petroleum Holdings SA | 2,535 | 20,075 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,522 | 40,467 | ||||||
|
| |||||||
60,542 | ||||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 17,290 | 134,867 | ||||||
|
| |||||||
India — 4.5% | ||||||||
Bharat Petroleum Corp. Ltd. | 36,195 | 168,829 | ||||||
Coal India Ltd. | 64,125 | 145,040 | ||||||
Hindustan Petroleum Corp. Ltd. | 26,030 | 94,693 | ||||||
Indian Oil Corp. Ltd. | 78,755 | 120,880 | ||||||
Oil & Natural Gas Corp. Ltd. | 103,019 | 221,879 | ||||||
Oil India Ltd. | 11,210 | 33,436 | ||||||
Reliance Industries Ltd. | 77,180 | 2,429,758 | ||||||
Reliance Industries Ltd., GDR(c) | 19,855 | 1,246,267 | ||||||
|
| |||||||
4,460,782 | ||||||||
Indonesia — 0.3% | ||||||||
Adaro Energy Tbk PT | 579,500 | 99,287 | ||||||
Bukit Asam Tbk PT | 126,100 | 27,702 | ||||||
Indika Energy Tbk PT(a) | 66,500 | 10,322 | ||||||
Indo Tambangraya Megah Tbk PT | 19,000 | 35,277 | ||||||
Medco Energi Internasional Tbk PT(a) | 323,012 | 13,637 | ||||||
Sugih Energy Tbk PT(a)(d) | 206,700 | — | ||||||
United Tractors Tbk PT | 69,100 | 120,578 | ||||||
|
| |||||||
306,803 | ||||||||
Israel — 0.2% | ||||||||
Delek Group Ltd.(a) | 380 | 46,941 | ||||||
Equital Ltd.(a) | 856 | 34,187 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a)(b) | 1,331 | 10,530 | ||||||
Oil Refineries Ltd.(a) | 75,620 | 27,097 | ||||||
Paz Oil Co. Ltd.(a) | 399 | 57,564 | ||||||
|
| |||||||
176,319 | ||||||||
Italy — 1.6% | ||||||||
Eni SpA | 103,625 | 1,611,857 | ||||||
Saras SpA(a) | 23,180 | 14,163 | ||||||
|
| |||||||
1,626,020 | ||||||||
Japan — 1.2% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 2,036 | 46,019 | ||||||
ENEOS Holdings Inc. | 125,600 | 497,350 | ||||||
Idemitsu Kosan Co. Ltd. | 8,668 | 232,359 | ||||||
Inpex Corp. | 42,200 | 434,977 | ||||||
Japan Petroleum Exploration Co. Ltd. | 1,300 | 30,858 | ||||||
|
| |||||||
1,241,563 |
14 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway — 1.5% | ||||||||
Aker BP ASA | 5,225 | $ | 163,650 | |||||
BW Energy Ltd.(a) | 3,040 | 8,047 | ||||||
DNO ASA | 18,525 | 23,501 | ||||||
Equinor ASA | 40,110 | 1,260,878 | ||||||
|
| |||||||
1,456,076 | ||||||||
Philippines — 0.0% | ||||||||
Semirara Mining & Power Corp. | 38,000 | 20,531 | ||||||
|
| |||||||
Poland — 0.3% | ||||||||
Grupa Lotos SA(a) | 3,800 | 48,755 | ||||||
Polski Koncern Naftowy ORLEN SA | 12,445 | 210,219 | ||||||
|
| |||||||
258,974 | ||||||||
Portugal — 0.2% | ||||||||
Galp Energia SGPS SA | 20,904 | 231,393 | ||||||
|
| |||||||
Russia — 0.4% | ||||||||
LUKOIL PJSC(d) | 17,021 | 297,110 | ||||||
Rosneft Oil Co. PJSC(d) | 47,821 | 49,888 | ||||||
Surgutneftegas PJSC(d) | 285,010 | 21,523 | ||||||
Tatneft PJSC(d) | 57,983 | 73,629 | ||||||
|
| |||||||
442,150 | ||||||||
Saudi Arabia — 1.1% | ||||||||
Rabigh Refining & Petrochemical Co.(a) | 9,120 | 59,871 | ||||||
Saudi Arabian Oil Co.(c) | 90,079 | 999,382 | ||||||
|
| |||||||
1,059,253 | ||||||||
South Africa — 0.2% | ||||||||
Exxaro Resources Ltd. | 10,355 | 133,567 | ||||||
Thungela Resources Ltd.(a) | 5,540 | 49,278 | ||||||
|
| |||||||
182,845 | ||||||||
South Korea — 0.6% | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,710 | 73,102 | ||||||
SK Innovation Co. Ltd.(a) | 2,113 | 356,708 | ||||||
S-Oil Corp. | 1,805 | 128,551 | ||||||
|
| |||||||
558,361 | ||||||||
Spain — 0.8% | ||||||||
Repsol SA | 59,886 | 777,083 | ||||||
|
| |||||||
Sweden — 0.3% | ||||||||
Lundin Energy AB | 8,194 | 302,351 | ||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Bangchak Corp. PCL, NVDR | 38,000 | 36,225 | ||||||
Banpu PCL, NVDR | 218,500 | 73,230 | ||||||
Esso Thailand PCL, NVDR(a) | 47,500 | 10,967 | ||||||
IRPC PCL, NVDR | 465,500 | 54,566 | ||||||
PTT Exploration & Production PCL, NVDR | 57,031 | 240,115 | ||||||
Star Petroleum Refining PCL, NVDR(a) | 76,000 | 20,898 | ||||||
Thai Oil PCL, NVDR | 47,500 | 78,963 | ||||||
|
| |||||||
514,964 | ||||||||
Turkey — 0.1% | ||||||||
Turkiye Petrol Rafinerileri AS(a) | 5,130 | 71,500 | ||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
Dana Gas PJSC | 136,800 | 39,544 | ||||||
|
| |||||||
United Kingdom — 4.3% | ||||||||
BP PLC | 810,315 | 3,949,566 | ||||||
Capricorn Energy PLC(a) | 20,439 | 60,513 | ||||||
Diversified Energy Co. PLC | 33,535 | 53,085 | ||||||
Energean PLC(a) | 4,750 | 66,143 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Harbour Energy PLC(a) | 16,993 | $ | 89,988 | |||||
Pantheon Resources PLC(a) | 21,280 | 40,498 | ||||||
Serica Energy PLC | 7,125 | 26,491 | ||||||
Tullow Oil PLC(a) | 50,255 | 36,172 | ||||||
|
| |||||||
4,322,456 | ||||||||
United States — 51.2% | ||||||||
Antero Resources Corp.(a) | 11,590 | 265,759 | ||||||
APA Corp. | 14,908 | 531,172 | ||||||
Arch Resources Inc. | 665 | 79,381 | ||||||
Berry Corp. | 2,280 | 22,800 | ||||||
Brigham Minerals Inc., Class A | 1,900 | 43,282 | ||||||
California Resources Corp. | 1,615 | 66,586 | ||||||
Callon Petroleum Co.(a) | 1,511 | 85,160 | ||||||
Centennial Resource Development Inc./DE, Class A(a) | 7,505 | 65,894 | ||||||
Centrus Energy Corp., Class A(a) | 438 | 19,828 | ||||||
Chesapeake Energy Corp. | 3,123 | 241,252 | ||||||
Chevron Corp. | 79,109 | 11,391,696 | ||||||
Civitas Resources Inc. | 2,090 | 105,482 | ||||||
CNX Resources Corp.(a) | 8,740 | 142,812 | ||||||
Comstock Resources Inc.(a) | 3,325 | 27,597 | ||||||
ConocoPhillips | 54,127 | 5,134,487 | ||||||
CONSOL Energy Inc.(a) | 1,330 | 40,884 | ||||||
Coterra Energy Inc. | 31,602 | 737,275 | ||||||
Crescent Energy Inc.(a)(b) | 893 | 13,529 | ||||||
CVR Energy Inc. | 1,235 | 21,477 | ||||||
Delek U.S. Holdings Inc.(a) | 2,660 | 45,832 | ||||||
Denbury Inc.(a) | 2,090 | 151,859 | ||||||
Devon Energy Corp. | 26,428 | 1,573,787 | ||||||
Diamondback Energy Inc. | 7,042 | 972,500 | ||||||
EOG Resources Inc. | 24,000 | 2,758,080 | ||||||
EQT Corp. | 13,205 | 305,564 | ||||||
Exxon Mobil Corp. | 173,722 | 13,623,279 | ||||||
Gulfport Energy Corp.(a) | 570 | 39,319 | ||||||
Hess Corp. | 11,411 | 1,153,196 | ||||||
HollyFrontier Corp. | 6,365 | 193,814 | ||||||
Kosmos Energy Ltd.(a) | 18,620 | 90,493 | ||||||
Laredo Petroleum Inc.(a) | 570 | 43,639 | ||||||
Magnolia Oil & Gas Corp., Class A(b) | 5,985 | 133,765 | ||||||
Marathon Oil Corp. | 31,950 | 720,792 | ||||||
Marathon Petroleum Corp. | 25,263 | 1,967,230 | ||||||
Matador Resources Co. | 4,845 | 240,312 | ||||||
Murphy Oil Corp. | 6,322 | 219,184 | ||||||
Northern Oil and Gas Inc. | 2,470 | 61,948 | ||||||
Oasis Petroleum Inc. | 814 | 107,863 | ||||||
Occidental Petroleum Corp. | 38,326 | 1,675,996 | ||||||
Ovintiv Inc. | 10,784 | 494,446 | ||||||
Par Pacific Holdings Inc.(a) | 1,900 | 25,840 | ||||||
PBF Energy Inc., Class A(a) | 3,990 | 66,314 | ||||||
PDC Energy Inc. | 4,085 | 263,564 | ||||||
Peabody Energy Corp.(a) | 3,895 | 67,539 | ||||||
Pioneer Natural Resources Co. | 9,488 | 2,273,325 | ||||||
Range Resources Corp.(a) | 10,165 | 233,287 | ||||||
SM Energy Co. | 4,750 | 168,672 | ||||||
Southwestern Energy Co.(a) | 22,909 | 114,316 | ||||||
Talos Energy Inc.(a) | 1,235 | 19,402 | ||||||
Tellurian Inc.(a) | 15,770 | 60,084 | ||||||
Texas Pacific Land Corp. | 255 | 303,126 | ||||||
Uranium Energy Corp.(a) | 10,735 | 42,833 | ||||||
Valero Energy Corp. | 16,738 | 1,397,790 | ||||||
Viper Energy Partners LP | 2,375 | 69,849 |
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) February 28, 2022 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Whiting Petroleum Corp. | 1,615 | $ | 119,268 | |||||
|
| |||||||
50,834,460 | ||||||||
|
| |||||||
Total Common Stocks — 98.0% |
| 97,288,480 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.3% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 194,968 | 1,281,614 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 275,500 | 29,581 | ||||||
|
| |||||||
Total Preferred Stocks — 1.3% |
| 1,311,195 | ||||||
|
| |||||||
Rights | ||||||||
Thailand — 0.0% | ||||||||
Bangchak Corp. PCL (Expires 03/03/22)(a) | 1,801 | — | ||||||
|
| |||||||
Total Rights — 0.0% |
| — | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 385,055 | 385,132 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 120,000 | $ | 120,000 | |||||
|
| |||||||
505,132 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.5% | 505,132 | |||||||
|
| |||||||
Total Investments in Securities — 99.8% | 99,104,807 | |||||||
Other Assets, Less Liabilities — 0.2% | 227,756 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 99,332,563 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 525,991 | $ | — | $ | (140,624 | )(a) | $ | (216 | ) | $ | (19 | ) | $ | 385,132 | 385,055 | $ | 3,360 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 100,000 | 20,000 | (a) | — | — | — | 120,000 | 120,000 | 7 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (216 | ) | $ | (19 | ) | $ | 505,132 | $ | 3,367 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
FTSE 100 Index | 1 | 03/18/22 | $ | 99 | $ | (1,122 | ) |
16 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Energy Producers ETF |
Futures Contracts (continued)
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
S&P Select Sector Energy E-Mini Index | 7 | 03/18/22 | $ | 514 | $ | 33,406 | ||||||||||
|
| |||||||||||||||
$ | 32,284 | |||||||||||||||
|
|
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:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 33,406 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 1,122 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 46,096 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 53,082 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 584,134 |
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.
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) February 28, 2022 | iShares® MSCI Global Energy Producers ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 60,326,898 | $ | 36,519,432 | $ | 442,150 | $ | 97,288,480 | ||||||||
Preferred Stocks | — | 1,281,614 | 29,581 | 1,311,195 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Money Market Funds | 505,132 | — | — | 505,132 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 60,832,030 | $ | 37,801,046 | $ | 471,731 | $ | 99,104,807 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 33,406 | $ | — | $ | — | $ | 33,406 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | — | (1,122 | ) | — | (1,122 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 33,406 | $ | (1,122 | ) | $ | — | $ | 32,284 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
18 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 7.2% | ||||||||
De Grey Mining Ltd.(a)(b) | 3,979,321 | $ | 3,275,565 | |||||
Newcrest Mining Ltd. | 1,329,667 | 24,666,387 | ||||||
St. Barbara Ltd. | 2,818,062 | 2,712,322 | ||||||
West African Resources Ltd.(a) | 3,593,664 | 2,859,413 | ||||||
Westgold Resources Ltd. | 1,721,696 | 2,807,457 | ||||||
|
| |||||||
36,321,144 | ||||||||
Canada — 49.9% | ||||||||
Aclara Resources Inc.(a) | 8,250 | 6,959 | ||||||
Agnico Eagle Mines Ltd. | 834,580 | 42,160,282 | ||||||
Alamos Gold Inc., Class A | 1,025,056 | 7,553,470 | ||||||
Argonaut Gold Inc.(a) | 1,394,405 | 2,541,282 | ||||||
B2Gold Corp. | 2,597,126 | 10,490,955 | ||||||
Barrick Gold Corp. | 3,634,683 | 82,156,740 | ||||||
Calibre Mining Corp.(a)(b) | 2,001,111 | 2,036,634 | ||||||
Centerra Gold Inc. | 628,195 | 6,125,830 | ||||||
Eldorado Gold Corp.(a) | 521,131 | 5,723,190 | ||||||
Equinox Gold Corp.(a) | 755,177 | 5,356,246 | ||||||
IAMGOLD Corp.(a) | 1,457,534 | 4,277,733 | ||||||
Kinross Gold Corp. | 2,924,737 | 14,583,304 | ||||||
Lundin Gold Inc.(a)(b) | 319,073 | 2,572,723 | ||||||
New Gold Inc.(a) | 2,088,619 | 3,608,738 | ||||||
Pretium Resources Inc.(a) | 498,131 | 7,266,621 | ||||||
SSR Mining Inc. | 529,222 | 10,475,882 | ||||||
Torex Gold Resources Inc.(a) | 296,943 | 3,767,135 | ||||||
Wesdome Gold Mines Ltd.(a) | 427,894 | 4,817,394 | ||||||
Wheaton Precious Metals Corp. | 539,541 | 23,641,899 | ||||||
Yamana Gold Inc. | 2,358,938 | 11,594,622 | ||||||
|
| |||||||
250,757,639 | ||||||||
China — 3.9% | ||||||||
Zijin Mining Group Co. Ltd., Class H | 13,250,000 | 19,665,403 | ||||||
|
| |||||||
Indonesia — 0.9% | ||||||||
Aneka Tambang Tbk | 28,254,200 | 4,401,958 | ||||||
|
| |||||||
Jersey — 0.9% | ||||||||
Centamin PLC | 3,542,037 | 4,701,486 | ||||||
|
| |||||||
Peru — 1.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 599,999 | 5,939,990 | ||||||
|
| |||||||
Russia — 0.9% | ||||||||
Polymetal International PLC(c) | 822,891 | 2,495,683 | ||||||
Polyus PJSC(c) | 62,547 | 2,356,663 | ||||||
|
| |||||||
4,852,346 |
Security | Shares | Value | ||||||
South Africa — 11.2% | ||||||||
AngloGold Ashanti Ltd. | 959,099 | $ | 22,439,939 | |||||
DRDGOLD Ltd. | 2,451,341 | 2,287,064 | ||||||
Gold Fields Ltd. | 1,786,098 | 24,869,208 | ||||||
Harmony Gold Mining Co. Ltd. | 1,550,480 | 6,621,464 | ||||||
|
| |||||||
56,217,675 | ||||||||
Turkey — 0.4% | ||||||||
Koza Altin Isletmeleri AS(a)(b) | 223,668 | 1,850,399 | ||||||
|
| |||||||
United Kingdom — 0.5% | ||||||||
Hochschild Mining PLC | 1,671,558 | 2,591,539 | ||||||
|
| |||||||
United States — 22.8% | ||||||||
Coeur Mining Inc.(a)(b) | 804,590 | 3,459,737 | ||||||
McEwen Mining Inc.(a)(b) | 2,431,007 | 1,925,601 | ||||||
Newmont Corp. | 1,648,892 | 109,156,650 | ||||||
|
| |||||||
114,541,988 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 501,841,567 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 2,928,742 | 2,929,328 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 400,000 | 400,000 | ||||||
|
| |||||||
3,329,328 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.7% | 3,329,328 | |||||||
|
| |||||||
Total Investments in Securities — 100.5% |
| 505,170,895 | ||||||
Other Assets, Less Liabilities — (0.5)% | (2,411,215 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 502,759,680 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(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 | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Gold Miners ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 5,683,523 | $ | — | $ | (2,753,331 | )(a) | $ | (476 | ) | $ | (388 | ) | $ | 2,929,328 | 2,928,742 | $ | 38,788 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 130,000 | 270,000 | (a) | — | — | — | 400,000 | 400,000 | 15 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (476 | ) | $ | (388 | ) | $ | 3,329,328 | $ | 38,803 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
S&P/TSE 60 Index | 3 | 03/17/22 | $ | 604 | $ | 15 | ||||||||||
|
|
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:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 15 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 16,874 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (8,415 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,566,379 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
20 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Gold Miners ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 373,083,057 | $ | 123,906,164 | $ | 4,852,346 | $ | 501,841,567 | ||||||||
Money Market Funds | 3,329,328 | — | — | 3,329,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 376,412,385 | $ | 123,906,164 | $ | 4,852,346 | $ | 505,170,895 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 15 | $ | — | $ | — | $ | 15 | ||||||||
|
|
|
|
|
|
|
|
(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 | 21 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 36.1% | ||||||||
29Metals Ltd.(a) | 298,528 | $ | 590,696 | |||||
Allkem Ltd.(a) | 655,424 | 4,371,005 | ||||||
Alumina Ltd. | 2,804,096 | 4,051,881 | ||||||
Australian Strategic Materials Ltd.(a) | 101,536 | 605,782 | ||||||
AVZ Minerals Ltd.(a) | 2,812,000 | 1,645,770 | ||||||
BHP Group Ltd. | 5,784,892 | 197,531,855 | ||||||
BlueScope Steel Ltd. | 574,560 | 8,508,000 | ||||||
Chalice Mining Ltd.(a) | 359,328 | 1,952,426 | ||||||
Champion Iron Ltd.(b) | 375,136 | 1,768,771 | ||||||
Deterra Royalties Ltd. | 502,498 | 1,633,590 | ||||||
Fortescue Metals Group Ltd. | 1,933,440 | 25,757,939 | ||||||
Glencore PLC | 11,340,128 | 66,680,015 | ||||||
IGO Ltd. | 775,808 | 6,223,827 | ||||||
Iluka Resources Ltd. | 480,320 | 3,779,190 | ||||||
Imdex Ltd. | 449,312 | 882,238 | ||||||
ionner Ltd.(a) | 1,636,128 | 632,067 | ||||||
Liontown Resources Ltd.(a) | 1,870,816 | 1,972,705 | ||||||
Lynas Rare Earths Ltd.(a) | 1,029,952 | 7,796,062 | ||||||
Mineral Resources Ltd. | 193,764 | 6,461,358 | ||||||
Nickel Mines Ltd. | 1,130,438 | 1,268,764 | ||||||
OZ Minerals Ltd. | 384,256 | 7,183,131 | ||||||
Perenti Global Ltd. | 693,120 | 386,161 | ||||||
Pilbara Minerals Ltd.(a) | 2,721,350 | 5,465,102 | ||||||
Rio Tinto Ltd. | 425,552 | 36,698,331 | ||||||
Rio Tinto PLC | 1,281,664 | 100,215,904 | ||||||
Sandfire Resources Ltd. | 443,232 | 2,185,105 | ||||||
Sayona Mining Ltd.(a)(b) | 5,963,400 | 509,715 | ||||||
Sims Ltd. | 198,208 | 2,640,394 | ||||||
South32 Ltd. | 5,324,864 | 18,690,337 | ||||||
Vulcan Energy Resources Ltd.(a)(b) | 99,104 | 636,761 | ||||||
Western Areas Ltd.(a) | 366,016 | 914,658 | ||||||
|
| |||||||
519,639,540 | ||||||||
Austria — 0.3% | ||||||||
voestalpine AG | 131,936 | 4,360,619 | ||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Bekaert SA | 41,924 | 1,824,048 | ||||||
|
| |||||||
Brazil — 6.3% | ||||||||
Cia Brasileira de Aluminio(a) | 167,808 | 640,769 | ||||||
Cia. Siderurgica Nacional SA | 792,224 | 3,899,115 | ||||||
Vale SA | 4,682,208 | 86,872,175 | ||||||
|
| |||||||
91,412,059 | ||||||||
Canada — 4.9% | ||||||||
Altius Minerals Corp. | 45,600 | 786,802 | ||||||
Capstone Mining Corp.(a) | 352,032 | 1,824,734 | ||||||
ERO Copper Corp.(a) | 77,824 | 1,113,789 | ||||||
First Quantum Minerals Ltd. | 670,624 | 19,666,346 | ||||||
Hudbay Minerals Inc. | 254,144 | 2,071,249 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 693,728 | 7,060,427 | ||||||
Labrador Iron Ore Royalty Corp. | 65,664 | 2,425,553 | ||||||
Largo Inc.(a) | 39,520 | 406,269 | ||||||
Lithium Americas Corp.(a)(b) | 121,600 | 3,472,915 | ||||||
Lundin Mining Corp. | 755,744 | 7,292,110 | ||||||
New Pacific Metals Corp.(a)(b) | 99,712 | 312,313 | ||||||
Solaris Resources Inc.(a) | 61,408 | 675,851 | ||||||
Stelco Holdings Inc. | 35,264 | 1,082,542 | ||||||
Teck Resources Ltd., Class B | 538,688 | 19,397,018 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Turquoise Hill Resources Ltd.(a) | 114,912 | $ | 2,363,515 | |||||
Wallbridge Mining Co. Ltd.(a) | 731,424 | 187,545 | ||||||
|
| |||||||
70,138,978 | ||||||||
Chile — 0.1% | ||||||||
CAP SA | 77,216 | 892,853 | ||||||
|
| |||||||
China — 2.8% | ||||||||
Aluminum Corp. of China Ltd., Class A(a) | 910,265 | 941,835 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 4,512,000 | 3,189,189 | ||||||
Anhui Honglu Steel Construction Group Co. Ltd., Class A | 35,500 | 277,025 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 1,579,093 | 1,809,901 | ||||||
Chengtun Mining Group Co. Ltd., Class A | 182,400 | 318,910 | ||||||
China Hongqiao Group Ltd. | 2,736,000 | 3,830,423 | ||||||
China Metal Recycling Holdings Ltd.(a)(c) | 132,000 | — | ||||||
China Minmetals Rare Earth Co. Ltd., Class A | 60,800 | 364,753 | ||||||
China Molybdenum Co. Ltd., Class A | 1,153,400 | 1,106,450 | ||||||
China Molybdenum Co. Ltd., Class H | 3,978,000 | 2,394,369 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 243,270 | 1,913,548 | ||||||
China Oriental Group Co. Ltd. | 1,180,000 | 342,769 | ||||||
China Zhongwang Holdings Ltd.(a)(c) | 1,552,000 | 244,053 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 77,200 | 1,877,124 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(d) | 296,800 | 5,037,347 | ||||||
GEM Co. Ltd., Class A | 364,817 | 557,328 | ||||||
Hesteel Co. Ltd., Class A | 790,400 | 322,254 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 486,400 | 450,130 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 3,100,821 | 1,323,505 | ||||||
Jiangxi Copper Co. Ltd., Class A | 121,600 | 431,051 | ||||||
Jiangxi Copper Co. Ltd., Class H | 1,346,000 | 2,422,800 | ||||||
Jinchuan Group International Resources Co. Ltd.(b) | 3,648,000 | 651,820 | ||||||
MMG Ltd.(a) | 3,466,000 | 1,255,488 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 608,000 | 407,106 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 851,200 | 660,188 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 306,628 | 700,895 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 425,600 | 494,344 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 121,600 | 380,081 | ||||||
Shougang Fushan Resources Group Ltd. | 2,432,000 | 804,177 | ||||||
Tiangong International Co. Ltd.(b) | 1,216,000 | 573,914 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A | 363,000 | 551,149 | ||||||
Tibet Summit Resources Co. Ltd., Class-A | 60,800 | 330,314 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 729,600 | 462,467 | ||||||
Western Superconducting Technologies Co. Ltd., Class A | 24,450 | 335,099 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 121,699 | 426,254 | ||||||
Yintai Gold Co. Ltd., Class A | 241,440 | 350,580 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 21,100 | 500,317 | ||||||
Yunnan Aluminium Co. Ltd., Class A(a) | 243,200 | 559,952 | ||||||
Yunnan Tin Co. Ltd., Class A(a) | 121,600 | 485,275 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 79,900 | 1,580,208 | ||||||
|
| |||||||
40,664,392 | ||||||||
Cyprus — 0.0% | ||||||||
Atalaya Mining PLC | 82,080 | 478,980 | ||||||
|
| |||||||
Finland — 0.2% | ||||||||
Outokumpu Oyj(a) | 416,480 | 2,454,985 | ||||||
|
|
22 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France — 0.1% | ||||||||
Eramet SA(a) | 10,944 | $ | 1,434,009 | |||||
|
| |||||||
Germany — 0.7% | ||||||||
Aurubis AG | 35,872 | 4,197,261 | ||||||
Salzgitter AG(a) | 41,344 | 1,805,974 | ||||||
thyssenkrupp AG(a) | 461,472 | 4,892,406 | ||||||
|
| |||||||
10,895,641 | ||||||||
India — 3.4% | ||||||||
APL Apollo Tubes Ltd.(a) | 128,288 | 1,461,967 | ||||||
Hindalco Industries Ltd. | 1,797,248 | 13,812,074 | ||||||
Jindal Stainless Hisar Ltd.(a) | 105,792 | 498,282 | ||||||
Jindal Stainless Ltd.(a) | 195,168 | 505,538 | ||||||
Jindal Steel & Power Ltd.(a) | 468,768 | 2,673,281 | ||||||
JSW Steel Ltd. | 960,032 | 8,054,410 | ||||||
National Aluminium Co. Ltd. | 943,616 | 1,534,419 | ||||||
Ratnamani Metals & Tubes Ltd. | 19,456 | 579,229 | ||||||
Tata Steel Ltd. | 694,756 | 11,375,744 | ||||||
Tata Steel Ltd., GDR(e) | 136,668 | 2,217,377 | ||||||
Vedanta Ltd. | 1,271,936 | 6,473,751 | ||||||
|
| |||||||
49,186,072 | ||||||||
Indonesia — 0.3% | ||||||||
Merdeka Copper Gold Tbk PT(a) | 13,011,200 | 3,523,111 | ||||||
Timah Tbk PT(a) | 2,979,200 | 331,593 | ||||||
|
| |||||||
3,854,704 | ||||||||
Japan — 4.4% | ||||||||
Daido Steel Co. Ltd. | 28,600 | 1,028,485 | ||||||
Daiki Aluminium Industry Co. Ltd. | 59,000 | 892,967 | ||||||
Dowa Holdings Co. Ltd. | 60,800 | 2,743,936 | ||||||
Hitachi Metals Ltd.(a) | 250,700 | 4,468,854 | ||||||
JFE Holdings Inc. | 547,200 | 8,146,471 | ||||||
Kobe Steel Ltd. | 425,600 | 2,260,273 | ||||||
Kyoei Steel Ltd. | 18,400 | 254,694 | ||||||
Maruichi Steel Tube Ltd. | 62,900 | 1,561,150 | ||||||
Mitsubishi Materials Corp. | 129,000 | 2,321,907 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 63,600 | 1,862,377 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 65,440 | 1,048,658 | ||||||
Nippon Steel Corp. | 972,805 | 17,811,053 | ||||||
Sumitomo Metal Mining Co. Ltd. | 274,100 | 13,672,784 | ||||||
Toho Titanium Co. Ltd. | 60,800 | 576,093 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 121,600 | 1,189,710 | ||||||
UACJ Corp.(a) | 33,638 | 689,565 | ||||||
Yamato Kogyo Co. Ltd. | 60,800 | 1,955,062 | ||||||
Yodogawa Steel Works Ltd. | 19,600 | 470,740 | ||||||
|
| |||||||
62,954,779 | ||||||||
Liechtenstein — 1.8% | ||||||||
APERAM SA | 54,720 | 3,063,891 | ||||||
ArcelorMittal SA | 731,434 | 22,695,390 | ||||||
|
| |||||||
25,759,281 | ||||||||
Malaysia — 0.4% | ||||||||
Press Metal Aluminium Holdings Bhd | 3,707,000 | 6,030,442 | ||||||
|
| |||||||
Mexico — 1.3% | ||||||||
Grupo Mexico SAB de CV, Series B | 3,585,400 | 18,393,534 | ||||||
|
| |||||||
Netherlands — 0.1% | ||||||||
AMG Advanced Metallurgical Group NV | 35,264 | 1,396,908 | ||||||
|
| |||||||
Norway — 1.0% | ||||||||
Norsk Hydro ASA | 1,490,340 | 14,152,396 | ||||||
|
|
Security | Shares | Value | ||||||
Peru — 0.5% | ||||||||
Southern Copper Corp. | 96,672 | $ | 6,708,070 | |||||
|
| |||||||
Poland — 0.5% | ||||||||
Jastrzebska Spolka Weglowa SA(a) | 59,584 | 696,024 | ||||||
KGHM Polska Miedz SA | 159,904 | 6,278,948 | ||||||
|
| |||||||
6,974,972 | ||||||||
Qatar — 0.1% | ||||||||
Qatar Aluminum Manufacturing Co. | 3,130,592 | 1,913,518 | ||||||
|
| |||||||
Russia — 0.6% | ||||||||
Alrosa PJSC(c) | 2,886,002 | 840,669 | ||||||
MMC Norilsk Nickel PJSC(c) | 71,400 | 4,836,801 | ||||||
Novolipetsk Steel PJSC(c) | 1,668,000 | 1,059,320 | ||||||
Severstal PAO(c) | 233,400 | 1,114,679 | ||||||
United Co. RUSAL International PJSC(a)(c) | 3,450,000 | 728,010 | ||||||
|
| |||||||
8,579,479 | ||||||||
Saudi Arabia — 1.0% | ||||||||
Saudi Arabian Mining Co.(a) | 491,264 | 14,023,891 | ||||||
|
| |||||||
South Africa — 3.8% | ||||||||
African Rainbow Minerals Ltd. | 129,504 | 2,304,689 | ||||||
Anglo American Platinum Ltd. | 60,192 | 9,395,061 | ||||||
Impala Platinum Holdings Ltd. | 930,848 | 17,755,351 | ||||||
Kumba Iron Ore Ltd. | 73,568 | 2,908,054 | ||||||
Northam Platinum Holdings Ltd.(a) | 387,616 | 6,258,576 | ||||||
Royal Bafokeng Platinum Ltd. | 180,258 | 2,133,729 | ||||||
Sibanye Stillwater Ltd. | 3,050,138 | 14,389,410 | ||||||
|
| |||||||
55,144,870 | ||||||||
South Korea — 2.1% | ||||||||
Dongkuk Steel Mill Co. Ltd. | 70,528 | 980,080 | ||||||
Hyundai Steel Co. | 98,496 | 3,284,928 | ||||||
KG Dongbu Steel Co. Ltd. | 22,496 | 197,712 | ||||||
Korea Zinc Co. Ltd. | 9,728 | 4,461,655 | ||||||
Poongsan Corp. | 20,064 | 534,380 | ||||||
POSCO | 84,494 | 20,103,129 | ||||||
Seah Besteel Corp. | 15,808 | 234,360 | ||||||
SeAH Steel Holdings Corp. | 1 | 106 | ||||||
Young Poong Corp.(a) | 608 | 332,347 | ||||||
|
| |||||||
30,128,697 | ||||||||
Spain — 0.2% | ||||||||
Acerinox SA | 187,264 | 2,380,818 | ||||||
|
| |||||||
Sweden — 1.4% | ||||||||
Boliden AB | 311,296 | 13,846,581 | ||||||
Granges AB | 120,992 | 1,293,374 | ||||||
SSAB AB, Class A(a) | 305,824 | 1,913,886 | ||||||
SSAB AB, Class B(a) | 664,544 | 3,594,078 | ||||||
|
| |||||||
20,647,919 | ||||||||
Switzerland — 0.0% | ||||||||
Swiss Steel Holding AG, Registered(a) | 955,776 | 305,102 | ||||||
|
| |||||||
Taiwan — 2.0% | ||||||||
Century Iron & Steel Industrial Co. Ltd. | 115,000 | 449,709 | ||||||
China Metal Products | 208,011 | 267,148 | ||||||
China Steel Corp. | 13,376,612 | 17,394,337 | ||||||
Chun Yuan Steel Industry Co. Ltd. | 475,000 | 420,515 | ||||||
Chung Hung Steel Corp. | 1,085,000 | 1,611,252 | ||||||
Feng Hsin Steel Co. Ltd. | 608,000 | 1,833,664 | ||||||
Hsin Kuang Steel Co. Ltd. | 200,000 | 449,372 | ||||||
TA Chen Stainless Pipe | 1,806,005 | 3,452,810 |
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) February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Tung Ho Steel Enterprise Corp. | 475,700 | $ | 1,198,200 | |||||
YC INOX Co. Ltd. | 370,263 | 441,994 | ||||||
Yieh Phui Enterprise Co. Ltd.(a) | 1,216,644 | 1,062,100 | ||||||
|
| |||||||
28,581,101 | ||||||||
Turkey — 0.3% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,596,000 | 3,584,016 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a) | 842,688 | 714,202 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 218,272 | 309,423 | ||||||
|
| |||||||
4,607,641 | ||||||||
United Kingdom — 6.0% | ||||||||
Anglo American PLC | 1,464,842 | 74,357,911 | ||||||
Antofagasta PLC | 451,136 | 9,134,531 | ||||||
Central Asia Metals PLC | 203,320 | 570,056 | ||||||
Eurasia Mining PLC(a) | 2,120,096 | 295,787 | ||||||
Ferrexpo PLC | 334,400 | 758,498 | ||||||
Hill & Smith Holdings PLC | 91,740 | 1,736,649 | ||||||
|
| |||||||
86,853,432 | ||||||||
United States — 15.6% | ||||||||
Alcoa Corp. | 212,800 | 16,032,352 | ||||||
Allegheny Technologies Inc.(a)(b) | 145,312 | 3,740,331 | ||||||
Alpha Metallurgical Resources Inc.(a) | 18,848 | 1,786,413 | ||||||
Arconic Corp.(a) | 118,560 | 3,639,792 | ||||||
Carpenter Technology Corp. | 55,328 | 2,124,042 | ||||||
Century Aluminum Co.(a) | 62,016 | 1,464,818 | ||||||
Cleveland-Cliffs Inc.(a) | 542,944 | 12,140,228 | ||||||
Commercial Metals Co. | 137,408 | 5,297,078 | ||||||
Compass Minerals International Inc. | 38,912 | 2,281,022 | ||||||
Coronado Global Resources Inc.(a)(d) | 862,752 | 1,037,305 | ||||||
Freeport-McMoRan Inc. | 1,678,620 | 78,811,209 | ||||||
Kaiser Aluminum Corp. | 18,240 | 1,760,160 | ||||||
Materion Corp. | 23,104 | 1,930,339 | ||||||
MP Materials Corp.(a)(b) | 71,136 | 3,245,224 | ||||||
Nucor Corp. | 327,244 | 43,071,855 | ||||||
Piedmont Lithium Inc.(a)(b) | 18,240 | 958,512 | ||||||
Reliance Steel & Aluminum Co. | 71,744 | 13,693,777 | ||||||
Ryerson Holding Corp. | 20,064 | 524,072 | ||||||
Schnitzer Steel Industries Inc., Class A | 29,792 | 1,449,381 | ||||||
Steel Dynamics Inc. | 228,070 | 16,097,181 | ||||||
SunCoke Energy Inc. | 99,712 | 790,716 | ||||||
United States Steel Corp. | 308,864 | 8,404,190 | ||||||
Warrior Met Coal Inc. | 58,368 | 1,838,592 | ||||||
Worthington Industries Inc. | 38,304 | 2,184,094 | ||||||
|
| |||||||
224,302,683 | ||||||||
|
| |||||||
Total Common Stocks — 98.4% |
| 1,417,076,413 | ||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks |
| |||||||
Brazil — 0.7% | ||||||||
Bradespar SA, Preference Shares, NVS | 288,192 | $ | 1,658,906 | |||||
Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS | 43,168 | 368,962 | ||||||
Gerdau SA, Preference Shares, NVS | 1,307,808 | 6,486,485 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 839,648 | 1,687,527 | ||||||
|
| |||||||
10,201,880 | ||||||||
Russia — 0.0% | ||||||||
Mechel PJSC, Preference Shares, NVS(c) | 96,000 | 72,186 | ||||||
|
| |||||||
Total Preferred Stocks — 0.7% |
| 10,274,066 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h) | 3,989,688 | 3,990,486 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(f)(g) | 2,010,000 | 2,010,000 | ||||||
|
| |||||||
6,000,486 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.4% |
| 6,000,486 | ||||||
|
| |||||||
Total Investments in Securities — 99.5% |
| 1,433,350,965 | ||||||
Other Assets, Less Liabilities — 0.5% |
| 6,888,350 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,440,239,315 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | 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. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
24 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 6,852,782 | $ | — | $ | (2,850,781 | )(a) | $ | (11,099 | ) | $ | (416 | ) | $ | 3,990,486 | 3,989,688 | $ | 127,457 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 2,010,000 | (a) | — | — | — | 2,010,000 | 2,010,000 | 69 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (11,099 | ) | $ | (416 | ) | $ | 6,000,486 | $ | 127,526 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other |
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 122 | 03/18/22 | $ | 7,170 | $ | 43,651 | ||||||||||
S&P Select Sector Energy E-Mini Index | 41 | 03/18/22 | 3,011 | 140,968 | ||||||||||||
|
| |||||||||||||||
$ | 184,619 | |||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 184,619 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 475,957 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (94,353 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 8,405,260 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 351,473,774 | $ | 1,056,779,107 | $ | 8,823,532 | $ | 1,417,076,413 | ||||||||
Preferred Stocks | — | 10,201,880 | 72,186 | 10,274,066 | ||||||||||||
Money Market Funds | 6,000,486 | — | — | 6,000,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 357,474,260 | $ | 1,066,980,987 | $ | 8,895,718 | $ | 1,433,350,965 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 184,619 | $ | — | $ | — | $ | 184,619 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
26 | 2 0 2 2 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) February 28, 2022 | iShares® MSCI Global Silver and Metals Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Canada — 67.7% | ||||||||
Aclara Resources Inc.(a) | 4,153 | $ | 3,503 | |||||
Agnico Eagle Mines Ltd. | 210,742 | 10,646,005 | ||||||
Aya Gold & Silver Inc.(a) | 777,324 | 6,212,459 | ||||||
Dundee Precious Metals Inc. | 354,305 | 2,096,479 | ||||||
Eldorado Gold Corp.(a) | 285,094 | 3,130,973 | ||||||
Endeavour Silver Corp.(a)(b) | 1,670,308 | 7,050,215 | ||||||
First Majestic Silver Corp.(b) | 1,868,409 | 21,035,263 | ||||||
Fortuna Silver Mines Inc.(a)(b) | 2,661,904 | 9,933,575 | ||||||
GoGold Resources Inc.(a)(b) | 2,604,446 | 6,164,369 | ||||||
Kinross Gold Corp. | 651,134 | 3,246,680 | ||||||
Lundin Gold Inc.(a)(b) | 129,895 | 1,047,359 | ||||||
MAG Silver Corp.(a)(b) | 688,300 | 11,686,167 | ||||||
New Gold Inc.(a) | 1,190,488 | 2,056,938 | ||||||
Orla Mining Ltd.(a) | 275,770 | 1,096,553 | ||||||
Pan American Silver Corp. | 1,810,424 | 42,821,705 | ||||||
Seabridge Gold Inc.(a)(b) | 121,281 | 2,096,463 | ||||||
Silvercorp Metals Inc. | 1,740,176 | 6,452,724 | ||||||
SilverCrest Metals Inc.(a)(b) | 1,234,204 | 10,740,253 | ||||||
SSR Mining Inc. | 208,158 | 4,120,461 | ||||||
Victoria Gold Corp.(a) | 74,842 | 948,294 | ||||||
Wheaton Precious Metals Corp. | 217,137 | 9,514,626 | ||||||
Yamana Gold Inc. | 541,615 | 2,662,139 | ||||||
|
| |||||||
164,763,203 | ||||||||
Japan — 4.6% | ||||||||
Asahi Holdings Inc. | 575,200 | 11,170,647 | ||||||
|
| |||||||
Mexico — 5.0% | ||||||||
Industrias Penoles SAB de CV | 979,898 | 12,229,946 | ||||||
|
| |||||||
Peru — 0.6% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 156,766 | 1,551,983 | ||||||
|
| |||||||
Russia — 0.2% | ||||||||
Polymetal International PLC(c) | 183,040 | 555,128 | ||||||
|
| |||||||
South Africa — 0.7% | ||||||||
Harmony Gold Mining Co. Ltd. | 380,216 | 1,623,747 | ||||||
|
|
Security | Shares | Value | ||||||
United Kingdom — 0.7% | ||||||||
Hochschild Mining PLC | 621,786 | $ | 964,000 | |||||
SolGold PLC(a)(b) | 1,794,828 | 719,471 | ||||||
|
| |||||||
1,683,471 | ||||||||
United States — 20.3% | ||||||||
Coeur Mining Inc.(a)(b) | 446,523 | 1,920,049 | ||||||
Gatos Silver Inc.(a)(b) | 514,661 | 1,734,407 | ||||||
Hecla Mining Co. | 4,395,051 | 25,315,494 | ||||||
Newmont Corp. | 309,734 | 20,504,391 | ||||||
|
| |||||||
49,474,341 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 243,052,466 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 6.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) | 14,859,927 | 14,862,898 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) | 80,000 | 80,000 | ||||||
|
| |||||||
14,942,898 | ||||||||
|
| |||||||
Total Short-Term Investments — 6.1% |
| 14,942,898 | ||||||
|
| |||||||
Total Investments in Securities — 105.9% |
| 257,995,364 | ||||||
Other Assets, Less Liabilities — (5.9)% |
| (14,418,662 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 243,576,702 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(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 February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 22,991,219 | $ | — | $ | (8,124,820 | )(a) | $ | (1,069 | ) | $ | (2,432 | ) | $ | 14,862,898 | 14,859,927 | $ | 109,815 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 140,000 | — | (60,000 | )(a) | — | — | 80,000 | 80,000 | 5 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (1,069 | ) | $ | (2,432 | ) | $ | 14,942,898 | $ | 109,820 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Silver and Metals Miners ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
S&P/TSE 60 Index | 2 | 03/17/22 | $ | 402 | $ | (6,048 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 6,048 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 18,225 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (8,044 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 394,120 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 228,015,970 | $ | 14,481,368 | $ | 555,128 | $ | 243,052,466 | ||||||||
Money Market Funds | 14,942,898 | — | — | 14,942,898 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 242,958,868 | $ | 14,481,368 | $ | 555,128 | $ | 257,995,364 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (6,048 | ) | $ | — | $ | — | $ | (6,048 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
28 | 2 0 2 2 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 |
Statement of Assets and Liabilities (unaudited)
February 28, 2022
iShares MSCI Global | iShares MSCI Global ETF | iShares MSCI Global | iShares MSCI Global | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 89,617,914 | $ | 98,599,675 | $ | 501,841,567 | $ | 1,427,350,479 | ||||||||
Affiliated(c) | 276,809 | 505,132 | 3,329,328 | 6,000,486 | ||||||||||||
Cash | 151,504 | 24,189 | 27,266 | 425,440 | ||||||||||||
Foreign currency, at value(d) | 187,883 | 90,260 | 253,924 | 634,667 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | — | 36,000 | — | 556,000 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 7,831 | 8,049 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 82,379 | 346,532 | 26,795,957 | 4,291,909 | ||||||||||||
Securities lending income — Affiliated | 500 | 253 | 6,626 | 58,041 | ||||||||||||
Variation margin on futures contracts | — | 11,949 | 7 | — | ||||||||||||
Capital shares sold | 56,885 | — | — | 4,508,813 | ||||||||||||
Dividends | 132,334 | 557,446 | 425,565 | 10,610,914 | ||||||||||||
Tax reclaims | 2,197 | 29,757 | 536 | 76,312 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 90,516,236 | 100,209,242 | 532,680,776 | 1,454,513,061 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Cash received: | ||||||||||||||||
Futures contracts | 5 | — | — | — | ||||||||||||
Collateral on securities loaned, at value | 276,456 | 384,598 | 2,935,121 | 3,999,583 | ||||||||||||
Deferred foreign capital gain tax | 84,240 | 80,504 | — | 1,320,801 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 289,373 | 382,257 | 26,509,340 | 8,546,046 | ||||||||||||
Variation margin on futures contracts | 1,291 | — | — | 16,738 | ||||||||||||
Capital shares redeemed | — | — | 322,371 | — | ||||||||||||
Investment advisory fees | 25,411 | 29,320 | 154,264 | 389,436 | ||||||||||||
Professional fees | — | — | — | 1,142 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 676,776 | 876,679 | 29,921,096 | 14,273,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 89,839,460 | $ | 99,332,563 | $ | 502,759,680 | $ | 1,440,239,315 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 76,907,252 | $ | 84,260,400 | $ | 539,138,292 | $ | 1,320,382,866 | ||||||||
Accumulated earnings (loss) | 12,932,208 | 15,072,163 | (36,378,612 | ) | 119,856,449 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 89,839,460 | $ | 99,332,563 | $ | 502,759,680 | $ | 1,440,239,315 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 2,100,000 | 4,750,000 | 18,100,000 | 30,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 42.78 | $ | 20.91 | $ | 27.78 | $ | 47.38 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 500 million | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 264,598 | $ | 378,509 | $ | 2,655,128 | $ | 3,853,904 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 73,795,988 | $ | 76,899,151 | $ | 485,757,085 | $ | 1,238,881,722 | ||||||||
(c) Investments, at cost — Affiliated | $ | 276,804 | $ | 505,062 | $ | 3,328,452 | $ | 6,000,347 | ||||||||
(d) Foreign currency, at cost | $ | 188,382 | $ | 90,598 | $ | 252,850 | $ | 635,379 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 7,996 | $ | 8,159 | $ | — | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Global Miners ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 243,052,466 | ||
Affiliated(c) | 14,942,898 | |||
Cash | 2,157 | |||
Foreign currency, at value(d) | 411,108 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(e) | 21,301 | |||
Receivables: | ||||
Investments sold | 3,172,113 | |||
Securities lending income — Affiliated | 6,445 | |||
Dividends | 989 | |||
Tax reclaims | 11,309 | |||
|
| |||
Total assets | 261,620,786 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 14,867,492 | |||
Payables: | ||||
Investments purchased | 3,105,592 | |||
Variation margin on futures contracts | 661 | |||
Investment advisory fees | 70,339 | |||
|
| |||
Total liabilities | 18,044,084 | |||
|
| |||
NET ASSETS | $ | 243,576,702 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 289,141,739 | ||
Accumulated loss | (45,565,037 | ) | ||
|
| |||
NET ASSETS | $ | 243,576,702 | ||
|
| |||
Shares outstanding | 18,800,000 | |||
|
| |||
Net asset value | $ | 12.96 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 14,298,282 | ||
(b) Investments, at cost — Unaffiliated | $ | 254,132,650 | ||
(c) Investments, at cost — Affiliated | $ | 14,939,241 | ||
(d) Foreign currency, at cost | $ | 411,976 | ||
(e) Foreign currency collateral pledged, at cost | $ | 21,395 |
See notes to financial statements.
30 | 2 0 2 2 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 February 28, 2022
iShares MSCI Global Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | iShares MSCI Global Gold Miners ETF | iShares MSCI Global Metals & Mining Producers ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 713,346 | $ | 2,149,229 | $ | 5,745,175 | $ | 39,624,885 | ||||||||
Dividends — Affiliated | 84 | 131 | 181 | 443 | ||||||||||||
Securities lending income — Affiliated — net | 55,487 | 3,236 | 38,622 | 127,083 | ||||||||||||
Foreign taxes withheld | (68,046 | ) | (117,107 | ) | (330,053 | ) | (990,955 | ) | ||||||||
Foreign withholding tax claims | — | — | — | 11,973 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 700,871 | 2,035,489 | 5,453,925 | 38,773,429 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 160,787 | 175,563 | 964,048 | 2,109,863 | ||||||||||||
Commitment fees | 274 | 326 | — | 6,342 | ||||||||||||
Professional fees | 217 | 217 | 217 | 1,414 | ||||||||||||
Interest expense | — | — | — | 528 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 161,278 | 176,106 | 964,265 | 2,118,147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 539,593 | 1,859,383 | 4,489,660 | 36,655,282 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (436,886 | ) | (801,868 | ) | (13,248,689 | ) | (18,340,504 | ) | ||||||||
Investments — Affiliated | (189 | ) | (216 | ) | (476 | ) | (11,099 | ) | ||||||||
In-kind redemptions — Unaffiliated | 2,397,244 | 3,051,899 | 18,777,862 | 7,720,545 | ||||||||||||
Futures contracts | 928 | 46,096 | 16,874 | 475,957 | ||||||||||||
Foreign currency transactions | (3,225 | ) | (5,450 | ) | (94,645 | ) | (436,210 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 1,957,872 | 2,290,461 | 5,450,926 | (10,591,311 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | 4,460,052 | 22,754,383 | 10,781,443 | 73,977,933 | ||||||||||||
Investments — Affiliated | (11 | ) | (19 | ) | (388 | ) | (416 | ) | ||||||||
Futures contracts | (9,529 | ) | 53,082 | (8,415 | ) | (94,353 | ) | |||||||||
Foreign currency translations | (760 | ) | (4,016 | ) | 7,177 | 17,491 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 4,449,752 | 22,803,430 | 10,779,817 | 73,900,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 6,407,624 | 25,093,891 | 16,230,743 | 63,309,344 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,947,217 | $ | 26,953,274 | $ | 20,720,403 | $ | 99,964,626 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (7,388 | ) | $ | (9,723 | ) | $ | — | $ | (211,986 | ) | |||||
(b) Net of reduction/increase in deferred foreign capital gain tax of | $ | 49,141 | $ | (2,544 | ) | $ | — | $ | 360,792 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI Global Silver and Metals Miners ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 1,166,743 | ||
Dividends — Affiliated | 838 | |||
Securities lending income — Affiliated — net | 108,982 | |||
Foreign taxes withheld | (82,308 | ) | ||
|
| |||
Total investment income | 1,194,255 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 482,866 | |||
Professional fees | 217 | |||
|
| |||
Total expenses | 483,083 | |||
|
| |||
Net investment income | 711,172 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (12,228,471 | ) | ||
Investments — Affiliated | (1,069 | ) | ||
In-kind redemptions — Unaffiliated | 1,787,287 | |||
Futures contracts | 18,225 | |||
Foreign currency transactions | (40,243 | ) | ||
|
| |||
Net realized loss | (10,464,271 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (8,208,378 | ) | ||
Investments — Affiliated | (2,432 | ) | ||
Futures contracts | (8,044 | ) | ||
Foreign currency translations | (10,816 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (8,229,670 | ) | ||
|
| |||
Net realized and unrealized loss | (18,693,941 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (17,982,769 | ) | |
|
|
See notes to financial statements.
32 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Global Agriculture Producers | iShares MSCI Global Energy Producers ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 539,593 | $ | 929,163 | $ | 1,859,383 | $ | 2,531,709 | ||||||||||||
Net realized gain (loss) | 1,957,872 | 1,043,316 | 2,290,461 | (2,495,908 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 4,449,752 | 10,285,535 | 22,803,430 | 16,848,585 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 6,947,217 | 12,258,014 | 26,953,274 | 16,884,386 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (792,954 | ) | (743,435 | ) | (2,240,162 | ) | (2,192,248 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,926,924 | ) | 46,922,973 | (5,466,373 | ) | 15,409,142 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase in net assets | 4,227,339 | 58,437,552 | 19,246,739 | 30,101,280 | ||||||||||||||||
Beginning of period | 85,612,121 | 27,174,569 | 80,085,824 | 49,984,544 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 89,839,460 | $ | 85,612,121 | $ | 99,332,563 | $ | 80,085,824 | ||||||||||||
|
|
|
|
|
|
|
|
(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 | 33 |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Gold Miners ETF | iShares MSCI Global Metals & Mining Producers ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 4,489,660 | $ | 8,315,601 | $ | 36,655,282 | $ | 42,347,311 | ||||||||||||
Net realized gain (loss) | 5,450,926 | 22,658,655 | (10,591,311 | ) | 81,762,667 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 10,779,817 | (168,417,833 | ) | 73,900,655 | 142,395,181 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,720,403 | (137,443,577 | ) | 99,964,626 | 266,505,159 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,065,097 | ) | (7,902,083 | ) | (44,150,490 | ) | (26,536,436 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (70,038,108 | ) | 130,863,348 | 278,365,382 | 568,697,109 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (55,382,802 | ) | (14,482,312 | ) | 334,179,518 | 808,665,832 | ||||||||||||||
Beginning of period | 558,142,482 | 572,624,794 | 1,106,059,797 | 297,393,965 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 502,759,680 | $ | 558,142,482 | $ | 1,440,239,315 | $ | 1,106,059,797 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 2 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 Global Silver and Metals Miners ETF | ||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||
INCREASE (DECREASE) IN NET ASSETS | ||||||
OPERATIONS | ||||||
Net investment income | $ | 711,172 | $ 1,710,322 | |||
Net realized gain (loss) | (10,464,271 | ) | 12,126,628 | |||
Net change in unrealized appreciation (depreciation) | (8,229,670 | ) | (72,828,176) | |||
|
|
| ||||
Net decrease in net assets resulting from operations | (17,982,769 | ) | (58,991,226) | |||
|
|
| ||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||
Decrease in net assets resulting from distributions to shareholders | (1,179,053 | ) | (8,369,316) | |||
|
|
| ||||
CAPITAL SHARE TRANSACTIONS | ||||||
Net increase (decrease) in net assets derived from capital share transactions | (4,589,648 | ) | 84,032,695 | |||
|
|
| ||||
NET ASSETS | ||||||
Total increase (decrease) in net assets | (23,751,470 | ) | 16,672,153 | |||
Beginning of period | 267,328,172 | 250,656,019 | ||||
|
|
| ||||
End of period | $ | 243,576,702 | $267,328,172 | |||
|
|
|
(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 | 35 |
(For a share outstanding throughout each period)
iShares MSCI Global Agriculture Producers ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | ||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 39.82 | $ | 28.60 | $ | 26.88 | $ | 29.15 | $ | 27.08 | $ | 24.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.26 | 0.60 | 0.49 | 0.53 | 0.53 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 3.10 | 11.11 | 1.73 | (2.25 | ) | 2.03 | 2.81 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 3.36 | 11.71 | 2.22 | (1.72 | ) | 2.56 | 3.26 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.40 | ) | (0.49 | ) | (0.50 | ) | (0.55 | ) | (0.49 | ) | (0.49 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.40 | ) | (0.49 | ) | (0.50 | ) | (0.55 | ) | (0.49 | ) | (0.49 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 42.78 | $ | 39.82 | $ | 28.60 | $ | 26.88 | $ | 29.15 | $ | 27.08 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 8.51 | %(e) | 41.16 | % | 8.41 | % | (5.88 | )% | 9.49 | % | 13.53 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.37 | % | 0.37 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.31 | %(g) | 1.60 | % | 1.84 | % | 1.88 | % | 1.84 | % | 1.76 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 89,839 | $ | 85,612 | $ | 27,175 | $ | 25,535 | $ | 33,521 | $ | 28,434 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 4 | %(e) | 6 | % | 9 | % | 13 | % | 25 | % | 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.
36 | 2 0 2 2 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 Global Energy Producers ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | ||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.86 | $ | 12.04 | $ | 17.97 | $ | 22.80 | $ | 18.57 | $ | 18.72 | ||||||||||||
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| |||||||||||||
Net investment income(a) | 0.38 | 0.58 | 0.68 | 0.70 | 0.64 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 5.13 | 3.76 | (5.61 | ) | (4.90 | ) | 4.23 | (0.16 | ) | |||||||||||||||
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|
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|
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| |||||||||||||
Net increase (decrease) from investment operations | 5.51 | 4.34 | (4.93 | ) | (4.20 | ) | 4.87 | 0.44 | ||||||||||||||||
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| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.46 | ) | (0.52 | ) | (1.00 | ) | (0.63 | ) | (0.64 | ) | (0.59 | ) | ||||||||||||
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|
|
|
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| |||||||||||||
Total distributions | (0.46 | ) | (0.52 | ) | (1.00 | ) | (0.63 | ) | (0.64 | ) | (0.59 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 20.91 | $ | 15.86 | $ | 12.04 | $ | 17.97 | $ | 22.80 | $ | 18.57 | ||||||||||||
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| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 35.33 | %(e) | 36.41 | % | (28.92 | )% | (18.56 | )% | 26.48 | % | 2.26 | % | ||||||||||||
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|
|
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| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
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|
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| |||||||||||||
Net investment income | 4.13 | %(g) | 4.01 | % | 4.62 | % | 3.41 | % | 2.93 | % | 3.10 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 99,333 | $ | 80,086 | $ | 49,985 | $ | 46,733 | $ | 47,889 | $ | 31,568 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(h) | 4 | %(e) | 8 | % | 12 | % | 6 | % | 5 | % | 4 | % | ||||||||||||
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|
(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 | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Gold Miners ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) |
| | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.96 | $ | 35.13 | $ | 24.01 | $ | 14.43 | $ | 19.96 | $ | 21.20 | ||||||||||||
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| |||||||||||||
Net investment income(b) | 0.24 | 0.49 | 0.17 | 0.18 | 0.10 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.91 | (8.20 | ) | 11.11 | 9.59 | (5.51 | ) | (1.04 | ) | |||||||||||||||
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|
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| |||||||||||||
Net increase (decrease) from investment operations | 1.15 | (7.71 | ) | 11.28 | 9.77 | (5.41 | ) | (0.98 | ) | |||||||||||||||
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| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.33 | ) | (0.46 | ) | (0.16 | ) | (0.19 | ) | (0.12 | ) | (0.26 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.33 | ) | (0.46 | ) | (0.16 | ) | (0.19 | ) | (0.12 | ) | (0.26 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 27.78 | $ | 26.96 | $ | 35.13 | $ | 24.01 | $ | 14.43 | $ | 19.96 | ||||||||||||
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| |||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | 4.40 | %(f) | (22.12 | )% | 47.22 | % | 68.13 | % | (27.22 | )% | (4.30 | )% | ||||||||||||
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|
|
| |||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(h) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
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|
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|
|
|
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|
| |||||||||||||
Net investment income | 1.82 | %(h) | 1.63 | % | 0.66 | % | 1.04 | % | 0.56 | % | 0.38 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 502,760 | $ | 558,142 | $ | 572,625 | $ | 325,284 | $ | 232,989 | $ | 391,247 | ||||||||||||
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|
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|
|
| |||||||||||||
Portfolio turnover rate(i) | 13 | %(f) | 12 | % | 21 | % | 15 | % | 4 | % | 26 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
38 | 2 0 2 2 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 Global Metals & Mining Producers ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) |
| | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 45.61 | $ | 27.79 | $ | 25.60 | $ | 30.93 | $ | 31.86 | $ | 21.67 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 1.45 | 2.13 | 1.04 | 1.49 | 1.06 | 0.53 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 2.13 | 16.86 | 2.26 | (5.13 | ) | (1.05 | ) | 10.26 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 3.58 | 18.99 | 3.30 | (3.64 | ) | 0.01 | 10.79 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (1.81 | ) | (1.17 | ) | (1.11 | ) | (1.69 | ) | (0.94 | ) | (0.60 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.81 | ) | (1.17 | ) | (1.11 | ) | (1.69 | ) | (0.94 | ) | (0.60 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 47.38 | $ | 45.61 | $ | 27.79 | $ | 25.60 | $ | 30.93 | $ | 31.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | 8.51 | %(f) | 68.77 | % | 13.00 | % | (12.16 | )% | (0.10 | )% | 50.55 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(h) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.39 | %(h) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 6.78 | %(h) | 5.11 | % | 4.03 | % | 5.05 | % | 3.15 | % | 2.31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,440,239 | $ | 1,106,060 | $ | 297,394 | $ | 221,470 | $ | 403,636 | $ | 347,259 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(i) | 7 | %(f) | 17 | % | 11 | % | 14 | % | 14 | % | 12 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(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.
F I N A N C I A L H I G H L I G H T S | 39 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Silver and Metals Miners ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
| Six Months Ended 02/28/22 (unaudited) | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.92 | $ | 17.29 | $ | 10.84 | $ | 8.43 | $ | 11.47 | $ | 13.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.04 | 0.10 | 0.04 | 0.09 | 0.10 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.94 | ) | (2.93 | ) | 6.62 | 2.40 | (3.05 | ) | (1.94 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.90 | ) | (2.83 | ) | 6.66 | 2.49 | (2.95 | ) | (1.85 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.54 | ) | (0.21 | ) | (0.08 | ) | (0.09 | ) | (0.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.06 | ) | (0.54 | ) | (0.21 | ) | (0.08 | ) | (0.09 | ) | (0.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.96 | $ | 13.92 | $ | 17.29 | $ | 10.84 | $ | 8.43 | $ | 11.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (6.45 | )%(e) | (16.69 | )% | 62.71 | % | 29.89 | % | (25.87 | )% | (13.26 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.57 | %(g) | 0.63 | % | 0.35 | % | 0.98 | % | 0.94 | % | 0.79 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 243,577 | $ | 267,328 | $ | 250,656 | $ | 99,757 | $ | 50,577 | $ | 64,258 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 31 | %(e) | 31 | % | 66 | % | 27 | % | 19 | % | 14 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
40 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Global Agriculture Producers | Non-diversified | |
MSCI Global Energy Producers | Non-diversified | |
MSCI Global Gold Miners | Non-diversified | |
MSCI Global Metals & Mining Producers | Non-diversified | |
MSCI Global Silver and Metals Miners | Non-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.
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 February 28, 2022, 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.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
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 | 41 |
Notes to Financial Statements (unaudited) (continued)
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
42 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
4. SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Barclays Capital, Inc. | $ | 6,682 | $ | 6,682 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 23,259 | 23,259 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 106,166 | 106,166 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 8,762 | 8,762 | — | — | ||||||||||||
Morgan Stanley | 58,711 | 58,711 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 61,018 | 61,018 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 264,598 | $ | 264,598 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
BofA Securities, Inc. | $ | 4,100 | $ | 4,100 | $ | — | $ | — | ||||||||
J.P. Morgan Securities LLC | 185,477 | 185,477 | — | — | ||||||||||||
Morgan Stanley | 65,471 | 65,471 | — | — | ||||||||||||
Toronto Dominion Bank | 123,461 | 119,485 | — | (3,976 | )(b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 378,509 | $ | 374,533 | $ | — | $ | (3,976 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
BNP Paribas SA | $ | 69,283 | $ | 69,283 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 1,082,359 | 1,082,359 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 305,325 | 305,325 | — | — | ||||||||||||
HSBC Bank PLC | 135,567 | 135,567 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 163,606 | 163,606 | — | — | ||||||||||||
Morgan Stanley | 622,564 | 622,564 | — | — | ||||||||||||
SG Americas Securities LLC | 794 | 794 | — | — | ||||||||||||
State Street Bank & Trust Co. | 275,630 | 275,630 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,655,128 | $ | 2,655,128 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
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 | 43 |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Barclays Bank PLC | $ | 180,614 | $ | 180,614 | $ | — | $ | — | ||||||||
BNP Paribas SA | 281,830 | 281,830 | — | — | ||||||||||||
BofA Securities, Inc. | 1,405,560 | 1,405,560 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 336,109 | 336,109 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 731,557 | 731,557 | — | — | ||||||||||||
Morgan Stanley | 768,509 | 768,509 | — | — | ||||||||||||
Natixis SA | 149,725 | 149,725 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,853,904 | $ | 3,853,904 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Silver and Metals Miners | ||||||||||||||||
Barclays Capital, Inc. | $ | 92,632 | $ | 92,632 | $ | — | $ | — | ||||||||
BNP Paribas SA | 236,192 | 236,192 | — | — | ||||||||||||
BofA Securities, Inc. | 2,056,653 | 2,056,653 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 3,602,722 | 3,602,722 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 316,186 | 315,002 | — | (1,184 | )(b) | |||||||||||
J.P. Morgan Securities LLC | 4,893,894 | 4,893,894 | — | — | ||||||||||||
Morgan Stanley | 4,932 | 4,932 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 1,410,841 | 1,410,841 | — | — | ||||||||||||
State Street Bank & Trust Co. | 1,583,467 | 1,583,467 | — | — | ||||||||||||
Toronto Dominion Bank | 100,763 | 100,763 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 14,298,282 | $ | 14,297,098 | $ | — | $ | (1,184 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 directors).
44 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
For six months ended February 28, 2022, there were no fees waived by BFA pursuant to this arrangement.
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Global Agriculture Producers | $ | 12,345 | ||
MSCI Global Energy Producers | 807 | |||
MSCI Global Gold Miners | 9,201 | |||
MSCI Global Metals & Mining Producers | 30,544 | |||
MSCI Global Silver and Metals Miners | 26,568 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 45 |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, 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 Global Agriculture Producers | $ | 206,193 | $ | 96,454 | $ | (3,638 | ) | |||||
MSCI Global Energy Producers | 214,587 | 426,954 | (102,329 | ) | ||||||||
MSCI Global Gold Miners | 3,201,775 | 5,903,080 | (837,667 | ) | ||||||||
MSCI Global Metals & Mining Producers | 749,328 | 7,452,863 | (1,224,960 | ) | ||||||||
MSCI Global Silver and Metals Miners | 4,475,826 | 89,663 | (48,962 | ) |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Global Agriculture Producers | $ | 3,084,961 | $ | 3,650,659 | ||||
MSCI Global Energy Producers | 3,977,360 | 4,836,634 | ||||||
MSCI Global Gold Miners | 65,410,894 | 68,563,595 | ||||||
MSCI Global Metals & Mining Producers | 127,775,333 | 73,770,663 | ||||||
MSCI Global Silver and Metals Miners | 75,564,814 | 75,725,386 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Global Agriculture Producers | $ | 3,482,226 | $ | 5,175,599 | ||||
MSCI Global Energy Producers | 1,884,723 | 6,820,165 | ||||||
MSCI Global Gold Miners | 18,677,470 | 85,890,490 | ||||||
MSCI Global Metals & Mining Producers | 253,521,473 | 37,027,094 | ||||||
MSCI Global Silver and Metals Miners | 2,730,217 | 7,229,775 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Global Agriculture Producers | $ | 4,297,399 | ||
MSCI Global Energy Producers | 7,421,209 | |||
MSCI Global Gold Miners | 54,956,433 | |||
MSCI Global Metals & Mining Producers | 56,926,585 | |||
MSCI Global Silver and Metals Miners | 18,280,288 |
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.
46 | 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2022, 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 Global Agriculture Producers | $ | 74,597,001 | $ | 18,764,302 | $ | (3,476,109 | ) | $ | 15,288,193 | |||||||
MSCI Global Energy Producers | 79,468,846 | 24,025,883 | (4,357,638 | ) | 19,668,245 | |||||||||||
MSCI Global Gold Miners | 492,268,296 | 58,182,531 | (45,279,917 | ) | 12,902,614 | |||||||||||
MSCI Global Metals & Mining Producers | 1,256,041,648 | 242,354,889 | (64,860,953 | ) | 177,493,936 | |||||||||||
MSCI Global Silver and Metals Miners | 274,671,225 | 16,981,460 | (33,663,369 | ) | (16,681,909 | ) |
9. LINE OF CREDIT
The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI Global Metals & Mining Producers | $ | 2,105,000 | $ | 96,530 | 1.09 | % |
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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.
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)
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 the Manager 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.
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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
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.
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.
LIBORTransition 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.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
48 | 2 0 2 2 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)
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Shares sold | 100,000 | $ | 4,109,954 | 1,300,000 | $ | 50,745,130 | ||||||||||
Shares redeemed | (150,000 | ) | (6,036,878 | ) | (100,000 | ) | (3,822,157 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (50,000 | ) | $ | (1,926,924 | ) | 1,200,000 | $ | 46,922,973 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Shares sold | 100,000 | $ | 2,085,722 | 1,300,000 | $ | 19,625,290 | ||||||||||
Shares redeemed | (400,000 | ) | (7,552,095 | ) | (400,000 | ) | (4,216,148 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (300,000 | ) | $ | (5,466,373 | ) | 900,000 | $ | 15,409,142 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
Shares sold | 750,000 | $ | 19,970,732 | 6,050,000 | $ | 181,086,860 | ||||||||||
Shares redeemed | (3,350,000 | ) | (90,008,840 | ) | (1,650,000 | ) | (50,223,512 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (2,600,000 | ) | $ | (70,038,108 | ) | 4,400,000 | $ | 130,863,348 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Shares sold | 7,250,000 | $ | 324,017,191 | 22,250,000 | $ | 927,307,523 | ||||||||||
Shares redeemed | (1,100,000 | ) | (45,651,809 | ) | (8,700,000 | ) | (358,610,414 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 6,150,000 | $ | 278,365,382 | 13,550,000 | $ | 568,697,109 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Silver and Metals Miners | ||||||||||||||||
Shares sold | 200,000 | $ | 2,760,691 | 7,400,000 | $ | 122,697,342 | ||||||||||
Shares redeemed | (600,000 | ) | (7,350,339 | ) | (2,700,000 | ) | (38,664,647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (400,000 | ) | $ | (4,589,648 | ) | 4,700,000 | $ | 84,032,695 | ||||||||
|
|
|
|
|
|
|
|
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.
12. 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 Global Metals & Mining Producers ETF is able to pass through to shareholders as a foreign tax credit in the current year, iShares MSCI Global Metals & Mining Producers ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 49 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
50 | 2 0 2 2 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 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Global Agriculture Producers(a) | $ | 0.332072 | $ | — | $ | 0.064405 | $ | 0.396477 | 84 | % | — | % | 16 | % | 100 | % | ||||||||||||||||
MSCI Global Energy Producers(a) | 0.425148 | — | 0.036741 | 0.461889 | 92 | — | 8 | 100 | ||||||||||||||||||||||||
MSCI Global Gold Miners(a) | 0.323253 | — | 0.007270 | 0.330523 | 98 | — | 2 | 100 | ||||||||||||||||||||||||
MSCI Global Metals & Mining Producers(a) | 1.798636 | — | 0.007110 | 1.805746 | 100 | — | — | (b) | 100 | |||||||||||||||||||||||
MSCI Global Silver and Metals Miners(a) | 0.056039 | — | 0.005370 | 0.061409 | 91 | — | 9 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) | Rounds to less than 1%. |
S U P P L E M E N T A L I N F O R M A T I O N | 51 |
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 Company’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.
52 | 2 0 2 2 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 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company |
Portfolio Abbreviations - Fixed Income
S&P | Standard & Poor’s |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 53 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-812-0222
FEBRUARY 28, 2022 |
| 2022 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX
· iShares MSCI Emerging Markets ETF | EEM | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | (2.62)% | 16.39% | ||
U.S. small cap equities | (9.46) | (6.01) | ||
International equities | (6.78) | 2.83 | ||
Emerging market equities | (9.81) | (10.69) | ||
3-month Treasury bills | 0.02 | 0.04 | ||
U.S. Treasury securities | (3.94) | (1.67) | ||
U.S. investment grade bonds | (4.07) | (2.64) | ||
Tax-exempt municipal bonds | (3.09) | (0.66) | ||
U.S. high yield bonds | (3.07) | 0.64 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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Fund Summary as of February 28, 2022 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Investment Objective
The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.
Performance
Average Annual Total Returns
| Cumulative Total Returns
| |||||||||||||||||||||||||||||||
6 Months
| 1 Year
| 5 Years
| Since
| 1 Year
| 5 Years
| Since
| ||||||||||||||||||||||||||
Fund NAV | (7.73 | )% | (10.17 | )% | 7.47 | % | 4.96 | % | (10.17 | )% | 43.34 | % | 43.34 | % | ||||||||||||||||||
Fund Market | (7.53 | ) | (9.63 | ) | 7.53 | 5.02 | (9.63 | ) | 43.76 | 43.98 | ||||||||||||||||||||||
Index | (8.12 | ) | (9.67 | ) | 7.80 | 5.40 | (9.67 | ) | 45.55 | 47.81 |
The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.
Past performance is no guarantee 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” on page 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 922.70 | $ �� 0.00 | $ 1,000.00 | $ 1,024.80 | $ 0.00 | 0.00 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | | Percent of Net Assets |
| |
Investment Companies | 100.1% | |||
Short-term Investments | 0.0(a) | |||
Forward foreign currency exchange contracts, net cumulative appreciation | 0.6 | |||
Other assets less liabilities | (0.7) |
(a) | Rounds to less than 0.1%. |
ALLOCATION BY SECTOR (of the UNDERLYING FUND)
Sector | | Percent of Total Investment(a) | | |
Information Technology | 22.1 | % | ||
Financials | 21.1 | |||
Consumer Discretionary | 12.8 | |||
Communication Services | 10.4 | |||
Materials | 9.2 | |||
Consumer Staples | 5.9 | |||
Industrials | 5.3 | |||
Energy | 4.7 | |||
Health Care | 3.8 | |||
Utilities | 2.5 | |||
Real Estate | 2.2 |
(a) | Excludes money market funds. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets ETF |
Investment Objective
The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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 Months
| 1 Year
| 5 Years
| 10 Years
| 1 Year
| 5 Years
| 10 Years
| ||||||||||||||||||||||||||
Fund NAV | (10.50 | )% | (12.00 | )% | 6.15 | % | 2.54 | % | (12.00 | )% | 34.74 | % | 28.52 | % | ||||||||||||||||||
Fund Market | (9.49 | ) | (11.33 | ) | 6.44 | 2.66 | (11.33 | ) | 36.61 | 29.99 | ||||||||||||||||||||||
Index | (9.81 | ) | (10.69 | ) | 6.99 | 3.24 | (10.69 | ) | 40.21 | 37.60 |
Past performance is no guarantee 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” on page 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 895.00 | $ 3.24 | $ 1,000.00 | $ 1,021.40 | $ 3.46 | 0.69 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 22.1 | % | ||
Financials | 21.1 | |||
Consumer Discretionary | 12.8 | |||
Communication Services | 10.4 | |||
Materials | 9.2 | |||
Consumer Staples | 5.9 | |||
Industrials | 5.3 | |||
Energy | 4.7 | |||
Health Care | 3.8 | |||
Utilities | 2.5 | |||
Real Estate | 2.2 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 32.2 | % | ||
Taiwan | 16.2 | |||
India | 12.5 | |||
South Korea | 12.5 | |||
Brazil | 5.0 | |||
Saudi Arabia | 4.0 | |||
South Africa | 3.7 | |||
Mexico | 2.1 | |||
Thailand | 1.9 | |||
Indonesia | 1.7 |
FUND SUMMARY | 5 |
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.
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 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 a 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.
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 100.0% | ||||||||
iShares MSCI Emerging Markets ETF(a) | 3,946,550 | $ | 184,422,282 | |||||
|
| |||||||
Total Investment Companies — 100.0% | 184,422,282 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | 90,000 | 90,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% | 90,000 | |||||||
|
| |||||||
Total Investments in Securities — 100.1% | 184,512,282 | |||||||
Other Assets, Less Liabilities — (0.1)% | (126,474 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 184,385,808 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: | $ | 370,000 | $ | — | $ | (280,000 | )(a) | $ | — | $ | — | $ | 90,000 | 90,000 | $ | 14 | $ | — | ||||||||||||||||||
iShares MSCI Emerging | 202,917,841 | 40,646,077 | (37,870,653 | ) | 4,771,579 | (26,042,562 | ) | 184,422,282 | 3,946,550 | 2,937,483 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 4,771,579 | $ | (26,042,562 | ) | $ | 184,512,282 | $ | 2,937,497 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
BRL | 46,346,000 | USD | 8,981,783 | GS | 03/04/22 | $ | 12,226 | |||||||||||||
BRL | 205,000 | USD | 38,345 | MS | 03/04/22 | �� | 1,438 | |||||||||||||
CNY | 6,057,000 | USD | 948,025 | MS | 03/04/22 | 10,637 | ||||||||||||||
INR | 1,737,317,000 | USD | 23,003,204 | MS | 03/04/22 | 52,113 | ||||||||||||||
KRW | 35,476,714,000 | USD | 29,466,731 | MS | 03/04/22 | 37,977 | ||||||||||||||
MXN | 5,842,000 | USD | 281,554 | MS | 03/04/22 | 3,593 | ||||||||||||||
THB | 109,247,000 | USD | 3,341,769 | MS | 03/04/22 | 1,642 | ||||||||||||||
TRY | 6,297,000 | USD | 450,767 | MS | 03/04/22 | 633 | ||||||||||||||
TWD | 839,820,000 | USD | 29,934,344 | MS | 03/04/22 | 25,599 | ||||||||||||||
USD | 2,593,675 | EUR | 2,312,000 | MS | 03/04/22 | 1,153 | ||||||||||||||
USD | 43,908,857 | HKD | 342,381,000 | MS | 03/04/22 | 95,910 | ||||||||||||||
USD | 23,799,345 | INR | 1,782,130,000 | MS | 03/04/22 | 149,330 |
SCHEDULE OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 165,085 | KRW | 198,410,000 | MS | 03/04/22 | $ | 74 | |||||||||||||
USD | 2,652,754 | MYR | 11,113,000 | MS | 03/04/22 | 4,775 | ||||||||||||||
USD | 5,962,180 | RUB | 465,774,000 | MS | 03/04/22 | 1,651,111 | ||||||||||||||
USD | 468,583 | TRY | 6,385,000 | MS | 03/04/22 | 10,876 | ||||||||||||||
USD | 31,141,263 | TWD | 865,917,000 | MS | 03/04/22 | 250,330 | ||||||||||||||
USD | 41,230 | ZAR | 632,000 | MS | 03/04/22 | 138 | ||||||||||||||
ZAR | 98,839,000 | USD | 6,394,415 | MS | 03/04/22 | 32,045 | ||||||||||||||
INR | 61,968,000 | USD | 816,787 | MS | 04/06/22 | 1,553 | ||||||||||||||
USD | 1,185,251 | CLP | 946,138,000 | MS | 04/06/22 | 6,278 | ||||||||||||||
USD | 2,558,770 | EUR | 2,275,000 | MS | 04/06/22 | 4,256 | ||||||||||||||
USD | 43,700,554 | HKD | 341,465,000 | MS | 04/06/22 | 3,411 | ||||||||||||||
USD | 34,926 | INR | 2,643,000 | MS | 04/06/22 | 23 | ||||||||||||||
USD | 3,812,084 | MXN | 78,398,000 | MS | 04/06/22 | 6,829 | ||||||||||||||
USD | 4,462 | RUB | 473,000 | CITI | 04/06/22 | 130 | ||||||||||||||
USD | 3,944,837 | RUB | 424,070,000 | JPM | 04/06/22 | 60,955 | ||||||||||||||
USD | 10,432 | ZAR | 161,000 | MS | 04/06/22 | 7 | ||||||||||||||
TWD | 416,000 | USD | 14,852 | MS | 04/07/22 | 6 | ||||||||||||||
USD | 9,788,419 | CNY | 61,921,320 | MS | 04/07/22 | 10,055 | ||||||||||||||
USD | 46,151 | TWD | 1,292,000 | MS | 04/07/22 | 4 | ||||||||||||||
|
| |||||||||||||||||||
2,435,107 | ||||||||||||||||||||
|
| |||||||||||||||||||
CLP | 902,886,000 | USD | 1,136,134 | MS | 03/04/22 | (6,662 | ) | |||||||||||||
CNY | 59,751,320 | USD | 9,468,356 | MS | 03/04/22 | (11,318 | ) | |||||||||||||
EUR | 2,312,000 | USD | 2,597,090 | MS | 03/04/22 | (4,568 | ) | |||||||||||||
HKD | 342,381,000 | USD | 43,818,376 | MS | 03/04/22 | (5,430 | ) | |||||||||||||
INR | 44,813,000 | USD | 598,680 | MS | 03/04/22 | (3,983 | ) | |||||||||||||
MXN | 75,968,000 | USD | 3,714,750 | MS | 03/04/22 | (6,764 | ) | |||||||||||||
MYR | 11,113,000 | USD | 2,648,505 | MS | 03/04/22 | (526 | ) | |||||||||||||
RUB | 424,070,000 | USD | 4,085,453 | JPM | 03/04/22 | (160,384 | ) | |||||||||||||
RUB | 41,704,000 | USD | 534,809 | MS | 03/04/22 | (148,809 | ) | |||||||||||||
TRY | 88,000 | USD | 6,479 | MS | 03/04/22 | (171 | ) | |||||||||||||
TWD | 26,097,000 | USD | 939,779 | MS | 03/04/22 | (8,788 | ) | |||||||||||||
USD | 8,703,079 | BRL | 46,551,000 | MS | 03/04/22 | (330,713 | ) | |||||||||||||
USD | 1,125,404 | CLP | 902,886,000 | MS | 03/04/22 | (4,068 | ) | |||||||||||||
USD | 10,298,260 | CNY | 65,808,320 | MS | 03/04/22 | (117,439 | ) | |||||||||||||
USD | 29,220,622 | KRW | 35,278,304,000 | MS | 03/04/22 | (119,076 | ) | |||||||||||||
USD | 3,942,350 | MXN | 81,810,000 | MS | 03/04/22 | (50,783 | ) | |||||||||||||
USD | 3,276,873 | THB | 109,247,000 | MS | 03/04/22 | (66,538 | ) | |||||||||||||
USD | 6,321,728 | ZAR | 98,207,000 | MS | 03/04/22 | (63,639 | ) | |||||||||||||
EUR | 319,000 | USD | 358,790 | MS | 04/06/22 | (597 | ) | |||||||||||||
HKD | 5,362,000 | USD | 686,227 | MS | 04/06/22 | (54 | ) | |||||||||||||
RUB | 169,728,000 | USD | 1,578,865 | JPM | 04/06/22 | (24,397 | ) | |||||||||||||
USD | 8,899,941 | BRL | 46,346,000 | GS | 04/06/22 | (14,513 | ) | |||||||||||||
USD | 221,680 | BRL | 1,155,000 | MS | 04/06/22 | (479 | ) | |||||||||||||
USD | 165,583 | BRL | 866,000 | SSB | 04/06/22 | (988 | ) | |||||||||||||
USD | 1,807 | CLP | 1,452,000 | MS | 04/06/22 | (2 | ) | |||||||||||||
USD | 198,661 | EUR | 177,000 | MS | 04/06/22 | (86 | ) | |||||||||||||
USD | 66,031 | HKD | 516,000 | MS | 04/06/22 | (1 | ) | |||||||||||||
USD | 23,508,531 | INR | 1,784,180,000 | MS | 04/06/22 | (53,087 | ) | |||||||||||||
USD | 27,059,978 | KRW | 32,594,897,000 | MS | 04/06/22 | (33,395 | ) | |||||||||||||
USD | 101,100 | MXN | 2,090,000 | MS | 04/06/22 | (344 | ) |
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 2,729,558 | MYR | 11,472,000 | MS | 04/06/22 | $ | (4,977 | ) | ||||||||||||
USD | 469,765 | RUB | 54,023,000 | JPM | 04/06/22 | (25,009 | ) | |||||||||||||
USD | 459,429 | TRY | 6,804,000 | MS | 04/06/22 | (1,378 | ) | |||||||||||||
USD | 6,745,050 | ZAR | 104,693,000 | MS | 04/06/22 | (33,828 | ) | |||||||||||||
USD | 3,444,951 | THB | 112,603,000 | MS | 04/07/22 | (1,644 | ) | |||||||||||||
USD | 30,032,904 | TWD | 842,163,000 | MS | 04/07/22 | (46,673 | ) | |||||||||||||
|
| |||||||||||||||||||
(1,351,111 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | $ | 1,083,996 | ||||||||||||||||||
|
|
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:
| ||||
Foreign Currency Exchange Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | $ | 2,435,107 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | $ | 1,351,111 | ||
|
|
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Foreign Currency Exchange Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Forward foreign currency exchange contracts | $ | 1,504,392 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Forward foreign currency exchange contracts | $ | 1,844,966 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 185,825,077 | ||
Average amounts sold — in USD | $ | 356,914,259 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |||||||
Derivative Financial Instruments: | ||||||||
Forward foreign currency exchange contracts | $ | 2,435,107 | $ | 1,351,111 | ||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 2,435,107 | 1,351,111 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 2,435,107 | 1,351,111 | ||||||
|
|
|
|
SCHEDULE OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® Currency Hedged MSCI Emerging Markets ETF |
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
Counterparty | | Derivative Assets Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Non-Cash Collateral Received | | | Cash Collateral Received | | | Net Amount of Derivative Assets | (b) | |||||
Citibank N.A. | $ | 130 | $ | — | $ | — | $ | — | $ | 130 | ||||||||||
Goldman Sachs & Co. | 12,226 | (12,226 | ) | — | — | — | ||||||||||||||
JPMorgan Chase Bank N.A. | 60,955 | (60,955 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC | 2,361,796 | (1,125,820 | ) | — | — | 1,235,976 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 2,435,107 | $ | (1,199,001 | ) | $ | — | $ | — | $ | 1,236,106 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | | | Net Amount of Derivative Liabilities | (c) | |||||
Goldman Sachs & Co. | $ | 14,513 | $ | (12,226 | ) | $ | — | $ | — | $ | 2,287 | |||||||||
JPMorgan Chase Bank N.A. | 209,790 | (60,955 | ) | — | — | 148,835 | ||||||||||||||
Morgan Stanley & Co. International PLC | 1,125,820 | (1,125,820 | ) | — | — | — | ||||||||||||||
State Street Bank and Trust Co. | 988 | — | — | — | 988 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,351,111 | $ | (1,199,001 | ) | $ | — | $ | — | $ | 152,110 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable due to the counterparty in the event of default. |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 184,422,282 | $ | — | $ | — | $ | 184,422,282 | ||||||||
Money Market Funds | 90,000 | — | — | 90,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 184,512,282 | $ | — | $ | — | $ | 184,512,282 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 2,435,107 | $ | — | $ | 2,435,107 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | (1,351,111 | ) | — | (1,351,111 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | 1,083,996 | $ | — | $ | 1,083,996 | |||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Brazil — 3.7% | ||||||||
Ambev SA | 17,275,318 | $ | 50,698,949 | |||||
Americanas SA | 2,310,647 | 13,540,774 | ||||||
Atacadao SA | 1,731,440 | 6,382,353 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 22,264,125 | 62,637,553 | ||||||
Banco Bradesco SA | 5,231,312 | 17,157,919 | ||||||
Banco BTG Pactual SA | 4,315,148 | 21,438,895 | ||||||
Banco do Brasil SA | 3,093,693 | 20,916,693 | ||||||
Banco Inter SA | 1,277,647 | 4,954,078 | ||||||
Banco Santander Brasil SA | 1,445,219 | 8,566,161 | ||||||
BB Seguridade Participacoes SA | 2,516,084 | 11,094,708 | ||||||
BRF SA(a) | 2,592,994 | 8,177,138 | ||||||
CCR SA | 4,281,207 | 9,739,906 | ||||||
Centrais Eletricas Brasileiras SA | 1,179,804 | 7,962,209 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 1,255,921 | 10,077,783 | ||||||
Cia. Siderurgica Nacional SA | 2,599,560 | 12,794,340 | ||||||
Cosan SA | 3,919,585 | 16,069,446 | ||||||
Energisa SA | 648,821 | 5,536,189 | ||||||
Engie Brasil Energia SA | 736,927 | 5,709,095 | ||||||
Equatorial Energia SA | 3,677,178 | 18,184,725 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 15,650,195 | 36,633,903 | ||||||
Hypera SA | 1,425,029 | 9,244,159 | ||||||
JBS SA | 2,662,019 | 18,646,899 | ||||||
Klabin SA | 2,655,885 | 11,929,270 | ||||||
Localiza Rent a Car SA | 2,228,173 | 24,804,785 | ||||||
Lojas Renner SA | 3,651,190 | 18,047,223 | ||||||
Magazine Luiza SA | 10,985,796 | 12,674,314 | ||||||
Natura & Co. Holding SA(a) | 3,280,723 | 14,640,075 | ||||||
Petro Rio SA(a) | 2,073,565 | 10,538,095 | ||||||
Petroleo Brasileiro SA | 13,723,586 | 97,580,421 | ||||||
Raia Drogasil SA | 3,980,259 | 18,019,184 | ||||||
Rede D’Or Sao Luiz SA(b) | 1,447,064 | 14,254,981 | ||||||
Rumo SA(a) | 4,649,724 | 13,929,975 | ||||||
Suzano SA | 2,750,056 | 29,642,760 | ||||||
Telefonica Brasil SA | 1,862,057 | 18,260,549 | ||||||
TIM SA | 3,153,770 | 8,365,336 | ||||||
TOTVS SA | 1,907,266 | 12,218,382 | ||||||
Ultrapar Participacoes SA | 2,643,376 | 7,434,100 | ||||||
Vale SA | 15,063,902 | 279,490,773 | ||||||
Vibra Energia SA | 4,375,045 | 19,927,964 | ||||||
WEG SA | 6,194,062 | 35,094,239 | ||||||
|
| |||||||
1,023,016,301 | ||||||||
Chile — 0.3% | ||||||||
Banco de Chile | 165,801,244 | 17,578,596 | ||||||
Banco de Credito e Inversiones SA | 205,225 | 7,336,691 | ||||||
Banco Santander Chile | 245,620,889 | 12,060,916 | ||||||
Cencosud SA | 5,499,692 | 10,115,800 | ||||||
Cia. Cervecerias Unidas SA | 567,390 | 4,498,298 | ||||||
Empresas CMPC SA | 4,163,537 | 6,878,797 | ||||||
Empresas COPEC SA | 1,431,603 | 11,106,029 | ||||||
Enel Americas SA | 79,573,627 | 9,317,390 | ||||||
Enel Chile SA | 96,418,280 | 3,160,859 | ||||||
Falabella SA | 2,792,395 | 9,189,188 | ||||||
|
| |||||||
91,242,564 | ||||||||
China — 32.1% | ||||||||
360 DigiTech Inc., ADR | 323,963 | 6,074,306 | ||||||
360 Security Technology Inc., Class A(a) | 2,176,306 | 3,622,546 | ||||||
3SBio Inc.(a)(b) | 4,806,500 | 3,820,060 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
51job Inc., ADR(a) | 118,590 | $ | 6,142,962 | |||||
AAC Technologies Holdings Inc.(c) | 2,692,000 | 7,360,467 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 149,826 | 3,056,726 | ||||||
AECC Aviation Power Co. Ltd., Class A | 625,673 | 5,023,608 | ||||||
Agile Group Holdings Ltd.(c) | 3,994,000 | 1,819,755 | ||||||
Agricultural Bank of China Ltd., Class A | 17,883,200 | 8,448,688 | ||||||
Agricultural Bank of China Ltd., Class H | 92,384,000 | 34,987,582 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 1,236,959 | 7,152,242 | ||||||
Air China Ltd., Class A(a) | 2,150,493 | 3,367,976 | ||||||
Air China Ltd., Class H(a) | 5,946,000 | 4,572,943 | ||||||
Akeso Inc.(a)(b)(c) | 1,081,000 | 2,854,645 | ||||||
Alibaba Group Holding Ltd.(a) | 55,639,156 | 732,426,827 | ||||||
Alibaba Health Information Technology | 14,898,000 | 10,432,051 | ||||||
Alibaba Pictures Group Ltd.(a)(c) | 47,820,000 | 4,781,009 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 2,083,500 | 3,734,716 | ||||||
Aluminum Corp. of China Ltd., Class A(a) | 3,391,500 | 3,509,123 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 14,266,000 | 10,083,548 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,085,386 | 6,948,345 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 4,350,500 | 23,347,069 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 104,285 | 3,664,112 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 349,500 | 5,124,672 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 177,752 | 2,135,273 | ||||||
Anjoy Foods Group Co Ltd., Class A | 74,900 | 1,469,289 | ||||||
ANTA Sports Products Ltd.(c) | 3,986,802 | 60,891,230 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 65,900 | 3,551,326 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 169,599 | 1,392,652 | ||||||
Autohome Inc., ADR | 280,887 | 8,592,333 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 405,500 | 2,234,606 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 1,129,600 | 2,235,222 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 4,804,489 | 2,967,263 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 9,371,000 | 5,817,867 | ||||||
AVICOPTER PLC, Class A | 190,353 | 1,770,075 | ||||||
Baidu Inc., ADR(a) | 1,016,785 | 154,998,705 | ||||||
Bank of Beijing Co. Ltd., Class A | 5,825,606 | 4,166,061 | ||||||
Bank of Chengdu Co. Ltd., Class A | 1,243,795 | 2,844,480 | ||||||
Bank of China Ltd., Class A | 10,124,800 | 4,972,351 | ||||||
Bank of China Ltd., Class H | 287,840,000 | 112,056,599 | ||||||
Bank of Communications Co. Ltd., Class A | 10,194,473 | 7,728,097 | ||||||
Bank of Communications Co. Ltd., Class H | 30,252,600 | 20,739,043 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 1,626,445 | 3,696,870 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 4,156,310 | 4,387,524 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,810,746 | 4,352,095 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,647,139 | 9,959,504 | ||||||
Bank of Shanghai Co. Ltd., Class A | 4,173,042 | 4,625,196 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 5,311,073 | 6,087,364 | ||||||
BeiGene Ltd., ADR(a)(c) | 172,445 | 36,303,121 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 7,524,000 | 4,819,193 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 1,122,595 | 1,682,002 | ||||||
Beijing Enterprises Holdings Ltd. | 1,962,500 | 6,708,810 | ||||||
Beijing Enterprises Water Group Ltd. | 18,772,000 | 7,416,513 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 107,681 | 3,653,255 | ||||||
Beijing New Building Materials PLC, Class A | 468,913 | 2,224,005 | ||||||
Beijing Roborock Technology Co. Ltd., Class A | 21,600 | 2,167,591 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 284,862 | 1,082,124 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 251,500 | 1,088,511 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 664,186 | 1,582,014 |
SCHEDULE OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 393,545 | $ | 1,709,411 | |||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 99,740 | 3,975,831 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 9,920,300 | 8,127,379 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 131,196 | 1,257,328 | ||||||
BGI Genomics Co. Ltd., Class A | 131,100 | 1,773,445 | ||||||
Bilibili Inc., ADR(a)(c) | 612,263 | 19,353,633 | ||||||
BOC Aviation Ltd.(b)(c) | 792,100 | 6,885,725 | ||||||
BOE Technology Group Co. Ltd., Class A | 9,314,300 | 6,951,634 | ||||||
Bosideng International Holdings Ltd. | 12,548,000 | 7,139,400 | ||||||
BYD Co. Ltd., Class A | 416,112 | 16,732,615 | ||||||
BYD Co. Ltd., Class H | 3,011,500 | 93,318,386 | ||||||
BYD Electronic International Co. Ltd. | 2,504,500 | 7,067,227 | ||||||
Caitong Securities Co. Ltd., Class A | 1,506,865 | 2,243,862 | ||||||
CanSino Biologics Inc., Class H(a)(b)(c) | 296,800 | 5,364,173 | ||||||
CGN Power Co. Ltd., Class H(b) | 40,184,000 | 11,392,606 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 96,794 | 2,808,665 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,147,835 | 3,452,357 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 98,300 | 2,412,022 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 574,430 | 3,181,332 | ||||||
China Bohai Bank Co. Ltd., Class H(b) | 11,365,000 | 1,890,628 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 30,942,000 | 5,585,450 | ||||||
China CITIC Bank Corp. Ltd., Class H | 31,577,800 | 14,838,822 | ||||||
China Coal Energy Co. Ltd., Class H | 8,074,000 | 5,032,798 | ||||||
China Communications Services Corp. Ltd., Class H | 9,268,000 | 5,084,620 | ||||||
China Conch Venture Holdings Ltd. | 6,200,000 | 29,835,876 | ||||||
China Construction Bank Corp., Class A | 2,656,568 | 2,541,569 | ||||||
China Construction Bank Corp., Class H | 351,418,760 | 263,551,613 | ||||||
China CSSC Holdings Ltd., Class A | 1,179,100 | 4,099,185 | ||||||
China Eastern Airlines Corp. Ltd., Class��A(a) | 3,198,097 | 2,738,635 | ||||||
China Education Group Holdings Ltd. | 3,589,000 | 3,074,787 | ||||||
China Energy Engineering Corp. Ltd.(a) | 1,270,600 | 543,095 | ||||||
China Everbright Bank Co. Ltd., Class A | 10,896,603 | 5,774,378 | ||||||
China Everbright Bank Co. Ltd., Class H | 9,248,000 | 3,439,403 | ||||||
China Everbright Environment Group Ltd. | 14,065,813 | 10,098,907 | ||||||
China Evergrande Group(c) | 9,909,388 | 2,028,147 | ||||||
China Feihe Ltd.(b) | 13,113,000 | 15,647,212 | ||||||
China Galaxy Securities Co. Ltd., Class A | 1,551,000 | 2,490,799 | ||||||
China Galaxy Securities Co. Ltd., Class H | 11,876,000 | 6,797,622 | ||||||
China Gas Holdings Ltd. | 11,181,000 | 17,670,141 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 962,173 | 2,035,466 | ||||||
China Hongqiao Group Ltd. | 8,691,000 | 12,167,472 | ||||||
China Huishan Dairy Holdings Co. | 5,603,350 | 7 | ||||||
China International Capital Corp. Ltd., Class H(b) | 5,908,000 | 14,373,703 | ||||||
China Jinmao Holdings Group Ltd. | 20,934,000 | 6,961,464 | ||||||
China Jushi Co. Ltd., Class A | 1,119,840 | 3,040,218 | ||||||
China Lesso Group Holdings Ltd. | 4,261,000 | 6,560,170 | ||||||
China Life Insurance Co. Ltd., Class A | 896,812 | 4,095,485 | ||||||
China Life Insurance Co. Ltd., Class H | 25,957,000 | 43,001,139 | ||||||
China Literature Ltd.(a)(b) | 1,517,400 | 8,235,155 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 12,473,000 | 25,739,154 | ||||||
China Medical System Holdings Ltd. | 5,206,000 | 9,270,081 | ||||||
China Meidong Auto Holdings Ltd. | 2,160,000 | 10,170,334 | ||||||
China Mengniu Dairy Co. Ltd. | 11,701,000 | 76,084,787 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Merchants Bank Co. Ltd., Class A | 4,730,089 | $ | 37,390,053 | |||||
China Merchants Bank Co. Ltd., Class H | 14,184,967 | 119,569,430 | ||||||
China Merchants Port Holdings Co. Ltd. | 5,734,000 | 10,810,862 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,866,679 | 4,696,834 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,828,190 | 3,921,602 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 9,610,155 | 5,955,798 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 17,945,548 | 6,989,764 | ||||||
China Molybdenum Co. Ltd., Class A | 5,159,698 | 4,949,670 | ||||||
China Molybdenum Co. Ltd., Class H | 11,016,000 | 6,630,560 | ||||||
China National Building Material Co. Ltd., Class H | 15,176,000 | 19,468,200 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,759,567 | 2,919,698 | ||||||
China National Nuclear Power Co. Ltd., Class A | 3,983,100 | 4,685,515 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 875,554 | 6,887,057 | ||||||
China Oilfield Services Ltd., Class H | 7,050,000 | 8,036,975 | ||||||
China Overseas Land & Investment Ltd. | 14,093,960 | 43,031,210 | ||||||
China Overseas Property Holdings Ltd. | 5,085,000 | 5,520,957 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,728,807 | 7,270,743 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 9,378,600 | 26,115,431 | ||||||
China Petroleum & Chemical Corp., Class A | 8,167,889 | 5,641,597 | ||||||
China Petroleum & Chemical Corp., Class H | 88,454,800 | 44,005,091 | ||||||
China Power International Development Ltd. | 20,474,000 | 11,605,425 | ||||||
China Railway Group Ltd., Class A | 5,880,100 | 5,801,430 | ||||||
China Railway Group Ltd., Class H | 13,663,000 | 8,022,310 | ||||||
China Resources Beer Holdings Co. Ltd. | 5,394,000 | 42,771,192 | ||||||
China Resources Cement Holdings Ltd. | 9,188,000 | 7,862,077 | ||||||
China Resources Gas Group Ltd. | 3,478,000 | 15,974,417 | ||||||
China Resources Land Ltd. | 11,833,333 | 57,560,853 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 2,102,800 | 10,816,092 | ||||||
China Resources Power Holdings Co. Ltd. | 7,226,999 | 16,142,007 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 346,099 | 1,962,039 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 10,748,000 | 3,198,861 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,672,139 | 6,694,792 | ||||||
China Shenhua Energy Co. Ltd., Class H | 12,471,000 | 34,369,880 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 3,463,700 | 3,803,064 | ||||||
China Southern Airlines Co. Ltd., | 5,638,000 | 3,566,966 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 10,786,371 | 8,713,722 | ||||||
China State Construction International Holdings Ltd. | 7,908,000 | 11,136,966 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 7,128,000 | 4,748,177 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 5,933,260 | 7,022,651 | ||||||
China Three Gorges Renewables Group Co. Ltd. | 3,899,500 | 4,401,506 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 434,932 | 14,047,821 | ||||||
China Tower Corp. Ltd., Class H(b) | 153,298,000 | 17,867,419 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 10,598,000 | 6,041,492 | ||||||
China TransInfo Technology Co. Ltd., Class A | 752,600 | 1,662,728 | ||||||
China United Network Communications Ltd., Class A | 9,507,500 | 5,760,203 | ||||||
China Vanke Co. Ltd., Class A | 2,407,459 | 7,327,559 | ||||||
China Vanke Co. Ltd., Class H | 5,929,431 | 14,083,476 | ||||||
China Yangtze Power Co. Ltd., Class A | 5,255,815 | 19,336,737 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 173,000 | 3,224,509 | ||||||
China Zheshang Bank Co. Ltd., Class A | 5,695,800 | 3,095,143 |
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Chinasoft International Ltd. | 9,828,000 | $ | 8,967,075 | |||||
Chindata Group Holdings Ltd., ADR(a)(c) | 412,320 | 2,263,637 | ||||||
Chongqing Brewery Co. Ltd., Class A(a) | 122,900 | 2,609,650 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,531,021 | 3,165,632 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 362,776 | 7,424,595 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 2,914,000 | 5,299,305 | ||||||
CIFI Holdings Group Co. Ltd. | 12,865,300 | 8,963,400 | ||||||
CITIC Ltd. | 21,578,000 | 25,179,891 | ||||||
CITIC Securities Co. Ltd., Class A | 3,183,718 | 11,799,274 | ||||||
CITIC Securities Co. Ltd., Class H | 9,112,600 | 22,077,108 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 523,530 | 44,845,212 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 3,015,164 | 8,465,906 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) | 12,225,349 | 24,710,178 | ||||||
COSCO SHIPPING Ports Ltd. | 7,546,000 | 6,218,459 | ||||||
Country Garden Holdings Co. Ltd. | 28,924,939 | 22,472,700 | ||||||
Country Garden Services Holdings Co. Ltd. | 7,409,000 | 44,320,324 | ||||||
CRRC Corp. Ltd., Class A | 6,831,100 | 6,279,141 | ||||||
CRRC Corp. Ltd., Class H | 14,830,000 | 6,590,956 | ||||||
CSC Financial Co. Ltd., Class A | 1,060,297 | 4,341,185 | ||||||
CSPC Pharmaceutical Group Ltd. | 33,314,479 | 39,489,739 | ||||||
Dada Nexus Ltd., ADR(a)(c) | 217,437 | 1,806,901 | ||||||
Dali Foods Group Co. Ltd.(b) | 8,367,500 | 4,407,014 | ||||||
Daqin Railway Co. Ltd., Class A | 929,100 | 1,001,642 | ||||||
Daqo New Energy Corp., ADR(a) | 217,530 | 10,432,739 | ||||||
DHC Software Co. Ltd., Class A | 1,629,498 | 2,136,377 | ||||||
DiDi Global Inc., ADR(a) | 648,312 | 2,658,079 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 10,140,000 | 8,727,764 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,607,197 | 2,629,558 | ||||||
Dongyue Group Ltd. | 5,653,000 | 8,201,031 | ||||||
East Money Information Co. Ltd., Class A | 2,422,633 | 10,325,920 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 126,853 | 2,720,488 | ||||||
ENN Energy Holdings Ltd. | 2,930,800 | 42,444,997 | ||||||
Eve Energy Co. Ltd., Class A | 457,653 | 6,567,668 | ||||||
Everbright Securities Co. Ltd., Class A | 1,033,783 | 2,183,071 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 1,230,334 | 2,017,256 | ||||||
Far East Horizon Ltd. | 6,353,000 | 5,414,350 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 602,081 | 1,645,320 | ||||||
First Capital Securities Co. Ltd., Class A | 1,624,400 | 1,642,938 | ||||||
Flat Glass Group Co. Ltd., Class A | 443,200 | 3,469,806 | ||||||
Flat Glass Group Co. Ltd., Class H | 1,382,000 | 5,714,810 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 3,609,678 | 4,391,785 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 787,552 | 12,412,035 | ||||||
Fosun International Ltd. | 9,412,500 | 10,212,595 | ||||||
Founder Securities Co. Ltd., Class A | 3,410,687 | 3,893,227 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 2,197,797 | 3,895,261 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 517,872 | 3,634,662 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 2,196,800 | 10,777,707 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 274,081 | 6,664,301 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) | 950,000 | 16,123,583 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) | 1,826,400 | 1,064,842 | ||||||
GDS Holdings Ltd., ADR(a) | 325,744 | 14,502,123 | ||||||
Geely Automobile Holdings Ltd. | 21,680,000 | 40,382,092 | ||||||
GEM Co. Ltd., Class A | 1,694,400 | 2,588,523 | ||||||
Gemdale Corp., Class A | 1,232,330 | 2,479,565 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Genscript Biotech Corp.(a) | 4,326,000 | $ | 17,152,668 | |||||
GF Securities Co. Ltd., Class A | 1,702,294 | 5,041,839 | ||||||
GF Securities Co. Ltd., Class H | 3,663,800 | 5,500,397 | ||||||
Gigadevice Semiconductor Beijing Inc., Class A | 166,994 | 4,089,053 | ||||||
Ginlong Technologies Co. Ltd., Class A | 69,600 | 2,810,263 | ||||||
GoerTek Inc., Class A | 859,500 | 6,017,748 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 45,737,200 | 3,403,572 | ||||||
Gotion High-tech Co. Ltd., Class A(a) | 446,423 | 3,063,346 | ||||||
Great Wall Motor Co. Ltd., Class A | 574,400 | 3,354,738 | ||||||
Great Wall Motor Co. Ltd., Class H | 11,314,500 | 23,820,419 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 231,000 | 1,344,648 | ||||||
Greenland Holdings Corp. Ltd., Class A | 2,667,228 | 1,828,353 | ||||||
Greentown China Holdings Ltd. | 3,351,500 | 5,034,231 | ||||||
Greentown Service Group Co. Ltd. | 5,458,000 | 5,482,685 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 436,927 | 4,573,954 | ||||||
Guangdong Investment Ltd. | 10,970,110 | 14,762,418 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 11,021,838 | 10,912,191 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 632,196 | 2,981,433 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 132,984 | 1,772,615 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) | 5,790,400 | 2,464,974 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 176,391 | 2,402,311 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 256,800 | 4,358,222 | ||||||
Guosen Securities Co. Ltd., Class A | 2,357,642 | 3,878,485 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 2,365,540 | 6,283,506 | ||||||
Haidilao International Holding Ltd.(b)(c) | 4,053,000 | 9,332,756 | ||||||
Haier Smart Home Co. Ltd., Class A | 1,802,741 | 7,308,375 | ||||||
Haier Smart Home Co. Ltd., Class H | 7,995,000 | 28,015,116 | ||||||
Haitian International Holdings Ltd. | 2,543,000 | 6,775,313 | ||||||
Haitong Securities Co. Ltd., Class A | 3,086,001 | 5,509,751 | ||||||
Haitong Securities Co. Ltd., Class H | 8,440,000 | 7,262,524 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 248,100 | 4,708,341 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 347,764 | 1,839,367 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 365,300 | 3,339,122 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 151,000 | 2,449,750 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 358,600 | 4,034,626 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 4,352,000 | 9,290,187 | ||||||
Hello Group Inc., ADR | 573,572 | 5,466,141 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 775,800 | 3,550,374 | ||||||
Hengan International Group Co. Ltd. | 2,388,500 | 12,666,866 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 1,392,191 | 5,537,629 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,309,829 | 2,088,688 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 143,100 | 2,457,650 | ||||||
Hopson Development Holdings Ltd. | 2,725,100 | 5,609,764 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 120,500 | 2,866,310 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 1,948,000 | 10,148,630 | ||||||
Huabao International Holdings Ltd.(c) | 3,522,000 | 2,020,599 | ||||||
Huadong Medicine Co. Ltd., Class A | 479,105 | 2,890,485 | ||||||
Huafon Chemical Co. Ltd., Class A | 1,358,600 | 2,077,940 | ||||||
Hualan Biological Engineering Inc., Class A | 467,783 | 1,910,043 | ||||||
Huaneng Power International Inc., Class H | 16,590,000 | 9,738,589 | ||||||
Huatai Securities Co. Ltd., Class A | 2,548,409 | 6,423,004 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 4,493,000 | 7,356,399 | ||||||
Huaxia Bank Co. Ltd., Class A | 4,157,080 | 3,710,751 |
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Huaxin Cement Co. Ltd., Class A | 462,806 | $ | 1,505,798 | |||||
Huayu Automotive Systems Co. Ltd., Class A | 837,468 | 3,378,149 | ||||||
Huazhu Group Ltd., ADR(a) | 661,842 | 27,373,785 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 125,900 | 2,652,114 | ||||||
Hundsun Technologies Inc., Class A | 409,644 | 3,404,485 | ||||||
Hutchmed China Ltd, ADR(a)(c) | 325,704 | 8,875,434 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b)(c) | 1,290,800 | 7,047,025 | ||||||
Iflytek Co. Ltd., Class A | 575,475 | 4,496,919 | ||||||
I-Mab, ADR(a) | 147,512 | 3,646,497 | ||||||
Imeik Technology Development Co. Ltd., Class A | 51,600 | 3,988,005 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 14,503,562 | 10,714,745 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 205,425,085 | 122,629,544 | ||||||
Industrial Bank Co. Ltd., Class A | 4,694,122 | 16,445,252 | ||||||
Industrial Securities Co. Ltd., Class A | 2,098,451 | 2,729,518 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 128,400 | 2,278,111 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 11,204,200 | 4,782,224 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2,258,300 | 1,777,531 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,522,470 | 9,549,548 | ||||||
Innovent Biologics Inc.(a)(b) | 4,298,000 | 19,396,789 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 503,090 | 2,630,688 | ||||||
Intco Medical Technology Co. Ltd., Class A | 153,550 | 1,245,309 | ||||||
iQIYI Inc., ADR(a)(c) | 1,028,337 | 4,257,315 | ||||||
JA Solar Technology Co. Ltd., Class A | 384,800 | 5,829,814 | ||||||
Jafron Biomedical Co. Ltd., Class A | 212,956 | 1,550,105 | ||||||
JCET Group Co. Ltd., Class A | 509,700 | 2,277,017 | ||||||
JD Health International Inc.(a)(b) | 1,287,850 | 9,612,140 | ||||||
JDcom Inc, Class A(a) | 7,386,596 | 263,844,937 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 1,006,700 | 3,055,004 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 5,040,000 | 5,392,508 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 331,988 | 3,538,660 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,445,441 | 9,205,253 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 338,786 | 2,810,700 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 343,650 | 9,013,609 | ||||||
Jiangxi Copper Co. Ltd., Class A | 761,200 | 2,698,323 | ||||||
Jiangxi Copper Co. Ltd., Class H | 3,917,000 | 7,050,601 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 1,058,624 | 1,159,107 | ||||||
Jinke Properties Group Co. Ltd., Class A | 1,688,282 | 1,202,708 | ||||||
Jinmao Property Services Co. Ltd. | 316,223 | 80,365 | ||||||
Jinxin Fertility Group Ltd.(a)(b)(c) | 4,783,500 | 5,593,258 | ||||||
JiuGui Liquor Co. Ltd., Class A | 87,300 | 2,372,238 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) | 2,722,000 | 6,114,975 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 261,625 | 1,435,098 | ||||||
JOYY Inc., ADR | 203,450 | 9,417,701 | ||||||
Juewei Food Co. Ltd., Class A | 195,014 | 1,638,085 | ||||||
Kanzhun Ltd.(a)(c) | 311,765 | 10,070,009 | ||||||
KE Holdings Inc., ADR(a) | 1,312,254 | 25,470,850 | ||||||
Kingboard Holdings Ltd. | 2,598,500 | 12,156,167 | ||||||
Kingboard Laminates Holdings Ltd. | 3,812,500 | 6,352,946 | ||||||
Kingdee International Software Group Co. Ltd.(a)(c) | 9,645,000 | 23,838,985 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 819,600 | 1,401,060 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a)(c) | 383,117 | 2,582,209 | ||||||
Kingsoft Corp. Ltd. | 3,554,800 | 13,294,267 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kuaishou Technology(a)(b) | 1,751,300 | $ | 20,266,764 | |||||
Kunlun Energy Co. Ltd. | 14,734,000 | 14,493,591 | ||||||
Kweichow Moutai Co. Ltd., Class A | 277,687 | 78,971,200 | ||||||
KWG Group Holdings Ltd. | 4,702,000 | 2,201,587 | ||||||
LB Group Co. Ltd., Class A | 637,800 | 2,694,034 | ||||||
Lee & Man Paper Manufacturing Ltd. | 5,282,000 | 3,395,560 | ||||||
Legend Biotech Corp., ADR(a) | 170,260 | 6,740,593 | ||||||
Lenovo Group Ltd.(c) | 26,818,000 | 29,863,692 | ||||||
Lens Technology Co. Ltd., Class A | 1,257,900 | 2,909,973 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 540,435 | 1,845,802 | ||||||
Li Auto Inc., ADR(a) | 2,044,911 | 62,267,540 | ||||||
Li Ning Co. Ltd. | 8,700,500 | 86,901,892 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 2,326,580 | 2,220,493 | ||||||
Logan Group Co. Ltd.(c) | 5,017,000 | 1,669,209 | ||||||
Longfor Group Holdings Ltd.(b) | 6,719,500 | 35,932,682 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 1,227,037 | 15,273,543 | ||||||
Lufax Holding Ltd., ADR(a) | 1,837,712 | 11,889,997 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 1,624,746 | 11,267,749 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 331,039 | 11,433,474 | ||||||
Mango Excellent Media Co. Ltd., Class A | 461,700 | 2,515,786 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 84,140 | 3,615,737 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 1,206,080 | 1,374,982 | ||||||
Meituan, Class B(a)(b) | 15,006,100 | 333,362,873 | ||||||
Metallurgical Corp. of China Ltd., Class A | 4,828,090 | 3,131,400 | ||||||
Microport Scientific Corp. | 2,385,100 | 6,634,349 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 565,800 | 2,326,583 | ||||||
Ming Yuan Cloud Group Holdings Ltd. | 2,148,000 | 4,239,470 | ||||||
Minth Group Ltd. | 2,852,000 | 10,312,275 | ||||||
MMG Ltd.(a) | 11,948,000 | 4,327,919 | ||||||
Montage Technology Co. Ltd., Class A | 218,200 | 2,670,159 | ||||||
Muyuan Foods Co. Ltd., Class A | 1,185,999 | 10,791,582 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 386,326 | 2,130,762 | ||||||
Nanjing Securities Co. Ltd., Class A | 1,495,700 | 2,104,825 | ||||||
NARI Technology Co. Ltd., Class A | 1,381,238 | 7,795,980 | ||||||
National Silicon Industry Group Co. Ltd., Class A(a) | 592,200 | 2,301,631 | ||||||
NAURA Technology Group Co. Ltd., Class A | 126,500 | 6,132,205 | ||||||
NavInfo Co. Ltd., Class A(a) | 689,000 | 1,875,940 | ||||||
NetEase Inc. | 7,598,450 | 146,966,922 | ||||||
New China Life Insurance Co. Ltd., Class A | 749,892 | 4,537,243 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,510,400 | 7,184,446 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 1,159,997 | 2,837,736 | ||||||
New Oriental Education & Technology Group Inc., ADR(a)(c) | 5,609,951 | 8,471,026 | ||||||
Nine Dragons Paper Holdings Ltd. | 6,200,000 | 5,939,394 | ||||||
Ninestar Corp., Class A | 476,438 | 3,791,288 | ||||||
Ningbo Joyson Electronic Corp., Class A | 404,100 | 1,165,607 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 307,500 | 2,972,237 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 1,582,100 | 4,406,773 | ||||||
NIO Inc., ADR(a) | 4,822,371 | 110,142,954 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 127,115 | 3,604,981 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 6,499,400 | 40,761,080 | ||||||
OFILM Group Co. Ltd., Class A(a) | 1,180,465 | 1,501,317 | ||||||
Oppein Home Group Inc., Class A | 163,000 | 3,268,854 | ||||||
Orient Securities Co. Ltd., Class A | 1,596,586 | 3,122,954 | ||||||
Ovctek China Inc., Class A | 226,600 | 1,479,024 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 3,678,300 | 2,704,084 |
14 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 24,554,000 | $ | 7,896,210 | |||||
Perfect World Co. Ltd., Class A | 551,800 | 1,158,812 | ||||||
PetroChina Co. Ltd., Class A | 4,961,900 | 4,574,648 | ||||||
PetroChina Co. Ltd., Class H | 78,404,000 | 41,995,191 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 177,900 | 3,414,200 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 469,800 | 5,695,876 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 25,529,192 | 26,948,266 | ||||||
Pinduoduo Inc., ADR(a) | 1,607,043 | 83,341,250 | ||||||
Ping An Bank Co. Ltd., Class A | 4,360,567 | 10,911,554 | ||||||
Ping An Healthcare and Technology Co. | 1,711,400 | 5,303,479 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,555,584 | 20,600,836 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 23,029,000 | 178,559,091 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 2,844,484 | 7,123,868 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 6,616,500 | 5,861,330 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 28,933,000 | 23,756,420 | ||||||
Power Construction Corp. of China Ltd., Class A | 3,688,000 | 4,503,004 | ||||||
Powerlong Real Estate Holdings Ltd. | 5,478,000 | 2,625,716 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 2,254,900 | 1,408,413 | ||||||
RLX Technology Inc., ADR(a)(c) | 2,028,213 | 6,246,896 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 2,383,858 | 7,164,016 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,936,506 | 5,584,015 | ||||||
Sangfor Technologies Inc., Class A | 108,800 | 2,523,531 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 4,459,000 | 4,623,968 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,996,952 | 6,240,126 | ||||||
Satellite Chemical Co. Ltd., Class A | 502,200 | 3,601,112 | ||||||
SDIC Capital Co. Ltd., Class A | 2,521,408 | 2,966,711 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 2,109,090 | 3,345,536 | ||||||
Seazen Group Ltd. | 7,544,000 | 3,980,639 | ||||||
Seazen Holdings Co. Ltd., Class A | 573,373 | 2,742,470 | ||||||
SF Holding Co. Ltd., Class A | 1,102,835 | 10,581,135 | ||||||
SG Micro Corp., Class A | 62,924 | 3,482,625 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 2,493,076 | 5,632,502 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 1,122,056 | 3,662,625 | ||||||
Shandong Gold Mining Co. Ltd., | 2,334,500 | 4,383,716 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 584,780 | 3,285,080 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 399,300 | 1,777,867 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,258,400 | 12,783,932 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 210,980 | 1,520,394 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 325,939 | 2,788,120 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 1,590,047 | 6,866,704 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 3,004,052 | 1,557,745 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 4,062,600 | 2,843,287 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 523,100 | 3,527,008 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 1,757,000 | 7,044,707 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 270,198 | 2,247,922 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 2,983,799 | 2,700,977 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 4,784,106 | 4,262,638 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai M&G Stationery Inc., Class A | 268,737 | $ | 2,316,508 | |||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 988,200 | 2,935,060 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,815,900 | 5,082,879 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 6,933,022 | 9,228,405 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 185,700 | 4,319,842 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 2,380,300 | 2,520,947 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 1,171,800 | 2,678,520 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 279,100 | 12,990,144 | ||||||
Shengyi Technology Co. Ltd., Class A | 739,900 | 2,288,030 | ||||||
Shennan Circuits Co. Ltd., Class A | 134,340 | 2,504,287 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 6,058,670 | 4,411,741 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 122,700 | 1,776,876 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 642,297 | 6,537,183 | ||||||
Shenzhen International Holdings Ltd. | 4,568,500 | 4,707,298 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 169,786 | 2,269,619 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 273,532 | 14,223,882 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,327,800 | 2,546,612 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 393,340 | 1,330,698 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 187,189 | 4,012,971 | ||||||
Shenzhou International Group Holdings Ltd. | 3,068,000 | 51,531,993 | ||||||
Shimao Group Holdings Ltd.(c) | 4,449,500 | 2,670,136 | ||||||
Shimao Services Holdings Ltd.(b)(c) | 3,537,000 | 2,584,912 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,305,060 | 2,489,902 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 795,978 | 2,193,715 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 134,693 | 2,131,219 | ||||||
Silergy Corp. | 294,000 | 39,175,834 | ||||||
Sino Biopharmaceutical Ltd. | 38,458,750 | 24,550,709 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 487,100 | 2,316,957 | ||||||
Sinopharm Group Co. Ltd., Class H | 4,917,600 | 11,921,163 | ||||||
Sinotruk Hong Kong Ltd. | 2,570,000 | 3,836,154 | ||||||
Skshu Paint Co. Ltd., Class A | 113,340 | 1,595,814 | ||||||
Smoore International Holdings Ltd.(b) | 6,628,000 | 24,603,500 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 868,913 | 2,132,116 | ||||||
StarPower Semiconductor Ltd., Class A | 45,600 | 2,629,705 | ||||||
Sun Art Retail Group Ltd. | 6,903,500 | 2,490,659 | ||||||
Sunac China Holdings Ltd. | 11,705,000 | 9,567,658 | ||||||
Sunac Services Holdings Ltd.(a)(b) | 3,900,000 | 3,333,199 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 340,200 | 6,587,632 | ||||||
Suningcom Co Ltd, Class A(a) | 3,094,438 | 1,765,231 | ||||||
Sunny Optical Technology Group Co. Ltd. | 2,637,100 | 63,195,334 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 467,700 | 2,743,440 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 580,200 | 2,050,463 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 31,000 | 2,706,549 | ||||||
TAL Education Group, ADR(a)(c) | 1,543,156 | 4,382,563 | ||||||
TBEA Co. Ltd., Class A | 965,100 | 3,109,853 | ||||||
TCL Technology Group Corp., Class A | 3,780,855 | 3,341,504 | ||||||
Tencent Holdings Ltd. | 21,119,800 | 1,139,652,104 | ||||||
Tencent Music Entertainment Group, ADR(a) | 2,440,372 | 13,153,605 | ||||||
Thunder Software Technology Co. Ltd., Class A | 121,387 | 2,704,216 |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 785,293 | $ | 6,012,486 | |||||
Tianma Microelectronics Co. Ltd., Class A | 2,006,123 | 3,727,876 | ||||||
Tingyi Cayman Islands Holding Corp. | 7,494,000 | 16,579,741 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 3,840,800 | 7,153,291 | ||||||
Tongkun Group Co. Ltd., Class A | 681,600 | 2,376,588 | ||||||
Tongwei Co. Ltd., Class A | 1,028,684 | 7,054,956 | ||||||
Topchoice Medical Corp., Class A(a) | 80,300 | 2,060,231 | ||||||
Topsports International Holdings Ltd.(b) | 5,935,000 | 6,169,596 | ||||||
Transfar Zhilian Co. Ltd., Class A | 1,462,698 | 1,790,741 | ||||||
TravelSky Technology Ltd., Class H | 3,596,000 | 6,773,619 | ||||||
Trina Solar Co. Ltd. | 103,372 | 1,264,821 | ||||||
Trip.com Group Ltd., ADR(a) | 1,873,959 | 48,385,621 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 231,400 | 3,450,083 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,968,000 | 18,933,814 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 155,000 | 5,443,361 | ||||||
Uni-President China Holdings Ltd. | 5,252,000 | 5,461,421 | ||||||
Unisplendour Corp. Ltd., Class A | 748,454 | 2,609,048 | ||||||
Venus MedTech Hangzhou Inc., | 833,500 | 2,317,317 | ||||||
Vinda International Holdings Ltd. | 1,499,000 | 4,268,005 | ||||||
Vipshop Holdings Ltd., ADR(a) | 1,642,641 | 14,241,697 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 389,747 | 2,904,782 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 732,091 | 11,084,228 | ||||||
Want Want China Holdings Ltd.(c) | 18,563,000 | 19,760,787 | ||||||
Weibo Corp., ADR(a)(c) | 233,187 | 6,396,319 | ||||||
Weichai Power Co. Ltd., Class A | 1,852,844 | 4,483,093 | ||||||
Weichai Power Co. Ltd., Class H | 6,854,800 | 11,599,206 | ||||||
Weimob Inc.(a)(b)(c) | 7,218,000 | 4,773,651 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) | 1,651,370 | 5,106,715 | ||||||
Western Securities Co. Ltd., Class A | 2,332,780 | 2,816,197 | ||||||
Wharf Holdings Ltd. (The) | 5,214,000 | 18,864,203 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 204,100 | 8,009,460 | ||||||
Wingtech Technology Co. Ltd., Class A | 319,200 | 5,948,550 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 795,224 | 1,445,544 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 838,386 | 2,981,743 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 611,088 | 2,029,386 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 865,028 | 26,185,439 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 667,903 | 1,785,742 | ||||||
WuXi AppTec Co. Ltd., Class A | 666,429 | 11,030,918 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 1,197,270 | 17,042,483 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 13,159,000 | 108,843,572 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 235,080 | 2,534,153 | ||||||
Wuxi Shangji Automation Co. Ltd., Class A | 79,100 | 1,997,045 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 2,809,069 | 2,469,735 | ||||||
Xiaomi Corp., Class B(a)(b) | 52,254,200 | 98,353,744 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,380,793 | 3,295,883 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 2,316,046 | 3,789,468 | ||||||
Xinyi Solar Holdings Ltd.(c) | 17,984,000 | 32,665,522 | ||||||
XPeng Inc., ADR(a) | 1,437,328 | 52,275,619 | ||||||
Yadea Group Holdings Ltd.(b) | 4,574,000 | 6,785,683 | ||||||
Yankuang Energy Group Co Ltd, Class H(c) | 6,592,800 | 16,164,365 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 545,300 | 2,736,514 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 324,998 | 2,328,353 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 271,780 | 3,294,533 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 250,756 | $ | 1,970,985 | |||||
Yihai International Holding Ltd.(c) | 1,759,000 | 7,359,828 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 339,500 | 2,888,170 | ||||||
Yonghui Superstores Co. Ltd., Class A | 3,051,400 | 1,767,253 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 853,551 | 4,259,570 | ||||||
Yuexiu Property Co. Ltd. | 5,267,000 | 5,268,426 | ||||||
Yum China Holdings Inc. | 1,567,027 | 81,516,745 | ||||||
Yunda Holding Co. Ltd., Class A | 807,304 | 2,486,524 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 316,001 | 4,514,800 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 217,200 | 9,001,235 | ||||||
Zai Lab Ltd., ADR(a) | 283,080 | 15,484,476 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 141,050 | 8,120,087 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 2,131,878 | 2,210,427 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 546,823 | 4,358,363 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 954,184 | 2,841,334 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 5,948,000 | 5,365,735 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 481,504 | 1,765,393 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 295,058 | 5,835,459 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 342,600 | 3,550,821 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 1,242,200 | 2,428,310 | ||||||
Zhejiang NHU Co. Ltd., Class A | 781,573 | 4,212,471 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 727,717 | 2,328,304 | ||||||
Zhejiang Supor Co. Ltd., Class A | 194,782 | 1,564,183 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 156,847 | 1,135,985 | ||||||
Zheshang Securities Co. Ltd., Class A | 1,095,500 | 2,010,274 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 1,854,400 | 6,103,635 | ||||||
Zhongji Innolight Co. Ltd., Class A | 279,300 | 1,702,717 | ||||||
Zhongsheng Group Holdings Ltd. | 2,275,000 | 15,886,149 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 2,052,200 | 10,697,135 | ||||||
Zijin Mining Group Co. Ltd., Class A | 5,223,500 | 9,348,279 | ||||||
Zijin Mining Group Co. Ltd., Class H | 20,604,000 | 30,580,074 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 2,099,554 | 2,351,958 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 4,408,000 | 2,932,217 | ||||||
ZTE Corp., Class A | 910,800 | 4,214,890 | ||||||
ZTE Corp., Class H | 2,770,400 | 6,825,008 | ||||||
ZTO Express Cayman Inc., ADR | 1,597,542 | 47,031,636 | ||||||
|
| |||||||
8,811,747,162 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 912,364 | 9,047,154 | ||||||
Ecopetrol SA | 18,473,544 | 15,310,921 | ||||||
Grupo de Inversiones Suramericana SA | 518,322 | 4,206,342 | ||||||
Interconexion Electrica SA ESP | 1,700,373 | 10,495,050 | ||||||
|
| |||||||
39,059,467 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 603,383 | 22,976,723 | ||||||
Komercni Banka AS(a) | 278,444 | 10,954,101 | ||||||
Moneta Money Bank AS(b) | 1,440,513 | 5,703,712 | ||||||
|
| |||||||
39,634,536 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE(a) | 6,154,530 | 18,745,569 | ||||||
Eastern Co. SAE | 3,915,652 | 2,707,100 |
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Egypt (continued) | ||||||||
Fawry for Banking & Payment Technology | 1,975,027 | $ | 1,218,659 | |||||
|
| |||||||
22,671,328 | ||||||||
Greece — 0.2% | ||||||||
Alpha Services and Holdings SA(a) | 8,198,649 | 11,187,381 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 9,691,458 | 10,616,321 | ||||||
FF Group(a)(d) | 246,892 | 2,768 | ||||||
Hellenic Telecommunications Organization SA | 835,654 | 16,714,728 | ||||||
JUMBO SA | 411,364 | 5,910,160 | ||||||
OPAP SA | 741,269 | 10,803,789 | ||||||
Public Power Corp. SA(a) | 795,797 | 7,565,063 | ||||||
|
| |||||||
62,800,210 | ||||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,481,515 | 11,556,261 | ||||||
OTP Bank Nyrt(a) | 826,543 | 31,540,222 | ||||||
Richter Gedeon Nyrt | 518,502 | 10,886,821 | ||||||
|
| |||||||
53,983,304 | ||||||||
India — 12.4% | ||||||||
ACC Ltd. | 284,979 | 7,937,542 | ||||||
Adani Enterprises Ltd. | 1,034,394 | 22,747,074 | ||||||
Adani Green Energy Ltd.(a) | 1,441,223 | 35,464,265 | ||||||
Adani Ports & Special Economic Zone Ltd. | 1,866,385 | 17,647,936 | ||||||
Adani Total Gas Ltd. | 1,023,423 | 21,576,130 | ||||||
Adani Transmission Ltd.(a) | 1,015,547 | 28,939,682 | ||||||
Ambuja Cements Ltd. | 2,580,450 | 10,814,934 | ||||||
Apollo Hospitals Enterprise Ltd. | 373,970 | 23,935,924 | ||||||
Asian Paints Ltd. | 1,406,698 | 59,448,623 | ||||||
Aurobindo Pharma Ltd. | 1,047,965 | 8,723,731 | ||||||
Avenue Supermarts Ltd.(a)(b) | 600,541 | 34,743,892 | ||||||
Axis Bank Ltd.(a) | 8,283,592 | 82,182,742 | ||||||
Bajaj Auto Ltd. | 246,273 | 11,589,025 | ||||||
Bajaj Finance Ltd. | 996,556 | 93,302,760 | ||||||
Bajaj Finserv Ltd. | 142,585 | 30,568,582 | ||||||
Balkrishna Industries Ltd. | 332,949 | 8,096,211 | ||||||
Bandhan Bank Ltd.(b) | 2,338,164 | 9,563,858 | ||||||
Berger Paints India Ltd. | 889,298 | 8,167,626 | ||||||
Bharat Electronics Ltd. | 4,500,582 | 12,647,924 | ||||||
Bharat Forge Ltd. | 880,561 | 7,976,759 | ||||||
Bharat Petroleum Corp. Ltd. | 3,095,945 | 14,440,862 | ||||||
Bharti Airtel Ltd.(a) | 9,065,297 | 82,895,723 | ||||||
Biocon Ltd.(a) | 1,467,566 | 6,820,646 | ||||||
Britannia Industries Ltd. | 390,870 | 17,841,334 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 1,534,897 | 14,160,223 | ||||||
Cipla Ltd. | 1,756,904 | 21,624,048 | ||||||
Coal India Ltd. | 5,488,169 | 12,413,363 | ||||||
Colgate-Palmolive India Ltd. | 409,712 | 7,903,935 | ||||||
Container Corp. of India Ltd. | 899,808 | 7,201,687 | ||||||
Dabur India Ltd. | 2,207,419 | 16,549,973 | ||||||
Divi’s Laboratories Ltd. | 490,118 | 27,854,139 | ||||||
DLF Ltd. | 2,321,252 | 10,891,950 | ||||||
Dr. Reddy’s Laboratories Ltd. | 420,974 | 22,729,683 | ||||||
Eicher Motors Ltd. | 489,867 | 16,920,227 | ||||||
GAIL India Ltd. | 5,574,503 | 10,778,898 | ||||||
Godrej Consumer Products Ltd.(a) | 1,327,981 | 13,581,164 | ||||||
Godrej Properties Ltd.(a) | 462,966 | 9,274,158 | ||||||
Grasim Industries Ltd. | 1,009,517 | 21,543,729 | ||||||
Havells India Ltd. | 929,636 | 14,686,783 | ||||||
HCL Technologies Ltd. | 3,965,802 | 59,634,667 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
HDFC Asset Management Co. Ltd.(b) | 174,006 | $ | 4,838,588 | |||||
HDFC Life Insurance Co. Ltd.(b) | 3,253,943 | 22,682,982 | ||||||
Hero MotoCorp Ltd. | 425,224 | 14,404,107 | ||||||
Hindalco Industries Ltd. | 5,891,397 | 45,276,117 | ||||||
Hindustan Petroleum Corp. Ltd. | 2,310,995 | 8,407,017 | ||||||
Hindustan Unilever Ltd. | 3,000,744 | 86,776,453 | ||||||
Housing Development Finance Corp. Ltd. | 6,295,479 | 198,973,649 | ||||||
ICICI Bank Ltd. | 18,834,704 | 186,552,721 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 807,057 | 13,583,755 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 1,320,396 | 8,435,340 | ||||||
Indian Oil Corp. Ltd. | 6,572,406 | 10,087,938 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 920,267 | 9,985,747 | ||||||
Indraprastha Gas Ltd. | 1,000,665 | 4,626,630 | ||||||
Indus Towers Ltd.(a) | 2,478,406 | 7,113,542 | ||||||
Info Edge India Ltd. | 287,006 | 17,060,742 | ||||||
Infosys Ltd. | 12,327,400 | 280,939,803 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 351,360 | 8,795,926 | ||||||
ITC Ltd. | 10,612,654 | 30,558,136 | ||||||
JSW Steel Ltd. | 3,153,444 | 26,456,545 | ||||||
Jubilant Foodworks Ltd. | 294,859 | 11,463,915 | ||||||
Kotak Mahindra Bank Ltd. | 2,014,748 | 49,595,223 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 195,173 | 15,254,123 | ||||||
Larsen & Toubro Ltd. | 2,515,812 | 60,990,043 | ||||||
Lupin Ltd. | 808,277 | 8,029,826 | ||||||
Mahindra & Mahindra Ltd. | 3,198,098 | 33,761,234 | ||||||
Marico Ltd. | 1,859,147 | 12,727,867 | ||||||
Maruti Suzuki India Ltd. | 496,363 | 55,013,678 | ||||||
Mindtree Ltd. | 247,860 | 12,861,670 | ||||||
Motherson Sumi Systems Ltd. | 4,633,702 | 9,316,243 | ||||||
Motherson Sumi Wiring India Ltd.(a) | 4,658,512 | 2,873,102 | ||||||
Mphasis Ltd. | 312,901 | 12,999,562 | ||||||
MRF Ltd. | 6,919 | 6,054,159 | ||||||
Muthoot Finance Ltd. | 453,406 | 8,214,554 | ||||||
Nestle India Ltd. | 122,351 | 28,734,714 | ||||||
NTPC Ltd. | 17,724,217 | 31,551,451 | ||||||
Oil & Natural Gas Corp. Ltd. | 9,252,385 | 19,927,457 | ||||||
Page Industries Ltd. | 20,889 | 11,758,286 | ||||||
Petronet LNG Ltd. | 2,676,871 | 7,681,304 | ||||||
PI Industries Ltd. | 316,543 | 10,417,880 | ||||||
Pidilite Industries Ltd. | 570,558 | 18,264,516 | ||||||
Piramal Enterprises Ltd. | 439,328 | 12,145,442 | ||||||
Power Grid Corp. of India Ltd. | 11,508,961 | 32,046,885 | ||||||
Reliance Industries Ltd. | 10,456,819 | 329,198,442 | ||||||
SBI Cards & Payment Services Ltd.(a) | 839,297 | 8,800,008 | ||||||
SBI Life Insurance Co. Ltd.(b) | 1,663,951 | 23,529,906 | ||||||
Shree Cement Ltd. | 39,336 | 12,806,012 | ||||||
Shriram Transport Finance Co. Ltd. | 743,300 | 11,172,554 | ||||||
Siemens Ltd. | 272,206 | 8,515,895 | ||||||
SRF Ltd. | 556,699 | 17,716,583 | ||||||
State Bank of India | 6,519,787 | 42,119,154 | ||||||
Sun Pharmaceutical Industries Ltd. | 3,069,207 | 34,477,711 | ||||||
Tata Consultancy Services Ltd. | 3,376,386 | 159,945,222 | ||||||
Tata Consumer Products Ltd. | 2,238,495 | 21,434,481 | ||||||
Tata Motors Ltd.(a) | 6,103,291 | 36,999,257 | ||||||
Tata Power Co. Ltd. (The) | 5,370,757 | 16,015,680 | ||||||
Tata Steel Ltd. | 2,676,927 | 43,831,267 | ||||||
Tech Mahindra Ltd. | 2,317,605 | 43,635,407 | ||||||
Titan Co. Ltd. | 1,313,243 | 44,606,260 | ||||||
Torrent Pharmaceuticals Ltd. | 190,223 | 6,961,994 | ||||||
Trent Ltd. | 694,746 | 10,274,742 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
UltraTech Cement Ltd. | 370,398 | $ | 32,417,886 | |||||
United Spirits Ltd.(a) | 1,093,194 | 12,908,087 | ||||||
UPL Ltd. | 1,842,832 | 16,378,122 | ||||||
Vedanta Ltd. | 4,175,840 | 21,253,702 | ||||||
Wipro Ltd. | 4,997,394 | 36,954,458 | ||||||
Yes Bank Ltd.(a) | 40,654,758 | 7,182,159 | ||||||
Zomato Ltd.(a) | 5,802,990 | 6,199,495 | ||||||
|
| |||||||
3,408,395,768 | ||||||||
Indonesia — 1.7% | ||||||||
Adaro Energy Tbk PT | 55,647,100 | 9,534,102 | ||||||
Aneka Tambang Tbk | 32,146,300 | 5,008,341 | ||||||
Astra International Tbk PT | 74,224,300 | 30,100,547 | ||||||
Bank Central Asia Tbk PT | 202,706,400 | 114,441,083 | ||||||
Bank Jago Tbk PT(a) | 12,194,600 | 13,795,378 | ||||||
Bank Mandiri Persero Tbk PT | 68,339,700 | 36,947,249 | ||||||
Bank Negara Indonesia Persero Tbk PT | 27,438,676 | 15,374,260 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 249,078,808 | 79,645,475 | ||||||
Barito Pacific Tbk PT | 106,537,700 | 6,643,186 | ||||||
Charoen Pokphand Indonesia Tbk PT | 27,450,345 | 11,115,218 | ||||||
Gudang Garam Tbk PT | 1,656,100 | 3,629,199 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 10,335,800 | 5,840,934 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 5,544,000 | 4,247,169 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 8,306,000 | 4,923,672 | ||||||
Indofood Sukses Makmur Tbk PT | 15,849,700 | 6,855,446 | ||||||
Kalbe Farma Tbk PT | 78,373,815 | 8,973,684 | ||||||
Merdeka Copper Gold Tbk PT(a) | 46,142,800 | 12,494,330 | ||||||
Sarana Menara Nusantara Tbk PT | 88,229,600 | 6,380,253 | ||||||
Semen Indonesia Persero Tbk PT | 10,984,800 | 5,548,764 | ||||||
Telkom Indonesia Persero Tbk PT | 182,560,500 | 55,117,370 | ||||||
Tower Bersama Infrastructure Tbk PT | 30,990,600 | 6,373,198 | ||||||
Unilever Indonesia Tbk PT | 26,844,800 | 6,907,863 | ||||||
United Tractors Tbk PT | 6,179,853 | 10,783,747 | ||||||
|
| |||||||
460,680,468 | ||||||||
Kuwait — 0.7% | ||||||||
Agility Public Warehousing Co. KSC | 4,501,923 | 15,321,540 | ||||||
Boubyan Bank KSCP(a) | 4,589,198 | 12,493,773 | ||||||
Kuwait Finance House KSCP | 17,136,336 | 53,606,058 | ||||||
Mabanee Co. KPSC(a) | 2,280,145 | 6,385,611 | ||||||
Mobile Telecommunications Co. KSCP | 7,321,465 | 15,010,672 | ||||||
National Bank of Kuwait SAKP | 24,902,860 | 87,296,038 | ||||||
|
| |||||||
190,113,692 | ||||||||
Malaysia — 1.5% | ||||||||
AMMB Holdings Bhd(a) | 6,707,975 | 5,379,753 | ||||||
Axiata Group Bhd | 10,322,500 | 9,662,362 | ||||||
CIMB Group Holdings Bhd | 24,180,100 | 32,937,978 | ||||||
Dialog Group Bhd | 14,645,612 | 9,866,957 | ||||||
DiGi.Com Bhd | 11,747,300 | 11,356,753 | ||||||
Fraser & Neave Holdings Bhd(c) | 556,600 | 2,996,108 | ||||||
Genting Bhd | 7,739,200 | 8,578,558 | ||||||
Genting Malaysia Bhd | 11,326,500 | 8,106,569 | ||||||
HAP Seng Consolidated Bhd(c) | 2,390,500 | 4,315,825 | ||||||
Hartalega Holdings Bhd(c) | 6,164,100 | 6,782,932 | ||||||
Hong Leong Bank Bhd | 2,315,300 | 11,084,411 | ||||||
Hong Leong Financial Group Bhd | 939,700 | 4,324,164 | ||||||
IHH Healthcare Bhd | 6,477,600 | 10,162,548 | ||||||
Inari Amertron Bhd | 10,940,700 | 8,471,091 | ||||||
IOI Corp. Bhd | 8,887,820 | 9,765,975 | ||||||
Kuala Lumpur Kepong Bhd | 1,610,300 | 9,972,085 | ||||||
Malayan Banking Bhd | 16,674,100 | 34,839,826 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Malaysia Airports Holdings Bhd(a) | 4,085,000 | $ | 5,983,744 | |||||
Maxis Bhd(c) | 8,637,900 | 8,281,492 | ||||||
MISC Bhd | 4,607,000 | 8,080,445 | ||||||
Nestle Malaysia Bhd | 266,200 | 8,506,821 | ||||||
Petronas Chemicals Group Bhd | 8,982,600 | 20,432,019 | ||||||
Petronas Dagangan Bhd | 1,160,600 | 5,948,818 | ||||||
Petronas Gas Bhd | 2,869,800 | 11,913,685 | ||||||
PPB Group Bhd | 2,507,060 | 10,712,554 | ||||||
Press Metal Aluminium Holdings Bhd | 12,517,800 | 20,363,600 | ||||||
Public Bank Bhd | 52,912,750 | 56,195,735 | ||||||
QL Resources Bhd | 4,296,800 | 5,065,895 | ||||||
RHB Bank Bhd | 6,398,225 | 9,016,989 | ||||||
Sime Darby Bhd | 9,564,973 | 5,179,803 | ||||||
Sime Darby Plantation Bhd | 6,369,473 | 7,472,907 | ||||||
Telekom Malaysia Bhd | 4,323,800 | 5,211,011 | ||||||
Tenaga Nasional Bhd | 7,864,150 | 17,190,949 | ||||||
Top Glove Corp. Bhd(c) | 19,344,300 | 9,445,234 | ||||||
Westports Holdings Bhd | 3,639,400 | 3,389,319 | ||||||
|
| |||||||
406,994,915 | ||||||||
Mexico — 2.1% | ||||||||
Alfa SAB de CV, Class A | 10,582,800 | 7,926,378 | ||||||
America Movil SAB de CV, Series L, NVS | 112,935,100 | 102,066,730 | ||||||
Arca Continental SAB de CV | 1,581,636 | 10,434,581 | ||||||
Becle SAB de CV | 1,949,200 | 4,887,990 | ||||||
Cemex SAB de CV, NVS(a) | 55,912,573 | 28,719,314 | ||||||
Coca-Cola Femsa SAB de CV | 1,922,393 | 10,557,627 | ||||||
Fibra Uno Administracion SA de CV | 11,586,800 | 13,057,143 | ||||||
Fomento Economico Mexicano SAB de CV | 7,121,900 | 57,386,219 | ||||||
Gruma SAB de CV, Class B | 775,190 | 10,513,380 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,358,000 | 19,753,029 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 761,480 | 16,467,316 | ||||||
Grupo Bimbo SAB de CV, Series A | 5,838,900 | 17,980,539 | ||||||
Grupo Carso SAB de CV, Series A1 | 1,814,441 | 5,525,447 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 9,516,056 | 64,369,630 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) | 8,378,700 | 13,655,632 | ||||||
Grupo Mexico SAB de CV, Series B | 11,481,488 | 58,901,418 | ||||||
Grupo Televisa SAB de CV, CPO | 8,821,800 | 18,909,088 | ||||||
Industrias Penoles SAB de CV | 520,043 | 6,490,571 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 5,562,900 | 7,806,150 | ||||||
Megacable Holdings SAB de CV, CPO | 1,019,860 | 3,003,660 | ||||||
Orbia Advance Corp. SAB de CV | 3,945,734 | 10,079,625 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 707,255 | 5,530,685 | ||||||
Telesites SAB de CV(c) | 5,105,100 | 5,660,701 | ||||||
Wal-Mart de Mexico SAB de CV | 19,065,600 | 72,516,491 | ||||||
|
| |||||||
572,199,344 | ||||||||
Peru — 0.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 805,946 | 7,978,865 | ||||||
Credicorp Ltd. | 245,352 | 37,109,490 | ||||||
Southern Copper Corp. | 312,036 | 21,652,178 | ||||||
|
| |||||||
66,740,533 | ||||||||
Philippines — 0.8% | ||||||||
Aboitiz Equity Ventures Inc. | 7,503,710 | 8,766,769 | ||||||
AC Energy Corp. | 29,425,000 | 4,878,340 | ||||||
Ayala Corp. | 1,010,206 | 16,748,100 | ||||||
Ayala Land Inc. | 29,195,500 | 22,256,789 | ||||||
Bank of the Philippine Islands | 6,049,484 | 11,823,172 |
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
BDO Unibank Inc. | 7,164,031 | $ | 18,154,834 | |||||
Globe Telecom Inc. | 102,715 | 5,161,105 | ||||||
GT Capital Holdings Inc. | 365,392 | 4,137,962 | ||||||
International Container Terminal Services Inc. | 3,830,690 | 15,735,192 | ||||||
JG Summit Holdings Inc. | 11,095,223 | 13,105,144 | ||||||
Jollibee Foods Corp. | 1,666,639 | 7,834,211 | ||||||
Manila Electric Co. | 816,450 | 5,874,926 | ||||||
Metro Pacific Investments Corp. | 46,177,500 | 3,494,251 | ||||||
Metropolitan Bank & Trust Co. | 6,507,085 | 7,247,017 | ||||||
Monde Nissin Corp.(a)(b) | 16,292,500 | 5,249,700 | ||||||
PLDT Inc. | 285,583 | 10,020,749 | ||||||
SM Investments Corp. | 876,892 | 15,256,245 | ||||||
SM Prime Holdings Inc. | 36,400,725 | 28,410,453 | ||||||
Universal Robina Corp. | 3,317,630 | 7,765,079 | ||||||
|
| |||||||
211,920,038 | ||||||||
Poland — 0.7% | ||||||||
Allegro.eu SA(a)(b)(c) | 1,276,780 | 9,515,314 | ||||||
Bank Polska Kasa Opieki SA | 682,163 | 18,714,471 | ||||||
CD Projekt SA(c) | 252,215 | 10,017,893 | ||||||
Cyfrowy Polsat SA | 933,051 | 6,049,940 | ||||||
Dino Polska SA(a)(b) | 183,412 | 12,896,959 | ||||||
KGHM Polska Miedz SA | 507,345 | 19,921,908 | ||||||
LPP SA | 4,163 | 8,561,796 | ||||||
mBank SA(a) | 55,890 | 5,462,239 | ||||||
Orange Polska SA(a) | 2,481,791 | 4,605,324 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 3,086,276 | 5,986,867 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,085,130 | 18,329,834 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 6,254,129 | 8,242,371 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(a) | 3,213,899 | 30,887,271 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,154,675 | 16,165,774 | ||||||
Santander Bank Polska SA | 134,099 | 10,052,633 | ||||||
|
| |||||||
185,410,594 | ||||||||
Qatar — 0.9% | ||||||||
Barwa Real Estate Co. | 6,832,377 | 6,796,404 | ||||||
Commercial Bank PSQC (The) | 7,694,493 | 14,593,803 | ||||||
Industries Qatar QSC | 5,546,858 | 27,810,835 | ||||||
Masraf Al Rayan QSC(a) | 16,725,418 | 22,913,415 | ||||||
Mesaieed Petrochemical Holding Co. | 17,052,734 | 12,477,460 | ||||||
Ooredoo QPSC | 2,718,823 | 5,717,447 | ||||||
Qatar Electricity & Water Co. QSC | 1,706,273 | 8,424,491 | ||||||
Qatar Fuel QSC | 1,854,806 | 9,452,665 | ||||||
Qatar Gas Transport Co. Ltd. | 9,403,955 | 9,720,191 | ||||||
Qatar International Islamic Bank QSC | 2,575,069 | 7,238,511 | ||||||
Qatar Islamic Bank SAQ | 4,155,943 | 24,015,354 | ||||||
Qatar National Bank QPSC | 16,362,250 | 97,952,565 | ||||||
|
| |||||||
247,113,141 | ||||||||
Russia — 0.6% | ||||||||
Alrosa PJSC(d) | 9,805,890 | 2,856,377 | ||||||
Gazprom PJSC(d) | 43,696,315 | 35,225,062 | ||||||
Inter RAO UES PJSC(d) | 121,651,300 | 1,174,334 | ||||||
LUKOIL PJSC(d) | 1,533,792 | 26,773,105 | ||||||
Magnit PJSC, GDR | 1,230,782 | 1,953,420 | ||||||
MMC Norilsk Nickel PJSC(d) | 233,757 | 15,835,239 | ||||||
Mobile TeleSystems PJSC, ADR | 1,581,331 | 8,697,320 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) | 5,279,850 | 1,777,080 | ||||||
Novatek PJSC, GDR | 337,123 | 12,986,689 | ||||||
Novolipetsk Steel PJSC(d) | 5,629,360 | 3,575,117 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 197,078 | 722,931 |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
PhosAgro PJSC, GDR | 526,116 | $ | 3,218,724 | |||||
Polymetal International PLC(d) | 1,312,267 | 3,979,874 | ||||||
Polyus PJSC(d) | 126,490 | 4,765,925 | ||||||
Rosneft Oil Co. PJSC(d) | 4,281,715 | 4,466,820 | ||||||
Sberbank of Russia PJSC(d) | 39,606,181 | 17,506,667 | ||||||
Severstal PAO(d) | 805,849 | 3,848,600 | ||||||
Surgutneftegas PJSC(d) | 26,192,370 | 1,977,936 | ||||||
Tatneft PJSC(d) | 5,175,395 | 6,571,870 | ||||||
TCS Group Holding PLC, GDR(d) | 445,207 | 5,127,089 | ||||||
United Co. RUSAL International PJSC(a)(d) | 11,428,270 | 2,411,563 | ||||||
VK Co. Ltd.(a)(d) | 404,870 | 411,402 | ||||||
VTB Bank PJSC(d) | 11,783,971,998 | 787,471 | ||||||
X5 Retail Group NV, GDR(d) | 424,766 | 1,827,189 | ||||||
Yandex NV(a)(d) | 1,127,576 | 7,371,114 | ||||||
|
| |||||||
175,848,918 | ||||||||
Saudi Arabia — 4.0% | ||||||||
Abdullah Al Othaim Markets Co. | 150,559 | 4,477,942 | ||||||
Advanced Petrochemical Co. | 405,908 | 8,143,726 | ||||||
Al Rajhi Bank | 4,512,569 | 193,596,923 | ||||||
Alinma Bank | 3,662,763 | 34,730,568 | ||||||
Almarai Co. JSC | 864,080 | 11,585,056 | ||||||
Arab National Bank | 2,207,111 | 16,499,968 | ||||||
Bank AlBilad(a) | 1,411,812 | 22,218,540 | ||||||
Bank Al-Jazira | 1,573,023 | 11,302,299 | ||||||
Banque Saudi Fransi | 2,191,858 | 31,130,170 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 225,521 | 9,779,392 | ||||||
Co for Cooperative Insurance (The) | 220,855 | 4,641,676 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 2,021,927 | 5,908,002 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 203,437 | 9,303,133 | ||||||
Emaar Economic City(a) | 1,549,045 | 5,132,680 | ||||||
Etihad Etisalat Co.(a) | 1,354,255 | 12,621,976 | ||||||
Jarir Marketing Co. | 215,793 | 12,048,762 | ||||||
Mobile Telecommunications Co.(a) | 1,535,258 | 5,514,565 | ||||||
Mouwasat Medical Services Co. | 185,150 | 10,270,640 | ||||||
National Industrialization Co.(a) | 1,351,894 | 8,189,401 | ||||||
National Petrochemical Co. | 471,399 | 5,688,653 | ||||||
Rabigh Refining & Petrochemical | 870,740 | 5,716,201 | ||||||
Riyad Bank(a) | 4,976,948 | 47,173,630 | ||||||
SABIC Agri-Nutrients Co. | 795,364 | 33,888,761 | ||||||
Sahara International Petrochemical Co. | 1,377,859 | 17,234,459 | ||||||
Saudi Arabian Mining Co.(a) | 1,612,631 | 46,035,046 | ||||||
Saudi Arabian Oil Co.(b) | 7,829,695 | 86,866,585 | ||||||
Saudi Basic Industries Corp. | 3,274,947 | 109,177,945 | ||||||
Saudi British Bank (The)(a) | 3,027,798 | 31,327,227 | ||||||
Saudi Electricity Co. | 3,016,547 | 22,264,048 | ||||||
Saudi Industrial Investment Group | 853,097 | 8,054,866 | ||||||
Saudi Kayan Petrochemical Co.(a) | 2,818,579 | 15,409,069 | ||||||
Saudi National Bank (The) | 8,044,325 | 146,542,154 | ||||||
Saudi Research & Media Group(a) | 91,466 | 6,094,970 | ||||||
Saudi Telecom Co. | 2,159,475 | 65,888,312 | ||||||
Savola Group (The) | 885,061 | 8,018,335 | ||||||
Yanbu National Petrochemical Co. | 913,561 | 16,769,049 | ||||||
|
| |||||||
1,089,244,729 | ||||||||
South Africa — 3.7% | ||||||||
Absa Group Ltd. | 2,633,920 | 30,258,069 | ||||||
African Rainbow Minerals Ltd. | 432,523 | 7,697,299 | ||||||
Anglo American Platinum Ltd. | 197,080 | 30,761,206 | ||||||
AngloGold Ashanti Ltd. | 1,535,025 | 35,914,819 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,441,907 | 18,848,764 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Bid Corp. Ltd. | 1,243,221 | $ | 25,258,580 | |||||
Bidvest Group Ltd (The) | 1,021,476 | 13,995,557 | ||||||
Capitec Bank Holdings Ltd. | 298,396 | 40,287,244 | ||||||
Clicks Group Ltd. | 915,905 | 17,807,320 | ||||||
Discovery Ltd.(a) | 1,588,529 | 16,268,188 | ||||||
Exxaro Resources Ltd. | 942,511 | 12,157,220 | ||||||
FirstRand Ltd. | 18,340,251 | 78,966,797 | ||||||
Gold Fields Ltd. | 3,283,667 | 45,721,005 | ||||||
Growthpoint Properties Ltd. | 12,174,727 | 10,609,956 | ||||||
Harmony Gold Mining Co. Ltd. | 2,075,977 | 8,865,647 | ||||||
Impala Platinum Holdings Ltd. | 3,015,842 | 57,525,325 | ||||||
Kumba Iron Ore Ltd. | 237,552 | 9,390,142 | ||||||
Mr. Price Group Ltd. | 952,355 | 12,983,182 | ||||||
MTN Group Ltd.(a) | 6,271,806 | 78,288,097 | ||||||
MultiChoice Group | 1,357,453 | 11,125,354 | ||||||
Naspers Ltd., Class N | 793,250 | 99,894,412 | ||||||
Nedbank Group Ltd. | 1,673,091 | 23,784,795 | ||||||
NEPI Rockcastle PLC | 1,587,276 | 10,144,465 | ||||||
Northam Platinum Holdings Ltd.(a) | 1,267,707 | 20,468,815 | ||||||
Old Mutual Ltd. | 17,182,421 | 14,080,059 | ||||||
Pepkor Holdings Ltd.(b) | 4,863,145 | 6,942,267 | ||||||
Rand Merchant Investment Holdings Ltd. | 3,058,418 | 9,623,040 | ||||||
Reinet Investments SCA | 511,907 | 10,552,916 | ||||||
Remgro Ltd. | 1,909,088 | 17,348,630 | ||||||
Sanlam Ltd. | 6,844,695 | 28,844,470 | ||||||
Sasol Ltd.(a) | 2,084,138 | 47,820,421 | ||||||
Shoprite Holdings Ltd. | 1,862,615 | 27,783,272 | ||||||
Sibanye Stillwater Ltd. | 9,822,856 | 46,340,561 | ||||||
SPAR Group Ltd (The) | 681,489 | 7,272,171 | ||||||
Standard Bank Group Ltd. | 4,811,358 | 50,981,197 | ||||||
Tiger Brands Ltd. | 603,974 | 6,415,941 | ||||||
Vodacom Group Ltd. | 2,280,882 | 21,955,506 | ||||||
Woolworths Holdings Ltd. | 3,693,842 | 12,162,678 | ||||||
|
| |||||||
1,025,145,387 | ||||||||
South Korea — 11.7% | ||||||||
Alteogen Inc.(a)(c) | 105,528 | 4,753,024 | ||||||
Amorepacific Corp.(c) | 118,015 | 18,216,884 | ||||||
AMOREPACIFIC Group | 111,064 | 4,537,675 | ||||||
BGF retail Co. Ltd. | 31,218 | 4,422,541 | ||||||
Celltrion Healthcare Co. Ltd. | 317,953 | 16,911,151 | ||||||
Celltrion Inc. | 359,595 | 47,998,699 | ||||||
Celltrion Pharm Inc.(a) | 63,700 | 4,686,910 | ||||||
Cheil Worldwide Inc. | 265,159 | 4,985,499 | ||||||
CJ CheilJedang Corp. | 30,256 | 9,583,752 | ||||||
CJ Corp. | 52,790 | 3,718,818 | ||||||
CJ ENM Co. Ltd. | 39,988 | 4,363,629 | ||||||
CJ Logistics Corp.(a) | 29,273 | 3,035,074 | ||||||
Coway Co. Ltd. | 207,765 | 12,478,114 | ||||||
DB Insurance Co. Ltd. | 176,301 | 9,061,756 | ||||||
Doosan Bobcat Inc. | 197,787 | 6,347,947 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a)(c) | 1,302,695 | 22,840,960 | ||||||
Douzone Bizon Co. Ltd. | 4,111 | 166,480 | ||||||
Ecopro BM Co. Ltd.(c) | 41,800 | 13,227,685 | ||||||
E-MART Inc. | 70,375 | 7,674,701 | ||||||
F&F Co. Ltd./New(a) | 13,259 | 9,910,279 | ||||||
Green Cross Corp.(c) | 21,869 | 3,327,546 | ||||||
GS Engineering & Construction Corp. | 237,637 | 8,540,455 | ||||||
GS Holdings Corp. | 181,194 | 6,058,955 | ||||||
Hana Financial Group Inc. | 1,098,777 | 44,640,929 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hankook Tire & Technology Co. Ltd. | 276,458 | $ | 8,145,343 | |||||
Hanmi Pharm Co. Ltd.(a)(c) | 25,857 | 5,727,325 | ||||||
Hanon Systems | 697,821 | 6,757,851 | ||||||
Hanwha Solutions Corp.(a) | 453,363 | 12,888,881 | ||||||
HLB Inc.(a)(c) | 357,758 | 9,373,730 | ||||||
HMM Co. Ltd.(a)(c) | 993,400 | 24,063,401 | ||||||
Hotel Shilla Co. Ltd.(c) | 120,240 | 8,126,644 | ||||||
HYBE Co. Ltd.(a)(c) | 62,069 | 15,081,849 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 284,042 | 10,348,279 | ||||||
Hyundai Glovis Co. Ltd. | 67,417 | 9,945,041 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 180,630 | 7,777,816 | ||||||
Hyundai Mobis Co. Ltd. | 241,948 | 45,429,601 | ||||||
Hyundai Motor Co. | 513,465 | 75,554,687 | ||||||
Hyundai Steel Co. | 324,241 | 10,813,720 | ||||||
Iljin Materials Co. Ltd. | 87,287 | 6,681,529 | ||||||
Industrial Bank of Korea | 949,272 | 8,527,835 | ||||||
Kakao Corp.(c) | 1,146,177 | 90,773,516 | ||||||
Kakao Games Corp.(a)(c) | 112,580 | 6,994,776 | ||||||
KakaoBank Corp.(a)(c) | 349,221 | 14,099,314 | ||||||
Kangwon Land Inc.(a)(c) | 365,443 | 8,128,181 | ||||||
KB Financial Group Inc. | 1,448,006 | 71,436,564 | ||||||
Kia Corp. | 967,783 | 59,998,011 | ||||||
Korea Aerospace Industries Ltd.(a) | 275,281 | 8,564,510 | ||||||
Korea Electric Power Corp.(a) | 920,737 | 17,843,246 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 150,860 | 10,022,412 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 146,013 | 10,824,816 | ||||||
Korea Zinc Co. Ltd. | 32,463 | 14,888,849 | ||||||
Korean Air Lines Co. Ltd.(a) | 642,320 | 15,824,792 | ||||||
Krafton Inc.(a) | 81,050 | 20,107,258 | ||||||
KT&G Corp. | 418,512 | 27,821,234 | ||||||
Kumho Petrochemical Co. Ltd.(a)(c) | 67,853 | 9,154,092 | ||||||
L&F Co. Ltd.(a)(c) | 85,829 | 14,121,917 | ||||||
LG Chem Ltd. | 168,498 | 79,959,728 | ||||||
LG Corp. | 317,879 | 19,978,763 | ||||||
LG Display Co. Ltd.(c) | 856,352 | 13,467,333 | ||||||
LG Electronics Inc. | 393,703 | 41,101,157 | ||||||
LG Energy Solution(a)(c) | 78,083 | 26,756,099 | ||||||
LG Household & Health Care Ltd.(c) | 34,052 | 27,018,334 | ||||||
LG Innotek Co. Ltd. | 53,470 | 14,760,534 | ||||||
LG Uplus Corp. | 765,515 | 8,408,684 | ||||||
Lotte Chemical Corp. | 60,755 | 11,197,131 | ||||||
Lotte Shopping Co. Ltd. | 40,842 | 2,918,275 | ||||||
Meritz Financial Group Inc. | 42,337 | 1,297,558 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 81,377 | 2,781,715 | ||||||
Meritz Securities Co. Ltd. | 1,174,128 | 5,749,662 | ||||||
Mirae Asset Securities Co. Ltd. | 1,023,162 | 7,550,310 | ||||||
NAVER Corp. | 451,659 | 120,347,796 | ||||||
NCSoft Corp. | 60,222 | 22,308,931 | ||||||
Netmarble Corp.(b) | 77,828 | 6,687,602 | ||||||
NH Investment & Securities Co. Ltd.(a) | 515,742 | 4,990,798 | ||||||
Orion Corp./Republic of Korea | 89,828 | 6,874,020 | ||||||
Pan Ocean Co. Ltd. | 1,019,114 | 5,623,874 | ||||||
Pearl Abyss Corp.(a)(c) | 113,321 | 9,088,692 | ||||||
POSCO | 272,138 | 64,748,091 | ||||||
POSCO Chemical Co. Ltd. | 116,612 | 11,170,175 | ||||||
S-1 Corp. | 65,194 | 3,795,159 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 61,211 | 39,820,997 | ||||||
Samsung C&T Corp. | 302,387 | 27,927,141 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 206,869 | 28,921,985 |
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Samsung Electronics Co. Ltd. | 17,487,705 | $ | 1,053,693,276 | |||||
Samsung Engineering Co. Ltd.(a) | 599,607 | 11,713,360 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 113,475 | 18,044,858 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 2,424,765 | 11,820,177 | ||||||
Samsung Life Insurance Co. Ltd.(c) | 248,978 | 12,448,784 | ||||||
Samsung SDI Co. Ltd. | 202,309 | 93,232,087 | ||||||
Samsung SDS Co. Ltd. | 120,591 | 14,157,154 | ||||||
Samsung Securities Co. Ltd. | 229,304 | 8,126,954 | ||||||
SD Biosensor Inc. | 132,213 | 6,003,934 | ||||||
Seegene Inc.(c) | 134,974 | 5,784,989 | ||||||
Shinhan Financial Group Co. Ltd. | 1,587,515 | 51,650,983 | ||||||
SK Biopharmaceuticals Co. Ltd.(a)(c) | 99,007 | 7,027,530 | ||||||
SK Bioscience Co. Ltd.(a) | 84,865 | 10,392,458 | ||||||
SK Chemicals Co. Ltd. | 43,171 | 4,535,033 | ||||||
SK Hynix Inc. | 1,999,547 | 208,461,777 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 93,026 | 9,661,429 | ||||||
SK Inc.(c) | 153,650 | 29,348,676 | ||||||
SK Innovation Co. Ltd.(a) | 187,271 | 31,614,350 | ||||||
SK Square Co. Ltd.(a) | 353,143 | 16,389,054 | ||||||
SK Telecom Co. Ltd. | 97,351 | 4,442,426 | ||||||
SKC Co. Ltd. | 80,886 | 9,406,556 | ||||||
S-Oil Corp.(c) | 167,901 | 11,957,803 | ||||||
Woori Financial Group Inc. | 1,865,668 | 22,316,367 | ||||||
Yuhan Corp. | 196,238 | 9,534,850 | ||||||
|
| |||||||
3,214,351,892 | ||||||||
Taiwan — 16.1% | ||||||||
Accton Technology Corp.(c) | 1,870,000 | 16,958,219 | ||||||
Acer Inc.(c) | 10,684,121 | 11,088,283 | ||||||
Advantech Co. Ltd.(c) | 1,437,455 | 18,929,137 | ||||||
Airtac International Group | 518,526 | 17,247,260 | ||||||
ASE Technology Holding Co. Ltd. | 12,098,110 | 43,726,289 | ||||||
Asia Cement Corp. | 8,011,077 | 12,947,953 | ||||||
ASMedia Technology Inc.(c) | 103,000 | 6,376,557 | ||||||
Asustek Computer Inc.(c) | 2,591,968 | 34,578,082 | ||||||
AU Optronics Corp.(c) | 30,205,000 | 22,613,782 | ||||||
Catcher Technology Co. Ltd. | 2,373,210 | 12,181,236 | ||||||
Cathay Financial Holding Co. Ltd. | 29,007,710 | 65,227,767 | ||||||
Chailease Holding Co. Ltd.(c) | 4,844,889 | 43,969,839 | ||||||
Chang Hwa Commercial Bank Ltd. | 15,775,369 | 10,015,532 | ||||||
Cheng Shin Rubber Industry Co. Ltd.(c) | 6,570,128 | 8,405,167 | ||||||
China Development Financial Holding Corp. | 57,658,588 | 39,485,438 | ||||||
China Steel Corp. | 43,739,313 | 56,876,609 | ||||||
Chunghwa Telecom Co. Ltd. | 13,532,410 | 60,146,375 | ||||||
Compal Electronics Inc.(c) | 14,671,908 | 13,366,277 | ||||||
CTBC Financial Holding Co. Ltd. | 67,557,772 | 66,036,200 | ||||||
Delta Electronics Inc.(c) | 7,134,000 | 63,578,972 | ||||||
E Ink Holdings Inc. | 2,658,000 | 14,324,754 | ||||||
E.Sun Financial Holding Co Ltd(c) | 43,867,640 | 46,370,410 | ||||||
Eclat Textile Co. Ltd. | 725,427 | 15,036,781 | ||||||
eMemory Technology Inc. | 242,000 | 16,331,915 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 9,371,810 | 49,232,524 | ||||||
Far Eastern New Century Corp. | 9,700,038 | 10,282,461 | ||||||
Far EasTone Telecommunications Co. Ltd.(c) | 5,603,000 | 13,858,076 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,628,137 | 12,136,712 | ||||||
First Financial Holding Co. Ltd. | 37,734,901 | 34,743,936 | ||||||
Formosa Chemicals & Fibre Corp. | 12,690,090 | 35,977,330 | ||||||
Formosa Petrochemical Corp.(c) | 4,177,000 | 14,692,947 | ||||||
Formosa Plastics Corp. | 14,070,280 | 53,129,588 | ||||||
Foxconn Technology Co. Ltd.(c) | 3,369,637 | 7,756,069 | ||||||
Fubon Financial Holding Co. Ltd. | 27,844,974 | 75,183,212 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Giant Manufacturing Co. Ltd. | 1,129,203 | $ | 11,723,159 | |||||
Globalwafers Co. Ltd.(c) | 806,000 | 19,950,448 | ||||||
Hiwin Technologies Corp. | 1,010,527 | 9,648,075 | ||||||
Hon Hai Precision Industry Co. Ltd. | 45,442,873 | 168,800,190 | ||||||
Hotai Motor Co. Ltd.(c) | 1,128,000 | 25,539,542 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 32,577,114 | 25,831,372 | ||||||
Innolux Corp.(c) | 34,978,002 | 21,284,584 | ||||||
Inventec Corp. | 9,751,281 | 9,005,305 | ||||||
Largan Precision Co. Ltd.(c) | 364,000 | 26,452,901 | ||||||
Lite-On Technology Corp. | 7,857,246 | 19,320,020 | ||||||
MediaTek Inc.(c) | 5,566,338 | 219,958,453 | ||||||
Mega Financial Holding Co. Ltd.(c) | 39,543,162 | 53,288,400 | ||||||
Micro-Star International Co. Ltd.(c) | 2,507,000 | 14,131,399 | ||||||
momo.com Inc. | 174,000 | 6,194,234 | ||||||
Nan Ya Plastics Corp. | 19,130,160 | 60,336,521 | ||||||
Nan Ya Printed Circuit Board Corp.(c) | 857,000 | 16,411,221 | ||||||
Nanya Technology Corp. | 4,458,000 | 12,484,186 | ||||||
Nien Made Enterprise Co. Ltd. | 638,000 | 8,270,877 | ||||||
Novatek Microelectronics Corp.(c) | 2,121,000 | 35,162,924 | ||||||
Oneness Biotech Co. Ltd.(a)(c) | 863,000 | 7,618,780 | ||||||
Parade Technologies Ltd. | 285,000 | 19,676,872 | ||||||
Pegatron Corp. | 7,012,414 | 17,380,666 | ||||||
Pou Chen Corp. | 8,418,220 | 9,707,998 | ||||||
President Chain Store Corp. | 2,042,000 | 19,081,488 | ||||||
Quanta Computer Inc. | 9,804,000 | 32,783,559 | ||||||
Realtek Semiconductor Corp.(c) | 1,685,637 | 27,792,712 | ||||||
Ruentex Development Co. Ltd. | 4,529,161 | 11,694,411 | ||||||
Shanghai Commercial & Savings Bank Ltd/The | 13,318,318 | 21,938,551 | ||||||
Shin Kong Financial Holding Co. Ltd. | 44,446,149 | 18,024,447 | ||||||
SinoPac Financial Holdings Co. Ltd. | 39,101,626 | 24,010,786 | ||||||
Synnex Technology International Corp. | 5,122,834 | 13,262,847 | ||||||
Taishin Financial Holding Co. Ltd. | 38,725,610 | 27,139,883 | ||||||
Taiwan Cement Corp.(c) | 19,243,725 | 32,668,588 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 35,879,094 | 34,037,911 | ||||||
Taiwan High Speed Rail Corp. | 6,975,000 | 7,382,142 | ||||||
Taiwan Mobile Co. Ltd. | 5,945,600 | 21,986,178 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 90,289,000 | 1,941,173,423 | ||||||
Unimicron Technology Corp.(c) | 4,474,000 | 41,598,336 | ||||||
Uni-President Enterprises Corp.(c) | 17,290,839 | 41,599,895 | ||||||
United Microelectronics Corp.(c) | 43,505,000 | 81,978,696 | ||||||
Vanguard International Semiconductor Corp.(c) | 3,307,000 | 15,008,369 | ||||||
Voltronic Power Technology Corp. | 230,000 | 11,944,642 | ||||||
Wan Hai Lines Ltd.(c) | 2,283,600 | 15,554,641 | ||||||
Win Semiconductors Corp.(c) | 1,239,000 | 13,564,236 | ||||||
Winbond Electronics Corp. | 11,068,000 | 13,329,094 | ||||||
Wiwynn Corp.(c) | 300,000 | 10,714,680 | ||||||
WPG Holdings Ltd. | 5,911,449 | 11,797,532 | ||||||
Yageo Corp.(c) | 1,601,861 | 26,281,340 | ||||||
Yang Ming Marine Transport Corp.(a)(c) | 6,488,000 | 27,421,510 | ||||||
Yuanta Financial Holding Co. Ltd. | 35,066,980 | 31,325,072 | ||||||
Zhen Ding Technology Holding Ltd.(c) | 2,239,075 | 7,426,537 | ||||||
|
| |||||||
4,423,511,322 | ||||||||
Thailand — 1.9% | ||||||||
Advanced Info Service PCL, NVDR | 4,325,500 | 30,448,563 | ||||||
Airports of Thailand PCL, NVDR(a) | 15,427,000 | 30,479,621 | ||||||
Asset World Corp. PCL, NVDR(a) | 31,166,800 | 4,591,533 | ||||||
B Grimm Power PCL, NVDR(c) | 3,007,300 | 3,190,616 | ||||||
Bangkok Commercial Asset Management PCL, NVDR | 6,531,700 | 4,397,256 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 34,618,100 | 25,169,541 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Expressway & Metro PCL, NVDR(c) | 27,240,700 | $ | 7,448,196 | |||||
Berli Jucker PCL, NVDR | 4,321,800 | 4,443,955 | ||||||
BTS Group Holdings PCL, NVDR | 27,193,600 | 7,926,946 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,776,400 | 8,370,933 | ||||||
Carabao Group PCL, NVDR(c) | 1,178,400 | 3,858,029 | ||||||
Central Pattana PCL, NVDR | 7,384,300 | 12,557,235 | ||||||
Central Retail Corp. PCL, NVDR | 6,806,834 | 8,003,808 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) | 13,145,500 | 10,185,344 | ||||||
CP ALL PCL, NVDR | 21,134,000 | 44,153,490 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,158,900 | 14,509,779 | ||||||
Electricity Generating PCL, NVDR | 945,200 | 5,206,514 | ||||||
Energy Absolute PCL, NVDR | 5,702,900 | 16,667,518 | ||||||
Global Power Synergy PCL, NVDR | 2,658,800 | 6,137,526 | ||||||
Gulf Energy Development PCL, NVDR | 10,980,900 | 17,072,360 | ||||||
Home Product Center PCL, NVDR | 21,909,814 | 10,259,898 | ||||||
Indorama Ventures PCL, NVDR | 6,514,380 | 9,025,333 | ||||||
Intouch Holdings PCL, NVDR | 4,328,525 | 10,065,325 | ||||||
Krung Thai Bank PCL, NVDR | 12,050,300 | 5,184,374 | ||||||
Krungthai Card PCL, NVDR(c) | 3,427,300 | 6,669,532 | ||||||
Land & Houses PCL, NVDR | 30,302,600 | 8,924,163 | ||||||
Minor International PCL, NVDR(a) | 11,630,020 | 11,014,190 | ||||||
Muangthai Capital PCL, NVDR | 2,886,200 | 4,571,290 | ||||||
Osotspa PCL, NVDR(c) | 4,507,900 | 4,879,652 | ||||||
PTT Exploration & Production PCL, NVDR | 5,134,739 | 21,618,551 | ||||||
PTT Global Chemical PCL, NVDR | 8,196,430 | 13,357,450 | ||||||
PTT Oil & Retail Business PCL, NVDR | 10,816,400 | 8,571,011 | ||||||
PTT PCL, NVDR | 36,154,800 | 44,010,099 | ||||||
Ratch Group PCL, NVDR | 2,989,300 | 4,215,579 | ||||||
SCG Packaging PCL, NVDR | 4,945,700 | 9,302,427 | ||||||
Siam Cement PCL (The), NVDR | 2,814,200 | 33,867,867 | ||||||
Siam Commercial Bank PCL (The), NVDR | 3,118,200 | 12,049,521 | ||||||
Sri Trang Gloves Thailand PCL, NVDR(c) | 3,446,400 | 2,715,985 | ||||||
Srisawad Corp. PCL, NVDR(c) | 2,958,700 | 5,252,641 | ||||||
Thai Oil PCL, NVDR | 4,202,700 | 6,986,475 | ||||||
Thai Union Group PCL, NVDR | 10,908,500 | 6,810,510 | ||||||
True Corp. PCL, NVDR | 44,061,601 | 6,773,027 | ||||||
|
| |||||||
510,943,663 | ||||||||
Turkey — 0.3% | ||||||||
Akbank TAS | 11,067,377 | 5,649,096 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,422,632 | 3,892,945 | ||||||
BIM Birlesik Magazalar AS | 1,604,701 | 8,475,544 | ||||||
Enka Insaat ve Sanayi AS | 2 | 1 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 5,300,249 | 11,902,367 | ||||||
Ford Otomotiv Sanayi AS | 273,314 | 5,323,997 | ||||||
KOC Holding AS | 2,724,274 | 6,227,924 | ||||||
Turkcell Iletisim Hizmetleri AS | 4,306,815 | 6,385,423 | ||||||
Turkiye Garanti Bankasi AS | 8,236,533 | 6,593,868 | ||||||
Turkiye Is Bankasi AS, Class C | 5,471,285 | 3,167,982 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 483,726 | 6,741,984 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 5,246,012 | 4,692,518 | ||||||
|
| |||||||
69,053,649 | ||||||||
United Arab Emirates — 1.3% | ||||||||
Abu Dhabi Commercial Bank PJSC | 10,225,809 | 29,991,508 | ||||||
Abu Dhabi Islamic Bank PJSC | 5,593,952 | 13,495,593 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 9,402,123 | 10,556,088 | ||||||
Aldar Properties PJSC | 14,077,213 | 16,088,269 | ||||||
Dubai Islamic Bank PJSC | 9,910,559 | 16,470,545 | ||||||
Emaar Properties PJSC | 14,578,415 | 20,193,962 | ||||||
Emirates NBD Bank PJSC | 9,200,367 | 35,890,997 |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
Emirates Telecommunications Group Co. PJSC | 12,826,771 | $ | 122,501,165 | |||||
First Abu Dhabi Bank PJSC | 16,042,188 | 90,320,700 | ||||||
|
| |||||||
355,508,827 | ||||||||
|
| |||||||
Total Common Stocks — 97.5% | 26,757,331,752 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.3% | ||||||||
Alpargatas SA, Preference Shares, NVS | 719,150 | 3,580,773 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 17,728,340 | 69,447,486 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 722,851 | 6,773,539 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 978,580 | 6,499,497 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 4,049,821 | 9,951,498 | ||||||
Gerdau SA, Preference Shares, NVS | 4,300,188 | 21,328,135 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 17,641,704 | 86,605,836 | ||||||
Itausa SA, Preference Shares, NVS | 17,082,678 | 33,082,615 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 17,495,619 | 115,006,691 | ||||||
|
| |||||||
352,276,070 | ||||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 505,347 | 33,561,043 | ||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS | 1,676,132 | 14,815,677 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 25,014,400 | 2,685,835 | ||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 82,275 | 6,034,603 | ||||||
Series 2, Preference Shares, NVS | 124,405 | 9,202,928 | ||||||
LG Chem Ltd., Preference Shares, NVS | 28,199 | 6,391,288 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 7,767 | 3,404,336 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 3,026,820 | 167,284,724 | ||||||
|
| |||||||
192,317,879 | ||||||||
|
| |||||||
Total Preferred Stocks — 2.1% | 595,656,504 | |||||||
|
| |||||||
Rights | ||||||||
Brazil — 0.0% | ||||||||
Americanas SA (Expires 04/08/22)(a) | 51,710 | 67,954 | ||||||
|
| |||||||
South Korea — 0.0% | ||||||||
Samsung Biologics Co. Ltd. | 4,058 | 472,499 | ||||||
|
| |||||||
Total Rights — 0.0% | 540,453 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 669,337,148 | 669,471,015 |
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 11,270,000 | $ | 11,270,000 | |||||
|
| |||||||
680,741,015 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.5% |
| 680,741,015 | ||||||
|
| |||||||
Total Investments in Securities — 102.1% |
| 28,034,269,724 | ||||||
Other Assets, Less Liabilities — (2.1)% |
| (584,803,004 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 27,449,466,720 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 930,601,386 | $ | — | $ | (260,900,761 | )(a) | $ | (80,554 | ) | $ | (149,056 | ) | $ | 669,471,015 | 669,337,148 | $ | 7,187,285 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 25,200,000 | — | (13,930,000 | )(a) | — | — | 11,270,000 | 11,270,000 | 4,544 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | (80,554 | ) | $ | (149,056 | ) | $ | 680,741,015 | $ | 7,191,829 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| ||||||||||||||
Long Contracts | ||||||||||||||
MSCI Emerging Markets Index | 1,339 | 03/18/22 | $78,700 | $ | (1,444,602 | ) | ||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 1,444,602 | ||
|
|
(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). |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (16,447,268 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (1,444,602 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 117,519,432 |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 2,721,028,241 | $ | 23,887,307,971 | $ | 148,995,540 | $ | 26,757,331,752 | ||||||||
Preferred Stocks | 14,815,677 | 578,154,992 | 2,685,835 | 595,656,504 | ||||||||||||
Rights | — | 540,453 | — | 540,453 | ||||||||||||
Money Market Funds | 680,741,015 | — | — | 680,741,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,416,584,933 | $ | 24,466,003,416 | $ | 151,681,375 | $ | 28,034,269,724 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (1,444,602 | ) | $ | — | $ | — | $ | (1,444,602 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF | |||||||
| ||||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | — | $ | 27,353,528,709 | ||||
Affiliated(c) | 184,512,282 | 680,741,015 | ||||||
Cash | 5,256 | 5,091,895 | ||||||
Foreign currency, at value(d) | — | 30,664,848 | ||||||
Cash pledged: | ||||||||
Futures contracts | — | 2,440,000 | ||||||
Receivables: | ||||||||
Investments sold | — | 197,517,592 | ||||||
Securities lending income — Affiliated | — | 1,012,083 | ||||||
Capital shares sold | 2,127 | — | ||||||
Dividends | — | 47,848,461 | ||||||
Tax reclaims | — | 607,115 | ||||||
Unrealized appreciation on: | ||||||||
Forward foreign currency exchange contracts | 2,435,107 | — | ||||||
|
|
|
| |||||
Total assets | 186,954,772 | 28,319,451,718 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Collateral on securities loaned, at value | — | 668,959,352 | ||||||
Payables: | ||||||||
Investments purchased | 1,217,853 | 182,447,712 | ||||||
Variation margin on futures contracts | — | 571,461 | ||||||
Bank borrowings | — | 2,500,086 | ||||||
Investment advisory fees | — | 15,182,451 | ||||||
Foreign taxes | — | 323,936 | ||||||
Unrealized depreciation on: | ||||||||
Forward foreign currency exchange contracts | 1,351,111 | — | ||||||
|
|
|
| |||||
Total liabilities | 2,568,964 | 869,984,998 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 184,385,808 | $ | 27,449,466,720 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 183,319,814 | $ | 34,361,697,303 | ||||
Accumulated earnings (loss) | 1,065,994 | (6,912,230,583 | ) | |||||
|
|
|
| |||||
NET ASSETS | $ | 184,385,808 | $ | 27,449,466,720 | ||||
|
|
|
| |||||
Shares outstanding | 6,480,000 | 592,200,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 28.45 | $ | 46.35 | ||||
|
|
|
| |||||
Shares authorized | 250 million | 4 billion | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Securities loaned, at value | $ | — | $ | 622,028,010 | ||||
(b) Investments, at cost — Unaffiliated | $ | — | $ | 22,838,701,558 | ||||
(c) Investments, at cost — Affiliated | $ | 181,709,255 | $ | 680,587,906 | ||||
(d) Foreign currency, at cost | $ | — | $ | 30,743,554 |
See notes to financial statements.
FINANCIAL STATEMENTS | 25 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | — | $ | 281,935,019 | ||||
Dividends — Affiliated | 2,937,497 | 64,876 | ||||||
Securities lending income — Affiliated — net(a) | — | 7,126,953 | ||||||
Foreign taxes withheld | — | (31,191,024 | ) | |||||
Other foreign taxes | — | (393,487 | ) | |||||
|
|
|
| |||||
Total investment income | 2,937,497 | 257,542,337 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees | 753,102 | 100,657,939 | ||||||
Commitment fees | 951 | 19,090 | ||||||
Professional fees | 217 | 217 | ||||||
Mauritius income taxes | — | 295 | ||||||
Interest expense | — | 511,175 | ||||||
|
|
|
| |||||
Total expenses | 754,270 | 101,188,716 | ||||||
Less: | ||||||||
Investment advisory fees waived | (754,270 | ) | — | |||||
|
|
|
| |||||
Total expenses after fees waived | — | 101,188,716 | ||||||
|
|
|
| |||||
Net investment income | 2,937,497 | 156,353,621 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(b) | — | 1,361,650,222 | ||||||
Investments — Affiliated | (592,718 | ) | (80,554 | ) | ||||
In-kind redemptions — Affiliated | 5,364,297 | — | ||||||
Futures contracts | — | (16,447,268 | ) | |||||
Forward foreign currency exchange contracts | 1,504,392 | — | ||||||
Foreign currency transactions | (9,107 | ) | (14,932,084 | ) | ||||
|
|
|
| |||||
Net realized gain | 6,266,864 | 1,330,190,316 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated(c) | — | (4,720,357,506 | ) | |||||
Investments — Affiliated | (26,042,562 | ) | (149,056 | ) | ||||
Futures contracts | — | (1,444,602 | ) | |||||
Forward foreign currency exchange contracts | 1,844,966 | — | ||||||
Foreign currency translations | — | 2,386,983 | ||||||
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Net change in unrealized appreciation (depreciation) | (24,197,596 | ) | (4,719,564,181 | ) | ||||
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Net realized and unrealized loss | (17,930,732 | ) | (3,389,373,865 | ) | ||||
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NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (14,993,235 | ) | $ | (3,233,020,244 | ) | ||
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(a) Net of securities lending income tax paid of | $ | — | $ | 664,039 | ||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | — | $ | (133,629,674 | ) | |||
(c) Net of reduction in deferred foreign capital gain tax of | $ | — | $ | 109,498,234 |
See notes to financial statements.
26 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||
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INCREASE (DECREASE) IN NET ASSETS |
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OPERATIONS | ||||||||||||||||||||||
Net investment income | $ | 2,937,497 | $ | 2,863,955 | $ | 156,353,621 | $ | 422,538,344 | ||||||||||||||
Net realized gain (loss) | 6,266,864 | 1,206,589 | 1,330,190,316 | (540,784,216 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (24,197,596 | ) | 22,470,366 | (4,719,564,181 | ) | 4,851,060,910 | ||||||||||||||||
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Net increase (decrease) in net assets resulting from operations | (14,993,235 | ) | 26,540,910 | (3,233,020,244 | ) | 4,732,815,038 | ||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,937,497 | ) | (2,865,230 | ) | (432,075,862 | ) | (421,960,887 | ) | ||||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (863,104 | ) | (4,122,036 | ) | 131,260,914 | 2,647,877,164 | ||||||||||||||||
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NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (18,793,836 | ) | 19,553,644 | (3,533,835,192 | ) | 6,958,731,315 | ||||||||||||||||
Beginning of period | 203,179,644 | 183,626,000 | 30,983,301,912 | 24,024,570,597 | ||||||||||||||||||
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End of period | $ | 184,385,808 | $ | 203,179,644 | $ | 27,449,466,720 | $ | 30,983,301,912 | ||||||||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL�� STATEMENTS | 27 |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI Emerging Markets ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 31.31 | $ | 27.41 | $ | 24.38 | $ | 25.70 | $ | 25.57 | $ | 21.72 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.46 | 0.44 | 0.71 | 0.55 | 0.60 | 0.36 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.89 | ) | 3.92 | 3.03 | (1.27 | ) | 0.12 | 3.83 | ||||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (2.43 | ) | 4.36 | 3.74 | (0.72 | ) | 0.72 | 4.19 | ||||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.43 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | (0.59 | ) | (0.34 | ) | ||||||||||||||||||||||||||||||||||||
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Total distributions | (0.43 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | (0.59 | ) | (0.34 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 28.45 | $ | 31.31 | $ | 27.41 | $ | 24.38 | $ | 25.70 | $ | 25.57 | ||||||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (7.73 | )%(e) | 15.96 | % | 15.49 | % | (2.72 | )% | 2.77 | % | 19.55 | % | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.78 | %(g) | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.00 | %(g) | 0.00 | %(h) | 0.00 | %(h) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 3.04 | %(g) | 1.41 | % | 2.84 | % | 2.22 | % | 2.25 | % | 1.56 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 184,386 | $ | 203,180 | $ | 183,626 | $ | 180,376 | $ | 344,328 | $ | 393,757 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(i) | 2 | %(e) | 6 | % | 9 | % | 7 | % | 7 | % | 4 | % | ||||||||||||||||||||||||||||||||||||
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(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) | Rounds to less than 0.01%. |
(i) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 52.56 | $ | 44.56 | $ | 40.22 | $ | 43.24 | $ | 44.76 | $ | 36.74 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.26 | 0.75 | 0.98 | 0.90 | 0.83 | (b) | 0.75 | |||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (5.74 | ) | 8.01 | 4.52 | (3.02 | ) | (1.36 | ) | 7.86 | |||||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (5.48 | ) | 8.76 | 5.50 | (2.12 | ) | (0.53 | ) | 8.61 | |||||||||||||||||||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.73 | ) | (0.76 | ) | (1.16 | ) | (0.90 | ) | (0.99 | ) | (0.59 | ) | ||||||||||||||||||||||||||||||||||||
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Total distributions | (0.73 | ) | (0.76 | ) | (1.16 | ) | (0.90 | ) | (0.99 | ) | (0.59 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 46.35 | $ | 52.56 | $ | 44.56 | $ | 40.22 | $ | 43.24 | $ | 44.76 | ||||||||||||||||||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (10.50 | )%(f) | 19.72 | % | 13.82 | % | (4.87 | )% | (1.28 | )%(b) | 23.80 | % | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.69 | %(h) | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | 0.69 | % | ||||||||||||||||||||||||||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.68 | % | 0.70 | % | 0.68 | % | 0.67 | % | 0.69 | % | |||||||||||||||||||||||||||||||||||||
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Net investment income | 1.07 | %(h) | 1.45 | % | 2.38 | % | 2.16 | % | 1.78 | %(b) | 1.92 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 27,449,467 | $ | 30,983,302 | $ | 24,024,571 | $ | 24,631,575 | $ | 31,149,012 | $ | 35,891,890 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(i) | 16 | %(f) | 9 | % | 19 | % | 15 | % | 16 | % | 9 | % | ||||||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2018: |
• | Net investment income per share by $0.02. |
• | Total return by 0.07%. |
• | Ratio of net investment income to average net assets by 0.04%. |
(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.
FINANCIAL HIGHLIGHTS | 29 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 | |
Currency Hedged MSCI Emerging Markets | Diversified | |
MSCI Emerging Markets | Diversified |
Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.
Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $2,237, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
As of period end, MSCI Emerging Markets no longer invests in the Subsidiary. Effective October 20, 2021, MSCI Emerging Markets transferred all of the assets of MSCI Emerging Markets’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets through on-exchange transactions in India. MSCI Emerging Markets recognized a realized gain/loss of $1,882,431,068 as a result of this transaction. After the transfer, MSCI Emerging Markets began making new investments in India directly.
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.
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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, 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.
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
The iShares MSCI Emerging Markets ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
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.
NOTES TO FINANCIAL STATEMENTS | 31 |
Notes to Financial Statements (unaudited) (continued)
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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets | ||||||||||||||||
Barclays Capital, Inc | $ | 12,486,167 | $ | 12,486,167 | $ | — | $ | — | ||||||||
BNP Paribas SA | 7,003,453 | 7,003,453 | — | — | ||||||||||||
BofA Securities, Inc | 65,133,241 | 65,133,241 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 2,124,008 | 2,124,008 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 39,500,478 | 39,500,478 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1,853,546 | 1,853,546 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 30,937,894 | 30,937,894 | — | — | ||||||||||||
Goldman Sachs International | 72,079,893 | 72,079,893 | — | — | ||||||||||||
HSBC Bank PLC | 7,578,346 | 7,578,346 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 26,681,014 | 26,681,014 | — | — | ||||||||||||
J.P. Morgan Securities PLC | 21,061,745 | 21,061,745 | — | — | ||||||||||||
Jefferies LLC | 3,435,041 | 3,435,041 | — | — | ||||||||||||
Macquarie Bank Ltd. | 19,217,193 | 19,217,193 | — | — | ||||||||||||
Morgan Stanley | 289,884,872 | 289,884,872 | — | — | ||||||||||||
Nomura Securities International, Inc. | 67,680 | �� | 67,680 | — | — | |||||||||||
RBC Capital Markets LLC | 5,838,463 | 5,838,463 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 149,868 | 149,868 | — | — | ||||||||||||
SG Americas Securities LLC | 6,884,676 | 6,884,676 | — | — | ||||||||||||
State Street Bank & Trust Co. | 156,657 | 156,657 | — | — | ||||||||||||
UBS AG | 2,855,830 | 2,855,830 | — | — | ||||||||||||
UBS Securities LLC | 7,097,945 | 7,097,945 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 622,028,010 | $ | 622,028,010 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received 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 statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
NOTES TO FINANCIAL STATEMENTS | 33 |
Notes to Financial Statements (unaudited) (continued)
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
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 directors).
For its investment advisory services to the following Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Currency Hedged MSCI Emerging Markets | 0.78 | % |
For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | 0.35 |
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.
This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Currency Hedged MSCI Emerging Markets | $ | 754,270 |
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Emerging Markets | $ | 1,871,587 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 February 28, 2022, 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 Emerging Markets | $ | 48,381,859 | $ | 52,231,646 | $ | (61,364,989 | ) |
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.
NOTES TO FINANCIAL STATEMENTS | 35 |
Notes to Financial Statements (unaudited) (continued)
7. | PURCHASES AND SALES |
For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 8,219,335 | $ | 4,532,786 | ||||
MSCI Emerging Markets | 4,619,017,163 | 4,851,641,102 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 32,426,742 | $ | 33,337,867 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Currency Hedged MSCI Emerging Markets | $ | 8,227,708 | ||
MSCI Emerging Markets | 11,976,796,425 |
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.
As of February 28, 2022, 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) | ||||||||||||
Currency Hedged MSCI Emerging Markets | $ | 182,935,165 | $ | 5,238,134 | $ | (2,577,021 | ) | $ | 2,661,113 | |||||||
MSCI Emerging Markets | 24,271,862,679 | 8,418,981,409 | (4,658,018,966 | ) | 3,760,962,443 |
9. | LINE OF CREDIT |
The iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2022, the iShares Currency Hedged MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average | |||||||
MSCI Emerging Markets | $6,958,000 | $244,464 | 1.11% |
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
The iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI Emerging Markets | $600,000,000 | $76,243,094 | 1.33 | % |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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
NOTES TO FINANCIAL STATEMENTS | 37 |
Notes to Financial Statements (unaudited) (continued)
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.
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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
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.
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
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Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||
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Currency Hedged MSCI Emerging Markets | ||||||||||||||||||
Shares sold | 1,080,000 | $ | 32,431,965 | 1,320,000 | $ | 41,187,291 | ||||||||||||
Shares redeemed | (1,090,000 | ) | (33,295,069 | ) | (1,530,000 | ) | (45,309,327 | ) | ||||||||||
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Net decrease | (10,000 | ) | $ | (863,104 | ) | (210,000 | ) | $ | (4,122,036 | ) | ||||||||
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MSCI Emerging Markets | ||||||||||||||||||
Shares sold | 2,700,000 | $ | 131,260,914 | 50,400,000 | $ | 2,647,877,164 | ||||||||||||
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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.
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.
NOTES TO FINANCIAL STATEMENTS | 39 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
40 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
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iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
Currency Hedged MSCI Emerging Markets(a) | $ | 0.203421 | $ | — | $ | 0.225899 | $ | 0.429320 | 47 | % | — | % | 53 | % | 100 | % | ||||||||||||||||||||
MSCI Emerging Markets(a) | 0.347253 | — | 0.385581 | 0.732834 | 47 | — | 53 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
SUPPLEMENTAL INFORMATION | 41 |
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 Company’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.
42 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
Currency Abbreviations | ||
BRL | Brazilian Real | |
CLP | Chilean Peso | |
CNY | Chinese Yuan | |
EUR | Euro | |
HKD | Hong Kong Dollar | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
RUB | Russian Ruble | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |
Counterparty Abbreviations | ||
CITI | Citibank N.A. | |
GS | Goldman Sachs & Co. | |
JPM | JPMorgan Chase Bank N.A. | |
MS | Morgan Stanley & Co. International PLC | |
SSB | State Street Bank and Trust Co. |
GLOSSARY OF TERMS USED IN THIS REPORT | 43 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-805-0222
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited)
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iShares, Inc.
· iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ
· iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ
· iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX
· iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX
· iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | (2.62)% | 16.39% | ||
U.S. small cap equities | (9.46) | (6.01) | ||
International equities | (6.78) | 2.83 | ||
Emerging market equities | (9.81) | (10.69) | ||
3-month Treasury bills | 0.02 | 0.04 | ||
U.S. Treasury securities | (3.94) | (1.67) | ||
U.S. investment grade bonds | (4.07) | (2.64) | ||
Tax-exempt municipal bonds | (3.09) | (0.66) | ||
U.S. high yield bonds | (3.07) | 0.64 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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Fund Summary as of February 28, 2022 | iShares® ESG Aware MSCI EM ETF |
Investment Objective
The iShares ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus 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 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (11.61 | )% | (11.33 | )% | 7.19 | % | 9.42 | % | (11.33 | )% | 41.49 | % | 66.63 | % | ||||||||||||||||||
Fund Market | (10.29 | ) | (10.77 | ) | 7.37 | 9.61 | (10.77 | ) | 42.69 | 68.27 | ||||||||||||||||||||||
Index | (11.20 | ) | (10.47 | ) | 7.67 | 10.07 | (10.47 | ) | 44.68 | 72.36 |
The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.
Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
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| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 883.90 | $ 1.17 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | | Percent of Total Investments | (a) | |
Financials | 25.6 | % | ||
Information Technology | 22.7 | |||
Consumer Discretionary | 12.7 | |||
Communication Services | 10.9 | |||
Materials | 6.4 | |||
Consumer Staples | 5.5 | |||
Health Care | 4.5 | |||
Industrials | 4.3 | |||
Energy | 3.8 | |||
Utilities | 1.8 | |||
Real Estate | 1.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 29.9 | % | ||
Taiwan | 17.4 | |||
South Korea | 12.8 | |||
India | 12.5 | |||
South Africa | 4.4 | |||
Brazil | 4.1 | |||
Saudi Arabia | 3.1 | |||
Malaysia | 2.8 | |||
Thailand | 2.5 | |||
United Arab Emirates | 1.8 |
(a) | Excludes money market funds. |
4 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF |
Investment Objective
The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China 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 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (6.81 | )% | 1.64 | % | 5.41 | % | 1.64 | % | 27.56 | % | ||||||||||||||
Fund Market | (5.44 | ) | 3.14 | 5.75 | 3.14 | 29.48 | ||||||||||||||||||
Index | (6.15 | ) | 3.30 | 6.06 | 3.30 | 31.23 |
The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 931.90 | $ 1.20 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | | Percent of Total Investments | (a) | |
Information Technology | 29.3 | % | ||
Financials | 23.4 | |||
Materials | 11.7 | |||
Communication Services | 6.7 | |||
Energy | 6.0 | |||
Consumer Staples | 5.9 | |||
Consumer Discretionary | 5.6 | |||
Industrials | 5.1 | |||
Health Care | 2.8 | |||
Utilities | 2.4 | |||
Real Estate | 1.1 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
Taiwan | 23.8 | % | ||
India | 18.3 | |||
South Korea | 18.3 | |||
Brazil | 7.4 | |||
Saudi Arabia | 5.9 | |||
South Africa | 5.5 | |||
Mexico | 3.1 | |||
Thailand | 2.7 | |||
Indonesia | 2.5 | |||
Malaysia | 2.2 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Investment Objective
The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.94 | )% | 1.18 | % | 6.10 | % | 3.41 | % | 1.18 | % | 34.48 | % | 39.84 | % | ||||||||||||||||||
Fund Market | (1.05 | ) | 2.29 | 6.40 | 3.48 | 2.29 | 36.38 | 40.83 | ||||||||||||||||||||||||
Index | (1.78 | ) | 1.97 | 6.56 | 3.71 | 1.97 | 37.39 | 43.96 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 980.60 | $ 1.23 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | | Percent of Total Investments | (a) | |
Financials | 23.7 | % | ||
Communication Services | 16.4 | |||
Information Technology | 16.1 | |||
Consumer Staples | 10.6 | |||
Consumer Discretionary | 9.4 | |||
Health Care | 8.2 | |||
Materials | 5.4 | |||
Utilities | 4.1 | |||
Industrials | 3.9 | |||
Energy | 1.5 | |||
Real Estate | 0.7 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 28.2 | % | ||
Taiwan | 18.3 | |||
India | 13.8 | |||
Saudi Arabia | 9.3 | |||
South Korea | 6.5 | |||
Thailand | 5.3 | |||
Malaysia | 4.1 | |||
United Arab Emirates | 3.7 | |||
Qatar | 2.5 | |||
Philippines | 2.0 |
(a) | Excludes money market funds. |
6 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF |
Investment Objective
The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (6.27 | )% | (0.59 | )% | 7.25 | % | 8.70 | % | (0.59 | )% | 41.90 | % | 68.10 | % | ||||||||||||||||||
Fund Market | (4.81 | ) | (0.01 | ) | 7.44 | 8.89 | (0.01 | ) | 43.16 | 70.00 | ||||||||||||||||||||||
Index | (6.13 | ) | 0.34 | 7.74 | 9.21 | 0.34 | 45.19 | 73.09 |
The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 937.30 | $ 2.16 | $ 1,000.00 | $ 1,022.60 | $ 2.26 | 0.45 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | | Percent of Total Investments | (a) | |
Information Technology | 23.4 | % | ||
Financials | 14.7 | |||
Materials | 13.1 | |||
Consumer Discretionary | 12.9 | |||
Industrials | 7.4 | |||
Health Care | 6.5 | |||
Communication Services | 5.8 | |||
Energy | 5.3 | |||
Consumer Staples | 4.8 | |||
Utilities | 4.4 | |||
Real Estate | 1.7 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 41.1 | % | ||
India | 16.7 | |||
Taiwan | 14.8 | |||
South Korea | 10.3 | |||
Saudi Arabia | 5.6 | |||
South Africa | 2.7 | |||
Brazil | 2.0 | |||
United Arab Emirates | 1.0 | |||
Qatar | 1.0 | |||
Indonesia | 0.9 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF |
Investment Objective
The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.00 | )% | 9.72 | % | 8.11 | % | 9.04 | % | 9.72 | % | 47.66 | % | 137.60 | % | ||||||||||||||||||
Fund Market | (4.12 | ) | 9.74 | 8.12 | 8.99 | 9.74 | 47.76 | 136.61 | ||||||||||||||||||||||||
Index | (4.06 | ) | 9.70 | 7.91 | 8.79 | 9.70 | 46.35 | 132.32 |
Past performance is no guarantee 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” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/21) | | | Ending Account Value (02/28/22) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 960.00 | $ 0.97 | $ 1,000.00 | $ 1,023.80 | $ 1.00 | 0.20 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | | Percent of Total Investments | (a) | |
Information Technology | 17.5 | % | ||
Health Care | 15.9 | |||
Communication Services | 14.4 | |||
Consumer Staples | 12.1 | |||
Financials | 9.8 | |||
Utilities | 8.0 | |||
Consumer Discretionary | 7.5 | |||
Industrials | 7.1 | |||
Materials | 5.1 | |||
Real Estate | 2.1 | |||
Energy | 0.5 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 55.8 | % | ||
Japan | 10.2 | |||
Switzerland | 6.1 | |||
Taiwan | 4.9 | |||
China | 4.3 | |||
India | 3.9 | |||
Canada | 2.3 | |||
Hong Kong | 2.2 | |||
Denmark | 1.6 | |||
Saudi Arabia | 1.3 |
(a) | Excludes money market funds. |
8 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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.
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 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 a 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.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 9 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 2.9% | ||||||||
Americanas SA | 747,006 | $ | 4,377,579 | |||||
B3 SA - Brasil, Bolsa, Balcao | 9,261,032 | 26,054,848 | ||||||
Banco do Brasil SA | 4,425,322 | 29,919,937 | ||||||
Banco Santander Brasil SA | 3,247,212 | 19,247,007 | ||||||
Cosan SA | 3,503,113 | 14,362,002 | ||||||
Energisa SA | 926,032 | 7,901,545 | ||||||
Localiza Rent a Car SA | 2,171,061 | 24,168,994 | ||||||
Lojas Renner SA | 2,254,944 | 11,145,812 | ||||||
Natura & Co. Holding SA(a) | 2,767,832 | 12,351,322 | ||||||
Rumo SA(a) | 2,111,891 | 6,326,954 | ||||||
Telefonica Brasil SA | 1,343,576 | 13,175,985 | ||||||
Ultrapar Participacoes SA | 4,203,826 | 11,822,632 | ||||||
Vibra Energia SA | 1,443,285 | 6,574,042 | ||||||
|
| |||||||
187,428,659 | ||||||||
Chile — 0.6% | ||||||||
Banco de Chile | 77,276,390 | 8,193,005 | ||||||
Banco Santander Chile | 154,145,127 | 7,569,110 | ||||||
Enel Americas SA | 200,688,465 | 23,498,900 | ||||||
|
| |||||||
39,261,015 | ||||||||
China — 29.8% | ||||||||
3SBio Inc.(a)(b) | 8,745,000 | 6,950,260 | ||||||
AAC Technologies Holdings Inc.(c) | 3,134,500 | 8,570,350 | ||||||
Agricultural Bank of China Ltd., Class H | 21,797,000 | 8,254,939 | ||||||
Akeso Inc.(a)(b) | 2,822,000 | 7,452,182 | ||||||
Alibaba Group Holding Ltd.(a) | 13,254,268 | 174,477,511 | ||||||
Alibaba Health Information Technology Ltd.(a) | 8,898,000 | 6,230,661 | ||||||
ANTA Sports Products Ltd. | 417,200 | 6,371,980 | ||||||
Baidu Inc., ADR(a) | 217,185 | 33,107,681 | ||||||
Bank of China Ltd., Class H | 20,981,000 | 8,161,933 | ||||||
BeiGene Ltd., ADR(a)(c) | 37,665 | 7,929,236 | ||||||
Bilibili Inc., ADR(a)(c) | 183,625 | 5,804,386 | ||||||
BYD Co. Ltd., Class A | 262,055 | 10,537,705 | ||||||
BYD Co. Ltd., Class H | 743,000 | 23,023,596 | ||||||
CanSino Biologics Inc., Class H(a)(b) | 426,200 | 7,702,865 | ||||||
China Construction Bank Corp., Class A | 10,021,100 | 9,587,303 | ||||||
China Construction Bank Corp., Class H | 94,065,000 | 70,545,416 | ||||||
China Eastern Airlines Corp. Ltd., | 9,397,735 | 8,047,587 | ||||||
China Feihe Ltd.(b) | 4,751,000 | 5,669,176 | ||||||
China Galaxy Securities Co. Ltd., Class A | 4,507,700 | 7,239,054 | ||||||
China International Capital Corp. Ltd., Class A | 1,004,813 | 6,785,460 | ||||||
China International Capital Corp. Ltd., Class H(b) | 2,778,400 | 6,759,630 | ||||||
China Lesso Group Holdings Ltd. | 8,835,000 | 13,602,230 | ||||||
China Medical System Holdings Ltd. | 8,507,000 | 15,148,017 | ||||||
China Mengniu Dairy Co. Ltd. | 2,275,000 | 14,793,000 | ||||||
China Merchants Bank Co. Ltd., Class A | 1,851,240 | 14,633,543 | ||||||
China Merchants Bank Co. Ltd., Class H | 4,515,000 | 38,058,317 | ||||||
China Molybdenum Co. Ltd., Class A | 9,202,200 | 8,827,621 | ||||||
China Molybdenum Co. Ltd., Class H | 22,683,000 | 13,652,959 | ||||||
China Resources Gas Group Ltd. | 1,370,000 | 6,284,967 | ||||||
China Resources Land Ltd. | 4,616,000 | 22,453,598 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 1,197,800 | 6,161,078 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 15,632,000 | 10,361,856 | ||||||
China Three Gorges Renewables Group Co. Ltd. | 6,381,000 | 7,202,465 | ||||||
China Vanke Co. Ltd., Class H | 2,961,600 | 7,034,338 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 3,480,000 | 6,341,361 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 192,303 | 16,472,540 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a) | 3,598,200 | 7,272,771 | ||||||
Country Garden Services Holdings Co. Ltd. | 2,514,000 | 15,038,641 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CSC Financial Co. Ltd., Class A | 1,668,700 | $ | 6,832,175 | |||||
CSPC Pharmaceutical Group Ltd. | 13,097,520 | 15,525,311 | ||||||
ENN Energy Holdings Ltd. | 1,030,500 | 14,924,106 | ||||||
Fosun International Ltd. | 22,382,000 | 24,284,547 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 1,614,400 | 7,920,398 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 434,950 | 10,575,843 | ||||||
GDS Holdings Ltd., ADR(a) | 156,168 | 6,952,599 | ||||||
Geely Automobile Holdings Ltd. | 5,830,000 | 10,859,206 | ||||||
GEM Co. Ltd., Class A | 5,006,617 | 7,648,574 | ||||||
Genscript Biotech Corp.(a) | 1,908,000 | 7,565,254 | ||||||
Great Wall Motor Co. Ltd., Class H | 3,687,500 | 7,763,295 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 3,088,000 | 6,607,038 | ||||||
Hopson Development Holdings Ltd. | 3,310,340 | 6,814,512 | ||||||
Huatai Securities Co. Ltd., Class A | 7,715,802 | 19,446,888 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 5,776,800 | 9,458,368 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 26,860,000 | 16,034,213 | ||||||
Industrial Bank Co. Ltd., Class A | 3,292,868 | 11,536,139 | ||||||
JD Health International Inc.(a)(b) | 1,454,250 | 10,854,101 | ||||||
JDcom Inc, Class A(a) | 1,427,316 | 50,982,902 | ||||||
Jinxin Fertility Group Ltd.(a)(b) | 6,462,000 | 7,555,897 | ||||||
Jiumaojiu International Holdings Ltd.(b) | 2,640,000 | 5,930,762 | ||||||
KE Holdings Inc., ADR(a) | 338,784 | 6,575,797 | ||||||
Kingdee International Software Group Co. Ltd.(a) | 6,524,000 | 16,124,991 | ||||||
Lenovo Group Ltd. | 20,152,000 | 22,440,642 | ||||||
Li Auto Inc., ADR(a) | 815,827 | 24,841,932 | ||||||
Li Ning Co. Ltd. | 1,647,500 | 16,455,476 | ||||||
Logan Group Co. Ltd.(c) | 13,762,000 | 4,578,763 | ||||||
Longfor Group Holdings Ltd.(b) | 1,412,500 | 7,553,377 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 696,120 | 8,664,954 | ||||||
Meituan, Class B(a)(b) | 4,109,800 | 91,299,854 | ||||||
Microport Scientific Corp. | 2,302,600 | 6,404,869 | ||||||
Ming Yuan Cloud Group Holdings Ltd. | 3,081,000 | 6,080,916 | ||||||
MMG Ltd.(a) | 23,168,000 | 8,392,134 | ||||||
NetEase Inc. | 2,118,070 | 40,967,069 | ||||||
NIO Inc., ADR(a) | 1,251,347 | 28,580,766 | ||||||
Orient Securities Co. Ltd., Class A | 5,456,932 | 10,673,868 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 373,600 | 7,170,011 | ||||||
Pinduoduo Inc., ADR(a) | 299,123 | 15,512,519 | ||||||
Ping An Healthcare and Technology Co. | 2,140,100 | 6,631,983 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 914,063 | 7,368,360 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 5,368,500 | 41,625,536 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 9,156,100 | 8,088,120 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 8,183,000 | 6,712,184 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 5,318,000 | 7,343,056 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 10,200,800 | 7,139,223 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,043,415 | 7,035,238 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 6,692,900 | 12,081,110 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 683,572 | 6,957,273 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 135,900 | 7,066,908 | ||||||
Shenzhou International Group Holdings Ltd. | 445,600 | 7,484,568 | ||||||
Sinopharm Group Co. Ltd., Class H | 3,026,800 | 7,337,518 | ||||||
Sunac Services Holdings Ltd.(a)(b) | 5,924,000 | 5,063,044 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 851,667 | 16,491,679 | ||||||
Sunny Optical Technology Group Co. Ltd. | 1,209,000 | 28,972,416 | ||||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A | 556,000 | 7,937,595 | ||||||
TCL Technology Group Corp., Class A | 7,614,495 | 6,729,660 |
10 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Tencent Holdings Ltd. | 5,038,800 | $ | 271,900,256 | |||||
Tongcheng Travel Holdings Ltd.(a) | 4,551,600 | 8,477,119 | ||||||
Topchoice Medical Corp., Class A(a) | 286,209 | 7,343,170 | ||||||
Trip.com Group Ltd., ADR(a) | 241,635 | 6,239,016 | ||||||
Unisplendour Corp. Ltd., Class A | 2,838,440 | 9,894,566 | ||||||
Venus MedTech Hangzhou Inc., | 2,158,500 | 6,001,113 | ||||||
Vipshop Holdings Ltd., ADR(a) | 768,565 | 6,663,459 | ||||||
Wharf Holdings Ltd. (The) | 1,994,000 | 7,214,273 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 2,145,800 | 7,126,070 | ||||||
WuXi AppTec Co. Ltd., Class A | 449,889 | 7,446,687 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 1,074,380 | 15,293,211 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 4,578,500 | 37,870,681 | ||||||
Xiaomi Corp., Class B(a)(b) | 6,448,000 | 12,136,535 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 3,617,500 | 8,634,790 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 4,075,536 | 6,668,311 | ||||||
Xinyi Solar Holdings Ltd. | 7,916,000 | 14,378,352 | ||||||
XPeng Inc., ADR(a) | 548,631 | 19,953,710 | ||||||
Yadea Group Holdings Ltd.(b) | 9,952,000 | 14,764,127 | ||||||
Yum China Holdings Inc. | 257,668 | 13,403,889 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 581,800 | 8,312,350 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 404,200 | 7,878,854 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 9,871,200 | 6,566,358 | ||||||
|
| |||||||
1,943,170,647 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 920,780 | 9,130,608 | ||||||
|
| |||||||
Czech Republic — 0.3% | ||||||||
Moneta Money Bank AS(b) | 4,599,864 | 18,213,163 | ||||||
|
| |||||||
Greece — 0.4% | ||||||||
Alpha Services and Holdings SA(a) | 4,413,364 | 6,022,210 | ||||||
OPAP SA | 1,355,329 | 19,753,542 | ||||||
|
| |||||||
25,775,752 | ||||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 3,908,154 | 30,484,773 | ||||||
|
| |||||||
India — 12.4% | ||||||||
Adani Green Energy Ltd.(a) | 554,198 | 13,637,185 | ||||||
Adani Total Gas Ltd. | 376,997 | 7,947,971 | ||||||
Asian Paints Ltd. | 874,018 | 36,936,973 | ||||||
Axis Bank Ltd.(a) | 2,601,917 | 25,814,004 | ||||||
Axis Bank Ltd., GDR(a)(d) | 84,646 | 4,144,744 | ||||||
Bajaj Finance Ltd. | 201,896 | 18,902,554 | ||||||
Bandhan Bank Ltd.(b) | 1,752,960 | 7,170,182 | ||||||
Bharti Airtel Ltd.(a) | 1,650,778 | 15,095,196 | ||||||
Colgate-Palmolive India Ltd. | 1,350,663 | 26,056,236 | ||||||
Dabur India Ltd. | 1,759,476 | 13,191,551 | ||||||
Eicher Motors Ltd. | 457,547 | 15,803,880 | ||||||
Havells India Ltd. | 773,338 | 12,217,521 | ||||||
HCL Technologies Ltd. | 1,781,972 | 26,795,918 | ||||||
Hero MotoCorp Ltd. | 280,449 | 9,499,975 | ||||||
Hindalco Industries Ltd. | 3,015,182 | 23,172,048 | ||||||
Hindustan Unilever Ltd. | 984,549 | 28,471,496 | ||||||
Housing Development Finance Corp. Ltd. | 1,874,291 | 59,238,466 | ||||||
ICICI Bank Ltd. | 4,774,656 | 47,291,694 | ||||||
Info Edge India Ltd. | 179,884 | 10,692,998 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Infosys Ltd. | 3,173,861 | $ | 72,331,869 | |||||
Kotak Mahindra Bank Ltd. | 680,587 | 16,753,393 | ||||||
Mahindra & Mahindra Ltd. | 340,837 | 3,598,100 | ||||||
Mahindra & Mahindra Ltd., GDR | 1,240,272 | 13,013,688 | ||||||
Marico Ltd. | 1,269,837 | 8,693,404 | ||||||
Mphasis Ltd. | 191,906 | 7,972,790 | ||||||
Nestle India Ltd. | 98,628 | 23,163,255 | ||||||
Piramal Enterprises Ltd. | 506,645 | 14,006,454 | ||||||
Power Grid Corp. of India Ltd. | 2,615,925 | 7,261,299 | ||||||
Reliance Industries Ltd. | 2,090,854 | 65,823,639 | ||||||
Reliance Industries Ltd., GDR(b) | 91,955 | 5,771,869 | ||||||
Shriram Transport Finance Co. Ltd. | 426,703 | 6,413,779 | ||||||
State Bank of India | 2,982,708 | 19,268,902 | ||||||
Tata Consultancy Services Ltd. | 1,233,682 | 58,441,642 | ||||||
Tata Consumer Products Ltd. | 1,201,298 | 11,502,906 | ||||||
Tata Motors Ltd.(a) | 1,048,759 | 6,357,767 | ||||||
Tech Mahindra Ltd. | 762,625 | 14,271,227 | ||||||
Titan Co. Ltd. | 455,877 | 15,484,543 | ||||||
United Spirits Ltd.(a) | 715,036 | 8,442,918 | ||||||
UPL Ltd. | 801,621 | 7,124,386 | ||||||
Wipro Ltd. | 1,889,879 | 13,975,175 | ||||||
Zomato Ltd.(a) | 6,045,466 | 6,414,745 | ||||||
|
| |||||||
808,168,342 | ||||||||
Indonesia — 1.7% | ||||||||
Bank Central Asia Tbk PT | 74,156,400 | 41,866,161 | ||||||
Kalbe Farma Tbk PT | 195,239,300 | 22,354,607 | ||||||
Telkom Indonesia Persero Tbk PT | 103,755,000 | 31,324,973 | ||||||
Unilever Indonesia Tbk PT | 45,462,500 | 11,698,680 | ||||||
|
| |||||||
107,244,421 | ||||||||
Kuwait — 0.4% | ||||||||
Kuwait Finance House KSCP | 7,499,338 | 23,459,504 | ||||||
|
| |||||||
Malaysia — 2.8% | ||||||||
AMMB Holdings Bhd(a) | 8,589,500 | 6,888,724 | ||||||
Axiata Group Bhd | 8,951,300 | 8,378,852 | ||||||
CIMB Group Holdings Bhd | 6,774,900 | 9,228,726 | ||||||
DiGi.Com Bhd | 7,686,900 | 7,431,344 | ||||||
Hartalega Holdings Bhd | 5,791,200 | 6,372,596 | ||||||
Malayan Banking Bhd | 9,656,500 | 20,176,848 | ||||||
Maxis Bhd | 19,354,900 | 18,556,299 | ||||||
Nestle Malaysia Bhd | 915,100 | 29,243,395 | ||||||
Petronas Dagangan Bhd | 4,468,800 | 22,905,460 | ||||||
Public Bank Bhd | 27,736,300 | 29,457,206 | ||||||
RHB Bank Bhd | 10,749,100 | 15,148,658 | ||||||
Sime Darby Plantation Bhd | 6,374,800 | 7,479,156 | ||||||
|
| |||||||
181,267,264 | ||||||||
Mexico — 1.8% | ||||||||
Arca Continental SAB de CV | 2,620,100 | 17,285,675 | ||||||
Cemex SAB de CV, NVS(a) | 14,196,900 | 7,292,192 | ||||||
Coca-Cola Femsa SAB de CV | 1,376,000 | 7,556,881 | ||||||
Fomento Economico Mexicano SAB de CV | 4,368,600 | 35,200,921 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 306,640 | 6,631,216 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 4,177,700 | 28,259,292 | ||||||
Wal-Mart de Mexico SAB de CV | 4,550,400 | 17,307,561 | ||||||
|
| |||||||
119,533,738 | ||||||||
Peru — 0.3% | ||||||||
Credicorp Ltd. | 127,882 | 19,342,152 | ||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Globe Telecom Inc. | 127,680 | 6,415,518 | ||||||
|
|
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) February 28, 2022 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland — 0.7% | ||||||||
Allegro.eu SA(a)(b)(c) | 800,329 | $ | 5,964,522 | |||||
Bank Polska Kasa Opieki SA | 453,581 | 12,443,549 | ||||||
KGHM Polska Miedz SA | 218,881 | 8,594,797 | ||||||
Orange Polska SA(a) | 3,265,177 | 6,059,011 | ||||||
Polski Koncern Naftowy ORLEN SA | 579,843 | 9,794,610 | ||||||
|
| |||||||
42,856,489 | ||||||||
Qatar — 0.8% | ||||||||
Qatar National Bank QPSC | 8,844,871 | 52,949,796 | ||||||
|
| |||||||
Russia — 0.7% | ||||||||
Gazprom PJSC(e) | 7,224,690 | 5,824,064 | ||||||
LUKOIL PJSC(e) | 725,046 | 12,656,040 | ||||||
Novatek PJSC, GDR | 168,623 | 6,495,714 | ||||||
Novolipetsk Steel PJSC(e) | 5,130,970 | 3,258,598 | ||||||
PhosAgro PJSC, GDR | 754,049 | 4,613,195 | ||||||
Polymetal International PLC(e) | 1,747,485 | 5,299,813 | ||||||
Polyus PJSC(e) | 43,646 | 1,644,506 | ||||||
Rosneft Oil Co. PJSC(e) | 759,129 | 791,947 | ||||||
Sberbank of Russia PJSC(e) | 10,004,860 | 4,422,334 | ||||||
TCS Group Holding PLC, GDR(e) | 124,025 | 1,428,296 | ||||||
Yandex NV(a)(e) | 87,150 | 569,711 | ||||||
|
| |||||||
47,004,218 | ||||||||
Saudi Arabia — 3.1% | ||||||||
Al Rajhi Bank | 829,908 | 35,604,471 | ||||||
Almarai Co. JSC | 514,590 | 6,899,308 | ||||||
Bank AlBilad(a) | 846,334 | 13,319,270 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 392,078 | 17,929,648 | ||||||
SABIC Agri-Nutrients Co. | 154,645 | 6,562,221 | ||||||
Sahara International Petrochemical Co. | 1,087,716 | 13,605,309 | ||||||
Saudi Arabian Mining Co.(a) | 882,391 | 25,189,216 | ||||||
Saudi Basic Industries Corp. | 1,691,676 | 56,395,938 | ||||||
Saudi National Bank (The) | 845,249 | 15,397,763 | ||||||
Savola Group (The) | 1,123,450 | 10,178,054 | ||||||
|
| |||||||
201,081,198 | ||||||||
South Africa — 4.3% | ||||||||
Absa Group Ltd. | 1,146,546 | 13,171,344 | ||||||
Aspen Pharmacare Holdings Ltd. | 511,911 | 6,691,756 | ||||||
Bidvest Group Ltd (The) | 1,209,188 | 16,567,457 | ||||||
Clicks Group Ltd. | 630,341 | 12,255,292 | ||||||
FirstRand Ltd. | 2,391,966 | 10,298,981 | ||||||
Gold Fields Ltd. | 1,362,847 | 18,975,960 | ||||||
Growthpoint Properties Ltd. | 10,660,261 | 9,290,139 | ||||||
Impala Platinum Holdings Ltd. | 856,450 | 16,336,255 | ||||||
Kumba Iron Ore Ltd. | 530,511 | 20,970,455 | ||||||
MTN Group Ltd.(a) | 1,163,219 | 14,519,933 | ||||||
MultiChoice Group | 1,041,982 | 8,539,831 | ||||||
Naspers Ltd., Class N | 203,182 | 25,586,822 | ||||||
Nedbank Group Ltd. | 663,144 | 9,427,308 | ||||||
NEPI Rockcastle PLC | 1,583,039 | 10,117,386 | ||||||
Old Mutual Ltd. | 23,367,030 | 19,148,009 | ||||||
Standard Bank Group Ltd. | 1,380,840 | 14,631,394 | ||||||
Vodacom Group Ltd. | 4,605,664 | 44,333,588 | ||||||
Woolworths Holdings Ltd. | 3,676,506 | 12,105,596 | ||||||
|
| |||||||
282,967,506 | ||||||||
South Korea — 12.0% | ||||||||
Amorepacific Corp. | 46,189 | 7,129,769 | ||||||
AMOREPACIFIC Group | 347,541 | 14,199,273 | ||||||
CJ CheilJedang Corp. | 46,546 | 14,743,697 | ||||||
Coway Co. Ltd. | 236,073 | 14,178,258 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hana Financial Group Inc. | 183,295 | $ | 7,424,183 | |||||
HMM Co. Ltd.(a) | 330,215 | 7,998,889 | ||||||
Kakao Corp. | 357,516 | 28,314,112 | ||||||
KB Financial Group Inc. | 640,828 | 31,614,890 | ||||||
LG Chem Ltd. | 45,828 | 21,747,406 | ||||||
LG Corp. | 1 | 63 | ||||||
LG Display Co. Ltd. | 1,015,494 | 15,970,064 | ||||||
LG Electronics Inc. | 137,353 | 14,339,152 | ||||||
LG Household & Health Care Ltd. | 9,250 | 7,339,351 | ||||||
LG Innotek Co. Ltd. | 25,840 | 7,027,638 | ||||||
NAVER Corp. | 230,978 | 61,545,753 | ||||||
NCSoft Corp. | 19,003 | 7,039,564 | ||||||
POSCO | 115,470 | 27,473,054 | ||||||
Samsung C&T Corp. | 108,177 | 9,990,755 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 69,433 | 9,707,304 | ||||||
Samsung Electronics Co. Ltd. | 4,404,578 | 265,390,697 | ||||||
Samsung Engineering Co. Ltd.(a) | 377,098 | 7,366,633 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 90,046 | 14,319,166 | ||||||
Samsung SDI Co. Ltd. | 63,938 | 29,465,190 | ||||||
Samsung SDS Co. Ltd. | 60,852 | 7,143,909 | ||||||
Samsung Securities Co. Ltd. | 350,417 | 12,419,420 | ||||||
Shinhan Financial Group Co. Ltd. | 1,154,098 | 37,549,438 | ||||||
SK Hynix Inc. | 485,958 | 50,663,309 | ||||||
SK Inc. | 92,094 | 17,590,869 | ||||||
SK Innovation Co. Ltd.(a) | 69,389 | 11,713,977 | ||||||
SK Telecom Co. Ltd. | 150,491 | 6,867,369 | ||||||
Woori Financial Group Inc. | 1,158,144 | 13,774,241 | ||||||
|
| |||||||
782,047,393 | ||||||||
Taiwan — 17.4% | ||||||||
Acer Inc. | 28,388,000 | 29,461,869 | ||||||
ASE Technology Holding Co. Ltd. | 2,660,000 | 9,614,058 | ||||||
Asustek Computer Inc. | 605,000 | 8,070,987 | ||||||
AU Optronics Corp. | 9,854,000 | 7,377,461 | ||||||
Cathay Financial Holding Co. Ltd. | 29,447,110 | 66,215,818 | ||||||
Chailease Holding Co. Ltd. | 1,396,219 | 12,671,400 | ||||||
China Steel Corp. | 15,377,000 | 19,995,550 | ||||||
CTBC Financial Holding Co. Ltd. | 70,720,000 | 69,127,207 | ||||||
Delta Electronics Inc. | 2,365,000 | 21,077,133 | ||||||
E.Sun Financial Holding Co Ltd. | 47,501,132 | 50,211,202 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 3,088,000 | 16,222,057 | ||||||
Far EasTone Telecommunications Co. Ltd. | 5,524,000 | 13,662,683 | ||||||
First Financial Holding Co. Ltd. | 55,149,689 | 50,778,383 | ||||||
Fubon Financial Holding Co. Ltd. | 15,233,723 | 41,132,027 | ||||||
Hon Hai Precision Industry Co. Ltd. | 4,476,000 | 16,626,362 | ||||||
Hotai Motor Co. Ltd. | 452,000 | 10,233,930 | ||||||
Innolux Corp. | 11,543,000 | 7,024,071 | ||||||
MediaTek Inc. | 1,299,000 | 51,331,060 | ||||||
Mega Financial Holding Co. Ltd. | 10,788,000 | 14,537,918 | ||||||
momo.com Inc. | 171,000 | 6,087,437 | ||||||
Taishin Financial Holding Co. Ltd. | 56,314,831 | 39,466,852 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 23,724,000 | 510,055,470 | ||||||
Unimicron Technology Corp. | 965,000 | 8,972,372 | ||||||
United Microelectronics Corp. | 12,332,000 | 23,237,818 | ||||||
Yageo Corp. | 788,000 | 12,928,523 | ||||||
Yang Ming Marine Transport Corp.(a) | 1,857,000 | 7,848,604 | ||||||
Yuanta Financial Holding Co. Ltd. | 7,840,040 | 7,003,449 | ||||||
|
| |||||||
1,130,971,701 | ||||||||
Thailand — 2.5% | ||||||||
Asset World Corp. PCL, NVDR(a) | 49,746,500 | 7,328,718 |
12 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 29,382,500 | $ | 21,362,930 | |||||
BTS Group Holdings PCL, NVDR(c) | 79,445,400 | 23,158,367 | ||||||
Delta Electronics Thailand PCL, NVDR | 538,900 | 6,747,191 | ||||||
Energy Absolute PCL, NVDR | 3,197,800 | 9,346,015 | ||||||
Home Product Center PCL, NVDR | 15,297,100 | 7,163,305 | ||||||
Krungthai Card PCL, NVDR | 4,058,000 | 7,896,875 | ||||||
Minor International PCL, NVDR(a) | 9,745,600 | 9,229,553 | ||||||
PTT Exploration & Production PCL, NVDR | 2,794,300 | 11,764,710 | ||||||
PTT PCL, NVDR | 22,318,600 | 27,167,729 | ||||||
Siam Cement PCL (The), NVDR | 1,843,100 | 22,181,034 | ||||||
Siam Commercial Bank PCL (The), NVDR | 2,642,500 | 10,211,295 | ||||||
|
| |||||||
163,557,722 | ||||||||
Turkey — 0.2% | ||||||||
Turkcell Iletisim Hizmetleri AS | 8,719,922 | 12,928,437 | ||||||
|
| |||||||
United Arab Emirates — 1.8% | ||||||||
Abu Dhabi Commercial Bank PJSC | 10,034,053 | 29,429,103 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 8,527,857 | 9,574,519 | ||||||
Emirates Telecommunications Group Co. PJSC | 3,728,920 | 35,612,785 | ||||||
First Abu Dhabi Bank PJSC | 8,086,547 | 45,528,864 | ||||||
|
| |||||||
120,145,271 | ||||||||
|
| |||||||
Total Common Stocks — 97.6% | 6,355,405,287 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.2% | �� | |||||||
Banco Bradesco SA, Preference Shares, NVS | 8,579,280 | 33,607,739 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 7,251,938 | 17,819,959 | ||||||
Gerdau SA, Preference Shares, NVS | 2,158,608 | 10,706,296 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 2,814,960 | 13,819,071 | ||||||
|
| |||||||
75,953,065 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 902,326 | 7,975,845 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
South Korea — 0.8% | ||||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 8,100 | $ | 3,550,292 | |||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 849,151 | 46,930,439 | ||||||
|
| |||||||
50,480,731 | ||||||||
|
| |||||||
Total Preferred Stocks — 2.1% | 134,409,641 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h) | 25,569,074 | 25,574,188 | ||||||
|
| |||||||
Total Short-Term Investments — 0.4% | 25,574,188 | |||||||
|
| |||||||
Total Investments in Securities — 100.1% |
| 6,515,389,116 | ||||||
Other Assets, Less Liabilities — (0.1)% | (4,122,347 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,511,266,769 | ||||||
|
|
(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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 41,185,570 | $ | — | $ | (15,594,446 | )(a) | $ | (13,582 | ) | $ | (3,354 | ) | $ | 25,574,188 | 25,569,074 | $ | 600,356 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 6,140,000 | — | (6,140,000 | )(a) | — | — | — | — | 1,003 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (13,582 | ) | $ | (3,354 | ) | $ | 25,574,188 | $ | 601,359 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(c) | As of period end, the entity is no longer held. |
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® ESG Aware MSCI EM ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 484 | 03/18/22 | $ | 28,447 | $ | (488,507 | ) | |||||||||
|
|
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:
| ||||||||
Equity Contracts | ||||||||
| ||||||||
Liabilities — Derivative Financial Instruments | ||||||||
Futures contracts | ||||||||
Unrealized depreciation on futures contracts(a) | $ | 488,507 | ||||||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,844,828 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (563,596 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 10,478,420 | ||
|
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 635,490,214 | $ | 5,684,019,764 | $ | 35,895,309 | $ | 6,355,405,287 | ||||||||
Preferred Stocks | 7,975,845 | 126,433,796 | — | 134,409,641 | ||||||||||||
Money Market Funds | 25,574,188 | — | — | 25,574,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 669,040,247 | $ | 5,810,453,560 | $ | 35,895,309 | $ | 6,515,389,116 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (488,507 | ) | $ | — | $ | — | $ | (488,507 | ) | ||||||
|
|
|
|
|
|
|
|
(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 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 5.5% | ||||||||
Ambev SA | 2,220,423 | $ | 6,516,413 | |||||
Americanas SA | 269,853 | 1,581,383 | ||||||
Atacadao SA | 247,724 | 913,149 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 2,880,666 | 8,104,422 | ||||||
Banco Bradesco SA | 717,076 | 2,351,902 | ||||||
Banco BTG Pactual SA | 554,113 | 2,752,993 | ||||||
Banco do Brasil SA | 409,379 | 2,767,842 | ||||||
Banco Inter SA | 164,145 | 636,472 | ||||||
Banco Santander Brasil SA | 201,460 | 1,194,102 | ||||||
BB Seguridade Participacoes SA | 336,517 | 1,483,877 | ||||||
BRF SA(a) | 311,663 | 982,845 | ||||||
CCR SA | 573,688 | 1,305,162 | ||||||
Centrais Eletricas Brasileiras SA | 153,121 | 1,033,376 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 162,722 | 1,305,717 | ||||||
Cia. Siderurgica Nacional SA | 322,544 | 1,587,475 | ||||||
Cosan SA | 497,669 | 2,040,335 | ||||||
Energisa SA | 90,286 | 770,383 | ||||||
Engie Brasil Energia SA | 80,508 | 623,709 | ||||||
Equatorial Energia SA | 479,942 | 2,373,454 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 1,904,893 | 4,458,964 | ||||||
Hypera SA | 178,783 | 1,159,765 | ||||||
JBS SA | 336,797 | 2,359,194 | ||||||
Klabin SA | 337,365 | 1,515,321 | ||||||
Localiza Rent a Car SA | 285,409 | 3,177,271 | ||||||
Lojas Renner SA | 454,996 | 2,248,969 | ||||||
Magazine Luiza SA | 1,403,476 | 1,619,191 | ||||||
Natura & Co. Holding SA(a) | 422,619 | 1,885,918 | ||||||
Petro Rio SA(a) | 331,521 | 1,684,828 | ||||||
Petroleo Brasileiro SA | 1,749,159 | 12,437,250 | ||||||
Raia Drogasil SA | 508,681 | 2,302,869 | ||||||
Rede D’Or Sao Luiz SA(b) | 184,209 | 1,814,637 | ||||||
Rumo SA(a) | 607,623 | 1,820,360 | ||||||
Suzano SA | 350,796 | 3,781,218 | ||||||
Telefonica Brasil SA | 238,652 | 2,340,378 | ||||||
TIM SA | 406,520 | 1,078,289 | ||||||
TOTVS SA | 249,781 | 1,600,154 | ||||||
Ultrapar Participacoes SA | 356,716 | 1,003,210 | ||||||
Vale SA | 1,921,270 | 35,646,623 | ||||||
Vibra Energia SA | 556,043 | 2,532,729 | ||||||
WEG SA | 787,543 | 4,462,051 | ||||||
XP Inc.(a) | 1 | 32 | ||||||
|
| |||||||
131,254,232 | ||||||||
Chile — 0.5% | ||||||||
Banco de Chile | 20,585,108 | 2,182,477 | ||||||
Banco de Credito e Inversiones SA | 22,418 | 801,432 | ||||||
Banco Santander Chile | 33,954,674 | 1,667,303 | ||||||
Cencosud SA | 668,262 | 1,229,161 | ||||||
Cia. Cervecerias Unidas SA | 78,610 | 623,224 | ||||||
Empresas CMPC SA | 498,977 | 824,386 | ||||||
Empresas COPEC SA | 177,198 | 1,374,659 | ||||||
Enel Americas SA | 10,325,429 | 1,209,019 | ||||||
Enel Chile SA | 15,637,529 | 512,642 | ||||||
Falabella SA | 353,756 | 1,164,137 | ||||||
|
| |||||||
11,588,440 | ||||||||
China — 0.2% | ||||||||
Silergy Corp. | 37,000 | 4,930,292 | ||||||
|
|
Security | Shares | Value | ||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 121,354 | $ | 1,203,367 | |||||
Ecopetrol SA | 2,285,186 | 1,893,968 | ||||||
Grupo de Inversiones Suramericana SA | 66,400 | 538,856 | ||||||
Interconexion Electrica SA ESP | 218,547 | 1,348,917 | ||||||
|
| |||||||
4,985,108 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS(c) | 76,561 | 2,915,430 | ||||||
Komercni Banka AS(a) | 31,478 | 1,238,357 | ||||||
Moneta Money Bank AS(b) | 184,719 | 731,395 | ||||||
|
| |||||||
4,885,182 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE(a) | 739,083 | 2,251,111 | ||||||
Eastern Co. SAE | 247,449 | 171,075 | ||||||
Fawry for Banking & Payment Technology Services SAE(a) | 207,263 | 127,888 | ||||||
|
| |||||||
2,550,074 | ||||||||
Greece — 0.3% | ||||||||
Alpha Services and Holdings SA(a) | 1,030,566 | 1,406,248 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 1,152,616 | 1,262,611 | ||||||
Hellenic Telecommunications Organization SA | 98,444 | 1,969,074 | ||||||
JUMBO SA | 49,390 | 709,597 | ||||||
OPAP SA | 86,240 | 1,256,924 | ||||||
Public Power Corp. SA(a) | 91,338 | 868,284 | ||||||
|
| |||||||
7,472,738 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 196,761 | 1,534,795 | ||||||
OTP Bank Nyrt(a) | 106,828 | 4,076,471 | ||||||
Richter Gedeon Nyrt | 66,116 | 1,388,217 | ||||||
|
| |||||||
6,999,483 | ||||||||
India — 18.3% | ||||||||
ACC Ltd. | 36,636 | 1,020,425 | ||||||
Adani Enterprises Ltd. | 129,640 | 2,850,878 | ||||||
Adani Green Energy Ltd.(a) | 184,739 | 4,545,884 | ||||||
Adani Ports & Special Economic Zone Ltd. | 244,111 | 2,308,235 | ||||||
Adani Total Gas Ltd. | 130,428 | 2,749,725 | ||||||
Adani Transmission Ltd.(a) | 129,663 | 3,694,960 | ||||||
Ambuja Cements Ltd. | 330,141 | 1,383,655 | ||||||
Apollo Hospitals Enterprise Ltd. | 47,788 | 3,058,668 | ||||||
Asian Paints Ltd. | 180,932 | 7,646,388 | ||||||
Aurobindo Pharma Ltd. | 140,930 | 1,173,165 | ||||||
Avenue Supermarts Ltd.(a)(b) | 77,181 | 4,465,254 | ||||||
Axis Bank Ltd.(a) | 948,801 | 9,413,195 | ||||||
Bajaj Auto Ltd. | 33,937 | 1,596,995 | ||||||
Bajaj Finance Ltd. | 127,828 | 11,967,923 | ||||||
Bajaj Finserv Ltd. | 17,919 | 3,841,627 | ||||||
Balkrishna Industries Ltd. | 42,186 | 1,025,823 | ||||||
Bandhan Bank Ltd.(b) | 283,274 | 1,158,684 | ||||||
Berger Paints India Ltd. | 120,196 | 1,103,922 | ||||||
Bharat Electronics Ltd. | 588,215 | 1,653,053 | ||||||
Bharat Forge Ltd. | 113,342 | 1,026,734 | ||||||
Bharat Petroleum Corp. Ltd. | 424,417 | 1,979,669 | ||||||
Bharti Airtel Ltd.(a) | 1,166,603 | 10,667,759 | ||||||
Biocon Ltd.(a) | 209,534 | 973,828 | ||||||
Britannia Industries Ltd. | 51,412 | 2,346,710 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 197,010 | 1,817,520 | ||||||
Cipla Ltd. | 229,417 | 2,823,674 | ||||||
Coal India Ltd. | 752,658 | 1,702,392 | ||||||
Colgate-Palmolive India Ltd. | 58,386 | 1,126,350 |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Container Corp. of India Ltd. | 123,919 | $ | 991,796 | |||||
Dabur India Ltd. | 287,656 | 2,156,681 | ||||||
Divi’s Laboratories Ltd. | 63,285 | 3,596,581 | ||||||
DLF Ltd. | 300,755 | 1,411,225 | ||||||
Dr. Reddy’s Laboratories Ltd. | 55,621 | 3,003,149 | ||||||
Eicher Motors Ltd. | 65,821 | 2,273,487 | ||||||
GAIL India Ltd. | 699,504 | 1,352,566 | ||||||
Godrej Consumer Products Ltd.(a) | 173,514 | 1,774,515 | ||||||
Godrej Properties Ltd.(a) | 59,277 | 1,187,440 | ||||||
Grasim Industries Ltd. | 123,990 | 2,646,025 | ||||||
Havells India Ltd. | 120,836 | 1,909,018 | ||||||
HCL Technologies Ltd. | 512,221 | 7,702,384 | ||||||
HDFC Asset Management Co. Ltd.(b) | 26,299 | 731,297 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 421,425 | 2,937,721 | ||||||
Hero MotoCorp Ltd. | 57,784 | 1,957,385 | ||||||
Hindalco Industries Ltd. | 728,722 | 5,600,319 | ||||||
Hindustan Petroleum Corp. Ltd. | 293,193 | 1,066,588 | ||||||
Hindustan Unilever Ltd. | 389,188 | 11,254,660 | ||||||
Housing Development Finance Corp. Ltd. | 809,453 | 25,583,409 | ||||||
ICICI Bank Ltd. | 2,392,968 | 23,701,710 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 89,057 | 1,498,938 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 132,374 | 845,670 | ||||||
Indian Oil Corp. Ltd. | 826,506 | 1,268,598 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 113,212 | 1,228,455 | ||||||
Indraprastha Gas Ltd. | 146,244 | 676,167 | ||||||
Indus Towers Ltd.(a) | 329,522 | 945,797 | ||||||
Info Edge India Ltd. | 37,083 | 2,204,356 | ||||||
Infosys Ltd. | 1,583,263 | 36,082,353 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 46,422 | 1,162,126 | ||||||
ITC Ltd. | 1,418,636 | 4,084,828 | ||||||
JSW Steel Ltd. | 398,825 | 3,346,034 | ||||||
Jubilant Foodworks Ltd. | 37,798 | 1,469,560 | ||||||
Kotak Mahindra Bank Ltd. | 265,802 | 6,543,007 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 24,619 | 1,924,145 | ||||||
Larsen & Toubro Ltd. | 320,910 | 7,779,721 | ||||||
Lupin Ltd. | 109,044 | 1,083,297 | ||||||
Mahindra & Mahindra Ltd. | 410,476 | 4,333,256 | ||||||
Marico Ltd. | 238,258 | 1,631,133 | ||||||
Maruti Suzuki India Ltd. | 64,027 | 7,096,340 | ||||||
Mindtree Ltd. | 30,535 | 1,584,488 | ||||||
Motherson Sumi Systems Ltd. | 599,654 | 1,205,628 | ||||||
Motherson Sumi Wiring India Ltd.(a) | 584,726 | 360,625 | ||||||
Mphasis Ltd. | 39,418 | 1,637,632 | ||||||
MRF Ltd. | 829 | 725,379 | ||||||
Muthoot Finance Ltd. | 59,882 | 1,084,908 | ||||||
Nestle India Ltd. | 15,649 | 3,675,242 | ||||||
NTPC Ltd. | 2,293,763 | 4,083,202 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,100,103 | 2,369,363 | ||||||
Page Industries Ltd. | 2,628 | 1,479,285 | ||||||
Petronet LNG Ltd. | 372,330 | 1,068,404 | ||||||
PI Industries Ltd. | 40,112 | 1,320,143 | ||||||
Pidilite Industries Ltd. | 67,467 | 2,159,732 | ||||||
Piramal Enterprises Ltd. | 51,905 | 1,434,940 | ||||||
Power Grid Corp. of India Ltd. | 1,462,587 | 4,072,597 | ||||||
Reliance Industries Ltd. | 1,343,606 | 42,299,001 | ||||||
SBI Cards & Payment Services Ltd.(a) | 116,973 | 1,226,459 | ||||||
SBI Life Insurance Co. Ltd.(b) | 215,019 | 3,040,580 | ||||||
Shree Cement Ltd. | 5,292 | 1,722,834 | ||||||
Shriram Transport Finance Co. Ltd. | 97,181 | 1,460,729 | ||||||
Siemens Ltd. | 33,487 | 1,047,632 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
SRF Ltd. | 69,186 | $ | 2,201,799 | |||||
State Bank of India | 853,236 | 5,512,079 | ||||||
Sun Pharmaceutical Industries Ltd. | 395,544 | 4,443,314 | ||||||
Tata Consultancy Services Ltd. | 435,175 | 20,614,990 | ||||||
Tata Consumer Products Ltd. | 289,970 | 2,776,578 | ||||||
Tata Motors Ltd.(a) | 779,898 | 4,727,883 | ||||||
Tata Power Co. Ltd. (The) | 682,574 | 2,035,446 | ||||||
Tata Steel Ltd. | 339,789 | 5,563,612 | ||||||
Tech Mahindra Ltd. | 296,397 | 5,580,504 | ||||||
Titan Co. Ltd. | 168,507 | 5,723,592 | ||||||
Torrent Pharmaceuticals Ltd. | 22,440 | 821,284 | ||||||
Trent Ltd. | 89,862 | 1,328,988 | ||||||
UltraTech Cement Ltd. | 47,609 | 4,166,824 | ||||||
United Spirits Ltd.(a) | 132,204 | 1,561,023 | ||||||
UPL Ltd. | 236,607 | 2,102,839 | ||||||
Vedanta Ltd. | 526,983 | 2,682,176 | ||||||
Wipro Ltd. | 643,772 | 4,760,530 | ||||||
Yes Bank Ltd.(a) | 5,434,201 | 960,018 | ||||||
Zomato Ltd.(a) | 741,792 | 792,477 | ||||||
|
| |||||||
436,579,591 | ||||||||
Indonesia — 2.5% | ||||||||
Adaro Energy Tbk PT | 6,210,300 | 1,064,020 | ||||||
Aneka Tambang Tbk | 3,986,500 | 621,090 | ||||||
Astra International Tbk PT | 9,296,600 | 3,770,096 | ||||||
Bank Central Asia Tbk PT | 25,894,400 | 14,619,090 | ||||||
Bank Jago Tbk PT(a) | 1,837,900 | 2,079,160 | ||||||
Bank Mandiri Persero Tbk PT | 8,929,300 | 4,827,546 | ||||||
Bank Negara Indonesia Persero Tbk PT | 3,576,000 | 2,003,681 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 32,298,471 | 10,327,764 | ||||||
Barito Pacific Tbk PT | 13,202,900 | 823,270 | ||||||
Charoen Pokphand Indonesia Tbk PT | 3,496,300 | 1,415,725 | ||||||
Gudang Garam Tbk PT | 236,400 | 518,050 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 1,329,600 | 751,379 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 718,500 | 550,431 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 1,111,500 | 658,881 | ||||||
Indofood Sukses Makmur Tbk PT | 2,014,100 | 871,156 | ||||||
Kalbe Farma Tbk PT | 9,353,600 | 1,070,973 | ||||||
Merdeka Copper Gold Tbk PT(a) | 5,486,400 | 1,485,582 | ||||||
Sarana Menara Nusantara Tbk PT | 10,539,400 | 762,148 | ||||||
Semen Indonesia Persero Tbk PT | 1,446,500 | 730,672 | ||||||
Telkom Indonesia Persero Tbk PT | 23,260,200 | 7,022,554 | ||||||
Tower Bersama Infrastructure Tbk PT | 3,751,700 | 771,535 | ||||||
Unilever Indonesia Tbk PT | 3,614,500 | 930,105 | ||||||
United Tractors Tbk PT | 809,900 | 1,413,263 | ||||||
|
| |||||||
59,088,171 | ||||||||
Kuwait — 1.0% | ||||||||
Agility Public Warehousing Co. KSC | 600,345 | 2,043,173 | ||||||
Boubyan Bank KSCP(a) | 590,596 | 1,607,857 | ||||||
Kuwait Finance House KSCP | 2,214,449 | 6,927,262 | ||||||
Mabanee Co. KPSC(a) | 246,609 | 690,635 | ||||||
Mobile Telecommunications Co. KSCP | 1,104,002 | 2,263,456 | ||||||
National Bank of Kuwait SAKP | 3,150,819 | 11,045,077 | ||||||
|
| |||||||
24,577,460 | ||||||||
Malaysia — 2.2% | ||||||||
AMMB Holdings Bhd(a) | 960,600 | 770,395 | ||||||
Axiata Group Bhd | 1,472,600 | 1,378,425 | ||||||
CIMB Group Holdings Bhd | 3,180,400 | 4,332,321 | ||||||
Dialog Group Bhd | 1,962,300 | 1,322,029 | ||||||
DiGi.Com Bhd | 1,615,700 | 1,561,985 |
16 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Fraser & Neave Holdings Bhd | 18,400 | $ | 99,045 | |||||
Genting Bhd | 1,058,800 | 1,173,633 | ||||||
Genting Malaysia Bhd | 1,475,700 | 1,056,184 | ||||||
HAP Seng Consolidated Bhd(c) | 222,700 | 402,064 | ||||||
Hartalega Holdings Bhd | 814,200 | 895,940 | ||||||
Hong Leong Bank Bhd | 344,600 | 1,649,759 | ||||||
Hong Leong Financial Group Bhd | 55,200 | 254,011 | ||||||
IHH Healthcare Bhd | 873,500 | 1,370,413 | ||||||
Inari Amertron Bhd | 1,468,100 | 1,136,710 | ||||||
IOI Corp. Bhd | 1,302,100 | 1,430,753 | ||||||
Kuala Lumpur Kepong Bhd | 211,100 | 1,307,276 | ||||||
Malayan Banking Bhd | 2,137,300 | 4,465,798 | ||||||
Malaysia Airports Holdings Bhd(a) | 533,744 | 781,833 | ||||||
Maxis Bhd | 1,276,800 | 1,224,118 | ||||||
MISC Bhd | 685,900 | 1,203,034 | ||||||
Nestle Malaysia Bhd | 24,400 | 779,739 | ||||||
Petronas Chemicals Group Bhd | 1,114,800 | 2,535,748 | ||||||
Petronas Dagangan Bhd | 127,400 | 653,007 | ||||||
Petronas Gas Bhd | 326,400 | 1,355,017 | ||||||
PPB Group Bhd | 284,940 | 1,217,536 | ||||||
Press Metal Aluminium Holdings Bhd | 1,544,600 | 2,512,711 | ||||||
Public Bank Bhd | 6,994,100 | 7,428,051 | ||||||
QL Resources Bhd | 308,200 | 363,365 | ||||||
RHB Bank Bhd | 944,500 | 1,331,080 | ||||||
Sime Darby Bhd | 1,469,400 | 795,737 | ||||||
Sime Darby Plantation Bhd | 849,500 | 996,666 | ||||||
Telekom Malaysia Bhd | 591,700 | 713,112 | ||||||
Tenaga Nasional Bhd | 1,014,300 | 2,217,249 | ||||||
Top Glove Corp. Bhd | 2,496,900 | 1,219,160 | ||||||
Westports Holdings Bhd | 244,700 | 227,885 | ||||||
|
| |||||||
52,161,789 | ||||||||
Mexico — 3.1% | ||||||||
Alfa SAB de CV, Class A | 1,422,600 | 1,065,509 | ||||||
America Movil SAB de CV, Series L, NVS | 14,475,900 | 13,082,804 | ||||||
Arca Continental SAB de CV | 202,700 | 1,337,280 | ||||||
Becle SAB de CV | 224,600 | 563,227 | ||||||
Cemex SAB de CV, NVS(a) | 7,084,500 | 3,638,931 | ||||||
Coca-Cola Femsa SAB de CV | 247,900 | 1,361,447 | ||||||
Fibra Uno Administracion SA de CV | 1,521,000 | 1,714,012 | ||||||
Fomento Economico Mexicano SAB de CV | 912,900 | 7,355,885 | ||||||
Gruma SAB de CV, Class B | 101,225 | 1,372,846 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 173,400 | 2,522,220 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 100,215 | 2,167,190 | ||||||
Grupo Bimbo SAB de CV, Series A | 724,300 | 2,230,438 | ||||||
Grupo Carso SAB de CV, Series A1 | 189,200 | 576,163 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,225,900 | 8,292,378 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) | 1,018,600 | 1,660,118 | ||||||
Grupo Mexico SAB de CV, Series B | 1,473,800 | 7,560,772 | ||||||
Grupo Televisa SAB de CV, CPO | 1,140,000 | 2,443,533 | ||||||
Industrias Penoles SAB de CV | 70,255 | 876,841 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 735,000 | 1,031,390 | ||||||
Megacable Holdings SAB de CV, CPO | 136,800 | 402,899 | ||||||
Orbia Advance Corp. SAB de CV | 504,700 | 1,289,288 | ||||||
Promotora y Operadora de Infraestructura SABde CV | 113,825 | 890,104 | ||||||
Telesites SAB de CV | 612,500 | 679,160 |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Wal-Mart de Mexico SAB de CV | 2,437,300 | $ | 9,270,332 | |||||
|
| |||||||
73,384,767 | ||||||||
Peru — 0.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 104,245 | 1,032,025 | ||||||
Credicorp Ltd. | 31,907 | 4,825,934 | ||||||
Southern Copper Corp. | 39,823 | 2,763,318 | ||||||
|
| |||||||
8,621,277 | ||||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures Inc. | 961,150 | 1,122,935 | ||||||
AC Energy Corp. | 3,680,400 | 610,170 | ||||||
Ayala Corp. | 131,930 | 2,187,254 | ||||||
Ayala Land Inc. | 3,976,200 | 3,031,201 | ||||||
Bank of the Philippine Islands | 777,580 | 1,519,710 | ||||||
BDO Unibank Inc. | 961,740 | 2,437,207 | ||||||
Globe Telecom Inc. | 11,980 | 601,957 | ||||||
GT Capital Holdings Inc. | 49,624 | 561,978 | ||||||
International Container Terminal Services Inc. | 445,780 | 1,831,115 | ||||||
JG Summit Holdings Inc. | 1,505,540 | 1,778,271 | ||||||
Jollibee Foods Corp. | 219,640 | 1,032,441 | ||||||
Manila Electric Co. | 78,820 | 567,165 | ||||||
Metro Pacific Investments Corp. | 7,266,600 | 549,864 | ||||||
Metropolitan Bank & Trust Co. | 885,037 | 985,676 | ||||||
Monde Nissin Corp.(a)(b) | 2,164,200 | 697,339 | ||||||
PLDT Inc. | 35,120 | 1,232,317 | ||||||
SM Investments Corp. | 122,365 | 2,128,917 | ||||||
SM Prime Holdings Inc. | 4,878,000 | 3,807,237 | ||||||
Universal Robina Corp. | 340,310 | 796,513 | ||||||
|
| |||||||
27,479,267 | ||||||||
Poland — 1.0% | ||||||||
Allegro.eu SA(a)(b) | 166,346 | 1,239,708 | ||||||
Bank Polska Kasa Opieki SA | 87,571 | 2,402,424 | ||||||
CD Projekt SA | 33,448 | 1,328,543 | ||||||
Cyfrowy Polsat SA | 134,546 | 872,402 | ||||||
Dino Polska SA(a)(b) | 23,355 | 1,642,251 | ||||||
KGHM Polska Miedz SA | 63,406 | 2,489,762 | ||||||
LPP SA | 502 | 1,032,434 | ||||||
mBank SA(a) | 7,252 | 708,752 | ||||||
Orange Polska SA(a) | 322,668 | 598,758 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 409,705 | 794,760 | ||||||
Polski Koncern Naftowy ORLEN SA | 141,841 | 2,395,954 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 820,511 | 1,081,359 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(a) | 412,433 | 3,963,699 | ||||||
Powszechny Zaklad Ubezpieczen SA | 286,639 | 2,150,552 | ||||||
Santander Bank Polska SA | 17,954 | 1,345,909 | ||||||
|
| |||||||
24,047,267 | ||||||||
Qatar — 1.3% | ||||||||
Barwa Real Estate Co. | 656,706 | 653,248 | ||||||
Commercial Bank PSQC (The) | 930,397 | 1,764,643 | ||||||
Industries Qatar QSC | 730,005 | 3,660,099 | ||||||
Masraf Al Rayan QSC(a) | 2,127,469 | 2,914,581 | ||||||
Mesaieed Petrochemical Holding Co. | 2,180,903 | 1,595,763 | ||||||
Ooredoo QPSC | 464,900 | 977,644 | ||||||
Qatar Electricity & Water Co. QSC | 225,352 | 1,112,645 | ||||||
Qatar Fuel QSC | 182,282 | 928,966 | ||||||
Qatar Gas Transport Co. Ltd. | 1,151,918 | 1,190,655 | ||||||
Qatar International Islamic Bank QSC | 306,038 | 860,272 | ||||||
Qatar Islamic Bank SAQ | 562,744 | 3,251,848 | ||||||
Qatar National Bank QPSC | 2,114,961 | 12,661,208 | ||||||
|
| |||||||
31,571,572 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia — 0.9% | ||||||||
Alrosa PJSC(d) | 1,271,273 | $ | 370,312 | |||||
Gazprom PJSC(d) | 5,613,440 | 4,525,182 | ||||||
Inter RAO UES PJSC(d) | 19,580,300 | 189,014 | ||||||
LUKOIL PJSC(d) | 197,285 | 3,443,708 | ||||||
Magnit PJSC, GDR | 133,326 | 211,607 | ||||||
MMC Norilsk Nickel PJSC(d) | 29,789 | 2,017,976 | ||||||
Mobile TeleSystems PJSC, ADR | 209,440 | 1,151,920 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) | 631,870 | 212,673 | ||||||
Novatek PJSC, GDR | 43,315 | 1,668,585 | ||||||
Novolipetsk Steel PJSC(d) | 785,210 | 498,674 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 539 | 1,977 | ||||||
PhosAgro PJSC, GDR | 67,667 | 413,980 | ||||||
Polymetal International PLC(d) | 137,561 | 417,198 | ||||||
Polyus PJSC(d) | 13,397 | 504,776 | ||||||
Rosneft Oil Co. PJSC(d) | 532,936 | 555,976 | ||||||
Sberbank of Russia PJSC(d) | 4,933,827 | 2,180,843 | ||||||
Severstal PAO(d) | 109,143 | 521,249 | ||||||
Surgutneftegas PJSC(d) | 3,671,000 | 277,218 | ||||||
Tatneft PJSC(d) | 685,605 | 870,602 | ||||||
TCS Group Holding PLC, GDR(d) | 58,085 | 668,918 | ||||||
United Co. RUSAL International PJSC(a)(d) | 1,500,930 | 316,722 | ||||||
VK Co. Ltd.(a)(d) | 873 | 887 | ||||||
VTB Bank PJSC(d) | 1,160,968,000 | 77,582 | ||||||
X5 Retail Group NV, GDR(d) | 67,732 | 291,359 | ||||||
Yandex NV(a)(d) | 149,219 | 975,464 | ||||||
|
| |||||||
22,364,402 | ||||||||
Saudi Arabia — 5.9% | ||||||||
Abdullah Al Othaim Markets Co. | 24,442 | 726,957 | ||||||
Advanced Petrochemical Co. | 50,284 | 1,008,847 | ||||||
Al Rajhi Bank | 574,928 | 24,665,394 | ||||||
Alinma Bank | 441,775 | 4,188,941 | ||||||
Almarai Co. JSC | 125,580 | 1,683,700 | ||||||
Arab National Bank | 297,131 | 2,221,298 | ||||||
Bank AlBilad(a) | 174,532 | 2,746,716 | ||||||
Bank Al-Jazira | 179,264 | 1,288,027 | ||||||
Banque Saudi Fransi | 282,092 | 4,006,451 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 29,372 | 1,273,674 | ||||||
Co for Cooperative Insurance (The) | 33,967 | 713,879 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 220,021 | 642,894 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 24,236 | 1,108,307 | ||||||
Emaar Economic City(a) | 188,387 | 624,210 | ||||||
Etihad Etisalat Co.(a) | 183,621 | 1,711,391 | ||||||
Jarir Marketing Co. | 28,509 | 1,591,795 | ||||||
Mobile Telecommunications Co.(a) | 179,092 | 643,289 | ||||||
Mouwasat Medical Services Co. | 23,340 | 1,294,716 | ||||||
National Industrialization Co.(a) | 149,832 | 907,641 | ||||||
National Petrochemical Co. | 55,054 | 664,369 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 104,507 | 686,064 | ||||||
Riyad Bank(a) | 648,744 | 6,149,071 | ||||||
SABIC Agri-Nutrients Co. | 100,608 | 4,286,692 | ||||||
Sahara International Petrochemical Co. | 168,033 | 2,101,781 | ||||||
Saudi Arabian Mining Co.(a) | 203,124 | 5,798,489 | ||||||
Saudi Arabian Oil Co.(b) | 1,011,049 | 11,217,088 | ||||||
Saudi Basic Industries Corp. | 421,471 | 14,050,712 | ||||||
Saudi British Bank (The)(a) | 390,554 | 4,040,882 | ||||||
Saudi Cement Co. | 2,004 | 29,786 | ||||||
Saudi Electricity Co. | 391,358 | 2,888,473 | ||||||
Saudi Industrial Investment Group | 103,761 | 979,702 | ||||||
Saudi Kayan Petrochemical Co.(a) | 338,927 | 1,852,902 | ||||||
Saudi National Bank (The) | 1,037,082 | 18,892,353 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Research & Media Group(a) | 16,902 | $ | 1,126,289 | |||||
Saudi Telecom Co. | 284,192 | 8,671,057 | ||||||
Savola Group (The) | 131,141 | 1,188,090 | ||||||
Yanbu National Petrochemical Co. | 119,472 | 2,192,992 | ||||||
|
| |||||||
139,864,919 | ||||||||
South Africa — 5.5% | ||||||||
Absa Group Ltd. | 345,535 | 3,969,453 | ||||||
African Rainbow Minerals Ltd. | 37,505 | 667,449 | ||||||
Anglo American Platinum Ltd. | 25,029 | 3,906,648 | ||||||
AngloGold Ashanti Ltd. | 198,398 | 4,641,897 | ||||||
Aspen Pharmacare Holdings Ltd. | 181,308 | 2,370,078 | ||||||
Bid Corp. Ltd. | 155,895 | 3,167,326 | ||||||
Bidvest Group Ltd (The) | 131,312 | 1,799,146 | ||||||
Capitec Bank Holdings Ltd. | 38,264 | 5,166,125 | ||||||
Clicks Group Ltd. | 114,376 | 2,223,735 | ||||||
Discovery Ltd.(a) | 209,700 | 2,147,546 | ||||||
Exxaro Resources Ltd. | 117,742 | 1,518,725 | ||||||
FirstRand Ltd. | 2,350,075 | 10,118,613 | ||||||
Gold Fields Ltd. | 422,288 | 5,879,839 | ||||||
Growthpoint Properties Ltd. | 1,567,387 | 1,365,937 | ||||||
Harmony Gold Mining Co. Ltd. | 268,586 | 1,147,021 | ||||||
Impala Platinum Holdings Ltd. | 385,277 | 7,348,921 | ||||||
Kumba Iron Ore Ltd. | 28,324 | 1,119,613 | ||||||
Mr. Price Group Ltd. | 122,100 | 1,664,554 | ||||||
MTN Group Ltd.(a) | 798,531 | 9,967,699 | ||||||
MultiChoice Group | 182,079 | 1,492,275 | ||||||
Naspers Ltd., Class N | 102,179 | 12,867,458 | ||||||
Nedbank Group Ltd. | 219,593 | 3,121,752 | ||||||
NEPI Rockcastle PLC | 208,010 | 1,329,416 | ||||||
Northam Platinum Holdings Ltd.(a) | 161,539 | 2,608,262 | ||||||
Old Mutual Ltd. | 2,279,747 | 1,868,129 | ||||||
Pepkor Holdings Ltd.(b) | 631,618 | 901,651 | ||||||
Rand Merchant Investment Holdings Ltd. | 380,204 | 1,196,278 | ||||||
Reinet Investments SCA | 65,342 | 1,347,019 | ||||||
Remgro Ltd. | 244,101 | 2,218,241 | ||||||
Sanlam Ltd. | 875,993 | 3,691,553 | ||||||
Sasol Ltd.(a) | 265,676 | 6,095,920 | ||||||
Shoprite Holdings Ltd. | 239,225 | 3,568,345 | ||||||
Sibanye Stillwater Ltd. | 1,264,664 | 5,966,212 | ||||||
SPAR Group Ltd (The) | 91,910 | 980,772 | ||||||
Standard Bank Group Ltd. | 617,991 | 6,548,239 | ||||||
Tiger Brands Ltd. | 83,719 | 889,336 | ||||||
Vodacom Group Ltd. | 294,698 | 2,836,729 | ||||||
Woolworths Holdings Ltd. | 477,211 | 1,571,308 | ||||||
|
| |||||||
131,289,220 | ||||||||
South Korea — 17.2% | ||||||||
Alteogen Inc.(a)(c) | 12,969 | 584,129 | ||||||
Amorepacific Corp.(c) | 15,225 | 2,350,142 | ||||||
AMOREPACIFIC Group | 15,591 | 636,992 | ||||||
BGF retail Co. Ltd. | 3,888 | 550,799 | ||||||
Celltrion Healthcare Co. Ltd. | 40,700 | 2,164,735 | ||||||
Celltrion Inc. | 46,427 | 6,197,071 | ||||||
Celltrion Pharm Inc.(a) | 8,013 | 589,579 | ||||||
Cheil Worldwide Inc. | 30,326 | 570,187 | ||||||
CJ CheilJedang Corp. | 4,096 | 1,297,430 | ||||||
CJ Corp. | 6,537 | 460,502 | ||||||
CJ ENM Co. Ltd. | 5,280 | 576,172 | ||||||
CJ Logistics Corp.(a) | 4,574 | 474,240 | ||||||
Coway Co. Ltd. | 26,664 | 1,601,407 |
18 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
DB Insurance Co. Ltd. | 21,668 | $ | 1,113,721 | |||||
Doosan Bobcat Inc. | 24,454 | 784,848 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 161,903 | 2,838,746 | ||||||
Douzone Bizon Co. Ltd. | 1,009 | 40,861 | ||||||
Ecopro BM Co. Ltd. | 5,186 | 1,641,119 | ||||||
E-MART Inc. | 9,722 | 1,060,226 | ||||||
F&F Co. Ltd./New(a) | 1,517 | 1,133,863 | ||||||
Green Cross Corp. | 2,827 | 430,151 | ||||||
GS Engineering & Construction Corp. | 31,333 | 1,126,079 | ||||||
GS Holdings Corp. | 16,714 | 558,900 | ||||||
Hana Financial Group Inc. | 141,904 | 5,765,252 | ||||||
Hankook Tire & Technology Co. Ltd. | 36,085 | 1,063,180 | ||||||
Hanmi Pharm Co. Ltd.(a) | 3,479 | 770,598 | ||||||
Hanon Systems | 91,986 | 890,813 | ||||||
Hanwha Solutions Corp.(a) | 59,513 | 1,691,925 | ||||||
HLB Inc.(a) | 43,318 | 1,134,989 | ||||||
HMM Co. Ltd.(a) | 125,439 | 3,038,543 | ||||||
Hotel Shilla Co. Ltd. | 14,629 | 988,728 | ||||||
HYBE Co. Ltd.(a) | 7,841 | 1,905,247 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 37,538 | 1,367,592 | ||||||
Hyundai Glovis Co. Ltd. | 9,044 | 1,334,129 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 23,415 | 1,008,235 | ||||||
Hyundai Mobis Co. Ltd. | 31,154 | 5,849,661 | ||||||
Hyundai Motor Co. | 66,267 | 9,750,971 | ||||||
Hyundai Steel Co. | 41,499 | 1,384,028 | ||||||
Iljin Materials Co. Ltd. | 10,962 | 839,105 | ||||||
Industrial Bank of Korea | 105,257 | 945,582 | ||||||
Kakao Corp. | 146,526 | 11,604,386 | ||||||
Kakao Games Corp.(a)(c) | 14,061 | 873,632 | ||||||
KakaoBank Corp.(a) | 45,294 | 1,828,683 | ||||||
Kangwon Land Inc.(a) | 41,695 | 927,380 | ||||||
KB Financial Group Inc. | 187,031 | 9,227,070 | ||||||
Kia Corp. | 123,410 | 7,650,842 | ||||||
Korea Aerospace Industries Ltd.(a) | 32,846 | 1,021,901 | ||||||
Korea Electric Power Corp.(a) | 121,034 | 2,345,555 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 20,219 | 1,343,253 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 18,381 | 1,362,693 | ||||||
Korea Zinc Co. Ltd. | 4,086 | 1,874,005 | ||||||
Korean Air Lines Co. Ltd.(a) | 81,164 | 1,999,632 | ||||||
Krafton Inc.(a) | 10,378 | 2,574,622 | ||||||
KT&G Corp. | 52,772 | 3,508,100 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 8,643 | 1,166,033 | ||||||
L&F Co. Ltd.(a) | 10,574 | 1,739,798 | ||||||
LG Chem Ltd. | 21,706 | 10,300,454 | ||||||
LG Corp. | 40,958 | 2,574,219 | ||||||
LG Display Co. Ltd. | 110,746 | 1,741,636 | ||||||
LG Electronics Inc. | 50,086 | 5,228,796 | ||||||
LG Energy Solution(a) | 9,938 | 3,405,378 | ||||||
LG Household & Health Care Ltd. | 4,498 | 3,568,908 | ||||||
LG Innotek Co. Ltd. | 6,760 | 1,866,116 | ||||||
LG Uplus Corp. | 103,337 | 1,135,090 | ||||||
Lotte Chemical Corp. | 8,278 | 1,525,633 | ||||||
Lotte Shopping Co. Ltd. | 5,857 | 418,499 | ||||||
Meritz Financial Group Inc. | 15,730 | 482,098 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 19,822 | 677,577 | ||||||
Meritz Securities Co. Ltd. | 115,670 | 566,432 | ||||||
Mirae Asset Securities Co. Ltd. | 137,133 | 1,011,958 | ||||||
NAVER Corp. | 57,899 | 15,427,606 | ||||||
NCSoft Corp. | 7,736 | 2,865,762 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Netmarble Corp.(b) | 10,207 | $ | 877,067 | |||||
NH Investment & Securities Co. Ltd.(a) | 81,045 | 784,267 | ||||||
Orion Corp./Republic of Korea | 12,154 | 930,076 | ||||||
Pan Ocean Co. Ltd. | 130,529 | 720,311 | ||||||
Pearl Abyss Corp.(a) | 14,135 | 1,133,670 | ||||||
POSCO | 34,929 | 8,310,438 | ||||||
POSCO Chemical Co. Ltd. | 14,778 | 1,415,573 | ||||||
S-1 Corp. | 4,376 | 254,742 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 7,814 | 5,083,421 | ||||||
Samsung C&T Corp. | 40,061 | 3,699,859 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 26,738 | 3,738,192 | ||||||
Samsung Electronics Co. Ltd. | 2,247,380 | 135,412,234 | ||||||
Samsung Engineering Co. Ltd.(a) | 74,720 | 1,459,660 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 14,247 | 2,265,566 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 295,168 | 1,438,877 | ||||||
Samsung Life Insurance Co. Ltd. | 33,756 | 1,687,784 | ||||||
Samsung SDI Co. Ltd. | 25,881 | 11,927,001 | ||||||
Samsung SDS Co. Ltd. | 16,864 | 1,979,801 | ||||||
Samsung Securities Co. Ltd. | 29,840 | 1,057,584 | ||||||
SD Biosensor Inc. | 17,484 | 793,967 | ||||||
Seegene Inc. | 17,222 | 738,135 | ||||||
Shinhan Financial Group Co. Ltd. | 207,089 | 6,737,795 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 12,971 | 920,683 | ||||||
SK Bioscience Co. Ltd.(a) | 10,778 | 1,319,860 | ||||||
SK Chemicals Co. Ltd. | 5,338 | 560,747 | ||||||
SK Hynix Inc. | 257,209 | 26,815,196 | ||||||
SK IE Technology Co. Ltd.(a)(b) | 10,760 | 1,117,505 | ||||||
SK Inc. | 19,756 | 3,773,592 | ||||||
SK Innovation Co. Ltd.(a) | 23,906 | 4,035,716 | ||||||
SK Square Co. Ltd.(a) | 41,191 | 1,911,638 | ||||||
SK Telecom Co. Ltd. | 6,895 | 314,640 | ||||||
SKC Co. Ltd. | 9,477 | 1,102,118 | ||||||
S-Oil Corp. | 21,457 | 1,528,154 | ||||||
Woori Financial Group Inc. | 221,147 | 2,645,271 | ||||||
Yuhan Corp. | 24,987 | 1,214,073 | ||||||
|
| |||||||
412,059,437 | ||||||||
Taiwan — 23.7% | ||||||||
Accton Technology Corp. | 229,000 | 2,076,702 | ||||||
Acer Inc. | 1,353,000 | 1,404,182 | ||||||
Advantech Co. Ltd. | 172,299 | 2,268,921 | ||||||
Airtac International Group | 63,439 | 2,110,114 | ||||||
ASE Technology Holding Co. Ltd. | 1,550,000 | 5,602,177 | ||||||
Asia Cement Corp. | 1,027,000 | 1,659,895 | ||||||
ASMedia Technology Inc. | 13,000 | 804,808 | ||||||
Asustek Computer Inc. | 322,000 | 4,295,633 | ||||||
AU Optronics Corp. | 3,908,000 | 2,925,829 | ||||||
Catcher Technology Co. Ltd. | 314,000 | 1,611,702 | ||||||
Cathay Financial Holding Co. Ltd. | 3,815,063 | 8,578,686 | ||||||
Chailease Holding Co. Ltd. | 627,939 | 5,698,867 | ||||||
Chang Hwa Commercial Bank Ltd. | 1,994,974 | 1,266,577 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 860,000 | 1,100,198 | ||||||
China Development Financial Holding Corp. | 7,106,920 | 4,866,922 | ||||||
China Steel Corp. | 5,615,000 | 7,301,490 | ||||||
Chunghwa Telecom Co. Ltd. | 1,816,000 | 8,071,424 | ||||||
Compal Electronics Inc. | 1,982,000 | 1,805,625 | ||||||
CTBC Financial Holding Co. Ltd. | 8,635,000 | 8,440,518 | ||||||
Delta Electronics Inc. | 915,000 | 8,154,578 | ||||||
E Ink Holdings Inc. | 402,000 | 2,166,498 | ||||||
E.Sun Financial Holding Co Ltd. | 5,692,772 | 6,017,560 | ||||||
Eclat Textile Co. Ltd. | 88,000 | 1,824,080 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
eMemory Technology Inc. | 30,000 | $ | 2,024,617 | |||||
Evergreen Marine Corp. Taiwan Ltd. | 1,197,000 | 6,288,148 | ||||||
Far Eastern New Century Corp. | 1,377,000 | 1,459,680 | ||||||
Far EasTone Telecommunications Co. Ltd. | 691,000 | 1,709,072 | ||||||
Feng TAY Enterprise Co. Ltd. | 193,000 | 1,438,691 | ||||||
First Financial Holding Co. Ltd. | 4,845,457 | 4,461,394 | ||||||
Formosa Chemicals & Fibre Corp. | 1,702,000 | 4,825,294 | ||||||
Formosa Petrochemical Corp. | 517,000 | 1,818,591 | ||||||
Formosa Plastics Corp. | 1,779,000 | 6,717,531 | ||||||
Foxconn Technology Co. Ltd. | 436,000 | 1,003,564 | ||||||
Fubon Financial Holding Co. Ltd. | 3,523,230 | 9,512,946 | ||||||
Giant Manufacturing Co. Ltd. | 137,000 | 1,422,307 | ||||||
Globalwafers Co. Ltd. | 99,000 | 2,450,489 | ||||||
Hiwin Technologies Corp. | 124,800 | 1,191,536 | ||||||
Hon Hai Precision Industry Co. Ltd. | 5,878,200 | 21,834,915 | ||||||
Hotai Motor Co. Ltd. | 137,600 | 3,115,462 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 4,304,035 | 3,412,799 | ||||||
Innolux Corp. | 4,537,000 | 2,760,825 | ||||||
Inventec Corp. | 1,257,000 | 1,160,839 | ||||||
Largan Precision Co. Ltd. | 46,000 | 3,342,949 | ||||||
Lite-On Technology Corp. | 939,000 | 2,308,888 | ||||||
MediaTek Inc. | 712,000 | 28,135,269 | ||||||
Mega Financial Holding Co. Ltd. | 5,173,000 | 6,971,139 | ||||||
Micro-Star International Co. Ltd. | 301,000 | 1,696,670 | ||||||
momo.com Inc. | 20,000 | 711,981 | ||||||
Nan Ya Plastics Corp. | 2,496,000 | 7,872,383 | ||||||
Nan Ya Printed Circuit Board Corp. | 103,000 | 1,972,410 | ||||||
Nanya Technology Corp. | 597,000 | 1,671,839 | ||||||
Nien Made Enterprise Co. Ltd. | 76,000 | 985,245 | ||||||
Novatek Microelectronics Corp. | 267,000 | 4,426,450 | ||||||
Oneness Biotech Co. Ltd.(a) | 104,000 | 918,138 | ||||||
Parade Technologies Ltd. | 35,000 | 2,416,458 | ||||||
Pegatron Corp. | 965,000 | 2,391,807 | ||||||
Pou Chen Corp. | 995,000 | 1,147,447 | ||||||
President Chain Store Corp. | 250,000 | 2,336,127 | ||||||
Quanta Computer Inc. | 1,262,000 | 4,219,997 | ||||||
Realtek Semiconductor Corp. | 217,000 | 3,577,887 | ||||||
Ruentex Development Co. Ltd. | 506,400 | 1,307,538 | ||||||
Shanghai Commercial & Savings Bank Ltd/The | 1,767,437 | 2,911,404 | ||||||
Shin Kong Financial Holding Co. Ltd. | 6,063,897 | 2,459,119 | ||||||
SinoPac Financial Holdings Co. Ltd. | 4,998,259 | 3,069,236 | ||||||
Synnex Technology International Corp. | 629,000 | 1,628,460 | ||||||
Taishin Financial Holding Co. Ltd. | 5,070,886 | 3,553,805 | ||||||
Taiwan Cement Corp. | 2,395,983 | 4,067,476 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 4,413,831 | 4,187,329 | ||||||
Taiwan High Speed Rail Corp. | 898,000 | 950,418 | ||||||
Taiwan Mobile Co. Ltd. | 752,000 | 2,780,814 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 11,577,000 | 248,900,361 | ||||||
Unimicron Technology Corp. | 567,000 | 5,271,850 | ||||||
Uni-President Enterprises Corp. | 2,363,000 | 5,685,123 | ||||||
United Microelectronics Corp. | 5,541,000 | 10,441,190 | ||||||
Vanguard International Semiconductor Corp. | 428,000 | 1,942,420 | ||||||
Voltronic Power Technology Corp. | 27,000 | 1,402,197 | ||||||
Wan Hai Lines Ltd. | 283,100 | 1,928,323 | ||||||
Win Semiconductors Corp. | 155,000 | 1,696,898 | ||||||
Winbond Electronics Corp. | 1,425,000 | 1,716,115 | ||||||
Wiwynn Corp. | 36,000 | 1,285,762 | ||||||
WPG Holdings Ltd. | 682,520 | 1,362,111 | ||||||
Yageo Corp. | 205,000 | 3,363,385 | ||||||
Yang Ming Marine Transport Corp.(a) | 814,000 | 3,440,368 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yuanta Financial Holding Co. Ltd. | 4,815,320 | $ | 4,301,490 | |||||
Zhen Ding Technology Holding Ltd. | 312,000 | 1,034,838 | ||||||
|
| |||||||
566,452,800 | ||||||||
Thailand — 2.7% | ||||||||
Advanced Info Service PCL, NVDR | 540,100 | 3,801,935 | ||||||
Airports of Thailand PCL, NVDR(a) | 2,004,400 | 3,960,158 | ||||||
Asset World Corp. PCL, NVDR(a)(c) | 4,019,400 | 592,143 | ||||||
B Grimm Power PCL, NVDR(c) | 401,100 | 425,550 | ||||||
Bangkok Commercial Asset Management PCL, NVDR(c) | 912,400 | 614,244 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 4,567,600 | 3,320,933 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 3,696,500 | 1,010,703 | ||||||
Berli Jucker PCL, NVDR | 638,300 | 656,341 | ||||||
BTS Group Holdings PCL, NVDR | 3,917,500 | 1,141,953 | ||||||
Bumrungrad Hospital PCL, NVDR | 228,200 | 1,075,347 | ||||||
Carabao Group PCL, NVDR(c) | 129,100 | 422,668 | ||||||
Central Pattana PCL, NVDR | 978,900 | 1,664,650 | ||||||
Central Retail Corp. PCL, NVDR | 889,400 | 1,045,800 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,869,800 | 1,448,751 | ||||||
CP ALL PCL, NVDR | 2,751,200 | 5,747,851 | ||||||
Delta Electronics Thailand PCL, NVDR | 143,100 | 1,791,655 | ||||||
Electricity Generating PCL, NVDR | 92,600 | 510,075 | ||||||
Energy Absolute PCL, NVDR(c) | 691,400 | 2,020,713 | ||||||
Global Power Synergy PCL, NVDR | 315,100 | 727,371 | ||||||
Gulf Energy Development PCL, NVDR | 1,388,800 | 2,159,212 | ||||||
Home Product Center PCL, NVDR | 2,929,700 | 1,371,916 | ||||||
Indorama Ventures PCL, NVDR | 790,300 | 1,094,919 | ||||||
Intouch Holdings PCL, NVDR | 538,050 | 1,251,153 | ||||||
Krung Thai Bank PCL, NVDR | 1,133,800 | 487,792 | ||||||
Krungthai Card PCL, NVDR | 427,200 | 831,332 | ||||||
Land & Houses PCL, NVDR | 3,486,100 | 1,026,662 | ||||||
Minor International PCL, NVDR(a) | 1,505,000 | 1,425,308 | ||||||
Muangthai Capital PCL, NVDR | 375,100 | 594,100 | ||||||
Osotspa PCL, NVDR | 617,200 | 668,098 | ||||||
PTT Exploration & Production PCL, NVDR | 611,900 | 2,576,254 | ||||||
PTT Global Chemical PCL, NVDR | 1,055,000 | 1,719,298 | ||||||
PTT Oil & Retail Business PCL, NVDR | 1,528,000 | 1,210,801 | ||||||
PTT PCL, NVDR | 4,684,000 | 5,701,686 | ||||||
Ratch Group PCL, NVDR | 414,000 | 583,832 | ||||||
SCG Packaging PCL, NVDR | 613,000 | 1,152,999 | ||||||
Siam Cement PCL (The), NVDR | 365,700 | 4,401,066 | ||||||
Siam Commercial Bank PCL (The), NVDR | 400,800 | 1,548,794 | ||||||
Sri Trang Gloves Thailand PCL, NVDR(c) | 532,000 | 419,250 | ||||||
Srisawad Corp. PCL, NVDR | 370,400 | 657,579 | ||||||
Thai Oil PCL, NVDR | 573,500 | 953,374 | ||||||
Thai Union Group PCL, NVDR | 1,387,700 | 866,383 | ||||||
True Corp. PCL, NVDR(c) | 5,377,600 | 826,630 | ||||||
|
| |||||||
65,507,279 | ||||||||
Turkey — 0.4% | ||||||||
Akbank TAS | 1,514,849 | 773,221 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 348,979 | 560,777 | ||||||
BIM Birlesik Magazalar AS | 211,180 | 1,115,389 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 612,449 | 1,375,330 | ||||||
Ford Otomotiv Sanayi AS | 34,942 | 680,650 | ||||||
KOC Holding AS | 384,439 | 878,860 | ||||||
Turkcell Iletisim Hizmetleri AS | 570,314 | 845,566 | ||||||
Turkiye Garanti Bankasi AS | 1,124,615 | 900,326 | ||||||
Turkiye Is Bankasi AS, Class C | 704,332 | 407,822 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 56,691 | 790,137 |
20 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS | 559,329 | $ | 500,316 | |||||
|
| |||||||
8,828,394 | ||||||||
United Arab Emirates — 1.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | 1,299,816 | 3,812,260 | ||||||
Abu Dhabi Islamic Bank PJSC | 683,371 | 1,648,655 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 1,105,781 | 1,241,498 | ||||||
Aldar Properties PJSC | 1,887,805 | 2,157,495 | ||||||
Dubai Islamic Bank PJSC | 1,373,687 | 2,282,956 | ||||||
Emaar Properties PJSC | 1,815,900 | 2,515,377 | ||||||
Emirates NBD Bank PJSC | 1,237,953 | 4,829,304 | ||||||
Emirates Telecommunications Group Co. PJSC | 1,636,425 | 15,628,561 | ||||||
First Abu Dhabi Bank PJSC | 2,056,205 | 11,576,842 | ||||||
|
| |||||||
45,692,948 | ||||||||
|
| |||||||
Total Common Stocks — 96.4% | 2,304,236,109 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.9% | ||||||||
Alpargatas SA, Preference Shares, NVS | 90,052 | 448,385 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 2,264,060 | 8,869,035 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 88,703 | 831,199 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 117,318 | 779,198 | ||||||
Cia. Energetica de Minas Gerais, Preference | ||||||||
Shares, NVS | 505,297 | 1,241,650 | ||||||
Gerdau SA, Preference Shares, NVS | 533,134 | 2,644,246 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 2,282,893 | 11,207,073 | ||||||
Itausa SA, Preference Shares, NVS | 2,135,104 | 4,134,880 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 2,237,329 | 14,706,985 | ||||||
|
| |||||||
44,862,651 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 63,628 | 4,225,655 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 213,347 | 1,885,818 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 3,036,700 | 326,055 | ||||||
|
| |||||||
South Korea — 1.0% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 8,508 | 624,034 | ||||||
Series 2, Preference Shares, NVS | 17,058 | 1,261,875 | ||||||
LG Chem Ltd., Preference Shares, NVS | 3,298 | 747,490 |
Security | Shares | Value | ||||||
| ||||||||
South Korea (continued) | ||||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 548 | $ | 240,193 | |||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 385,495 | 21,305,338 | ||||||
|
| |||||||
24,178,930 | ||||||||
|
| |||||||
Total Preferred Stocks — 3.2% | 75,479,109 | |||||||
|
| |||||||
Rights | ||||||||
Brazil — 0.0% | ||||||||
Americanas SA (Expires 03/03/22)(a) | 4,992 | 6,560 | ||||||
|
| |||||||
South Korea — 0.0% | ||||||||
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a) | 518 | 60,280 | ||||||
|
| |||||||
Total Rights — 0.0% | 66,840 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 12,937,350 | 12,939,937 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 4,450,000 | 4,450,000 | ||||||
|
| |||||||
17,389,937 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.7% | 17,389,937 | |||||||
|
| |||||||
Total Investments in Securities — 100.3% | 2,397,171,995 | |||||||
Other Assets, Less Liabilities — (0.3)% | (6,091,722 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,391,080,273 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 5,479,242 | $ | 7,463,585 | (a) | $ | — | $ | (2,640 | ) | $ | (250 | ) | $ | 12,939,937 | 12,937,350 | $ | 133,858 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 4,450,000 | (a) | — | — | — | 4,450,000 | 4,450,000 | 134 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (2,640 | ) | $ | (250 | ) | $ | 17,389,937 | $ | 133,992 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 120 | 03/18/22 | $ | 7,053 | $ | (214,466 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 214,466 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 90,316 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (359,146 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 6,187,483 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
22 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets ex China ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 212,037,455 | $ | 2,073,280,344 | $ | 18,918,310 | $ | 2,304,236,109 | ||||||||
Preferred Stocks | �� | 1,885,818 | 73,267,236 | 326,055 | 75,479,109 | |||||||||||
Rights | — | 66,840 | — | 66,840 | ||||||||||||
Money Market Funds | 17,389,937 | — | — | 17,389,937 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 231,313,210 | $ | 2,146,614,420 | $ | 19,244,365 | $ | 2,397,171,995 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (214,466 | ) | $ | — | $ | — | $ | (214,466 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 0.1% | ||||||||
Raia Drogasil SA | 679,115 | $ | 3,074,448 | |||||
|
| |||||||
China — 28.1% | ||||||||
360 Security Technology Inc., Class A(a) | 4,029,200 | 6,706,760 | ||||||
51job Inc., ADR(a) | 55,142 | 2,856,356 | ||||||
Addsino Co. Ltd., Class A | 831,000 | 1,980,592 | ||||||
Agricultural Bank of China Ltd., Class A | 19,412,098 | 9,170,996 | ||||||
Agricultural Bank of China Ltd., Class H | 75,375,000 | 28,545,949 | ||||||
Alibaba Group Holding Ltd.(a) | 1,703,468 | 22,424,238 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 1,016,589 | 14,906,109 | ||||||
ANTA Sports Products Ltd. | 574,800 | 8,779,036 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 652,400 | 2,929,025 | ||||||
Bank of China Ltd., Class A | 19,447,200 | 9,550,638 | ||||||
Bank of China Ltd., Class H | 127,194,000 | 49,516,839 | ||||||
Bank of Communications Co. Ltd., Class A | 13,568,274 | 10,285,666 | ||||||
Bank of Communications Co. Ltd., Class H | 8,492,000 | 5,821,515 | ||||||
Bank of Ningbo Co. Ltd., Class A | 469,865 | 2,841,061 | ||||||
Bank of Shanghai Co. Ltd., Class A | 3,289,184 | 3,645,571 | ||||||
BeiGene Ltd., ADR(a)(b) | 40,517 | 8,529,638 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 7,456,000 | 4,775,638 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 869,973 | 2,072,175 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 743,195 | 3,228,158 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 5,739,400 | 4,702,104 | ||||||
BOE Technology Group Co. Ltd., Class A | 4,233,500 | 3,159,630 | ||||||
BYD Co. Ltd., Class H | 240,500 | 7,452,456 | ||||||
CGN Power Co. Ltd., Class H(c) | 45,785,000 | 12,980,551 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 102,200 | 2,965,530 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., | 719,300 | 1,789,968 | ||||||
China CITIC Bank Corp. Ltd., Class H | 14,368,000 | 6,751,712 | ||||||
China Conch Venture Holdings Ltd. | 2,235,000 | 10,755,352 | ||||||
China Construction Bank Corp., Class A | 5,409,884 | 5,175,699 | ||||||
China Construction Bank Corp., Class H | 11,436,000 | 8,576,595 | ||||||
China Feihe Ltd.(c) | 2,922,000 | 3,486,704 | ||||||
China Gas Holdings Ltd. | 1,563,200 | 2,470,438 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 22,241,266 | 28 | ||||||
China Life Insurance Co. Ltd., Class H | 1,212,000 | 2,007,835 | ||||||
China Mengniu Dairy Co. Ltd. | 2,822,000 | 18,349,822 | ||||||
China Merchants Bank Co. Ltd., Class H | 1,540,500 | 12,985,346 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 3,129,954 | 1,939,758 | ||||||
China National Medicines Corp. Ltd., Class A | 417,300 | 1,841,866 | ||||||
China Petroleum & Chemical Corp., Class H | 7,134,000 | 3,549,070 | ||||||
China Resources Beer Holdings Co. Ltd. | 3,196,000 | 25,342,368 | ||||||
China Resources Gas Group Ltd. | 2,186,000 | 10,040,275 | ||||||
China Shenhua Energy Co. Ltd., Class H | 1,328,500 | 3,661,325 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 429,081 | 13,858,840 | ||||||
China Tower Corp. Ltd., Class H(c) | 181,440,000 | 21,147,467 | ||||||
China TransInfo Technology Co. Ltd., Class A | 890,516 | 1,967,428 | ||||||
China United Network Communications Ltd., Class A | 17,453,800 | 10,574,539 | ||||||
China Yangtze Power Co. Ltd., Class A | 13,071,072 | 48,089,951 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 126,200 | 2,352,214 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 138,300 | 2,830,456 | ||||||
CSPC Pharmaceutical Group Ltd. | 2,440,000 | 2,892,285 | ||||||
Daan Gene Co Ltd., Class A | 791,400 | 2,326,542 | ||||||
Dali Foods Group Co. Ltd.(c) | 3,724,000 | 1,961,365 | ||||||
DHC Software Co. Ltd., Class A | 1,706,800 | 2,237,725 | ||||||
ENN Energy Holdings Ltd. | 761,000 | 11,021,101 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 199,031 | $ | 3,136,783 | |||||
Founder Securities Co. Ltd., Class A | 4,642,000 | 5,298,744 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 262,203 | 1,840,260 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) | 3,301,700 | 1,924,983 | ||||||
Giant Network Group Co. Ltd., Class A | 1,107,553 | 1,681,276 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 921,822 | 9,650,059 | ||||||
Guangdong Investment Ltd. | 7,920,000 | 10,657,901 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 792,800 | 3,738,841 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A | 1,299,300 | 2,056,019 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., | 577,300 | 6,495,231 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(c) | 4,978,000 | 10,626,506 | ||||||
Hengan International Group Co. Ltd. | 977,500 | 5,183,949 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 1,332,100 | 3,126,228 | ||||||
Huagong Tech Co. Ltd., Class A | 566,315 | 2,211,684 | ||||||
Hualan Biological Engineering Inc., Class A | 432,980 | 1,767,936 | ||||||
Huaxia Bank Co. Ltd., Class A | 5,254,920 | 4,690,721 | ||||||
Hundsun Technologies Inc., Class A | 551,600 | 4,584,259 | ||||||
Iflytek Co. Ltd., Class A | 1,300,100 | 10,159,336 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 2,624,000 | 1,938,523 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 50,940,000 | 30,408,891 | ||||||
Industrial Bank Co. Ltd., Class A | 1,423,912 | 4,988,492 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) | 16,277,800 | 6,947,759 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 819,422 | 4,284,807 | ||||||
JDcom Inc, Class A(a) | 806,137 | 28,794,747 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 11,298,000 | 12,088,206 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 2,191,657 | 13,957,510 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 1,697,400 | 5,045,022 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 1,038,678 | 2,194,954 | ||||||
Kingdee International Software | 1,595,000 | 3,942,269 | ||||||
Kweichow Moutai Co. Ltd., Class A | 21,190 | 6,026,208 | ||||||
Legend Biotech Corp., ADR(a)(b) | 75,466 | 2,987,699 | ||||||
Lenovo Group Ltd. | 2,960,000 | 3,296,164 | ||||||
Meituan, Class B(a)(c) | 187,800 | 4,172,007 | ||||||
NavInfo Co. Ltd., Class A(a) | 1,279,300 | 3,483,150 | ||||||
NetEase Inc. | 431,855 | 8,352,809 | ||||||
PetroChina Co. Ltd., Class A | 2,772,000 | 2,555,659 | ||||||
Pharmaron Beijing Co. Ltd., Class H(c) | 92,100 | 1,116,625 | ||||||
Pinduoduo Inc., ADR(a) | 89,395 | 4,636,025 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 2,875,000 | 22,291,779 | ||||||
Postal Savings Bank of China Co. Ltd., | 35,225,000 | 28,922,679 | ||||||
Sangfor Technologies Inc., Class A | 97,600 | 2,263,756 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 3,856,272 | 6,116,997 | ||||||
SF Holding Co. Ltd., Class A | 653,700 | 6,271,915 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 2,009,368 | 6,558,996 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b)(c) | 4,984,000 | 9,358,938 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 2,604,800 | 3,596,689 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 3,639,834 | 15,718,820 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 363,500 | 1,457,456 | ||||||
Shanghai International Airport Co. Ltd., | 308,800 | 2,569,073 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 10,156,991 | 9,049,879 | ||||||
Shanghai M&G Stationery Inc., Class A | 322,751 | 2,782,108 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,625,600 | 4,739,375 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 3,117,568 | 4,149,731 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 3,801,200 | 4,025,805 |
24 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 107,600 | $ | 1,558,206 | |||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 147,900 | 7,690,918 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a) | 428,229 | 1,699,957 | ||||||
Shenzhou International Group Holdings Ltd. | 983,300 | 16,516,104 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 2,044,157 | 3,900,012 | ||||||
Sino Biopharmaceutical Ltd. | 9,571,000 | 6,109,789 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 2,803,264 | 1,813,397 | ||||||
Sinopharm Group Co. Ltd., Class H | 853,200 | 2,068,313 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 1,449,259 | 3,556,154 | ||||||
Suningcom Co Ltd, Class A(a) | 5,250,079 | 2,994,923 | ||||||
Tencent Holdings Ltd. | 480,400 | 25,923,014 | ||||||
Thunder Software Technology Co. Ltd., Class A | 85,800 | 1,911,422 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 435,292 | 2,373,957 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 682,400 | 5,224,700 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 1,195,500 | 2,278,510 | ||||||
Topchoice Medical Corp., Class A(a) | 123,599 | 3,171,139 | ||||||
TravelSky Technology Ltd., Class H | 1,270,000 | 2,392,240 | ||||||
Vipshop Holdings Ltd., ADR(a) | 190,101 | 1,648,176 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 485,301 | 3,616,945 | ||||||
Want Want China Holdings Ltd.(b) | 3,213,000 | 3,420,320 | ||||||
WuXi AppTec Co. Ltd., Class H(c) | 512,064 | 7,288,951 | ||||||
Wuxi Biologics Cayman Inc., New(a)(c) | 653,000 | 5,401,235 | ||||||
Xiaomi Corp., Class B(a)(c) | 5,897,400 | 11,100,187 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 171,900 | 2,083,782 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 391,100 | 1,951,750 | ||||||
Yum China Holdings Inc. | 750,908 | 39,062,234 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 157,067 | 2,244,063 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 865,000 | 2,575,765 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 217,900 | 1,659,435 | ||||||
Zhejiang Supor Co. Ltd., Class A | 195,185 | 1,567,419 | ||||||
Zhongsheng Group Holdings Ltd. | 857,500 | 5,987,856 | ||||||
ZTE Corp., Class A | 2,189,100 | 10,130,452 | ||||||
ZTE Corp., Class H | 1,229,200 | 3,028,191 | ||||||
ZTO Express Cayman Inc., ADR | 469,408 | 13,819,371 | ||||||
|
| |||||||
1,047,501,430 | ||||||||
Czech Republic — 0.4% | ||||||||
CEZ AS | 172,797 | 6,580,081 | ||||||
Komercni Banka AS(a) | 200,532 | 7,889,011 | ||||||
|
| |||||||
14,469,092 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE(a) | 2,859,288 | 8,708,867 | ||||||
|
| |||||||
Greece — 0.6% | ||||||||
Hellenic Telecommunications Organization SA | 1,154,221 | 23,086,696 | ||||||
|
| |||||||
Hungary — 0.5% | ||||||||
OTP Bank Nyrt(a) | 96,175 | 3,669,961 | ||||||
Richter Gedeon Nyrt | 730,597 | 15,340,112 | ||||||
|
| |||||||
19,010,073 | ||||||||
India — 13.8% | ||||||||
ACC Ltd. | 274,910 | 7,657,090 | ||||||
Apollo Hospitals Enterprise Ltd. | 52,770 | 3,377,540 | ||||||
Asian Paints Ltd. | 772,073 | 32,628,664 | ||||||
Bajaj Auto Ltd. | 185,175 | 8,713,898 | ||||||
Bharti Airtel Ltd.(a) | 1,242,817 | 11,364,682 | ||||||
Britannia Industries Ltd. | 244,888 | 11,177,959 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Cipla Ltd. | 1,303,355 | $ | 16,041,748 | |||||
Colgate-Palmolive India Ltd. | 121,194 | 2,338,007 | ||||||
Dabur India Ltd. | 2,653,524 | 19,894,615 | ||||||
Divi’s Laboratories Ltd. | 183,241 | 10,413,860 | ||||||
Dr. Reddy’s Laboratories Ltd. | 277,672 | 14,992,366 | ||||||
Eicher Motors Ltd. | 401,744 | 13,876,419 | ||||||
HCL Technologies Ltd. | 2,447,377 | 36,801,765 | ||||||
Hindustan Unilever Ltd. | 896,387 | 25,922,000 | ||||||
Housing Development Finance Corp. Ltd. | 268,246 | 8,478,129 | ||||||
Infosys Ltd. | 2,088,953 | 47,606,960 | ||||||
ITC Ltd. | 732,281 | 2,108,534 | ||||||
Lupin Ltd. | 714,011 | 7,093,340 | ||||||
Marico Ltd. | 2,609,300 | 17,863,473 | ||||||
Maruti Suzuki India Ltd. | 27,380 | 3,034,623 | ||||||
Mindtree Ltd. | 36,817 | 1,910,466 | ||||||
Mphasis Ltd. | 105,710 | 4,391,752 | ||||||
MRF Ltd. | 14,577 | 12,754,946 | ||||||
Nestle India Ltd. | 28,066 | 6,591,434 | ||||||
Page Industries Ltd. | 34,180 | 19,239,706 | ||||||
Pidilite Industries Ltd. | 823,387 | 26,357,995 | ||||||
Reliance Industries Ltd. | 367,184 | 11,559,577 | ||||||
Sun Pharmaceutical Industries Ltd. | 1,315,934 | 14,782,448 | ||||||
Tata Consultancy Services Ltd. | 931,052 | 44,105,537 | ||||||
Tech Mahindra Ltd. | 1,377,200 | 25,929,649 | ||||||
Titan Co. Ltd. | 476,532 | 16,186,121 | ||||||
UltraTech Cement Ltd. | 23,994 | 2,099,997 | ||||||
Wipro Ltd. | 3,225,210 | 23,849,608 | ||||||
Yes Bank Ltd.(a) | 12,299,477 | 2,172,853 | ||||||
|
| |||||||
513,317,761 | ||||||||
Kuwait — 2.0% | ||||||||
Kuwait Finance House KSCP | 3,607,340 | 11,284,517 | ||||||
Mobile Telecommunications Co. KSCP | 12,859,440 | 26,364,783 | ||||||
National Bank of Kuwait SAKP | 10,071,217 | 35,304,272 | ||||||
|
| |||||||
72,953,572 | ||||||||
Malaysia — 4.1% | ||||||||
DiGi.Com Bhd | 10,785,600 | 10,427,025 | ||||||
Hong Leong Bank Bhd | 3,331,600 | 15,949,909 | ||||||
IHH Healthcare Bhd | 14,297,700 | 22,431,312 | ||||||
IOI Corp. Bhd | 2,092,000 | 2,298,699 | ||||||
Malayan Banking Bhd | 15,549,000 | 32,488,977 | ||||||
Malaysia Airports Holdings Bhd(a) | 1,235,600 | 1,809,918 | ||||||
Maxis Bhd | 6,095,100 | 5,843,611 | ||||||
Nestle Malaysia Bhd | 661,900 | 21,152,009 | ||||||
Petronas Chemicals Group Bhd | 3,235,300 | 7,359,084 | ||||||
Petronas Dagangan Bhd | 947,600 | 4,857,057 | ||||||
PPB Group Bhd | 2,505,200 | 10,704,606 | ||||||
Public Bank Bhd | 3,314,100 | 3,519,724 | ||||||
Telekom Malaysia Bhd | 2,594,500 | 3,126,871 | ||||||
Tenaga Nasional Bhd | 4,243,300 | 9,275,809 | ||||||
Westports Holdings Bhd | 2,859,800 | 2,663,289 | ||||||
|
| |||||||
153,907,900 | ||||||||
Mexico — 0.7% | ||||||||
Wal-Mart de Mexico SAB de CV | 7,184,300 | 27,325,666 | ||||||
|
| |||||||
Peru — 0.7% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) | 364,459 | 3,608,144 | ||||||
Credicorp Ltd. | 151,833 | 22,964,741 | ||||||
|
| |||||||
26,572,885 |
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) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines — 2.0% | ||||||||
Bank of the Philippine Islands | 6,926,868 | $ | 13,537,940 | |||||
BDO Unibank Inc. | 5,912,363 | 14,982,901 | ||||||
Globe Telecom Inc. | 238,445 | 11,981,110 | ||||||
International Container Terminal Services Inc. | 3,299,890 | 13,554,844 | ||||||
Manila Electric Co. | 1,273,130 | 9,161,056 | ||||||
Metropolitan Bank & Trust Co. | 3,980,153 | 4,432,743 | ||||||
PLDT Inc. | 56,375 | 1,978,128 | ||||||
SM Investments Corp. | 120,815 | 2,101,950 | ||||||
Universal Robina Corp. | 729,340 | 1,707,057 | ||||||
|
| |||||||
73,437,729 | ||||||||
Poland — 0.3% | ||||||||
Allegro.eu SA(a)(c) | 196,741 | 1,466,229 | ||||||
Dino Polska SA(a)(c) | 140,460 | 9,876,709 | ||||||
|
| |||||||
11,342,938 | ||||||||
Qatar — 2.5% | ||||||||
Masraf Al Rayan QSC(a) | 20,487,768 | 28,067,742 | ||||||
Qatar Electricity & Water Co. QSC | 2,553,453 | 12,607,327 | ||||||
Qatar Fuel QSC | 924,748 | 4,712,802 | ||||||
Qatar Islamic Bank SAQ | 3,133,124 | 18,104,936 | ||||||
Qatar National Bank QPSC | 4,754,342 | 28,461,855 | ||||||
|
| |||||||
91,954,662 | ||||||||
Russia — 0.1% | ||||||||
Polymetal International PLC(d) | 244,417 | 741,274 | ||||||
Polyus PJSC(d) | 95,932 | 3,614,552 | ||||||
Rosneft Oil Co. PJSC(d) | 759,070 | 791,886 | ||||||
Yandex NV(a)(d) | 49,681 | 324,771 | ||||||
|
| |||||||
5,472,483 | ||||||||
Saudi Arabia — 9.2% | ||||||||
Abdullah Al Othaim Markets Co. | 361,329 | 10,746,687 | ||||||
Advanced Petrochemical Co. | 380,380 | 7,631,558 | ||||||
Al Rajhi Bank | 1,449,745 | 62,196,538 | ||||||
Alinma Bank | 4,531,753 | 42,970,391 | ||||||
Bank AlBilad(a) | 207,188 | 3,260,643 | ||||||
Bank Al-Jazira | 852,245 | 6,123,450 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 82,640 | 3,583,564 | ||||||
Co for Cooperative Insurance (The) | 360,933 | 7,585,674 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 91,941 | 4,204,443 | ||||||
Emaar Economic City(a) | 857,160 | 2,840,155 | ||||||
Etihad Etisalat Co.(a) | 2,722,203 | 25,371,573 | ||||||
Jarir Marketing Co. | 543,282 | 30,334,049 | ||||||
Mobile Telecommunications Co.(a) | 2,197,948 | 7,894,912 | ||||||
SABIC Agri-Nutrients Co. | 544,645 | 23,206,160 | ||||||
Saudi Arabian Oil Co.(c) | 1,036,023 | 11,494,162 | ||||||
Saudi Basic Industries Corp. | 890,934 | 29,701,349 | ||||||
Saudi Electricity Co. | 1,453,115 | 10,724,919 | ||||||
Saudi Telecom Co. | 1,554,091 | 47,417,281 | ||||||
Yanbu National Petrochemical Co. | 386,828 | 7,100,498 | ||||||
|
| |||||||
344,388,006 | ||||||||
South Korea — 6.0% | ||||||||
Amorepacific Corp. | 12,823 | 1,979,368 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 27,101 | 1,441,437 | ||||||
Celltrion Inc. | 26,186 | 3,495,304 | ||||||
CJ Logistics Corp.(a) | 41,443 | 4,296,880 | ||||||
Coway Co. Ltd. | 83,805 | 5,033,227 | ||||||
F&F Co. Ltd./New(a) | 3,377 | 2,524,098 | ||||||
Hanon Systems | 448,493 | 4,343,304 | ||||||
HLB Inc.(a) | 65,280 | 1,710,422 | ||||||
Hotel Shilla Co. Ltd.(b) | 213,665 | 14,440,946 | ||||||
Kakao Corp. | 89,457 | 7,084,705 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Kia Corp. | 27,144 | $ | 1,682,801 | |||||
KT&G Corp. | 298,455 | 19,840,258 | ||||||
LG Household & Health Care Ltd. | 1,909 | 1,514,683 | ||||||
LG Uplus Corp. | 318,002 | 3,493,045 | ||||||
NAVER Corp. | 110,316 | 29,394,493 | ||||||
NCSoft Corp. | 16,411 | 6,079,371 | ||||||
Netmarble Corp.(c) | 51,866 | 4,456,740 | ||||||
Orion Corp./Republic of Korea | 28,215 | 2,159,131 | ||||||
Pearl Abyss Corp.(a)(b) | 45,019 | 3,610,662 | ||||||
S-1 Corp. | 158,216 | 9,210,279 | ||||||
Samsung Biologics Co. Ltd.(a)(c) | 21,168 | 13,770,905 | ||||||
Samsung Electronics Co. Ltd. | 513,118 | 30,917,092 | ||||||
Samsung SDS Co. Ltd. | 89,440 | 10,500,086 | ||||||
SK Bioscience Co. Ltd.(a) | 10,380 | 1,271,121 | ||||||
SK Hynix Inc. | 143,286 | 14,938,211 | ||||||
SK Telecom Co. Ltd. | 247,344 | 11,287,070 | ||||||
Yuhan Corp. | 252,086 | 12,248,403 | ||||||
|
| |||||||
222,724,042 | ||||||||
Taiwan — 18.2% | ||||||||
Accton Technology Corp. | 466,000 | 4,225,952 | ||||||
Advantech Co. Ltd. | 2,624,855 | 34,565,423 | ||||||
Asustek Computer Inc. | 1,949,000 | 26,000,584 | ||||||
Cathay Financial Holding Co. Ltd. | 3,295,034 | 7,409,331 | ||||||
China Steel Corp. | 7,196,000 | 9,357,350 | ||||||
Chunghwa Telecom Co. Ltd. | 13,846,000 | 61,540,163 | ||||||
Compal Electronics Inc. | 24,776,000 | 22,571,222 | ||||||
Delta Electronics Inc. | 411,000 | 3,662,876 | ||||||
E.Sun Financial Holding Co Ltd. | 18,929,459 | 20,009,437 | ||||||
Far EasTone Telecommunications Co. Ltd. | 15,025,000 | 37,161,805 | ||||||
First Financial Holding Co. Ltd. | 65,284,899 | 60,110,251 | ||||||
Formosa Petrochemical Corp. | 2,074,000 | 7,295,468 | ||||||
Formosa Plastics Corp. | 2,220,840 | 8,385,925 | ||||||
Hon Hai Precision Industry Co. Ltd. | 2,265,000 | 8,413,474 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 55,045,089 | 43,646,903 | ||||||
Lite-On Technology Corp. | 7,572,752 | 18,620,483 | ||||||
Mega Financial Holding Co. Ltd. | 11,772,000 | 15,863,958 | ||||||
Pou Chen Corp. | 3,018,000 | 3,480,396 | ||||||
President Chain Store Corp. | 5,330,000 | 49,806,234 | ||||||
Quanta Computer Inc. | 2,576,000 | 8,613,877 | ||||||
Synnex Technology International Corp. | 9,834,000 | 25,459,899 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 66,630,330 | 63,211,107 | ||||||
Taiwan High Speed Rail Corp. | 7,001,000 | 7,409,660 | ||||||
Taiwan Mobile Co. Ltd. | 15,535,000 | 57,446,729 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,597,000 | 55,834,347 | ||||||
Uni-President Enterprises Corp. | 2,790,000 | 6,712,439 | ||||||
United Microelectronics Corp. | 1,261,000 | 2,376,167 | ||||||
WPG Holdings Ltd. | 5,607,440 | 11,190,819 | ||||||
|
| |||||||
680,382,279 | ||||||||
Thailand — 5.3% | ||||||||
Advanced Info Service PCL, NVDR | 7,041,300 | 49,565,938 | ||||||
Airports of Thailand PCL, NVDR(a) | 16,559,000 | 32,716,150 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 34,316,500 | 24,950,259 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 6,915,400 | 1,890,820 | ||||||
Bumrungrad Hospital PCL, NVDR | 2,517,100 | 11,861,335 | ||||||
CP ALL PCL, NVDR | 13,780,600 | 28,790,650 | ||||||
Home Product Center PCL, NVDR | 23,781,300 | 11,136,274 | ||||||
Intouch Holdings PCL, NVDR | 7,810,900 | 18,163,058 | ||||||
PTT Oil & Retail Business PCL, NVDR | 12,148,300 | 9,626,420 | ||||||
Siam Cement PCL (The), NVDR | 422,400 | 5,083,429 |
26 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Sri Trang Gloves Thailand PCL, NVDR | 2,146,000 | $ | 1,691,186 | |||||
Thai Union Group PCL, NVDR | 3,111,800 | 1,942,792 | ||||||
|
| |||||||
197,418,311 | ||||||||
Turkey — 0.5% | ||||||||
BIM Birlesik Magazalar AS | 2,095,462 | 11,067,594 | ||||||
Turkcell Iletisim Hizmetleri AS | 2,316,687 | 3,434,795 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 168,804 | 2,352,724 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 2,649,698 | 2,370,135 | ||||||
|
| |||||||
19,225,248 | ||||||||
United Arab Emirates — 3.7% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 23,528,422 | 26,416,172 | ||||||
Aldar Properties PJSC | 10,921,738 | 12,482,006 | ||||||
Dubai Islamic Bank PJSC | 3,408,592 | 5,664,803 | ||||||
Emirates Telecommunications Group Co. PJSC | 7,514,943 | 71,770,929 | ||||||
First Abu Dhabi Bank PJSC | 3,539,151 | 19,926,122 | ||||||
|
| |||||||
136,260,032 | ||||||||
|
| |||||||
Total Common Stocks — 99.0% | 3,692,534,120 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) | 40,815,200 | 4,382,392 | ||||||
|
| |||||||
South Korea — 0.5% | ||||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 16,548 | 7,253,115 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 195,153 | 10,785,615 | ||||||
|
| |||||||
18,038,730 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.6% | 22,421,122 | |||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Rights | ||||||||
South Korea — 0.0% | ||||||||
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a) | 1,495 | $ | 174,096 | |||||
|
| |||||||
Total Rights — 0.0% | 174,096 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 43,082,941 | 43,091,558 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 6,090,000 | 6,090,000 | ||||||
|
| |||||||
49,181,558 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.3% |
| 49,181,558 | ||||||
|
| |||||||
Total Investments in Securities — 100.9% |
| 3,764,310,896 | ||||||
Other Assets, Less Liabilities — (0.9)% |
| (31,737,121 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 3,732,573,775 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain from | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 15,776,157 | $ | 27,321,615 | (a) | $ | — | $ | 1,372 | $ | (7,586 | ) | $ | 43,091,558 | 43,082,941 | $ | 182,713 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 7,590,000 | — | (1,500,000 | )(a) | — | — | 6,090,000 | 6,090,000 | 353 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 1,372 | $ | (7,586 | ) | $ | 49,181,558 | $ | 183,066 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
SCHEDULE OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 186 | 03/18/22 | $ | 10,932 | $ | (352,004 | ) | |||||||||
U.S. 2 Year Treasury Note | 10 | 06/30/22 | 2,152 | 3,737 | ||||||||||||
|
| |||||||||||||||
$ | (348,267 | ) | ||||||||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 3,737 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 352,004 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||
Equity Contracts | Interest Rate Contracts | Total | ||||||||||
| ||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | 327,303 | $ | (22,263 | ) | $ | 305,040 | |||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | (606,864 | ) | $ | (1,330 | ) | $ | (608,194 | ) | |||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 16,838,191 | ||
|
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.
28 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 334,882,772 | $ | 3,352,178,837 | $ | 5,472,511 | $ | 3,692,534,120 | ||||||||
Preferred Stocks | — | 18,038,730 | 4,382,392 | 22,421,122 | ||||||||||||
Rights | — | 174,096 | — | 174,096 | ||||||||||||
Money Market Funds | 49,181,558 | — | — | 49,181,558 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 384,064,330 | $ | 3,370,391,663 | $ | 9,854,903 | $ | 3,764,310,896 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 3,737 | $ | — | $ | — | $ | 3,737 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (352,004 | ) | — | — | (352,004 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (348,267 | ) | $ | — | $ | — | $ | (348,267 | ) | |||||||
|
|
|
|
|
|
|
|
(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 | 29 |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 1.3% | ||||||||
BB Seguridade Participacoes SA | 797,804 | $ | 3,517,928 | |||||
Telefonica Brasil SA | 578,175 | 5,669,962 | ||||||
TIM SA | 965,663 | 2,561,410 | ||||||
|
| |||||||
11,749,300 | ||||||||
Chile — 0.3% | ||||||||
Cencosud SA | 1,631,582 | 3,001,033 | ||||||
|
| |||||||
China — 40.9% | ||||||||
360 DigiTech Inc., ADR | 97,435 | 1,826,906 | ||||||
3SBio Inc.(a)(b) | 1,448,000 | 1,150,826 | ||||||
Alibaba Group Holding Ltd.(b) | 806,448 | 10,615,980 | ||||||
Aluminum Corp. of China Ltd., Class H(b) | 4,496,000 | 3,177,880 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,407,000 | 7,550,701 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 80,800 | 362,761 | ||||||
Bank of China Ltd., Class H | 14,767,000 | 5,748,818 | ||||||
Bank of Communications Co. Ltd., Class H | 9,976,000 | 6,838,840 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 1,525,400 | 1,748,360 | ||||||
Beijing Enterprises Holdings Ltd. | 575,500 | 1,967,348 | ||||||
Bosideng International Holdings Ltd. | 3,706,000 | 2,108,592 | ||||||
CECEP Solar Energy Co. Ltd., Class A | 200,700 | 320,648 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 10,008,000 | 1,806,579 | ||||||
China CITIC Bank Corp. Ltd., Class H | 10,177,000 | 4,782,306 | ||||||
China Coal Energy Co. Ltd., Class H | 2,340,000 | 1,458,601 | ||||||
China Communications Services Corp. Ltd., Class H | 2,730,000 | 1,497,735 | ||||||
China Conch Venture Holdings Ltd. | 1,863,500 | 8,967,605 | ||||||
China Construction Bank Corp., Class H | 38,566,000 | 28,923,133 | ||||||
China Everbright Bank Co. Ltd., Class H | 3,604,000 | 1,340,355 | ||||||
China Hongqiao Group Ltd. | 2,599,000 | 3,638,622 | ||||||
China Lesso Group Holdings Ltd. | 1,238,000 | 1,906,006 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 3,807,000 | 7,856,086 | ||||||
China Medical System Holdings Ltd. | 1,552,000 | 2,763,574 | ||||||
China Meidong Auto Holdings Ltd. | 638,000 | 3,004,015 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,706,000 | 3,216,486 | ||||||
China National Building Material Co. Ltd., Class H | 4,676,000 | 5,998,505 | ||||||
China Power International Development Ltd. | 4,476,000 | 2,537,163 | ||||||
China Railway Group Ltd., Class H | 4,555,000 | 2,674,495 | ||||||
China Resources Cement Holdings Ltd. | 2,776,000 | 2,375,395 | ||||||
China Resources Power Holdings Co. Ltd. | 2,194,000 | 4,900,452 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 67,000 | 379,824 | ||||||
China Shenhua Energy Co. Ltd., Class H | 3,849,500 | 10,609,162 | ||||||
China State Construction International Holdings Ltd. | 2,302,000 | 3,241,944 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,843,800 | 2,182,335 | ||||||
China Tower Corp. Ltd., Class H(a) | 22,284,000 | 2,597,278 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 3,150,000 | 1,795,688 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 35,200 | 656,085 | ||||||
Chinasoft International Ltd. | 2,972,000 | 2,711,655 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) | 3,823,500 | 7,728,153 | ||||||
COSCO SHIPPING Ports Ltd. | 2,086,000 | 1,719,017 | ||||||
Daan Gene Co Ltd., Class A | 93,580 | 275,105 | ||||||
Dali Foods Group Co. Ltd.(a) | 2,336,500 | 1,230,593 | ||||||
Daqo New Energy Corp., ADR(b) | 23,365 | 1,120,586 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 3,096,000 | 2,664,808 | ||||||
Dongyue Group Ltd. | 1,670,000 | 2,422,735 | ||||||
Far East Horizon Ltd. | 1,901,000 | 1,620,129 | ||||||
Fosun International Ltd. | 2,861,500 | 3,104,737 | ||||||
GF Securities Co. Ltd., Class H | 1,263,200 | 1,896,420 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Haitian International Holdings Ltd. | 725,000 | $ | 1,931,617 | |||||
Haitong Securities Co. Ltd., Class H | 3,108,800 | 2,675,087 | ||||||
Hengan International Group Co. Ltd. | 736,500 | 3,905,860 | ||||||
Hesteel Co. Ltd., Class A | 737,700 | 300,767 | ||||||
Hopson Development Holdings Ltd.(c) | 819,350 | 1,686,676 | ||||||
Huabao International Holdings Ltd. | 1,046,000 | 600,098 | ||||||
Huadian Power International Corp. Ltd., Class A | 453,200 | 309,779 | ||||||
Huaxi Securities Co. Ltd., Class A | 184,700 | 260,733 | ||||||
Huaxin Cement Co. Ltd., Class A | 94,000 | 305,841 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 468,420 | 433,491 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 568,700 | 447,630 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(b) | 255,700 | 366,259 | ||||||
Intco Medical Technology Co. Ltd., Class A | 37,350 | 302,913 | ||||||
JDcom Inc, Class A(b) | 16,761 | 598,693 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 1,392,000 | 1,489,359 | ||||||
Jiangxi Copper Co. Ltd., Class H | 1,268,000 | 2,282,400 | ||||||
Kingboard Holdings Ltd. | 758,500 | 3,548,375 | ||||||
Kingboard Laminates Holdings Ltd. | 1,067,000 | 1,777,992 | ||||||
Kunlun Energy Co. Ltd. | 4,440,000 | 4,367,554 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,476,000 | 948,854 | ||||||
Lenovo Group Ltd. | 8,234,000 | 9,169,127 | ||||||
Li Ning Co. Ltd. | 1,806,500 | 18,043,592 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 133,100 | 355,688 | ||||||
Metallurgical Corp. of China Ltd., Class A | 1,218,800 | 790,489 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,876,000 | 1,797,146 | ||||||
Noah Holdings Ltd., ADR(b)(c) | 38,933 | 1,104,140 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A(b) | 97,300 | 347,962 | ||||||
Northeast Securities Co. Ltd., Class A | 154,800 | 203,185 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b) | 598,400 | 400,678 | ||||||
PetroChina Co. Ltd., Class H | 24,046,000 | 12,879,654 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 7,863,000 | 8,300,075 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 9,052,000 | 7,432,451 | ||||||
Sailun Group Co. Ltd., Class A | 210,900 | 404,552 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 1,256,000 | 1,302,468 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 664,800 | 1,501,955 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 75,900 | 250,899 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 145,775 | 818,911 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 183,300 | 357,841 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 2,834,800 | 3,914,271 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 441,041 | 1,904,659 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 642,300 | 581,419 | ||||||
Shanghai Medicilon Inc., Class A | 4,289 | 263,982 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 891,900 | 1,609,936 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 284,100 | 478,180 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 208,000 | 458,359 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 382,500 | 444,283 | ||||||
Shenzhen International Holdings Ltd. | 1,423,000 | 1,466,233 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(b) | 70,100 | 278,279 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 116,160 | 443,176 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A(b) | 618,300 | 384,676 | ||||||
Sinopharm Group Co. Ltd., Class H | 1,529,200 | 3,707,061 | ||||||
Sinotrans Ltd., Class A | 292,300 | 199,416 | ||||||
Sinotruk Hong Kong Ltd. | 791,500 | 1,181,446 | ||||||
Sun Art Retail Group Ltd. | 1,568,000 | 565,706 | ||||||
Tencent Holdings Ltd. | 366,300 | 19,766,028 | ||||||
Tibet Summit Resources Co. Ltd., Class-A | 63,700 | 346,069 |
30 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Tingyi Cayman Islands Holding Corp. | 2,244,000 | $ | 4,964,630 | |||||
Titan Wind Energy Suzhou Co. Ltd., Class A | 125,300 | 414,113 | ||||||
Uni-President China Holdings Ltd. | 1,480,000 | 1,539,014 | ||||||
Vinda International Holdings Ltd.(c) | 413,000 | 1,175,908 | ||||||
Vipshop Holdings Ltd., ADR(b) | 511,722 | 4,436,630 | ||||||
Want Want China Holdings Ltd. | 5,455,000 | 5,806,987 | ||||||
Westone Information Industry Inc., Class A | 58,200 | 426,073 | ||||||
Wharf Holdings Ltd. (The) | 1,567,000 | 5,669,391 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 356,700 | 320,176 | ||||||
Xiamen Faratronic Co. Ltd. | 15,500 | 525,938 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 166,000 | 285,391 | ||||||
Yadea Group Holdings Ltd.(a) | 1,366,000 | 2,026,507 | ||||||
Yankuang Energy Group Co Ltd, Class H | 1,732,000 | 4,246,554 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 28,000 | 663,928 | ||||||
Youngor Group Co. Ltd., Class A | 310,600 | 333,616 | ||||||
Yuexiu Property Co. Ltd. | 1,587,400 | 1,587,830 | ||||||
Yum China Holdings Inc. | 144,295 | 7,506,226 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,634,000 | 1,474,044 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 182,900 | 205,448 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 110,700 | 407,736 | ||||||
Zhongsheng Group Holdings Ltd. | 655,000 | 4,573,814 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 623,800 | 3,251,571 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 185,400 | 463,543 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class-A | 197,200 | 302,653 | ||||||
|
| |||||||
365,622,718 | ||||||||
Egypt — 0.1% | ||||||||
Eastern Co. SAE | 1,153,966 | 797,798 | ||||||
|
| |||||||
Hungary — 0.7% | ||||||||
MOL Hungarian Oil & Gas PLC | 319,779 | 2,494,372 | ||||||
Richter Gedeon Nyrt | 159,311 | 3,345,002 | ||||||
|
| |||||||
5,839,374 | ||||||||
India — 16.7% | ||||||||
ACC Ltd. | 85,662 | 2,385,950 | ||||||
Adani Enterprises Ltd. | 313,368 | 6,891,190 | ||||||
Adani Total Gas Ltd. | 313,368 | 6,606,524 | ||||||
Ambuja Cements Ltd. | 792,077 | 3,319,677 | ||||||
Apollo Hospitals Enterprise Ltd. | 106,942 | 6,844,815 | ||||||
Aurobindo Pharma Ltd. | 333,903 | 2,779,559 | ||||||
Balkrishna Industries Ltd. | 99,147 | 2,410,925 | ||||||
Cipla Ltd. | 551,614 | 6,789,288 | ||||||
Colgate-Palmolive India Ltd. | 139,494 | 2,691,040 | ||||||
Container Corp. of India Ltd. | 278,142 | 2,226,132 | ||||||
Dr. Reddy’s Laboratories Ltd. | 132,732 | 7,166,609 | ||||||
HCL Technologies Ltd. | 1,237,127 | 18,602,960 | ||||||
HDFC Asset Management Co. Ltd.(a) | 60,864 | 1,692,447 | ||||||
Hero MotoCorp Ltd. | 136,626 | 4,628,092 | ||||||
Hindustan Petroleum Corp. Ltd. | 727,536 | 2,646,655 | ||||||
Jubilant Foodworks Ltd. | 90,056 | 3,501,315 | ||||||
Larsen & Toubro Infotech Ltd.(a) | 59,895 | 4,681,209 | ||||||
Marico Ltd. | 588,375 | 4,028,062 | ||||||
Mindtree Ltd. | 75,130 | 3,898,561 | ||||||
Mphasis Ltd. | 96,072 | 3,991,339 | ||||||
MRF Ltd. | 2,167 | 1,896,136 | ||||||
NTPC Ltd. | 3,670,115 | 6,533,290 | ||||||
Page Industries Ltd. | 6,365 | 3,582,818 | ||||||
SRF Ltd. | 168,807 | 5,372,173 | ||||||
Tata Steel Ltd. | 629,363 | 10,305,017 | ||||||
Tech Mahindra Ltd. | 717,995 | 13,518,268 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Vedanta Ltd. | 1,270,968 | $ | 6,468,824 | |||||
Wipro Ltd. | 468,905 | 3,467,433 | ||||||
|
| |||||||
148,926,308 | ||||||||
Indonesia — 0.9% | ||||||||
Adaro Energy Tbk PT | 16,404,800 | 2,810,659 | ||||||
Gudang Garam Tbk PT | 546,200 | 1,196,950 | ||||||
Indofood Sukses Makmur Tbk PT | 5,005,000 | 2,164,805 | ||||||
United Tractors Tbk PT | 1,169,500 | 2,040,759 | ||||||
|
| |||||||
8,213,173 | ||||||||
Kuwait — 0.6% | ||||||||
Mobile Telecommunications Co. KSCP | 2,465,817 | 5,055,487 | ||||||
|
| |||||||
Malaysia — 0.2% | ||||||||
Sime Darby Bhd | 3,096,100 | 1,676,658 | ||||||
|
| |||||||
Philippines — 0.5% | ||||||||
Globe Telecom Inc. | 30,300 | 1,522,480 | ||||||
PLDT Inc. | 86,225 | 3,025,527 | ||||||
|
| |||||||
4,548,007 | ||||||||
Poland — 0.6% | ||||||||
Cyfrowy Polsat SA | 328,006 | 2,126,804 | ||||||
Orange Polska SA(b) | 750,270 | 1,392,235 | ||||||
PGE Polska Grupa Energetyczna SA(b) | 960,920 | 1,864,027 | ||||||
|
| |||||||
5,383,066 | ||||||||
Qatar — 1.0% | ||||||||
Barwa Real Estate Co. | 1,072,983 | 1,067,334 | ||||||
Commercial Bank PSQC (The) | 2,245,961 | 4,259,814 | ||||||
Ooredoo QPSC | 910,318 | 1,914,319 | ||||||
Qatar Electricity & Water Co. QSC | 303,212 | 1,497,068 | ||||||
|
| |||||||
8,738,535 | ||||||||
Russia — 0.4% | ||||||||
Inter RAO UES PJSC(d) | 41,455,000 | 400,177 | ||||||
PhosAgro PJSC, GDR | 153,986 | 942,071 | ||||||
TCS Group Holding PLC, GDR(d) | 135,475 | 1,560,156 | ||||||
United Co. RUSAL International | 3,441,260 | 726,165 | ||||||
|
| |||||||
3,628,569 | ||||||||
Saudi Arabia — 5.6% | ||||||||
Abdullah Al Othaim Markets Co. | 50,216 | 1,493,530 | ||||||
Advanced Petrochemical Co. | 120,960 | 2,426,819 | ||||||
Arab National Bank | 683,832 | 5,112,206 | ||||||
Banque Saudi Fransi | 352,839 | 5,011,245 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 68,383 | 2,965,330 | ||||||
Co for Cooperative Insurance (The) | 69,705 | 1,464,979 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 59,846 | 2,736,745 | ||||||
Jarir Marketing Co. | 67,016 | 3,741,826 | ||||||
Mobile Telecommunications Co.(b) | 502,871 | 1,806,286 | ||||||
Mouwasat Medical Services Co. | 55,846 | 3,097,889 | ||||||
National Petrochemical Co. | 136,433 | 1,646,419 | ||||||
SABIC Agri-Nutrients Co. | 244,146 | 10,402,540 | ||||||
Saudi Cement Co. | 4,382 | 65,130 | ||||||
Saudi Industrial Investment Group | 251,784 | 2,377,322 | ||||||
Yanbu National Petrochemical Co. | 288,491 | 5,295,453 | ||||||
|
| |||||||
49,643,719 | ||||||||
South Africa — 2.7% | ||||||||
Aspen Pharmacare Holdings Ltd. | 442,193 | 5,780,395 | ||||||
Exxaro Resources Ltd. | 281,326 | 3,628,756 | ||||||
Kumba Iron Ore Ltd. | 73,160 | 2,891,926 | ||||||
Mr. Price Group Ltd. | 292,272 | 3,984,460 | ||||||
Rand Merchant Investment Holdings Ltd. | 872,998 | 2,746,810 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Reinet Investments SCA | 156,323 | $ | 3,222,584 | |||||
Tiger Brands Ltd. | 190,937 | 2,028,300 | ||||||
|
| |||||||
24,283,231 | ||||||||
South Korea — 10.2% | ||||||||
BGF retail Co. Ltd. | 8,912 | 1,262,531 | ||||||
Coway Co. Ltd. | 63,083 | 3,788,688 | ||||||
DB Insurance Co. Ltd. | 52,450 | 2,695,895 | ||||||
E-MART Inc. | 22,243 | 2,425,696 | ||||||
F&F Co. Ltd./New(b) | 3,919 | 2,929,209 | ||||||
GS Holdings Corp. | 53,053 | 1,774,042 | ||||||
Hana Financial Group Inc. | 182,809 | 7,427,134 | ||||||
Hankook Tire & Technology Co. Ltd. | 84,710 | 2,495,829 | ||||||
Kia Corp. | 292,033 | 18,104,678 | ||||||
Kumho Petrochemical Co. Ltd.(b) | 20,835 | 2,810,863 | ||||||
LG Innotek Co. Ltd. | 16,184 | 4,467,636 | ||||||
LG Uplus Corp. | 243,831 | 2,678,325 | ||||||
POSCO | 84,463 | 20,095,753 | ||||||
S-1 Corp.(c) | 19,355 | 1,126,719 | ||||||
Samsung Electronics Co. Ltd. | 233,146 | 14,047,834 | ||||||
SD Biosensor Inc. | 41,280 | 1,874,569 | ||||||
SK Telecom Co. Ltd. | 29,792 | 1,359,501 | ||||||
|
| |||||||
91,364,902 | ||||||||
Taiwan — 14.7% | ||||||||
Acer Inc. | 653,000 | 677,702 | ||||||
Asustek Computer Inc. | 804,000 | 10,725,741 | ||||||
AU Optronics Corp. | 9,324,000 | 6,980,662 | ||||||
Catcher Technology Co. Ltd. | 551,000 | 2,828,178 | ||||||
Compal Electronics Inc. | 4,773,000 | 4,348,258 | ||||||
eMemory Technology Inc. | 74,000 | 4,994,057 | ||||||
Innolux Corp. | 10,772,000 | 6,554,907 | ||||||
Inventec Corp. | 2,970,000 | 2,742,794 | ||||||
Lite-On Technology Corp. | 2,411,718 | 5,930,124 | ||||||
momo.com Inc. | 52,000 | 1,851,150 | ||||||
Nien Made Enterprise Co. Ltd. | 183,000 | 2,372,368 | ||||||
Pegatron Corp. | 2,283,000 | 5,658,545 | ||||||
Pou Chen Corp. | 2,687,000 | 3,098,682 | ||||||
Synnex Technology International Corp. | 1,521,000 | 3,937,818 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,969,000 | 42,332,626 | ||||||
United Microelectronics Corp. | 9,495,000 | 17,891,914 | ||||||
Wan Hai Lines Ltd. | 695,100 | 4,734,643 | ||||||
WPG Holdings Ltd. | 1,818,160 | 3,628,518 | ||||||
|
| |||||||
131,288,687 | ||||||||
Thailand — 0.5% | ||||||||
Krung Thai Bank PCL, NVDR | 3,972,700 | 1,709,166 | ||||||
Srisawad Corp. PCL, NVDR(c) | 430,100 | 763,566 |
Security | Shares | Value | ||||||
| ||||||||
Thailand (continued) | ||||||||
Thai Union Group PCL, NVDR | 3,265,900 | $ | 2,039,001 | |||||
|
| |||||||
4,511,733 | ||||||||
United Arab Emirates — 1.0% | ||||||||
Abu Dhabi Islamic Bank PJSC | 1,655,784 | 3,994,634 | ||||||
Aldar Properties PJSC | 4,390,984 | 5,018,275 | ||||||
|
| |||||||
9,012,909 | ||||||||
|
| |||||||
Total Common Stocks — 98.9% | 883,285,207 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 0.6% | ||||||||
Itausa SA, Preference Shares, NVS | 3,022,960 | 5,854,317 | ||||||
|
| |||||||
Total Preferred Stocks — 0.6% | 5,854,317 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 1,315,366 | 1,315,629 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 2,860,000 | 2,860,000 | ||||||
|
| |||||||
4,175,629 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.5% | 4,175,629 | |||||||
|
| |||||||
Total Investments in Securities — 100.0% | 893,315,153 | |||||||
Other Assets, Less Liabilities — (0.0)% | (280,220 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 893,034,933 | ||||||
|
|
(a) | 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. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
32 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 8,548,912 | $ | — | $ | (7,231,927 | )(a) | $ | (470 | ) | $ | (886 | ) | $ | 1,315,629 | 1,315,366 | $ | 30,112 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,300,000 | 560,000 | (a) | — | — | — | 2,860,000 | 2,860,000 | 163 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (470 | ) | $ | (886 | ) | $ | 4,175,629 | $ | 30,275 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 68 | 03/18/22 | $ | 3,997 | $ | (142,620 | ) | |||||||||
|
|
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:
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 142,620 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (121,309 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (142,620 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,362,688 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Emerging Markets Multifactor ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 73,586,933 | $ | 807,011,776 | $ | 2,686,498 | $ | 883,285,207 | ||||||||
Preferred Stocks | — | 5,854,317 | — | 5,854,317 | ||||||||||||
Money Market Funds | 4,175,629 | — | — | 4,175,629 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 77,762,562 | $ | 812,866,093 | $ | 2,686,498 | $ | 893,315,153 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (142,620 | ) | $ | — | $ | — | $ | (142,620 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
34 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Belgium — 0.2% | ||||||||
Etablissements Franz Colruyt NV | 87,235 | $ | 3,489,127 | |||||
Proximus SADP | 237,566 | 4,722,878 | ||||||
|
| |||||||
8,212,005 | ||||||||
Canada — 2.3% | ||||||||
Agnico Eagle Mines Ltd. | 48,846 | 2,467,542 | ||||||
BCE Inc. | 116,409 | 6,113,883 | ||||||
CGI Inc.(a) | 170,929 | 14,014,155 | ||||||
Franco-Nevada Corp. | 295,531 | 43,521,749 | ||||||
Loblaw Companies Ltd. | 149,616 | 11,670,638 | ||||||
Metro Inc. | 113,959 | 5,948,345 | ||||||
TELUS Corp. | 690,796 | 17,445,665 | ||||||
Thomson Reuters Corp. | 27,120 | 2,742,169 | ||||||
Waste Connections Inc. | 116,984 | 14,446,354 | ||||||
|
| |||||||
118,370,500 | ||||||||
China — 4.3% | ||||||||
Agricultural Bank of China Ltd., Class A | 7,174,699 | 3,389,594 | ||||||
Agricultural Bank of China Ltd., Class H | 6,648,000 | 2,517,724 | ||||||
Alibaba Group Holding Ltd.(a) | 162,148 | 2,134,496 | ||||||
Bank of China Ltd., Class H | 37,014,000 | 14,409,613 | ||||||
Bank of Communications Co. Ltd., Class H | 5,623,000 | 3,854,731 | ||||||
BeiGene Ltd., ADR(a) | 7,417 | 1,561,427 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 3,914,600 | 3,207,105 | ||||||
China Conch Venture Holdings Ltd. | 1,851,500 | 8,909,859 | ||||||
China Construction Bank Corp., Class H | 14,556,000 | 10,916,484 | ||||||
China Feihe Ltd.(b) | 1,729,000 | 2,063,146 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) | 2,093,055 | 3 | ||||||
China Meidong Auto Holdings Ltd. | 564,000 | 2,655,587 | ||||||
China Merchants Bank Co. Ltd., Class A | 1,124,000 | 8,884,911 | ||||||
China Resources Gas Group Ltd. | 1,272,000 | 5,842,282 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 3,882,400 | 3,136,380 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 187,300 | 6,049,582 | ||||||
China Tower Corp. Ltd., Class H(b) | 64,960,000 | 7,571,316 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,128,900 | 7,832,464 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 153,900 | 3,149,726 | ||||||
CITIC Securities Co. Ltd., Class A | 988,408 | 3,663,169 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 1,203,150 | 3,378,176 | ||||||
Country Garden Services Holdings Co. Ltd. | 543,000 | 3,248,203 | ||||||
East Money Information Co. Ltd., Class A | 986,500 | 4,204,731 | ||||||
Guangdong Investment Ltd. | 2,063,147 | 2,776,366 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 1,904,000 | 4,064,457 | ||||||
I-Mab, ADR(a) | 49,332 | 1,219,487 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 6,015,151 | 4,443,792 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 17,682,000 | 10,555,359 | ||||||
JDcom Inc, Class A(a) | 8,928 | 318,903 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 615,540 | 3,920,050 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 268,380 | 3,340,660 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 424,200 | 2,941,862 | ||||||
NAURA Technology Group Co. Ltd., Class A | 48,200 | 2,336,540 | ||||||
Ping An Bank Co. Ltd., Class A | 1,868,400 | 4,675,343 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 12,258,000 | 10,064,846 | ||||||
SF Holding Co. Ltd., Class A | 405,000 | 3,885,767 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 2,716,800 | 3,616,277 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 116,800 | 6,073,693 | ||||||
Tencent Holdings Ltd. | 187,200 | 10,101,557 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 83,300 | 3,268,927 | ||||||
WuXi AppTec Co. Ltd., Class A | 183,804 | 3,042,375 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 495,500 | $ | 4,098,487 | |||||
Xiaomi Corp., Class B(a)(b) | 4,787,800 | 9,011,679 | ||||||
Yadea Group Holdings Ltd.(b) | 1,560,000 | 2,314,312 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 57,200 | 3,292,938 | ||||||
ZTO Express Cayman Inc., ADR | 401,634 | 11,824,105 | ||||||
|
| |||||||
223,768,491 | ||||||||
Denmark — 1.6% | ||||||||
Coloplast A/S, Class B | 183,718 | 27,638,179 | ||||||
Novo Nordisk A/S, Class B | 509,843 | 52,760,289 | ||||||
Tryg A/S | 212,877 | 4,816,513 | ||||||
|
| |||||||
85,214,981 | ||||||||
Finland — 0.2% | ||||||||
Elisa Oyj | 225,276 | 12,481,898 | ||||||
|
| |||||||
France — 0.8% | ||||||||
Eurofins Scientific SE | 22,369 | 2,269,958 | ||||||
Hermes International | 16,385 | 22,595,515 | ||||||
Orange SA | 1,512,720 | 18,291,344 | ||||||
|
| |||||||
43,156,817 | ||||||||
Germany — 0.8% | ||||||||
Deutsche Telekom AG, Registered | 1,762,597 | 31,593,973 | ||||||
Symrise AG | 49,265 | 5,859,902 | ||||||
Telefonica Deutschland Holding AG | 1,611,810 | 4,398,379 | ||||||
|
| |||||||
41,852,254 | ||||||||
Hong Kong — 2.2% | ||||||||
CLP Holdings Ltd. | 1,587,754 | 16,174,907 | ||||||
Hang Seng Bank Ltd. | 1,180,200 | 21,764,173 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS | 4,251,500 | 4,194,593 | ||||||
HKT Trust & HKT Ltd., Class SS | 6,089,000 | 8,212,584 | ||||||
Hong Kong & China Gas Co. Ltd. | 13,310,579 | 20,128,874 | ||||||
Jardine Matheson Holdings Ltd. | 221,000 | 13,149,500 | ||||||
Link REIT | 1,449,700 | 11,714,734 | ||||||
MTR Corp. Ltd.(d) | 2,386,500 | 12,370,427 | ||||||
Power Assets Holdings Ltd. | 1,088,000 | 6,857,149 | ||||||
|
| |||||||
114,566,941 | ||||||||
India — 3.9% | ||||||||
ACC Ltd. | 119,771 | 3,335,991 | ||||||
Adani Green Energy Ltd.(a) | 210,079 | 5,169,427 | ||||||
Adani Total Gas Ltd. | 203,546 | 4,291,222 | ||||||
Adani Transmission Ltd.(a) | 130,166 | 3,709,294 | ||||||
Ambuja Cements Ltd. | 1,117,031 | 4,681,593 | ||||||
Asian Paints Ltd. | 455,616 | 19,254,839 | ||||||
Avenue Supermarts Ltd.(a)(b) | 130,488 | 7,549,295 | ||||||
Bajaj Auto Ltd. | 72,358 | 3,404,996 | ||||||
Berger Paints India Ltd. | 374,546 | 3,439,963 | ||||||
Bharat Petroleum Corp. Ltd. | 690,221 | 3,219,497 | ||||||
Dabur India Ltd. | 852,469 | 6,391,328 | ||||||
Dr. Reddy’s Laboratories Ltd. | 65,116 | 3,515,813 | ||||||
Eicher Motors Ltd. | 191,643 | 6,619,436 | ||||||
HCL Technologies Ltd. | 952,296 | 14,319,892 | ||||||
HDFC Asset Management Co. Ltd.(b) | 89,184 | 2,479,941 | ||||||
Hero MotoCorp Ltd. | 81,429 | 2,758,339 | ||||||
Hindustan Petroleum Corp. Ltd. | 985,591 | 3,585,417 | ||||||
Hindustan Unilever Ltd. | 167,890 | 4,855,096 | ||||||
Indian Oil Corp. Ltd. | 3,022,910 | 4,639,842 | ||||||
Infosys Ltd. | 545,440 | 12,430,505 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 52,872 | 4,132,313 |
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) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Larsen & Toubro Ltd. | 213,618 | $ | 5,178,674 | |||||
Maruti Suzuki India Ltd. | 40,471 | 4,485,545 | ||||||
MRF Ltd. | 2,605 | 2,279,388 | ||||||
Petronet LNG Ltd. | 1,195,746 | 3,431,203 | ||||||
PI Industries Ltd. | 126,450 | 4,161,649 | ||||||
Pidilite Industries Ltd. | 235,135 | 7,527,065 | ||||||
SBI Cards & Payment Services Ltd.(a) | 195,957 | 2,054,604 | ||||||
Shree Cement Ltd. | 11,346 | 3,693,741 | ||||||
Sun Pharmaceutical Industries Ltd. | 434,932 | 4,885,777 | ||||||
Tata Consultancy Services Ltd. | 254,673 | 12,064,299 | ||||||
Tech Mahindra Ltd. | 389,647 | 7,336,196 | ||||||
UltraTech Cement Ltd. | 79,492 | 6,957,280 | ||||||
Wipro Ltd. | 591,633 | 4,374,976 | ||||||
Wipro Ltd., ADR | 1,048,139 | 7,640,933 | ||||||
Yes Bank Ltd.(a) | 16,352,348 | 2,888,842 | ||||||
|
| |||||||
202,744,211 | ||||||||
Ireland — 0.3% | ||||||||
Kerry Group PLC, Class A | 142,614 | 16,990,906 | ||||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. | 27,848 | 2,375,766 | ||||||
Bank Hapoalim BM | 443,769 | 4,703,280 | ||||||
Bank Leumi Le-Israel BM | 638,078 | 6,912,248 | ||||||
Check Point Software Technologies Ltd.(a) | 74,315 | 10,766,757 | ||||||
Isracard Ltd. | — | 1 | ||||||
Nice Ltd.(a) | 21,867 | 4,946,492 | ||||||
|
| |||||||
29,704,544 | ||||||||
Italy — 0.3% | ||||||||
DiaSorin SpA | 38,836 | 5,811,977 | ||||||
Ferrari NV | 10,306 | 2,214,639 | ||||||
Infrastrutture Wireless Italiane SpA(b) | 534,844 | 5,461,458 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 93,869 | 4,591,271 | ||||||
|
| |||||||
18,079,345 | ||||||||
Japan — 10.2% | ||||||||
Ajinomoto Co. Inc. | 90,500 | 2,637,261 | ||||||
Asahi Intecc Co. Ltd. | 111,500 | 2,407,655 | ||||||
Canon Inc. | 1,038,200 | 24,431,902 | ||||||
Capcom Co. Ltd. | 99,400 | 2,412,520 | ||||||
Chubu Electric Power Co. Inc. | 388,000 | 3,875,601 | ||||||
Chugai Pharmaceutical Co. Ltd. | 581,100 | 19,277,191 | ||||||
CyberAgent Inc. | 276,800 | 3,622,109 | ||||||
East Japan Railway Co. | 74,200 | 4,408,129 | ||||||
FUJIFILM Holdings Corp. | 184,100 | 11,702,154 | ||||||
Hamamatsu Photonics KK | 216,300 | 10,960,230 | ||||||
Hankyu Hanshin Holdings Inc. | 88,400 | 2,644,667 | ||||||
Hirose Electric Co. Ltd. | 51,100 | 7,683,533 | ||||||
Itochu Techno-Solutions Corp. | 83,600 | 2,167,199 | ||||||
Japan Post Bank Co. Ltd. | 648,800 | 5,692,783 | ||||||
KDDI Corp. | 571,700 | 18,603,827 | ||||||
Keio Corp. | 125,400 | 5,130,997 | ||||||
Keyence Corp. | 55,600 | 26,298,835 | ||||||
Kintetsu Group Holdings Co. Ltd.(a) | 176,500 | 5,302,469 | ||||||
Kirin Holdings Co. Ltd. | 165,000 | 2,743,200 | ||||||
Koei Tecmo Holdings Co. Ltd. | 94,800 | 3,291,983 | ||||||
Lawson Inc. | 79,600 | 3,318,979 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 123,700 | 5,318,885 | ||||||
MEIJI Holdings Co. Ltd. | 103,700 | 6,223,864 | ||||||
Mizuho Financial Group Inc. | 1,017,700 | 13,412,393 | ||||||
MonotaRO Co. Ltd. | 401,800 | 7,563,080 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
NEC Corp. | 140,000 | $ | 6,057,187 | |||||
Nexon Co. Ltd. | 310,800 | 6,790,150 | ||||||
Nintendo Co. Ltd. | 38,800 | 19,650,330 | ||||||
Nippon Paint Holdings Co. Ltd. | 240,400 | 2,151,602 | ||||||
Nippon Prologis REIT Inc. | 3,184 | 9,361,120 | ||||||
Nippon Telegraph & Telephone Corp. | 1,116,200 | 32,080,579 | ||||||
Nissin Foods Holdings Co. Ltd. | 36,900 | 2,948,205 | ||||||
Nitori Holdings Co. Ltd. | 111,300 | 16,748,216 | ||||||
Nomura Research Institute Ltd. | 143,690 | 5,043,918 | ||||||
NTT Data Corp. | 690,000 | 13,105,940 | ||||||
Obic Co. Ltd. | 95,100 | 15,295,313 | ||||||
Odakyu Electric Railway Co. Ltd. | 134,700 | 2,222,346 | ||||||
Ono Pharmaceutical Co. Ltd. | 127,400 | 3,136,587 | ||||||
Oracle Corp. Japan | 61,600 | 4,399,819 | ||||||
Oriental Land Co. Ltd./Japan | 160,200 | 29,615,334 | ||||||
Otsuka Corp. | 71,600 | 2,781,196 | ||||||
Pan Pacific International Holdings Corp. | 542,900 | 8,886,211 | ||||||
Rinnai Corp. | 57,900 | 4,763,243 | ||||||
Secom Co. Ltd. | 297,400 | 21,842,952 | ||||||
Seven & i Holdings Co. Ltd. | 76,900 | 3,741,779 | ||||||
SG Holdings Co. Ltd. | 290,500 | 6,157,199 | ||||||
Shimano Inc. | 55,800 | 12,994,021 | ||||||
Shionogi & Co. Ltd. | 48,629 | 3,233,457 | ||||||
SoftBank Corp. | 3,392,600 | 42,863,408 | ||||||
Sohgo Security Services Co. Ltd. | 110,100 | 3,975,068 | ||||||
Suntory Beverage & Food Ltd. | 222,800 | 8,878,377 | ||||||
Sysmex Corp. | 146,500 | 11,727,397 | ||||||
Tobu Railway Co. Ltd. | 302,200 | 7,428,252 | ||||||
Toho Co. Ltd./Tokyo | 158,300 | 6,601,964 | ||||||
Toyo Suisan Kaisha Ltd. | 142,400 | 5,986,051 | ||||||
Tsuruha Holdings Inc. | 60,900 | 4,896,042 | ||||||
USS Co. Ltd. | 173,900 | 2,888,840 | ||||||
Welcia Holdings Co. Ltd. | 154,700 | 4,125,415 | ||||||
|
| |||||||
533,508,964 | ||||||||
Kuwait — 0.2% | ||||||||
Mobile Telecommunications Co. KSCP | 3,481,486 | 7,137,840 | ||||||
National Bank of Kuwait SAKP | 1,425,988 | 4,998,747 | ||||||
|
| |||||||
12,136,587 | ||||||||
Malaysia — 0.5% | ||||||||
DiGi.Com Bhd | 2,723,400 | 2,632,859 | ||||||
Hong Leong Bank Bhd | 1,047,000 | 5,012,473 | ||||||
IHH Healthcare Bhd | 1,995,100 | 3,130,063 | ||||||
Malayan Banking Bhd | 2,976,500 | 6,219,271 | ||||||
Maxis Bhd | 3,137,100 | 3,007,660 | ||||||
Petronas Chemicals Group Bhd | 1,367,200 | 3,109,863 | ||||||
Petronas Gas Bhd | 689,600 | 2,862,805 | ||||||
|
| |||||||
25,974,994 | ||||||||
Netherlands — 0.6% | ||||||||
Koninklijke Ahold Delhaize NV | 610,297 | 18,774,104 | ||||||
Koninklijke KPN NV | 1,732,702 | 5,929,536 | ||||||
QIAGEN NV(a) | 90,234 | 4,533,571 | ||||||
|
| |||||||
29,237,211 | ||||||||
New Zealand — 0.2% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 137,876 | 2,590,967 | ||||||
Spark New Zealand Ltd. | 1,802,898 | 5,535,438 | ||||||
|
| |||||||
8,126,405 | ||||||||
Norway — 0.0% | ||||||||
Telenor ASA | 175,832 | 2,601,542 | ||||||
|
|
36 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Peru — 0.1% | ||||||||
Credicorp Ltd. | 22,559 | $ | 3,412,049 | |||||
|
| |||||||
Philippines — 0.2% | ||||||||
BDO Unibank Inc. | 2,683,349 | 6,800,048 | ||||||
Globe Telecom Inc. | 39,640 | 1,991,785 | ||||||
PLDT Inc. | 121,090 | 4,248,897 | ||||||
|
| |||||||
13,040,730 | ||||||||
Qatar — 0.3% | ||||||||
Qatar Islamic Bank SAQ | 548,947 | 3,172,122 | ||||||
Qatar National Bank QPSC | 2,006,735 | 12,013,313 | ||||||
|
| |||||||
15,185,435 | ||||||||
Russia — 0.1% | ||||||||
PhosAgro PJSC, GDR | 126,400 | 773,302 | ||||||
Polymetal International PLC(c) | 250,942 | 761,063 | ||||||
Polyus PJSC(c) | 53,523 | 2,016,654 | ||||||
|
| |||||||
3,551,019 | ||||||||
Saudi Arabia — 1.3% | ||||||||
Alinma Bank | 1,557,630 | 14,769,554 | ||||||
Bank AlBilad(a) | 384,691 | 6,054,115 | ||||||
Jarir Marketing Co. | 94,161 | 5,257,462 | ||||||
SABIC Agri-Nutrients Co. | 306,103 | 13,042,395 | ||||||
Saudi Arabian Oil Co.(b) | 556,901 | 6,178,541 | ||||||
Saudi Basic Industries Corp. | 120,680 | 4,023,147 | ||||||
Saudi Telecom Co. | 632,750 | 19,306,002 | ||||||
|
| |||||||
68,631,216 | ||||||||
Singapore — 0.6% | ||||||||
Oversea-Chinese Banking Corp. Ltd.(d) | 513,700 | 4,451,426 | ||||||
Singapore Exchange Ltd. | 1,183,200 | 8,208,789 | ||||||
Singapore Telecommunications Ltd. | 10,181,500 | 19,098,232 | ||||||
|
| |||||||
31,758,447 | ||||||||
Sweden — 0.2% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 727,627 | 6,695,547 | ||||||
Telia Co. AB | 725,681 | 2,698,207 | ||||||
|
| |||||||
9,393,754 | ||||||||
Switzerland — 6.1% | ||||||||
EMS-Chemie Holding AG, Registered | 10,820 | 10,702,395 | ||||||
Givaudan SA, Registered | 8,720 | 36,409,541 | ||||||
Kuehne + Nagel International AG, Registered | 84,031 | 22,916,525 | ||||||
Logitech International SA, Registered | 214,770 | 16,071,000 | ||||||
Nestle SA, Registered | 542,904 | 70,738,067 | ||||||
Novartis AG, Registered | 277,673 | 24,405,068 | ||||||
Roche Holding AG, Bearer | 24,185 | 10,095,039 | ||||||
Roche Holding AG, NVS | 205,174 | 77,706,230 | ||||||
Schindler Holding AG, Registered | 32,356 | 7,252,642 | ||||||
SGS SA, Registered | 3,019 | 8,638,415 | ||||||
Swiss Prime Site AG, Registered | 83,275 | 8,160,406 | ||||||
Swisscom AG, Registered | 40,305 | 24,143,183 | ||||||
|
| |||||||
317,238,511 | ||||||||
Taiwan — 4.9% | ||||||||
Acer Inc. | 4,183,000 | 4,341,236 | ||||||
Advantech Co. Ltd. | 595,482 | 7,841,609 | ||||||
Asia Cement Corp. | 3,373,000 | 5,451,632 | ||||||
Asustek Computer Inc. | 1,088,000 | 14,514,436 | ||||||
Chang Hwa Commercial Bank Ltd. | 6,720,345 | 4,266,641 | ||||||
China Development Financial Holding Corp. | 20,780,000 | 14,230,446 | ||||||
China Steel Corp. | 7,877,000 | 10,242,892 | ||||||
Chunghwa Telecom Co. Ltd. | 5,896,000 | 26,205,460 | ||||||
Compal Electronics Inc. | 6,732,000 | 6,132,929 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
CTBC Financial Holding Co. Ltd. | 3,829,000 | $ | 3,742,761 | |||||
E.Sun Financial Holding Co Ltd. | 9,496,377 | 10,038,171 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,568,000 | 6,351,515 | ||||||
First Financial Holding Co. Ltd. | 15,993,644 | 14,725,947 | ||||||
Formosa Petrochemical Corp. | 811,000 | 2,852,760 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 13,222,932 | 10,484,860 | ||||||
Inventec Corp. | 4,149,000 | 3,831,600 | ||||||
Lite-On Technology Corp. | 3,390,000 | 8,335,601 | ||||||
Mega Financial Holding Co. Ltd. | 16,775,000 | 22,606,005 | ||||||
Nan Ya Plastics Corp. | 1,065,000 | 3,359,010 | ||||||
Novatek Microelectronics Corp. | 308,000 | 5,106,167 | ||||||
President Chain Store Corp. | 628,000 | 5,868,352 | ||||||
Quanta Computer Inc. | 4,044,000 | 13,522,717 | ||||||
Synnex Technology International Corp. | 2,136,250 | 5,530,680 | ||||||
Taishin Financial Holding Co. Ltd. | 9,803,694 | 6,870,676 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 14,679,457 | 13,926,161 | ||||||
Taiwan Mobile Co. Ltd. | 2,542,000 | 9,400,038 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 564,000 | 12,125,750 | ||||||
WPG Holdings Ltd. | 2,561,760 | 5,112,527 | ||||||
|
| |||||||
257,018,579 | ||||||||
Thailand — 0.5% | ||||||||
Advanced Info Service PCL, NVDR | 1,834,200 | 12,911,514 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 7,567,400 | 5,501,977 | ||||||
Bumrungrad Hospital PCL, NVDR | 700,100 | 3,299,083 | ||||||
Home Product Center PCL, NVDR | 7,717,100 | 3,613,753 | ||||||
|
| |||||||
25,326,327 | ||||||||
United Arab Emirates — 0.5% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 2,786,367 | 3,128,350 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,178,904 | 20,809,468 | ||||||
|
| |||||||
23,937,818 | ||||||||
United Kingdom — 0.1% | ||||||||
AstraZeneca PLC | 34,218 | 4,159,072 | ||||||
|
| |||||||
United States — 55.6% | ||||||||
Abbott Laboratories | 94,668 | 11,418,854 | ||||||
Accenture PLC, Class A | 39,474 | 12,474,573 | ||||||
Activision Blizzard Inc. | 364,918 | 29,740,817 | ||||||
Adobe Inc.(a) | 35,930 | 16,803,742 | ||||||
Akamai Technologies Inc.(a) | 166,995 | 18,078,879 | ||||||
Alphabet Inc., Class C, NVS(a) | 6,220 | 16,780,440 | ||||||
Amazon.com Inc.(a) | 9,649 | 29,634,588 | ||||||
Ameren Corp. | 65,741 | 5,650,439 | ||||||
American Electric Power Co. Inc. | 188,948 | 17,128,136 | ||||||
American Tower Corp. | 22,660 | 5,140,874 | ||||||
American Water Works Co. Inc. | 98,002 | 14,807,122 | ||||||
Amgen Inc. | 31,284 | 7,085,200 | ||||||
Amphenol Corp., Class A | 206,370 | 15,686,184 | ||||||
Aon PLC, Class A | 51,798 | 15,132,268 | ||||||
Arista Networks Inc.(a) | 28,757 | 3,529,347 | ||||||
Arthur J Gallagher & Co. | 61,659 | 9,753,837 | ||||||
AT&T Inc. | 642,206 | 15,213,860 | ||||||
Automatic Data Processing Inc. | 97,582 | 19,949,664 | ||||||
AutoZone Inc.(a) | 13,493 | 25,142,721 | ||||||
Baxter International Inc. | 162,686 | 13,823,429 | ||||||
Becton Dickinson and Co. | 61,367 | 16,647,640 | ||||||
Berkshire Hathaway Inc., Class B(a) | 95,474 | 30,690,117 | ||||||
BioMarin Pharmaceutical Inc.(a)(d) | 158,971 | 12,418,814 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 6,187 | 3,872,815 | ||||||
Black Knight Inc.(a) | 241,944 | 13,594,833 |
S C H E D U L E O F I N V E S T M E N T S | 37 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Booz Allen Hamilton Holding Corp. | 133,558 | $ | 10,776,795 | |||||
Bristol-Myers Squibb Co. | 100,956 | 6,932,649 | ||||||
Broadridge Financial Solutions Inc. | 122,149 | 17,859,405 | ||||||
Brown & Brown Inc. | 225,621 | 15,254,236 | ||||||
Campbell Soup Co. | 156,501 | 7,037,850 | ||||||
Cboe Global Markets Inc. | 121,342 | 14,232,203 | ||||||
CH Robinson Worldwide Inc. | 203,423 | 19,666,936 | ||||||
Charter Communications Inc., Class A(a) | 20,819 | 12,528,458 | ||||||
Church & Dwight Co. Inc. | 213,481 | 20,889,116 | ||||||
Cisco Systems Inc. | 698,474 | 38,953,895 | ||||||
Citrix Systems Inc. | 191,616 | 19,640,640 | ||||||
Clorox Co. (The) | 137,828 | 20,093,944 | ||||||
CME Group Inc. | 77,733 | 18,386,186 | ||||||
CMS Energy Corp. | 132,669 | 8,492,143 | ||||||
Cognizant Technology Solutions Corp., Class A | 43,938 | 3,784,380 | ||||||
Colgate-Palmolive Co. | 172,650 | 13,285,417 | ||||||
Comcast Corp., Class A | 297,150 | 13,894,734 | ||||||
Consolidated Edison Inc. | 546,467 | 46,870,475 | ||||||
Cooper Companies Inc. (The) | 11,539 | 4,719,682 | ||||||
Costco Wholesale Corp. | 26,678 | 13,852,551 | ||||||
Crown Castle International Corp. | 97,599 | 16,259,017 | ||||||
Danaher Corp. | 75,351 | 20,677,068 | ||||||
Dollar General Corp. | 200,393 | 39,745,948 | ||||||
Dominion Energy Inc. | 339,008 | 26,961,306 | ||||||
Domino’s Pizza Inc. | 44,337 | 19,162,895 | ||||||
Duke Energy Corp. | 401,398 | 40,304,373 | ||||||
Electronic Arts Inc. | 210,501 | 27,384,075 | ||||||
Eli Lilly & Co. | 131,723 | 32,924,164 | ||||||
Erie Indemnity Co., Class A, NVS | 39,175 | 6,859,542 | ||||||
Evergy Inc. | 56,939 | 3,553,563 | ||||||
Eversource Energy | 94,727 | 7,748,669 | ||||||
Expeditors International of Washington Inc. | 262,719 | 27,154,636 | ||||||
F5 Inc.(a) | 38,669 | 7,766,669 | ||||||
Fidelity National Information Services Inc. | 75,478 | 7,187,770 | ||||||
Fiserv Inc.(a)(d) | 139,351 | 13,610,412 | ||||||
General Mills Inc. | 178,192 | 12,015,487 | ||||||
Genuine Parts Co. | 19,968 | 2,439,291 | ||||||
Gilead Sciences Inc. | 746,797 | 45,106,539 | ||||||
Henry Schein Inc.(a)(d) | 46,340 | 4,002,849 | ||||||
Hershey Co. (The) | 199,915 | 40,434,808 | ||||||
Home Depot Inc. (The) | 63,879 | 20,174,905 | ||||||
Horizon Therapeutics PLC(a) | 88,298 | 8,050,129 | ||||||
Hormel Foods Corp. | 460,457 | 21,936,171 | ||||||
Humana Inc. | 14,871 | 6,458,773 | ||||||
Incyte Corp.(a) | 236,900 | 16,180,270 | ||||||
Intel Corp. | 54,717 | 2,610,001 | ||||||
Intercontinental Exchange Inc. | 70,648 | 9,051,422 | ||||||
International Business Machines Corp. | 39,659 | 4,858,624 | ||||||
Intuit Inc. | 21,227 | 10,069,452 | ||||||
Jack Henry & Associates Inc. | 114,336 | 20,214,605 | ||||||
JM Smucker Co. (The) | 84,410 | 11,374,247 | �� | |||||
Johnson & Johnson | 308,284 | 50,734,298 | ||||||
Juniper Networks Inc. | 114,332 | 3,863,278 | ||||||
Kellogg Co. | 296,670 | 18,969,080 | ||||||
Keysight Technologies Inc.(a) | 284,540 | 44,778,060 | ||||||
Kimberly-Clark Corp. | 126,058 | 16,406,449 | ||||||
Kroger Co. (The) | 1,097,751 | 51,374,747 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 188,278 | 27,620,383 | ||||||
MarketAxess Holdings Inc. | 12,298 | 4,690,826 | ||||||
Marsh & McLennan Companies Inc. | 219,817 | 34,161,760 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Masimo Corp.(a) | 15,501 | $ | 2,440,632 | |||||
Mastercard Inc., Class A | 42,654 | 15,390,416 | ||||||
McCormick & Co. Inc./MD, NVS | 248,623 | 23,661,451 | ||||||
McDonald’s Corp. | 188,410 | 46,117,116 | ||||||
Medtronic PLC | 138,376 | 14,528,096 | ||||||
Merck & Co. Inc. | 693,010 | 53,070,706 | ||||||
Microsoft Corp. | 73,999 | 22,110,161 | ||||||
Mondelez International Inc., Class A | 91,376 | 5,983,300 | ||||||
Motorola Solutions Inc. | 212,948 | 46,940,128 | ||||||
Netflix Inc.(a) | 40,307 | 15,901,918 | ||||||
Neurocrine Biosciences Inc.(a) | 93,822 | 8,431,783 | ||||||
Newmont Corp. | 1,002,949 | 66,395,224 | ||||||
NextEra Energy Inc. | 672,796 | 52,659,743 | ||||||
Old Dominion Freight Line Inc. | 11,323 | 3,555,762 | ||||||
Oracle Corp. | 176,910 | 13,439,853 | ||||||
O’Reilly Automotive Inc.(a) | 25,288 | 16,417,981 | ||||||
Palo Alto Networks Inc.(a)(d) | 5,221 | 3,102,579 | ||||||
Paychex Inc. | 377,676 | 44,966,105 | ||||||
PepsiCo Inc. | 360,159 | 58,972,435 | ||||||
Pfizer Inc. | 453,419 | 21,283,488 | ||||||
Pool Corp. | 9,200 | 4,218,936 | ||||||
Procter & Gamble Co. (The) | 269,877 | 42,071,126 | ||||||
Progressive Corp. (The) | 171,908 | 18,210,214 | ||||||
Public Storage | 143,176 | 50,830,343 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 104,188 | 64,425,692 | ||||||
Republic Services Inc. | 344,623 | 41,451,254 | ||||||
Rollins Inc. | 233,197 | 7,609,218 | ||||||
SBA Communications Corp. | 9,570 | 2,903,442 | ||||||
Seagen Inc.(a) | 136,586 | 17,601,838 | ||||||
Southern Co. (The) | 509,122 | 32,975,832 | ||||||
Starbucks Corp. | 97,702 | 8,968,067 | ||||||
Take-Two Interactive Software Inc.(a) | 125,417 | 20,317,554 | ||||||
Target Corp. | 134,198 | 26,808,734 | ||||||
T-Mobile U.S. Inc.(a) | 306,867 | 37,809,083 | ||||||
Tradeweb Markets Inc., Class A | 91,398 | 7,721,303 | ||||||
Tyler Technologies Inc.(a)(d) | 63,166 | 27,051,471 | ||||||
United Parcel Service Inc., Class B | 13,239 | 2,785,750 | ||||||
UnitedHealth Group Inc. | 30,942 | 14,724,370 | ||||||
VeriSign Inc.(a) | 118,380 | 25,300,174 | ||||||
Verizon Communications Inc. | 1,593,990 | 85,549,443 | ||||||
Vertex Pharmaceuticals Inc.(a) | 179,937 | 41,389,109 | ||||||
Visa Inc., Class A | 240,641 | 52,007,333 | ||||||
Walmart Inc. | 397,893 | 53,779,218 | ||||||
Walt Disney Co. (The)(a) | 54,788 | 8,133,826 | ||||||
Waste Management Inc. | 484,742 | 69,996,745 | ||||||
WEC Energy Group Inc. | 415,005 | 37,715,654 | ||||||
West Pharmaceutical Services Inc. | 57,140 | 22,117,751 | ||||||
Western Union Co. (The) | 628,328 | 11,423,003 | ||||||
Xcel Energy Inc. | 579,411 | 39,011,743 | ||||||
Zoom Video Communications Inc., | 21,634 | 2,868,668 | ||||||
|
| |||||||
2,905,373,220 | ||||||||
|
| |||||||
Total Common Stocks — 99.7% | 5,204,754,773 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) | 11,396,338 | 11,398,617 |
38 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) | 9,430,000 | $ | 9,430,000 | |||||
|
| |||||||
20,828,617 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.4% | 20,828,617 | |||||||
|
| |||||||
Total Investments in Securities — 100.1% | 5,225,583,390 | |||||||
Other Assets, Less Liabilities — (0.1)% | (2,643,592 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 5,222,939,798 | ||||||
|
| |||||||
(a) Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | All or a portion of this security is on loan. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 8,628,779 | $ | 2,774,264 | (a) | $ | — | $ | 1,965 | $ | (6,391 | ) | $ | 11,398,617 | 11,396,338 | $ | 21,164 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 9,940,000 | — | (510,000 | )(a) | — | — | 9,430,000 | 9,430,000 | 539 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 1,965 | $ | (6,391 | ) | $ | 20,828,617 | $ | 21,703 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI EAFE Index | 34 | 03/18/22 | $ | 3,672 | $ | (147,576 | ) | |||||||||
MSCI Emerging Markets Index | 30 | 03/18/22 | 1,763 | (58,062 | ) | |||||||||||
S&P 500 E-Mini Index | 33 | 03/18/22 | 7,207 | (242,070 | ) | |||||||||||
U.S. 2 Year Treasury Note | 8 | 06/30/22 | 1,721 | 2,677 | ||||||||||||
|
| |||||||||||||||
$ | (445,031 | ) | ||||||||||||||
|
|
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:
| ||||||||
Equity Contracts | ||||||||
| ||||||||
Assets — Derivative Financial Instruments | ||||||||
Futures contracts | ||||||||
Unrealized appreciation on futures contracts(a) | $ | 2,677 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) February 28, 2022 | iShares® MSCI Global Min Vol Factor ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
| ||||
Equity Contracts | ||||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 447,708 | ||
|
|
(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 February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||
Equity Contracts | Interest Rate Contracts | Total | ||||||||||
| ||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | 372,472 | $ | (21,083 | ) | $ | 351,389 | |||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | (862,718 | ) | $ | (1,312 | ) | $ | (864,030 | ) | |||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 14,969,112 | ||
Average notional value of contracts — short | $ | (437,469 | ) |
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 | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 3,104,470,287 | $ | 2,097,506,766 | $ | 2,777,720 | $ | 5,204,754,773 | ||||||||
Money Market Funds | 20,828,617 | — | — | 20,828,617 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,125,298,904 | $ | 2,097,506,766 | $ | 2,777,720 | $ | 5,225,583,390 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 2,677 | $ | — | $ | — | $ | 2,677 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (447,708 | ) | — | — | (447,708 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (445,031 | ) | $ | — | $ | — | $ | (445,031 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
40 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares ESG Aware MSCI EM ETF | iShares MSCI Emerging Markets ex China ETF | iShares MSCI Emerging Markets Min Vol Factor ETF | iShares MSCI Emerging Markets Multifactor ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 6,489,814,928 | $ | 2,379,782,058 | $ | 3,715,129,338 | $ | 889,139,524 | ||||||||
Affiliated(c) | 25,574,188 | 17,389,937 | 49,181,558 | 4,175,629 | ||||||||||||
Cash | 72,210,235 | — | 3,390 | 835,380 | ||||||||||||
Foreign currency, at value(d) | 55,773,404 | 1,578,194 | 10,086,786 | 1,076,146 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 2,210,000 | 312,000 | 493,000 | 195,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 274,794,597 | 18,572,217 | 904,247 | 4,197,991 | ||||||||||||
Securities lending income — Affiliated | 51,233 | 27,863 | 18,952 | 423 | ||||||||||||
Capital shares sold | 5,986,320 | 69,272 | 305,817 | — | ||||||||||||
Dividends | 11,088,215 | 5,139,533 | 4,518,865 | 2,184,821 | ||||||||||||
Tax reclaims | 55,061 | 15,912 | 39,600 | 671 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 6,937,558,181 | 2,422,886,986 | 3,780,681,553 | 901,805,585 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | 260,876 | — | — | ||||||||||||
Collateral on securities loaned, at value | 25,598,860 | 12,944,493 | 43,094,962 | 1,321,595 | ||||||||||||
Deferred foreign capital gain tax | 17,759,012 | 635,104 | 3,854,281 | 1,861,470 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 361,460,601 | 17,407,793 | 304,596 | 5,223,195 | ||||||||||||
Variation margin on futures contracts | 658,775 | 88,200 | 130,569 | 50,025 | ||||||||||||
Bank borrowings | 19,550,674 | — | — | — | ||||||||||||
Investment advisory fees | 1,263,474 | 470,247 | 723,370 | 314,367 | ||||||||||||
Foreign taxes | 16 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 426,291,412 | 31,806,713 | 48,107,778 | 8,770,652 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 6,511,266,769 | $ | 2,391,080,273 | $ | 3,732,573,775 | $ | 893,034,933 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 6,326,303,411 | $ | 2,482,910,673 | $ | 3,854,505,882 | $ | 854,991,936 | ||||||||
Accumulated earnings (loss) | 184,963,358 | (91,830,400 | ) | (121,932,107 | ) | 38,042,997 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 6,511,266,769 | $ | 2,391,080,273 | $ | 3,732,573,775 | $ | 893,034,933 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 173,500,000 | 41,400,000 | 60,300,000 | 18,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 37.53 | $ | 57.76 | $ | 61.90 | $ | 49.34 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 600 million | 100 million | 500 million | 525 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 24,238,355 | $ | 4,825,342 | $ | 36,418,053 | $ | 1,125,209 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 5,986,448,236 | $ | 2,414,953,192 | $ | 3,391,279,612 | $ | 799,052,512 | ||||||||
(c) Investments, at cost — Affiliated | $ | 25,569,836 | $ | 17,390,187 | $ | 49,174,925 | $ | 4,175,051 | ||||||||
(d) Foreign currency, at cost | $ | 55,768,058 | $ | 1,590,741 | $ | 10,087,551 | $ | 1,086,765 |
See notes to financial statements.
FINANCIAL STATEMENTS | 41 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Global Min Vol Factor ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 5,204,754,773 | ||
Affiliated(c) | 20,828,617 | |||
Foreign currency, at value(d) | 4,474,346 | |||
Cash pledged: | ||||
Futures contracts | 591,000 | |||
Receivables: | ||||
Investments sold | 523,003 | |||
Securities lending income — Affiliated | 1,788 | |||
Dividends | 5,896,965 | |||
Tax reclaims | 4,103,778 | |||
|
| |||
Total assets | 5,241,174,270 | |||
|
| |||
LIABILITIES | ||||
Bank overdraft | 219,272 | |||
Collateral on securities loaned, at value | 11,316,839 | |||
Deferred foreign capital gain tax | 5,130,332 | |||
Payables: | ||||
Investments purchased | 213 | |||
Variation margin on futures contracts | 107,964 | |||
Capital shares redeemed | 649,091 | |||
Investment advisory fees | 810,761 | |||
|
| |||
Total liabilities | 18,234,472 | |||
|
| |||
NET ASSETS | $ | 5,222,939,798 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 4,605,301,365 | ||
Accumulated earnings | 617,638,433 | |||
|
| |||
NET ASSETS | $ | 5,222,939,798 | ||
|
| |||
Shares outstanding | 51,500,000 | |||
|
| |||
Net asset value | $ | 101.42 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 11,137,090 | ||
(b) Investments, at cost — Unaffiliated | $ | 4,448,390,934 | ||
(c) Investments, at cost — Affiliated | $ | 20,826,323 | ||
(d) Foreign currency, at cost | $ | 4,502,639 |
See notes to financial statements.
42 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares ESG Aware MSCI EM ETF | iShares MSCI Emerging Markets ex China ETF | iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) | iShares MSCI Emerging Markets Multifactor ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 60,889,475 | $ | 22,775,063 | $ | 23,433,828 | $ | 8,503,772 | ||||||||
Dividends — Affiliated | 6,779 | 1,149 | 1,297 | 662 | ||||||||||||
Interest — Unaffiliated | — | — | 78 | — | ||||||||||||
Securities lending income — Affiliated — net | 594,580 | 132,843 | 181,769 | 29,613 | ||||||||||||
Foreign taxes withheld | (7,506,593 | ) | (2,805,050 | ) | (2,729,963 | ) | (1,111,652 | ) | ||||||||
Other foreign taxes | (265,254 | ) | (24,063 | ) | (138 | ) | (2,073 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 53,718,987 | 20,079,942 | 20,886,871 | 7,420,322 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 8,244,894 | 2,339,547 | 12,835,576 | 1,858,236 | ||||||||||||
Commitment fees | 19,090 | 14,979 | 19,090 | 6,574 | ||||||||||||
Professional fees | 217 | 217 | 217 | 217 | ||||||||||||
Mauritius income taxes | — | — | 298 | — | ||||||||||||
Interest expense | 14,212 | 5,028 | 2,902 | 7,702 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 8,278,413 | 2,359,771 | 12,858,083 | 1,872,729 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | — | — | (8,180,720 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 8,278,413 | 2,359,771 | 4,677,363 | 1,872,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 45,440,574 | 17,720,171 | 16,209,508 | 5,547,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (85,006,682 | ) | (36,799,897 | ) | 263,130,468 | 23,480,501 | ||||||||||
Investments — Affiliated | (13,582 | ) | (2,640 | ) | 1,372 | (470 | ) | |||||||||
In-kind redemptions — Unaffiliated | 21,432,720 | — | 7,042,281 | — | ||||||||||||
Futures contracts | (1,844,828 | ) | 90,316 | 305,040 | (121,309 | ) | ||||||||||
Foreign currency transactions | (1,316,794 | ) | (569,959 | ) | 34,106 | (397,055 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (66,749,166 | ) | (37,282,180 | ) | 270,513,267 | 22,961,667 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | (816,743,734 | ) | (125,360,487 | ) | (358,232,153 | ) | (81,672,738 | ) | ||||||||
Investments — Affiliated | (3,354 | ) | (250 | ) | (7,586 | ) | (886 | ) | ||||||||
Futures contracts | (563,596 | ) | (359,146 | ) | (608,194 | ) | (142,620 | ) | ||||||||
Foreign currency translations | (4,576 | ) | 532,648 | (171,281 | ) | (25,490 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (817,315,260 | ) | (125,187,235 | ) | (359,019,214 | ) | (81,841,734 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (884,064,426 | ) | (162,469,415 | ) | (88,505,947 | ) | (58,880,067 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (838,623,852 | ) | $ | (144,749,244 | ) | $ | (72,296,439 | ) | $ | (53,332,474 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (2,764,964 | ) | $ | (1,051,410 | ) | $ | (1,101,354 | ) | $ | (1,534,084 | ) | ||||
(b) Net of reduction in deferred foreign capital gain tax of | $ | 7,802,457 | $ | 3,173,836 | $ | 4,134,800 | $ | 2,497,231 |
See notes to financial statements.
FINANCIAL STATEMENTS | 43 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI Global Min Vol Factor ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 41,978,262 | ||
Dividends — Affiliated | 894 | |||
Securities lending income — Affiliated — net | 20,809 | |||
Foreign taxes withheld | (1,746,458 | ) | ||
Other foreign taxes | (83,433 | ) | ||
|
| |||
Total investment income | 40,170,074 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 8,331,331 | |||
Commitment fees | 16,943 | |||
Professional fees | 217 | |||
Interest expense | 3,610 | |||
|
| |||
Total expenses | 8,352,101 | |||
Less: | ||||
Investment advisory fees waived | (3,063,589 | ) | ||
|
| |||
Total expenses after fees waived | 5,288,512 | |||
|
| |||
Net investment income | 34,881,562 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated(a) | 93,819,487 | |||
Investments — Affiliated | 1,965 | |||
In-kind redemptions — Unaffiliated | 30,232,770 | |||
Futures contracts | 351,389 | |||
Foreign currency transactions | (902,041 | ) | ||
|
| |||
Net realized gain | 123,503,570 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated(b) | (374,574,242 | ) | ||
Investments — Affiliated | (6,391 | ) | ||
Futures contracts | (864,030 | ) | ||
Foreign currency translations | (105,326 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (375,549,989 | ) | ||
|
| |||
Net realized and unrealized loss | (252,046,419 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (217,164,857 | ) | |
|
| |||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (17,702 | ) | |
(b) Net of reduction in deferred foreign capital gain tax of | $ | 400,937 |
See notes to financial statements.
44 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares ESG Aware MSCI EM ETF | iShares MSCI Emerging Markets ex China ETF | |||||||||||||||||||||
|
|
| ||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||
| ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||
Net investment income | $ | 45,440,574 | $ | 113,247,754 | $ | 17,720,171 | $ | 11,581,156 | ||||||||||||||
Net realized gain (loss) | (66,749,166 | ) | 61,224,537 | (37,282,180 | ) | (15,405,558 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (817,315,260 | ) | 864,277,615 | (125,187,235 | ) | 86,165,901 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (838,623,852 | ) | 1,038,749,906 | (144,749,244 | ) | 82,341,499 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (133,979,813 | ) | (85,824,734 | ) | (26,460,646 | ) | (4,756,653 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 378,426,970 | 2,498,038,201 | 1,280,823,566 | 1,130,275,959 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (594,176,695 | ) | 3,450,963,373 | 1,109,613,676 | 1,207,860,805 | |||||||||||||||||
Beginning of period | 7,105,443,464 | 3,654,480,091 | 1,281,466,597 | 73,605,792 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of period | $ | 6,511,266,769 | $ | 7,105,443,464 | $ | 2,391,080,273 | $ | 1,281,466,597 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 45 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) | iShares MSCI Emerging Markets Multifactor ETF | |||||||||||||||||||||
|
|
| ||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||||||
| ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||
Net investment income | $ | 16,209,508 | $ | 87,105,453 | $ | 5,547,593 | $ | 16,623,722 | ||||||||||||||
Net realized gain | 270,513,267 | 322,703,890 | 22,961,667 | 5,150,252 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (359,019,214 | ) | 238,627,963 | (81,841,734 | ) | 117,257,997 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (72,296,439 | ) | 648,437,306 | (53,332,474 | ) | 139,031,971 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (48,413,834 | ) | (97,556,628 | ) | (15,540,802 | ) | (12,014,914 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (21,230,434 | ) | (924,624,509 | ) | 200,709,002 | 92,574,411 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (141,940,707 | ) | (373,743,831 | ) | 131,835,726 | 219,591,468 | ||||||||||||||||
Beginning of period | 3,874,514,482 | 4,248,258,313 | 761,199,207 | 541,607,739 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of period | $ | 3,732,573,775 | $ | 3,874,514,482 | $ | 893,034,933 | $ | 761,199,207 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
46 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||
|
| |||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | |||||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 34,881,562 | $ | 110,335,290 | ||||||||||||
Net realized gain | 123,503,570 | 425,892,769 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (375,549,989 | ) | 291,860,683 | |||||||||||||
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (217,164,857 | ) | 828,088,742 | |||||||||||||
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (58,519,534 | ) | (97,299,099 | ) | ||||||||||||
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 192,363,070 | (1,349,346,257 | ) | |||||||||||||
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (83,321,321 | ) | (618,556,614 | ) | ||||||||||||
Beginning of period | 5,306,261,119 | 5,924,817,733 | ||||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 5,222,939,798 | $ | 5,306,261,119 | ||||||||||||
|
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|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 47 |
(For a share outstanding throughout each period)
iShares ESG Aware MSCI EM ETF | ||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/22 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | (a) | 08/31/17 | (a) | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | $ | 28.23 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net investment income(b) | 0.28 | 0.75 | 0.89 | 0.91 | 0.94 | 0.85 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (5.27 | ) | 7.23 | 3.89 | (1.85 | ) | (1.17 | ) | 5.81 | |||||||||||||||||||||||||||||||
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|
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|
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|
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| |||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (4.99 | ) | 7.98 | 4.78 | (0.94 | ) | (0.23 | ) | 6.66 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.83 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total distributions | (0.83 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | ||||||||||||||||||||||||||||
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|
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|
|
|
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 37.53 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | ||||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (11.61 | )%(f) | 22.30 | % | 15.11 | % | (2.76 | )% | (0.72 | )% | 23.75 | % | ||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.25 | %(h) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.42 | % | ||||||||||||||||||||||||||||
|
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|
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| |||||||||||||||||||||||||||||
Net investment income | 1.38 | %(h) | 1.76 | % | 2.75 | % | 2.76 | % | 2.63 | % | 2.73 | % | ||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,511,267 | $ | 7,105,443 | $ | 3,654,480 | $ | 672,543 | $ | 329,753 | $ | 96,812 | ||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 20 | %(f) | 41 | % | 46 | % | 34 | % | 45 | % | 29 | % | ||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. |
(b) | Based on average shares outstanding. |
(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.
48 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ex China ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Period From | |||||||||||||||||||||||||||||||||||||||||||
02/28/22 | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | 07/18/17 | (a) | |||||||||||||||||||||||||||||
(unaudited) | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | to 08/31/17 | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | $ | 50.22 | ||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
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| |||||||||||||||||||||||||||||||||
Net investment income(b) | 0.57 | 1.58 | 1.46 | 1.62 | 1.10 | 0.13 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (4.80 | ) | 16.09 | (0.05 | ) | (3.83 | ) | (1.80 | ) | 0.79 | ||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (4.23 | ) | 17.67 | 1.41 | (2.21 | ) | (0.70 | ) | 0.92 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.83 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (0.83 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
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|
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|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 57.76 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | ||||||||||||||||||||||||||||||||
|
|
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|
|
| |||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (6.81 | )%(f) | 38.66 | % | 2.87 | % | (4.42 | )% | (1.41 | )% | 1.83 | %(f) | ||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.25 | %(h) | 0.25 | % | 0.36 | % | 0.49 | % | 0.49 | % | 0.49 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.25 | %(h) | 0.22 | % | 0.16 | % | 0.26 | % | 0.41 | % | 0.41 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 1.89 | %(h) | 2.65 | % | 3.24 | % | 3.38 | % | 2.09 | % | 2.07 | %(h) | ||||||||||||||||||||||||||||||||
|
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|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,391,080 | $ | 1,281,467 | $ | 73,606 | $ | 27,748 | $ | 9,919 | $ | 10,227 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 11 | %(f) | 51 | % | 18 | % | 10 | % | 9 | % | 0 | %(f)(j) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(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. |
(j) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | $ | 53.40 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.27 | 1.32 | (b) | 1.42 | 1.57 | 1.49 | 1.28 | |||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.49 | ) | 8.12 | (0.82 | ) | (2.46 | ) | 1.23 | 4.48 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (1.22 | ) | 9.44 | 0.60 | (0.89 | ) | 2.72 | 5.76 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||
From net investment income | (0.82 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.82 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | ||||||||||||||||
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|
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|
|
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| |||||||||||||||||
Net asset value, end of period | $ | 61.90 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | ||||||||||||||||
|
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|
|
|
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| |||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | (1.94 | )%(f) | 17.04 | %(b) | 1.07 | % | (1.44 | )%(g) | 4.70 | % | 11.11 | % | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %(i) | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | 0.69 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived | 0.25 | %(i) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.69 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.87 | %(i) | 2.15 | %(b) | 2.59 | % | 2.71 | % | 2.47 | % | 2.40 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,732,574 | $ | 3,874,514 | $ | 4,248,258 | $ | 5,417,265 | $ | 4,666,697 | $ | 4,037,428 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(j) | 12 | %(f) | 38 | % | 23 | % | 24 | % | 22 | % | 23 | % | ||||||||||||||||
|
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|
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|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021: |
• Net investment income per share by $0.01.
• Total return by 0.02%.
• 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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
50 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Multifactor ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | $ | 37.46 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.34 | 1.23 | 1.11 | 1.47 | 1.39 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.68 | ) | 9.24 | 3.73 | (4.72 | ) | (1.63 | ) | 8.53 | |||||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (3.34 | ) | 10.47 | 4.84 | (3.25 | ) | (0.24 | ) | 9.44 | |||||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.93 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | ||||||||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Total distributions | (0.93 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | ||||||||||||||||||||||||||||||||||||
|
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|
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|
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 49.34 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | ||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (6.27 | )%(e) | 23.97 | % | 12.17 | % | (7.16 | )% | (0.65 | )% | 25.80 | % | ||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.45 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
|
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|
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|
| |||||||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.45 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.42 | % | 0.42 | % | ||||||||||||||||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net investment income | 1.34 | %(g) | 2.44 | % | 2.71 | % | 3.55 | % | 2.87 | % | 2.24 | % | ||||||||||||||||||||||||||||||||||||
|
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|
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|
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 893,035 | $ | 761,199 | $ | 541,608 | $ | 411,575 | $ | 291,071 | $ | 82,873 | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) | 21 | %(e) | 49 | % | 45 | % | 53 | % | 39 | % | 36 | % | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
(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.
FINANCIAL HIGHLIGHTS | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||||||||||||||
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Six Months Ended 02/28/22 (unaudited) | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | |||||||||||||||||||||||
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Net asset value, beginning of period | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | $ | 75.82 | ||||||||||||||||
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Net investment income(a) | 0.69 | 1.97 | 2.13 | 2.16 | 1.82 | 1.84 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.91 | ) | 13.38 | (0.18 | ) | 6.36 | 5.85 | 5.40 | ||||||||||||||||||||
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Net increase (decrease) from investment operations | (4.22 | ) | 15.35 | 1.95 | 8.52 | 7.67 | 7.24 | |||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (1.13 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | ||||||||||||||||
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Total distributions | (1.13 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 101.42 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (4.00 | )%(e) | 16.63 | % | 2.13 | % | 9.99 | % | 9.56 | % | 9.75 | % | ||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.32 | %(g) | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | 0.32 | % | ||||||||||||||||
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Total expenses after fees waived | 0.20 | %(g) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
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Net investment income | 1.32 | %(g) | 2.00 | % | 2.33 | % | 2.45 | % | 2.17 | % | 2.40 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,222,940 | $ | 5,306,261 | $ | 5,924,818 | $ | 5,275,720 | $ | 3,342,400 | $ | 3,675,374 | ||||||||||||||||
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Portfolio turnover rate(h) | 10 | %(e) | 25 | % | 22 | % | 21 | % | 23 | % | 24 | % | ||||||||||||||||
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(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.
52 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 | |||
ESG Aware MSCI EM | Diversified | |||
MSCI Emerging Markets ex China | Diversified | |||
MSCI Emerging Markets Min Vol Factor | Diversified | |||
MSCI Emerging Markets Multifactor | Diversified | |||
MSCI Global Min Vol Factor | Diversified |
Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets Min Vol Factor ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $1,064, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
Effective June 15, 2021, MSCI Emerging Markets Min Vol Factor no longer invests in the Subsidiary. MSCI Emerging Markets Min Vol Factor transferred substantially all of the assets of MSCI Emerging Markets Min Vol Factor’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets Min Vol Factor through on-exchange transactions in India. MSCI Emerging Markets Min Vol Factor recognized a net realized gain of $220,328,652 as a result of this transaction. After the transfer, MSCI Emerging Markets Min Vol Factor began making new investments in India directly.
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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
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 February 28, 2022, 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.
NOTES TO FINANCIAL STATEMENTS | 53 |
Notes to Financial Statements (unaudited) (continued)
The iShares MSCI Emerging Markets Min Vol Factor ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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
54 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.
NOTES TO FINANCIAL STATEMENTS | 55 |
Notes to Financial Statements (unaudited) (continued)
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 | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
| ||||||||||||||||
ESG Aware MSCI EM | ||||||||||||||||
Barclays Bank PLC | $ | 7,097,050 | $ | 7,097,050 | $ | — | $ | — | ||||||||
BNP Paribas SA | 1,837,851 | 1,837,851 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 3,862,327 | 3,862,327 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 104,804 | 104,804 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 9,814,851 | 9,814,851 | — | — | ||||||||||||
Macquarie Bank Ltd. | 1,354,659 | 1,354,659 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 166,813 | 166,813 | — | — | ||||||||||||
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$ | 24,238,355 | $ | 24,238,355 | $ | — | $ | — | |||||||||
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MSCI Emerging Markets ex China | ||||||||||||||||
Barclays Capital, Inc. | $ | 334,247 | $ | 334,247 | $ | — | $ | — | ||||||||
BNP Paribas SA | 771,804 | 771,804 | — | — | ||||||||||||
BofA Securities, Inc. | 199,005 | 199,005 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 1,077,264 | 1,077,264 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 499,210 | 499,210 | — | — | ||||||||||||
Macquarie Bank Ltd. | 196,699 | 196,699 | — | — | ||||||||||||
Morgan Stanley | 1,742,780 | 1,742,780 | — | — | ||||||||||||
UBS AG | 4,333 | 4,333 | — | — | ||||||||||||
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$ | 4,825,342 | $ | 4,825,342 | $ | — | $ | — | |||||||||
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MSCI Emerging Markets Min Vol Factor | ||||||||||||||||
BofA Securities, Inc. | $ | 10,426,557 | $ | 10,426,557 | $ | — | $ | — | ||||||||
J.P. Morgan Securities LLC | 300,521 | 300,521 | — | — | ||||||||||||
Macquarie Bank Ltd. | 175,519 | 175,519 | — | — | ||||||||||||
Morgan Stanley | 25,258,121 | 25,258,121 | — | — | ||||||||||||
Wells Fargo Bank N.A | 257,335 | 257,335 | — | — | ||||||||||||
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$ | 36,418,053 | $ | 36,418,053 | $ | — | $ | — | |||||||||
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MSCI Emerging Markets Multifactor | ||||||||||||||||
Credit Suisse Securities (USA) LLC | $ | 493,362 | $ | 493,362 | $ | — | $ | — | ||||||||
HSBC Bank PLC | 85,417 | 85,417 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 488,217 | 488,217 | — | — | ||||||||||||
Morgan Stanley | 58,213 | 58,213 | — | — | ||||||||||||
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| |||||||||
$ | 1,125,209 | $ | 1,125,209 | $ | — | $ | — | |||||||||
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MSCI Global Min Vol Factor | ||||||||||||||||
BNP Paribas SA | $ | 3,021,761 | $ | 2,977,036 | $ | — | $ | (44,725 | )(b) | |||||||
Citigroup Global Markets, Inc. | 2,510,548 | 2,510,548 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 5,321,765 | 5,321,765 | — | — | ||||||||||||
Morgan Stanley | 29,546 | 29,546 | — | — | ||||||||||||
RBC Capital Markets LLC | 253,470 | 253,470 | — | — | ||||||||||||
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| |||||||||
$ | 11,137,090 | $ | 11,092,365 | $ | — | $ | (44,725 | ) | ||||||||
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(a) | Collateral received 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 statement of assets and liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
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).
56 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
ESG Aware MSCI EM | 0.25 | % | ||
MSCI Emerging Markets ex China | 0.25 | |||
MSCI Emerging Markets Multifactor | 0.45 |
For its investment advisory services to the iShares MSCI Emerging Markets Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | 0.35 |
For its investment advisory services to the iShares MSCI Global Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $30 billion | 0.350 | % | ||
Over $30 billion, up to and including $60 billion | 0.320 | |||
Over $60 billion, up to and including $90 billion | 0.280 | |||
Over $90 billion, up to and including $120 billion | 0.252 | |||
Over $120 billion, up to and including $150 billion | 0.227 | |||
Over $150 billion | 0.204 |
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
NOTES TO FINANCIAL STATEMENTS | 57 |
Notes to Financial Statements (unaudited) (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.
For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2022 and December 31, 2026, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
MSCI Emerging Markets Min Vol Factor | $ | 8,180,720 | ||
MSCI Global Min Vol Factor | 3,063,589 |
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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
ESG Aware MSCI EM | $ | 140,824 | ||
MSCI Emerging Markets ex China | 30,596 | |||
MSCI Emerging Markets Min Vol Factor | 44,914 | |||
MSCI Emerging Markets Multifactor | 7,611 | |||
MSCI Global Min Vol Factor | 7,462 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
58 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, 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) | |||||||||
ESG Aware MSCI EM | $ | 60,870,045 | $ | 47,519,509 | $ | (9,491,903 | ) | |||||
MSCI Emerging Markets ex China | 1,573,882 | 5,263,490 | (1,054,953 | ) | ||||||||
MSCI Emerging Markets Min Vol Factor | 36,537,756 | 19,099,682 | (2,928,529 | ) | ||||||||
MSCI Emerging Markets Multifactor | 26,696,787 | 16,127,556 | 238,497 | |||||||||
MSCI Global Min Vol Factor | 82,262,754 | 108,245,429 | 18,683,326 |
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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
ESG Aware MSCI EM | $ | 1,573,860,040 | $ | 1,288,290,379 | ||||
MSCI Emerging Markets ex China | 1,193,082,872 | 201,471,704 | ||||||
MSCI Emerging Markets Min Vol Factor | 467,557,113 | 476,022,096 | ||||||
MSCI Emerging Markets Multifactor | 342,759,403 | 173,776,713 | ||||||
MSCI Global Min Vol Factor | 606,263,315 | 534,616,376 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
ESG Aware MSCI EM | $ | 116,845,242 | $ | 110,034,352 | ||||
MSCI Emerging Markets ex China | 278,136,733 | — | ||||||
MSCI Emerging Markets Min Vol Factor | 4,715,369 | 31,584,259 | ||||||
MSCI Emerging Markets Multifactor | 20,397,815 | — | ||||||
MSCI Global Min Vol Factor | 204,470,313 | 97,388,602 |
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 February 28, 2022, 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 August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
ESG Aware MSCI EM | $ | 96,635,574 | ||
MSCI Emerging Markets ex China | 11,629,292 | |||
MSCI Emerging Markets Min Vol Factor | 871,741,410 | |||
MSCI Emerging Markets Multifactor | 62,842,118 | |||
MSCI Global Min Vol Factor | 235,562,633 |
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.
NOTES TO FINANCIAL STATEMENTS | 59 |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2022, 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) | ||||||||||||
ESG Aware MSCI EM | $ | 6,124,145,007 | $ | 1,158,608,481 | $ | (767,852,879 | ) | $ | 390,755,602 | |||||||
MSCI Emerging Markets ex China | 2,439,306,369 | 169,097,504 | (211,446,344 | ) | (42,348,840 | ) | ||||||||||
MSCI Emerging Markets Min Vol Factor | 3,272,783,751 | 781,298,885 | (290,120,007 | ) | 491,178,878 | |||||||||||
MSCI Emerging Markets Multifactor | 813,892,992 | 153,426,808 | (74,147,267 | ) | 79,279,541 | |||||||||||
MSCI Global Min Vol Factor | 4,491,927,928 | 1,009,068,255 | (275,857,824 | ) | 733,210,431 |
9. | LINE OF CREDIT |
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Interest Rates | |||||||||
ESG Aware MSCI EM | $ | 58,000,000 | $ | 2,560,453 | 1.10 | % | ||||||
MSCI Emerging Markets ex China | 18,900,000 | 918,232 | 1.09 | |||||||||
MSCI Emerging Markets Min Vol Factor | 15,800,000 | 523,757 | 1.10 | |||||||||
MSCI Emerging Markets Multifactor | 41,932,090 | 1,390,014 | 1.10 | |||||||||
MSCI Global Min Vol Factor | 19,653,000 | 651,481 | 1.10 |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses 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.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic
60 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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 the Manager 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.
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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
NOTES TO FINANCIAL STATEMENTS | 61 |
Notes to Financial Statements (unaudited) (continued)
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.
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.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/22 | Year Ended 08/31/21 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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ESG Aware MSCI EM | ||||||||||||||||
Shares sold | 17,200,000 | $ | 679,753,097 | 76,700,000 | $ | 3,110,611,419 | ||||||||||
Shares redeemed | (7,600,000 | ) | (301,326,127 | ) | (14,500,000 | ) | (612,573,218 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net increase | 9,600,000 | $ | 378,426,970 | 62,200,000 | $ | 2,498,038,201 | ||||||||||
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|
|
| |||||||||
MSCI Emerging Markets ex China | ||||||||||||||||
Shares sold | 21,000,000 | $ | 1,280,823,566 | 18,800,000 | $ | 1,130,275,959 | ||||||||||
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MSCI Emerging Markets Min Vol Factor | ||||||||||||||||
Shares sold | 1,400,000 | $ | 86,911,885 | 600,000 | $ | 39,620,351 | ||||||||||
Shares redeemed | (1,700,000 | ) | (108,142,319 | ) | (15,900,000 | ) | (964,244,860 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Net decrease | (300,000 | ) | $ | (21,230,434 | ) | (15,300,000 | ) | $ | (924,624,509 | ) | ||||||
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MSCI Emerging Markets Multifactor | ||||||||||||||||
Shares sold | 3,900,000 | $ | 200,709,002 | 2,100,000 | $ | 102,725,207 | ||||||||||
Shares redeemed | — | — | (200,000 | ) | (10,150,796 | ) | ||||||||||
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|
|
| |||||||||
Net increase | 3,900,000 | $ | 200,709,002 | 1,900,000 | $ | 92,574,411 | ||||||||||
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| |||||||||
MSCI Global Min Vol Factor | ||||||||||||||||
Shares sold | 2,900,000 | $ | 307,862,382 | 500,000 | $ | 52,148,364 | ||||||||||
Shares redeemed | (1,100,000 | ) | (115,499,312 | ) | (14,400,000 | ) | (1,401,494,621 | ) | ||||||||
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|
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|
| |||||||||
Net increase (decrease) | 1,800,000 | $ | 192,363,070 | (13,900,000 | ) | $ | (1,349,346,257 | ) | ||||||||
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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.
62 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
NOTES TO FINANCIAL STATEMENTS | 63 |
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, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“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. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.
64 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
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iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
ESG Aware MSCI EM(a) | $ | 0.532670 | $ | — | $ | 0.297955 | $ | 0.830625 | 64 | % | — | % | 36 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets ex China(a) | 0.625853 | — | 0.199506 | 0.825359 | 76 | — | 24 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Min Vol Factor(a) | 0.703039 | — | 0.116146 | 0.819185 | 86 | — | 14 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Multifactor(a) | 0.755630 | — | 0.174098 | 0.929728 | 81 | — | 19 | 100 | ||||||||||||||||||||||||
MSCI Global Min Vol Factor(a) | 1.021488 | — | 0.106056 | 1.127544 | 91 | — | 9 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
SUPPLEMENTAL INFORMATION | 65 |
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 Company’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.
66 | 2 0 2 2 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
GLOSSARY OF TERMS USED IN THIS REPORT | 67 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-816-0222
(b) Not Applicable
Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
Item 6. | Investments. |
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.
Item 11. | Controls and Procedures. |
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Exhibits. |
(a)(1) Not applicable to this semi-annual report.
(a)(2) Section 302 Certifications are attached.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
By: | /s/ Armando Senra | |||
Armando Senra, President (Principal Executive Officer) |
Date: April 27, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Armando Senra | |||
Armando Senra, President (Principal Executive Officer) |
Date: April 27, 2022
By: | /s/ Trent Walker | |||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: April 27, 2022